Kaveri Seed Company Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Kaveri Seed Company Ltd trades at ₹716, in a downtrend and 49 weeks into that stage. That is −18.8% against its own 200-day average. It sits at 0% of a 52-week range of ₹716 to ₹1,070. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (16 weeks and counting).

Today the stock is in a downtrend — week 49 of stage 4, confirmed. At ₹716 it trades −18.8% versus its 200-day average and sits at 0% of its 52-week range (₹716–₹1,070).

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +82% while the NIFTY 500 moved +267% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (16 weeks and counting; last ahead the week of 2026-06-12) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Kaveri Seed Company Ltd trades at 14.8× P/E, mid-range by its own standards (45th percentile). Its long-run median P/E is 15.2×, measured across 10.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 14.8× is mid-range by its own standards (45th percentile), against a long-run median of 15.2× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +5.2% against a −37.5% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +3.5%/yr price move, ~+5.9%/yr came from earnings growth and ~−2.4 pp from the multiple (compressing); over 10y, of the +7.3%/yr price move, ~+7.1%/yr came from earnings growth and ~+0.2 pp from the multiple (roughly flat). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Kaveri Seed Company Ltd reads as deteriorating on its fundamental arc. Deteriorating — profit and EPS growth are shrinking (profit growth −21.7% latest against +26.9% at its 12-quarter best), ROCE slipping at 18.2%. The read is built from 12 quarters across 4 curves, on full evidence.

🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.

4-Factor Sector Score

35.9/100 — rank 24 of 36 in Miscellaneous · 94% evidence confidence

Kaveri Seed Company Ltd scores 35.9 out of 100 against the 36 companies it is compared with in Miscellaneous, ranking 24. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 11.3 + 14.4 + 4.7 + 5.5 = 35.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Kaveri Seed Company Ltd reported ₹742 Cr of revenue in the Jun 26 quarter, −13.6% year on year. Over 10 years it has compounded at 6.5% a year. The last full year, FY26, came in at ₹1,395 Cr. The last four reported quarters add to ₹1,278 Cr.

FY26 revenue came in at ₹1,395 Cr (+16.1% on the year), capping 10 years at 6.5% compound. The latest quarter (Jun 26) printed ₹742 Cr, −13.6% year on year.

Pace check: the last four quarters averaged +21.5% growth against the decade's 6.5% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +1.4% over the last 4 quarters against +2.6%/yr over the last 8 — stabilising; TTM profit −21.7% vs −11.2%/yr — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Kaveri Seed Company Ltd's operating margin is 40.0% in the Jun 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 20.0% to 29.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 40.0%, +1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 20.0%–29.0%.

Why the margin moved: operating margin went +0.2 pp year on year while gross margin went +3.6 pp — the gain came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Kaveri Seed Company Ltd earned ₹280 Cr of net profit in the Jun 26 quarter, −14.4% year on year. Full-year FY26 profit was ₹296 Cr. The 10-year compound rate is 5.9%. That is 37.7% of the quarter's revenue. The same quarter a year earlier earned ₹327 Cr. 4 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹280 Cr, −14.4% year on year. On the full year, FY26 printed ₹296 Cr (+5.0%), and the 10-year compound rate is 5.9%.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 66% of Kaveri Seed Company Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹−6.0 Cr of operating cash against ₹296 Cr of profit. After ₹115 Cr of capital spending, ₹−121 Cr was left as free cash.

FY26: operating cash of ₹−6.0 Cr against reported profit of ₹296 Cr, leaving free cash of ₹−121 Cr after ₹115 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 66% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 66%: the cash cycle stretched 115 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 115 days — the next section's job is to find where the cash is stuck.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Kaveri Seed Company Ltd's cash conversion cycle runs 396 days in FY26, up from 281 days in FY21. Capital spending ran ₹296 Cr over the last 3 years. At FY26 sales of ₹1,395 Cr each day of that cycle holds about ₹3.8 Cr, so roughly ₹1,513 Cr sits inside the business at any moment.

FY26: debtors at 29 days, inventory at 608 days — roughly 20.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 396 days, looser than FY21's 281.

The full loop: cash goes out to suppliers and production on day 0; stock waits 608 days to sell; customers pay about 29 days after that; and suppliers themselves are paid at 241 days — netting out to the 396-day cycle.

In money terms: at FY26 sales of ₹1,395 Cr, each day of the cycle holds about ₹3.8 Cr — so the 396-day loop keeps roughly ₹1,513 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹296 Cr over the last 3 fiscal years against ₹128 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹130 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Kaveri Seed Company Ltd earns a ROCE of 19% in FY26. That is up from a trough of 15% in FY17. Return on invested capital clears the cost of that capital by +5.2 percentage points, so growth here adds value rather than only size. The wiring behind it is 21.2% net margin on 0.51× asset turns.

FY26 ROCE is 19%, recovered from a FY17 trough of 15% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 21.2% net margin × 0.51× asset turns × 1.57× balance-sheet leverage ≈ 17.0% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 17.2% − 12.0% = a +5.2 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Kaveri Seed Company Ltd carries total debt of ₹0.0 Cr against shareholder equity of ₹1,236 Cr as of Jun 24, a debt-to-equity of 0.00 — effectively unlevered. On the annual view that ratio went from 0.00 in FY22 to 0.00 in FY24. The returns elsewhere on this page are therefore earned rather than borrowed.

Jun 24: total debt of ₹0.0 Cr against shareholder equity of ₹1,236 Cr — a debt-to-equity of 0.00. On the annual view, debt-to-equity went from 0.00 (FY22) to 0.00 (FY24). The returns on this page are earned, not borrowed.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions cut 1.5 points of Kaveri Seed Company Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 3.5% of the company. Foreign institutions moved −1.4 points over the same window, to 17.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −1.5 points over 8 quarters to 3.5%; Foreign institutions: −1.4 points over 8 quarters to 17.5%; Promoters: +0.0 points over 8 quarters to 60.5%.

🚨 Why the register moved: domestic institutions drove it (−1.5 points), alongside foreign institutions (−1.4 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Kaveri Seed Company Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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