Gurunanak Agriculture IndiaShare price, financial results, shareholding and management
- Market cap
- ₹40 cr
- Stock P/E
- 6.6peers 14.6
- Book value
- ₹39.3
- Price to book
- 0.85
- EV / operating profit
- 2.8
- Market cap to sales
- 0.95
- ROCE · FY26
- 27.2%
- ROE · FY26
- 20.5%
- ROE, 3-year average
- 46.1%
- Operating margin · FY26
- 22.6%peers 26.4%
- Sales growth, 3 years
- 2.6%
- Profit growth, 3 years
- 115.2%
- Debt to equity
- 0.04peers 1.64
- Borrowings
- ₹2.1 cr
- Interest cover
- 17.6×
- Cash from business / op. profit
- -77%
- Debtor days
- 70
- Pledged
- 0.00%
- Promoter holding
- 68.00%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 976
- 52-week high / low
- ₹49 / ₹22
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Gurunanak Agriculture India share price chart
Close on 6 Nov 2026 · -5.00% on the day · Vol 12,800
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +1.7%
- 3 months
- -16.9%
- 6 months
- -25.4%
- 1 year
- -4.0%
- Since IPO
- -55.7%
- Traded a day, 20 days
- ₹0.03 cr
- Taken for delivery
- 95%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | -4% | -4% |
| 3 years, a year | +3% | +115% |
| Latest half, H2 FY26 | +35% | +37% |
About Gurunanak Agriculture India: business, products and customers
Gurunanak Agriculture makes farm machines such as threshers, reapers and rotavators, and has started making crawler harvesters for paddy fields, at its factory in Durg, Chhattisgarh. Its shares trade on NSE Emerge.
Gurunanak builds threshers for paddy, wheat, groundnut, maize and mixed crops, along with reapers, rotavators, cultivators, seed drills and small electric implements, at one factory on about ten acres at Durg in Chhattisgarh. Threshers are most of its sales; since FY25 it also makes a track-type combine harvester for wet paddy fields, which sells for about ₹25 lakh against ₹2 lakh to ₹3 lakh for a thresher.
It sells in three ways: through its own dealers, who may not carry a rival brand of the same machine; through Mahindra & Mahindra, which markets a co-branded paddy thresher through its tractor dealers under a contract renewed every two years; and directly from the factory. Most harvester buyers take bank loans, and the company has tie-ups with public sector banks for this.
Read more about the business
Sales follow the harvest. The paddy season in central and eastern India runs from about September to January, so the company builds stock before the season, which ties up cash for months, and a late or heavy monsoon can push sales from one half year into the next. It buys castings, tyres and fasteners mainly from Punjab and engines from Eicher, and imports two harvester parts from China.
The prospectus compared it with Indo Farm Equipment, a much larger maker of tractors and cranes. On the November 2025 call the director said no listed company is a direct competitor, that threshers are made by local firms in every state, and that its harvesters compete mainly with Chinese machines, including ones sold under Indian brand names.
From the Prospectus (September 2025), the November 2025 earnings call transcript and the June 2026 investor presentation.
Read the deeper study ↓In its favour
- It earns a high return on the money it uses: ROCE 27% in FY26.
- It has little debt for its size: debt to equity 0.04.
- The promoters own a large part of the company: 68.00%.
To watch
- Start of the dedicated harvester line, planned for 300 units a year (Investor presentation, June 2026, p.12).
- Results for the half year to September 2026, which the company says depend heavily on the monsoon (Investor presentation, June 2026, p.18).
- Whether short-term loans and advances, at ₹7.4 cr in March 2026, come down (Investor presentation, June 2026, p.14).
- Renewal of the Mahindra & Mahindra thresher contract, which runs two years at a time (Earnings call, November 2025, p.5).
- Customers take longer to pay than before: 70 days in FY26, against 33 in FY22.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Gurunanak Agriculture India revenue and profit growth
Half-yearly results · Profit and lossSales have grown slowly. Last year profit grew roughly in step with sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before.
Gurunanak Agriculture India half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 24.56 | 19.30 | 16.10 | 25.98 |
| Expenses | 19.31 | 14.71 | 12.77 | 19.79 |
| Operating profit | 5.25 | 4.59 | 3.33 | 6.19 |
| OPM | 21.4% | 23.8% | 20.7% | 23.8% |
| Interest | 0.65 | 0.24 | 0.27 | 0.24 |
| Depreciation | 0.35 | 0.35 | 0.36 | 0.43 |
| Profit before tax | 4.26 | 4.06 | 2.80 | 5.70 |
| Net profit | 3.42 | 2.93 | 2.09 | 4 |
Gurunanak Agriculture India profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 40.66 | 39.01 | 44.20 | 43.86 | 42.08 |
| Expenses | 39.06 | 36.43 | 38.76 | 33.90 | 32.56 |
| Operating profit | 1.60 | 2.58 | 5.44 | 9.96 | 9.52 |
| OPM | 3.9% | 6.6% | 12.3% | 22.7% | 22.6% |
| Other income | 0.60 | 0.20 | 0.08 | 0.07 | 0.27 |
| Interest | 0.67 | 1.01 | 1.24 | 1.01 | 0.51 |
| Depreciation | 0.81 | 0.86 | 0.96 | 0.70 | 0.79 |
| Profit before tax | 0.72 | 0.91 | 3.32 | 8.32 | 8.49 |
| Tax rate | 27.8% | 33.0% | 26.2% | 23.7% | 28.4% |
| Net profit | 0.52 | 0.61 | 2.45 | 6.35 | 6.08 |
| EPS ₹ | 10.20 | 11.96 | 48.04 | 7.78 | 6.03 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Gurunanak Agriculture India profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 3.9% | 6.6% | 12.3% | 22.7% | 22.6% |
| Tax rate | 27.8% | 33.0% | 26.2% | 23.7% | 28.4% |
| ROCE | · | 17.1% | 33.5% | 55.3% | 27.2% |
| ROE | · | 17.6% | 49.0% | 68.7% | 20.5% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Gurunanak Agriculture India debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It cut its borrowings last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Gurunanak Agriculture India balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.51 | 0.51 | 0.51 | 8.16 | 12 |
| Reserves | 2.65 | 3.26 | 5.71 | 4.11 | 35.16 |
| Net worth | 3.16 | 3.77 | 6.22 | 12.27 | 47.16 |
| Borrowings | 8.86 | 6.66 | 10.59 | 4.66 | 2.07 |
| Other liabilities | 8.65 | 7.75 | 5.18 | 3.23 | 2.74 |
| Total liabilities | 20.67 | 18.18 | 21.99 | 20.16 | 51.97 |
| Fixed assets | 5.24 | 5.98 | 5.88 | 4.51 | 8.41 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0.18 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other assets | 15.43 | 12.20 | 16.11 | 15.65 | 43.38 |
| Receivables | · | · | · | · | 8.04 |
| Inventory | · | · | · | · | 9.01 |
| Cash | · | · | · | · | 15.69 |
| Trade payables | · | · | · | · | 0.14 |
Gurunanak Agriculture India cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | -1.41 | 6.04 | 1.14 | 2.10 | -7.29 |
| Cash from investing | -1.70 | -1.56 | -5.74 | 5.61 | -4.76 |
| Cash from financing | 3.95 | -3.15 | 2.77 | -6.87 | 25.70 |
| Net cash flow | 0.84 | 1.33 | -1.83 | 0.84 | 13.65 |
| Capital spending | · | · | · | · | 4.87 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 33 | 34 | 38 | 53 | 70 |
| Inventory days | 55 | 28 | 35 | 72 | 125 |
| Days payable | 26 | 20 | 18 | 8 | 2 |
| Cash conversion cycle | 62 | 41 | 55 | 116 | 193 |
| Working capital days | 0 | -21 | -24 | 62 | 202 |
Gurunanak Agriculture India peers and competitors
Listed SME companies in the same industryBy sales, Gurunanak Agriculture India is number 1 of the 2 listed SME companies in agricultural, commercial & construction vehicles.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Gurunanak Agriculture India | 40 | 6.6 | 42.1 | 6.1 | 22.6% | 0.04 |
| Seemax Resources | 26 | 14.6 | 13.7 | 1.8 | 26.4% | 1.64 |
| Median of the 1 others | 26 | 14.6 | 13.7 | 1.8 | 26.4% | 1.64 |
Gurunanak Agriculture India shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Gurunanak Agriculture India shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 25 | Mar 26 | |
|---|---|---|
| Promoters | 68.00% | 68.00% |
| Indian institutions (DIIs) | - | 1.64% |
| HNIs (over ₹2 lakh each) | - | 3.09% |
| Small holders (up to ₹2 lakh) | 28.79% | 24.94% |
| Companies and others | - | 2.33% |
| Number of shareholders | 1,116 | 976 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
Gurunanak Agriculture India study: the business from its own documents
Read from 4 of the company's own documentsGurunanak Agriculture India so far
From the company's own record
- February 2010Company formed
- 1 Oct 2025Listed on NSE Emerge at ₹75
- 31 March 2026Promoters at 68.00%
- 1 Oct 2025Highest close since listing, ₹47.00
Gurunanak Agriculture India key facts from the filings
Each figure with the document it comes from
- FY26 revenue
- ₹42.1 cr
- Down from ₹43.9 cr in FY25, with profit after tax of ₹6.1 cr against ₹6.4 cr.Investor presentation, June 2026, p.13
- Two halves
- ₹16.1 cr → ₹26.0 cr
- Revenue in the first and second halves of FY26; the director blamed a long, heavy monsoon and GST changes for the weak first half.Investor presentation, June 2026, p.13; Earnings call, November 2025, p.3
- Thresher share
- 84.3%
- Share of FY25 revenue from threshers; harvesters were 2.5%.Prospectus, p.133
- Harvesters made
- 9
- Units made in FY25 against an installed capacity of 25 a year.Prospectus, p.151
- Planned harvester capacity
- 300 a year
- From a dedicated new line; the shed was 80% complete in June 2026.Prospectus, p.143; Investor presentation, June 2026, p.12
Show 5 more facts
- Through Mahindra
- 29.9%
- Share of FY25 revenue sold through Mahindra & Mahindra under the co-brand.Prospectus, p.135
- Home state
- 72.6%
- Share of FY25 revenue from Chhattisgarh; Odisha and Madhya Pradesh came next.Prospectus, p.134
- Operating cash flow
- −₹7.3 cr
- Cash used by operations in FY26, as stock, money owed by customers and advances rose.Investor presentation, June 2026, p.14 to 15
- Short-term loans and advances
- ₹7.4 cr
- At March 2026, up from ₹1.0 cr a year earlier; the presentation does not explain the rise.Investor presentation, June 2026, p.14
- IPO money for harvester line
- ₹17.1 cr
- Out of ₹28.8 cr raised in the September 2025 issue at ₹75 a share.Prospectus, p.1 and p.85
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The prospectus said the harvester line would be fully running by April 2026; the June 2026 presentation shows the shed 80% complete, a solar plant planned for the first quarter of FY27, and plans to widen the dealer base and explore Europe through dealers. On the November 2025 call the director said the company aims for sales of 1,000 harvesters a year within four to five years without raising more capital, and expects harvesters to reach 50% to 60% of sales in a couple of years.
| What management said | When | What happened |
|---|---|---|
| Revenue would grow year on year in FY26 after a weak first half | November 2025 call | ₹42.1 cr, against ₹43.9 cr in FY25 |
| Harvester line on track to start by April 2026 | November 2025 call | Shed 80% complete in June 2026 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Gurunanak earns a good margin making threshers for paddy farmers in central India, sold through its own dealers and through Mahindra.
Its weak spots are reliance on one state, one big partner and the monsoon, and a harvester business that is still very small.
AverageCan it set its own prices?Its harvesters compete on service and local spare parts rather than price, but threshers are made by local firms in every state.
AverageHow strong is it against rivals?It is well known in Chhattisgarh and early among Indian-made track harvesters, but outside its home region it is a small name.
WatchWho are its customers?Farmers are many, but one partner and one state carry a large share of sales.
WatchDoes it need a lot of money?It must build stock before each season, and in FY26 more cash went into stock and advances than profit brought in.
AverageCan it keep finding new work?Farmers come back each harvest, but its dealer base changes a lot from year to year and harvester sales are only starting.
WatchDo good and bad years swing a lot?Yes: sales depend on the monsoon and the timing of the harvest, so one half year can be far weaker than the next.
Who runs Gurunanak Agriculture India?
Promoters, directors and officers; tap a name for the background
HSHarjeet SinghPromoter and Managing Director · holds 40.44%
Holds a B.Tech from Bundelkhand University, Jhansi (1998) and has been a director since the company was formed in 2010; earlier ran the family proprietorship Gurunanak Iron Industries. Managing Director for three years from September 2024. The prospectus describes Harjeet Singh as the spouse of Jaspreet Kaur and the father of Kamaljeet Singh Kalsi.
Prospectus, p.127, p.163 and p.166JKJaspreet KaurPromoter and Whole Time Director · holds 27.56%
Holds a Bachelor of Arts from Punjab University and oversees accounts and finance; appointed to the board in June 2024 and Whole Time Director from September 2024.
Prospectus, p.164 and p.166; Investor presentation, June 2026, p.20KSKamaljeet Singh KalsiPromoter and Non-Executive Director
Completed school at N H Goel World School, Raipur in 2020 and has worked in the company since 2018 on manufacturing and research, including the harvester and electric reaper; on the board since September 2024.
Prospectus, p.164 and p.166; Investor presentation, June 2026, p.20DKDevendra Kumar SinhaChief Financial Officer
Holds a Master of Commerce from Ravishankar Shukla University, Raipur; joined as an accountant in 2015 and became Chief Financial Officer in December 2024.
Prospectus, p.174SBShashi Bhusan SharmaIndependent Director
A science graduate who spent more than 38 years at Central Bank of India, retiring as Chief Manager; appointed in December 2024 for five years.
Prospectus, p.165 to 166NCNihal Chand JainIndependent Director
A chartered accountant in practice for about 15 years; appointed in December 2024 for five years.
Prospectus, p.165 to 166Gurunanak Agriculture India latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹26 cr (+35%), net profit ₹4 cr (+37%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 68.00%.
Gurunanak Agriculture India announcements
23 on record, latest first; each opens the filing on the exchange
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 30, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 30, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 30, 2026PDF ↗
- Outcome of Board MeetingHeld on September 07, 2026PDF ↗
- Change in AuditorsOf the companyPDF ↗
- Press Releasea press release dated August 17, 2026, titled "Business Updates"PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- General UpdatesDisclosure of acquisition of securities under regulation 7(2) of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- General UpdatesDisclosure of acquisition of securities under regulation 7(2) of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Updates'Machine-readable form/ legible copy of Financial Results for the period ended 31st March, 2026'PDF ↗
Gurunanak Agriculture India annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 June 2026 ↗read
- FY26 ↗read
Gurunanak Agriculture India share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Gurunanak Agriculture India's data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,20,00,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY24 (₹48.04) and FY25 (₹7.78) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Gurunanak Agriculture India
What does Gurunanak Agriculture India do?
Gurunanak Agriculture makes farm machines such as threshers, reapers and rotavators, and has started making crawler harvesters for paddy fields, at its factory in Durg, Chhattisgarh. Its shares trade on NSE Emerge.
What is the share price of Gurunanak Agriculture India?
₹33.3 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Gurunanak Agriculture India?
₹40 cr at the close on 6 Nov 2026, on 1,20,00,000 shares.
What is the P/E of Gurunanak Agriculture India?
6.6 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Gurunanak Agriculture India's revenue and profit?
Revenue ₹42 cr and profit after tax ₹6 cr in FY26.
Who are the promoters of Gurunanak Agriculture India?
Harjeet Singh, Jaspreet Kaur, Kamaljeet Singh Kalsi; promoters held 68.00% at 31 March 2026.
What was the IPO price of Gurunanak Agriculture India?
₹75 a share; it listed on 1 Oct 2025.
What is Gurunanak Agriculture India's website?
www.gnagro.com
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Built from 1 offer document, 1 earnings call transcript, 1 investor presentation, 1 annual report, 23 exchange announcements, 2 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.