💰 Financial Performance

Revenue Growth by Segment

Not disclosed in available documents. However, total assets grew 15.7% from INR 106.28 Cr in March 2025 to INR 122.99 Cr in September 2025, indicating a significant expansion of the balance sheet.

Geographic Revenue Split

Not disclosed in available documents. The company is headquartered in Ahmedabad, Gujarat, suggesting a strong regional presence.

Profitability Margins

Not disclosed in available documents. Shareholder funds increased by 3.8% from INR 49.78 Cr to INR 51.68 Cr over the six-month period ending September 30, 2025, implying positive net profit for the period.

EBITDA Margin

Not disclosed in available documents. Interest charges for the half-year ended September 30, 2025, were INR 1.92 Cr, and depreciation was INR 1.05 Cr.

Capital Expenditure

The company originally allocated INR 4.00 Cr for furnishing its corporate office and INR 1.50 Cr for a seed testing laboratory. As of September 2025, office expenditure was reduced to INR 2.08 Cr and the laboratory project was cancelled to reallocate funds to working capital.

Credit Rating & Borrowing

Total borrowings as of September 30, 2025, stood at INR 39.27 Cr (INR 7.19 Cr long-term and INR 32.08 Cr short-term). Interest charges of INR 1.92 Cr for the half-year suggest an annualized borrowing cost of approximately 9.8%.

⚙️ Operational Drivers

Raw Materials

Agricultural seeds (hybrid and varietal) for processing and distribution. Specific percentage of total cost is not disclosed.

Import Sources

Not disclosed in available documents. Operations are centered in Gujarat, India.

Capacity Expansion

Current installed capacity is not disclosed. Planned expansion for a Seed Testing Laboratory (INR 1.50 Cr) was cancelled in September 2025 to prioritize working capital requirements.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

The company is focusing on financial flexibility and liquidity by reallocating IPO proceeds to working capital. This strategy is intended to support sustainable growth and enhance the ability to respond to emerging business opportunities in the agricultural seed market.

Products & Services

Hybrid and varietal agricultural seeds for various crops.

Brand Portfolio

VISHWAS

🌍 External Factors

Industry Trends

The industry is shifting towards high-yield hybrid seeds. Vishwas is positioning itself by maintaining high liquidity to capture emerging market opportunities, though it has slowed its infrastructure investment.

Competitive Moat

The company's moat is based on its established brand 'VISHWAS' and its distribution network in Gujarat. However, the high level of trade receivables suggests a competitive environment where credit terms are a primary sales driver.

Macro Economic Sensitivity

Highly sensitive to agricultural cycles, monsoon patterns, and farmer income levels in India.

Consumer Behavior

Farmer demand is shifting towards seeds that offer better climate resilience and higher yields.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to the Seeds Act and quality standards for agricultural produce in India. The company maintains compliance through its internal quality processes, although the dedicated lab project was deferred.

Taxation Policy Impact

The company reported a Deferred Tax Liability of INR 16.12 Lakhs and Deferred Tax Assets of INR 22.07 Lakhs as of September 2025.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the recoverability of INR 63.65 Cr in trade receivables. A 10% default or delay in these receivables would exceed the company's total cash and cash equivalents (INR 0.54 Lakhs) by over 1000x.

Geographic Concentration Risk

High concentration in Gujarat, India, as evidenced by the corporate office and plant location in Ahmedabad.

Third Party Dependencies

Dependency on a network of distributors and farmers for revenue realization.

Technology Obsolescence Risk

Risk of falling behind in seed technology due to the cancellation of the seed testing laboratory investment.

Credit & Counterparty Risk

High credit exposure to distributors, with receivables making up more than half of the total asset base.