---
title: "Madhyam Agrivet Industries Ltd (PRABHAT) — Share Price, Financials & Analysis"
symbol: "PRABHAT"
company: "Madhyam Agrivet Industries Ltd"
canonical: "https://tapetide.com/stocks/PRABHAT"
sector: "Fast Moving Consumer Goods"
industry: "Food Products"
generated_at: "2026-09-13T20:37:53.061Z"
---

# Madhyam Agrivet Industries Ltd (PRABHAT)

Canonical page: https://tapetide.com/stocks/PRABHAT

## Company

- **Sector:** Fast Moving Consumer Goods
- **Industry:** Food Products
- **Macro Sector:** Fast Moving Consumer Goods
- **Stock Type:** EQUITY
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** prabhatdairy.in

## About

Prabhat Dairy Limited provides animal feed solutions and sells its products under the Annapurna brand. [1] It sold its flagship dairy business and is now focussing on compound cattle feed and supplies formulated Total Mix Ration (TMR) products and services to dairy farmers. [1]

## Latest Price

## Key Insights

### Strengths

- Company is almost debt free.
- Company is expected to give good quarter

### Weaknesses

- Company has low interest coverage ratio.
- Company has a low return on equity of 0.18% over last 3 years.
- Working capital days have increased from 1,269 days to 2,851 days

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | 82% | 26% | — |
| revenue growth | -70% | -48% | 22% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 | Mar 2019 | Jun 2019 | Sep 2019 | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 5.55 | 5.76 | 15.46 | 13.65 | 36.83 | 57.81 | 54.56 | 192.47 | 186.75 | 82.34 | 87.76 | 92.36 |
| Expenses | 5.37 | 5.46 | 14.55 | 13.73 | 45.66 | 57.72 | 56.93 | 193.58 | 325.28 | 80.19 | 85.79 | 91.25 |
| Operating Profit | 0.18 | 0.3 | 0.91 | -0.08 | -8.83 | 0.09 | -2.37 | -1.11 | -138.53 | 2.15 | 1.97 | 1.11 |
| OPM % | 3.24 | 5.21 | 5.89 | -0.59 | -23.98 | 0.16 | -4.34 | -0.58 | -74.18 | 2.61 | 2.24 | 1.2 |
| Other Income | 8.16 | 7.68 | 3.45 | 6.59 | 0 | 7.1 | 9.32 | 8.61 | 5.19 | 6.5 | 6.62 | 6.53 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0.3 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.13 | 0.06 | 0.06 | 0.07 | 0.08 |
| Profit before tax | 8.34 | 7.98 | 4.36 | 6.51 | -8.83 | 6.89 | 6.95 | 7.37 | -133.4 | 8.59 | 8.52 | 7.56 |
| Tax % | 0.72 | 0.25 | 1.61 | 0.46 | 3.85 | 30.48 | 41.73 | 39.35 | 0.01 | 25.03 | 25 | 25 |
| Net Profit | 8.28 | 7.96 | 4.3 | 6.48 | -9.17 | 4.79 | 4.05 | 4.47 | -133.42 | 6.44 | 6.39 | 5.67 |
| EPS in Rs | 0.85 | 0.81 | 0.44 | 0.66 | -0.94 | 0.49 | 0.41 | 0.46 | -13.66 | 0.66 | 0.65 | 0.58 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 779.58 | 874.32 | 1000.08 | 1131.16 | 27.47 | 71.54 | 533.09 | 373.09 | 250.77 | 75.64 |
| Expenses | 746.04 | 832.55 | 954.38 | 1087.37 | 26.21 | 68.71 | 679.27 | 383.54 | 275.5 | 77.4 |
| Operating Profit | 33.54 | 41.77 | 45.7 | 43.79 | 1.26 | 2.83 | -146.18 | -10.45 | -24.73 | -1.76 |
| OPM % | 4.3 | 4.78 | 4.57 | 3.87 | 4.59 | 3.96 | -27.42 | -2.8 | -9.86 | -2.33 |
| Other Income | 0.41 | 0.56 | 17.89 | 17.01 | 18.08 | 4.78 | 59.88 | 26.41 | 18.38 | 0.98 |
| Interest | 14.31 | 19.13 | 18 | 14.67 | 0 | 0 | 0.3 | 0.01 | 0.31 | 0.05 |
| Depreciation | 15.6 | 16.53 | 15.23 | 16.05 | 0 | 0 | 0.2 | 0.29 | 0.39 | 0.39 |
| Profit before tax | 4.04 | 6.67 | 30.36 | 30.08 | 19.34 | 7.61 | -86.8 | 15.66 | -7.05 | -1.22 |
| Tax % | 37.38 | 46.18 | 11.26 | 9.24 | 2.28 | 12.61 | 25.78 | 25.67 | 0.57 | 2.46 |
| Net Profit | 2.54 | 3.6 | 26.95 | 27.3 | 18.9 | 6.65 | -109.18 | 11.63 | -7.09 | -1.25 |
| EPS in Rs | 0.85 | 0.5 | 2.76 | 2.79 | 1.93 | 0.68 | -11.18 | 1.19 | -0.73 | -0.13 |
| Dividend Payout % | 0 | 198.42 | 14.5 | 14.31 | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 3 | 71.43 | 97.68 | 97.68 | 97.68 | 97.68 | 97.68 | 97.68 | 95.09 | 95.09 |
| Reserves | 204.86 | 163.88 | 436.9 | 459.7 | 473.92 | 480.83 | 520.07 | 532.25 | 501.61 | 500.39 |
| Borrowings | 132.35 | 150.36 | 93.27 | 166.02 | 127.15 | 0 | 0 | 0 | 0 | 1.54 |
| Other Liabilities | 56.77 | 88.18 | 49.94 | 109.42 | 94.12 | 744.47 | 2135.09 | 229.73 | 18.04 | 5.23 |
| Total Liabilities | 396.98 | 473.85 | 677.79 | 832.82 | 792.87 | 1322.98 | 2752.84 | 859.66 | 614.74 | 602.25 |
| Fixed Assets | 136.5 | 126.72 | 138.94 | 129.59 | 154.69 | 0 | 2.31 | 3.58 | 4.18 | 4.22 |
| CWIP | 0.51 | 1.26 | 1.52 | 5.17 | 1.69 | 0 | 0 | 0.12 | 0.12 | 0.14 |
| Investments | 0.17 | 0.17 | 161.66 | 173.97 | 327.13 | 32.58 | 0 | 0 | 0 | 0 |
| Other Assets | 259.8 | 345.7 | 375.67 | 524.09 | 309.36 | 1290.4 | 2750.53 | 855.96 | 610.44 | 597.89 |
| Total Assets | 396.98 | 473.85 | 677.79 | 832.82 | 792.87 | 1322.98 | 2752.84 | 859.66 | 614.74 | 602.25 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 32.2 | -14.15 | -67.99 | 96.81 | 64.61 | 102.87 | 967.1 | -605.03 | -499.33 | -1.65 |
| Cash from Investing Activity | -84.22 | 13.53 | -155.84 | -78.88 | -63.3 | -106.38 | -28.29 | -1.56 | -27.12 | -0.45 |
| Cash from Financing Activity | 50.87 | 18.66 | 209.35 | 53.38 | -60.19 | 211.76 | 0 | 0 | 0 | 0 |
| Net Cash Flow | -1.15 | 18.05 | -14.48 | 71.3 | -58.88 | 208.25 | 938.8 | -606.59 | -526.45 | -2.1 |
| Free Cash Flow | 16.15 | -21.42 | -71.72 | 84.95 | 19.36 | 86.1 | 944.08 | -606.59 | -500.31 | -2.08 |
| CFO/OP | 100 | -31 | -133 | 232 | 5484 | 3692 | -677 | 5746 | 2019 | 94 |

### Ratios

| Item | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 15.61 | 31.52 | 41.9 | 35.21 | 1230 | 2.55 | 91.66 | 294.1 | 505.06 | 6.27 |
| Inventory Days | 10.1 | 11.74 | 12.55 | 17.43 | 686.46 | 1.3 | 5.69 | 2.31 | — | — |
| Days Payable | 20.45 | 24.26 | 14.78 | 13.5 | 689.89 | 14.11 | 519.95 | 197.21 | — | — |
| Cash Conversion Cycle | 5.26 | 19 | 39.67 | 39.14 | 1226.57 | -10.26 | -422.61 | 99.2 | 505.06 | 6.27 |
| Working Capital Days | 8.99 | 34.86 | 113.83 | 45.78 | 1299.76 | 2727.5 | -622.02 | 95.38 | 858.92 | 2851.38 |
| ROCE % | 6.45 | 7.11 | 9.54 | 6.64 | 2.72 | 1.19 | -14.46 | 2.51 | -1.1 | -0.2 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 |
| --- | --- | --- | --- | --- | --- |
| Promoters | 48.94% | 50.1% | 50.1% | 50.1% | 50.1% |
| FIIs | 2.62% | 7.55% | 5.31% | 4.5% | 1.96% |
| DIIs | 3.86% | 2.96% | 3.64% | 3.71% | 0.72% |
| Public | 44.58% | 39.39% | 40.95% | 41.69% | 47.22% |
| No. of Shareholders | 16521 | 18961 | 24056 | 17163 | 13344 |

### Quarterly

| Category | Jun 2018 | Sep 2018 | Dec 2018 | Mar 2019 | Jun 2019 | Sep 2019 | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | Mar 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 50.1% | 50.1% | 50.1% | 50.1% | 50.1% | 50.1% | 50.1% | 50.1% | 50.1% | 50.1% | 50.1% | 50.1% |
| FIIs | 7.91% | 7.92% | 7.13% | 5.31% | 4.78% | 4.56% | 4.55% | 4.5% | 4.35% | 4.29% | 4.29% | 1.96% |
| DIIs | 2.53% | 5.39% | 4.75% | 3.64% | 3.82% | 3.73% | 3.45% | 3.71% | 3.75% | 3.32% | 2.77% | 0.72% |
| Public | 39.46% | 36.59% | 38.02% | 40.95% | 41.3% | 41.61% | 41.9% | 41.69% | 41.8% | 42.29% | 42.84% | 47.22% |
| No. of Shareholders | 22245 | 22026 | 23412 | 24056 | 22805 | 20105 | 17903 | 17163 | 16842 | 16268 | 15978 | 13344 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 7 / 1 / 11

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 27.18 | Sell |
| EMA (10) | 26.33 | Sell |
| SMA (20) | 28.82 | Sell |
| EMA (20) | 30.54 | Sell |
| SMA (50) | 47.28 | Sell |
| EMA (50) | 43.3 | Sell |
| SMA (100) | 62.6 | Sell |
| EMA (100) | 54.79 | Sell |
| SMA (200) | 67.52 | Sell |
| EMA (200) | 61.42 | Sell |

### Oscillators — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 19.08 | Buy |
| MACD (12,26,9) | -6.24 | Buy |
| Stochastic (14,3,3) | 0.73 | Buy |
| ADX (14) | 48.7 | Buy |
| Williams %R (14) | -99.28 | Buy |
| ATR (14) | 2.22 | High Volatility |
| ROC (12) | -35.07 | Sell |
| Stoch RSI (14) | 0 | Buy |
| UO (7,14,28) | 14.77 | Buy |

## Filings & Documents

### Annual Reports

| Date | Document |
| --- | --- |
| from bse | [Annual Report 2020 from bse](https://www.bseindia.com/bseplus/AnnualReport/539351/67772539351.pdf) |
| from bse | [Annual Report 2019 from bse](https://www.bseindia.com/bseplus/AnnualReport/539351/5393510319.pdf) |
| from bse | [Annual Report 2018 from bse](https://www.bseindia.com/bseplus/AnnualReport/539351/5393510318.pdf) |
| from bse | [Annual Report 2017 from bse](https://www.bseindia.com/bseplus/AnnualReport/539351/5393510317.pdf) |
| from bse | [Annual Report 2016 from bse](https://www.bseindia.com/bseplus/AnnualReport/539351/5393510316.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Nov 2018 | [Concall - Nov 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0bca06c4-0297-4a7c-b438-ff026bce7b7e.pdf) |
| Nov 2018 | [Concall - Nov 2018](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/11/0bca06c4-0297-4a7c-b438-ff026bce7b7e.pdf) |
| Nov 2017 | [Concall - Nov 2017](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5a9111bf-e0cf-48f6-a046-af33ffba4b6f.pdf) |
| Nov 2017 | [Concall - Nov 2017](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/11/5a9111bf-e0cf-48f6-a046-af33ffba4b6f.pdf) |
| May 2018 | [Concall - May 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=59a413ac-35e6-40f2-a74b-625356d94fd2.pdf) |
| May 2018 | [Concall - May 2018](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/5/59a413ac-35e6-40f2-a74b-625356d94fd2.pdf) |
| May 2017 | [Concall - May 2017](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8cce4881-a46e-4043-988a-b242e940dad4.pdf) |
| May 2017 | [Concall - May 2017](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/5/8cce4881-a46e-4043-988a-b242e940dad4.pdf) |
| Feb 2018 | [Concall - Feb 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=90eef343-ba27-49c5-9c62-a67553f588c3.pdf) |
| Feb 2018 | [Concall - Feb 2018](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/2/90eef343-ba27-49c5-9c62-a67553f588c3.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T20:37:53.061Z.