Vardaan Biotech Limited

This section provides an overview of the industry landscape, referencing data from the Dun & Bradstreet report. It discusses the impact of global macroeconomic scenarios, including geopolitical conflicts and supply chain disruptions, on various regions. The text details how these factors affect global growth projections, inflation, and the operational environment for businesses, particularly concerning energy, trade, and investment decisions. It also outlines trends in trade, technology adoption, and the shift towards regionalization in global commerce.

The provided text details various economic growth trends and sectoral contributions in India, primarily focusing on Gross Value Added (GVA) and Gross Domestic Product (GDP) growth across different sectors. The industrial sector showed steady growth momentum in FY 2026, with mining and construction activities growing at 5.15% and 7.36% respectively, though growth moderated in some sub-sectors. The services sector remained the main driver of economic growth, expanding significantly. Furthermore, the text provides detailed data on the growth of various investment indicators, including Gross Fixed Capital Formation (GFCF) and the Investment to GDP ratio, which showed resilience and positive trends in recent fiscal years.

The provided text discusses various economic indicators, including trends in private consumption, inflation rates, and the monetary policy stance of the RBI. It details the government's focus on infrastructure development, including capital expenditure and the creation of new connectivity projects. Furthermore, it outlines efforts to build domestic manufacturing capacity through schemes like the Production Linked Incentive (PLI) scheme and strategies to strengthen external trade architecture through trade agreements like the India-EU FTA and the India-Oman Comprehensive Economic Partnership Agreement (CEPA).

Domestic demand in India is being driven by recovering consumer confidence, fast-paced urbanization, and improving income scenarios in rural markets. Key economic indicators show consistent upward trends in private final consumption expenditure (PFCE) and gross national disposable income (GNDI), indicating sustained household consumption. Furthermore, India's economy is poised for significant growth, with projections for it to become the world's third-largest economy, supported by reforms and increased foreign investment. The service sector is expected to be a major driver of GDP growth, and urbanization is increasing, which will necessitate infrastructure development.

The agricultural sector has shown consistent economic resilience over the past decade, despite global disruptions. The sector is expected to undergo significant transformation driven by the need to meet rising food demand while preserving natural resources, which necessitates productivity enhancements. India's agriculture sector is a key pillar for food security, rural employment, and raw material supply for various downstream industries. The Indian agricultural landscape features diverse cropping seasons and a wide crop portfolio. Furthermore, the commercial seed industry is positioned to play an increasingly important role in enabling productivity enhancement and supporting the long-term growth of the agricultural sector.

The commercial seed industry in India features a multi-tiered structure involving various stakeholders across the seed value chain, including research institutions, public sector agencies, private companies, and distributors. The industry focuses on producing and commercializing breeder, foundation, and certified seeds for various crops. Public sector institutions play a crucial role in distributing certified seeds, especially for staple food crops under government programs, while research bodies drive varietal development. Private players dominate the hybrid seed segment, particularly for high-yielding varieties in certain crops. Seed certification agencies and testing laboratories ensure quality control by enforcing standards under the Seed Act framework.

Commercial seeds are scientifically developed and processed seeds used for agricultural cultivation to improve crop productivity, quality, and resistance, including hybrid, certified, and open-pollinated varieties. The Indian commercial seeds industry plays a vital role in enhancing agricultural productivity across various crops. The market has seen significant growth, driven by the adoption of hybrid seeds, particularly in high-value crops like cotton and maize. India is recognized as a leading participant in the global seeds industry, although its export share remains modest compared to the global trade. The industry is expected to evolve further through increased investment in R&D, biotechnology, and the development of climate-resilient seed varieties.

The Indian commercial seeds industry operates within a framework that has evolved to support quality assurance, innovation, and agricultural productivity enhancement through various policy interventions. Key government initiatives, such as the National Mission on High-Yielding Seeds, focus on strengthening the seed research ecosystem and accelerating the commercialization of improved seed varieties. Schemes like the Sub-Mission on Seeds and Planting Material (SMSP) aim to improve seed availability, enhance Seed Replacement Rates (SRR), and strengthen infrastructure for seed production and distribution. The regulatory landscape includes various acts and rules designed to ensure seed quality, including the Seeds Act, 1966, and the Seeds Rules, 1968, which establish standards for quality and testing. Furthermore, there is an increasing focus on developing climate-resilient and pest-resistant seeds, alongside digital and regulatory measures to enhance traceability across the seed ecosystem.

The commercial seed industry is benefiting from precision breeding tools like marker-assisted selection and genomic tools to improve seed development efficiency. Gene-editing is emerging as a frontier in seed innovation, with policy support and domestic scientific capability noted in recent developments. Biotechnology is influencing seed development by enhancing pest resistance, productivity, and stress tolerance, shifting focus towards broader crop performance optimization. Digital agriculture infrastructure is shaping seed planning by providing crucial crop intelligence and data, while seed traceability initiatives aim to enhance quality assurance and supply chain transparency. Furthermore, sustainability trends are driving seed development towards water-use efficiency and climate-smart farming, alongside developments in pest surveillance technology.

The company is an integrated seed company involved in the development, breeding, production, processing, and marketing of agricultural seeds across various crop varieties. Its operations encompass a broad business model that includes germplasm collection, breeding, hybrid development, contract seed production, procurement, storage, processing, quality testing, packaging, marketing, and farmer advisory services. The company aims to provide seeds suitable for different cultivation requirements across both Kharif and Rabi seasons in India. The company's product portfolio is diverse, covering cereals, vegetables, herbs, pulses, oilseeds, and fodder crops, and its operations are supported by a robust distribution network.

The company operates across various product categories within the agricultural seed market, providing seeds for 11 different crops across 9 states in India over the last three financial years. The majority of the company's revenue comes from the sale of Paddy Seeds, which accounted for a significant percentage of operations revenue in the fiscal years 2026, 2025, and 2024. The company serves farmers with a range of hybrid, improved, and notified seeds and has received independent certification under ISO 9001:2015 for its seed processing and marketing activities.

The company distributes its seed products through a network of dealers and distributors across nine states in India. This distribution network is crucial for placing orders, moving products to markets, and replenishing stocks according to seasonal requirements. The company coordinates closely with dealers, farmer connections, and distributors regarding seasonal ordering and product needs. The company has established a pan-India presence through a robust distribution network and sustained engagement with farmers and dealers.

The company focuses on the development, breeding, production, and processing of quality agricultural seeds for various crop categories. The strategy involves systematic breeding to develop improved seeds that enhance ecological sustainability and address evolving farmer requirements across different agro-climatic regions. Key operational plans include expanding dedicated seed breeding infrastructure, increasing processing capacity, and strengthening the distribution network to penetrate new geographies and deepen relationships with dealers and farmers. The company is also diversifying its product portfolio by targeting high-growth segments like cotton and expanding into fruits and flowers.

The company manages its operations from seed production and procurement through to the distribution of finished seed products. The process involves numerous steps, starting from germplasm collection and progressing through various development stages like seed development, line development, hybrid development, and multiple testing, culminating in various seed production and processing phases. The company has established its own processing unit in Ujjain, Madhya Pradesh, which handles various processing operations, including quality evaluation and certification under ISO 9001:2015. Furthermore, the company has long-term arrangements with two third-party processor companies in Hyderabad to supplement its processing capacity.

The company possesses a diverse range of machinery and processing units, including various sorting, cleaning, and separation equipment. The company's mission focuses on developing improved and hybrid seed varieties suited to India's diverse agro-climatic conditions while maintaining quality through ISO 9001:2015 certification. Seed development involves field-level activities on leased agricultural land in Ujjain, Madhya Pradesh. The company engages with farmers through training and advisory services to improve productivity and support them in adopting new agricultural practices. Sales and marketing involves an integrated distribution network and direct sales channels to reach farmers across target markets.

The company has deposited amounts with the Employee Provident Fund Organisation and the Employees State Insurance Corporation for its employees for the fiscal year 2025-26. The company operates in a sector involving various inherent risks such as fire damage, burglary, transit damage, equipment breakdown, and other force majeure events, for which it maintains comprehensive insurance policies. The prospectus details various insurance policies, including coverage for burglary, stock, building, plant and machinery, and vehicle insurance. The company has owned/leased/rented several material properties, including registered offices, corporate offices, factory premises, and agricultural land, with various related parties.

This section details various Indian laws and regulations pertinent to the business operations, including those related to seeds, essential commodities, legal metrology, industrial relations, social security, intellectual property, and taxation. It outlines several key legislation, such as the Seeds Rules, the Essential Commodities Act, the Legal Metrology Act, and various labour and environmental laws. The text also covers regulations concerning the protection of trademarks, patents, copyrights, and the framework for taxation under the GST.

The section discusses the applicability of various Indian laws concerning taxation and other regulations. It covers the framework for intra-state supply of goods or services under the GST regime, which involves a dual GST structure. Furthermore, it details the rules regarding professional tax, including how it is charged on incomes and profits, and the process for employers to pay tax on behalf of employees. The company is also governed by numerous other laws and regulations, including those related to contracts, competition, foreign exchange, and various trade policies.

The company was incorporated as Vardaan Biotech Private Limited on December 20, 2007, and later converted to a public limited company, changing its name to Vardaan Biotech Limited on January 05, 2021. The company has undergone numerous amendments to its Memorandum of Association regarding authorized share capital over the last ten years, including several increases and reclassifications. Key business milestones include obtaining licenses and expanding operations into various states. The company has received several awards and recognitions for its performance. Furthermore, the company has entered into material agreements for the purchase of agricultural land.

This section primarily defines various terms and abbreviations used within the Draft Red Herring Prospectus. It specifies that 'Vardaan Biotech Limited' is a public limited company incorporated under the Companies Act, 1956, and lists various terms related to the company, its board, key personnel, and the issue process. It details definitions for terms like the company itself, directors, financial information, and various aspects of the subscription process.

This section defines various terms used in the Draft Red Herring Prospectus (DRHP). It specifies that the DRHP was issued in accordance with SEBI ICDR Regulations and lacks complete details on the final price and issue size. It outlines eligibility criteria for Foreign Portfolio Investors (FPIs) and Non-Resident Indians (NRIs) to participate in the issue. The definitions also cover various aspects related to the issue process, such as escrow accounts, different bidder categories, and various financial and regulatory terms.

This section primarily defines various legal and financial terms used within the Draft Red Herring Prospectus. It includes definitions for different categories of investment funds (AIFs and FPIs), various acts and regulations (such as the Companies Act, GST Act, FEMA), financial metrics (like EBITDA and margins), and various accounting standards (Ind AS, Indian GAAP), and reporting standards. It also specifies conventions regarding the jurisdiction (Republic of India), time (Indian Standard Time), and the company being referred to as "Vardaan Biotech Limited".

This section primarily discusses rounding adjustments for figures in the Draft Red Herring Prospectus, stating that certain figures have been rounded to the second decimal place or two decimal points for percentages, with potential discrepancies when summing figures. It details the presentation of Non-GAAP financial measures, clarifying that they are supplemental and not required by Ind AS, and that direct comparison between companies may be difficult. The text also covers the sourcing of industry and market data, noting that it was commissioned and paid for from Dun & Bradstreet (D&B) for the purpose of understanding the industry in connection with the Issue.

The text details several material risks concerning the company's operations, including legal proceedings involving the promoter, exposure to adverse weather conditions, pest infestations, and market volatility. The business is highly dependent on the sale of certain seed products, particularly Maize, Paddy, and Wheat Seeds, which are concentrated in specific geographical regions for procurement and revenue generation. Furthermore, the company relies heavily on its seed breeding and development activities, which face inherent timelines and complexities.

The provided text details various risks related to the company's operations, including dependency on breeding activities, supply chain disruptions for raw seeds and materials, and fluctuations in procurement prices. It highlights risks associated with market demand, competitive landscape, and the ability to meet consumer expectations. Furthermore, the text mentions past issues with non-compliance with the Companies Act, 2013, and the history of previous failed IPO proposals. The company is now proposing an Initial Public Offering (IPO) on the Main Board.

This section details various instances of non-compliance and discrepancies found in the company's filings with the Registrar of Companies (ROC), including issues related to the description of shares, signatures on audit reports, and delays in appointing key managerial personnel. It also covers issues concerning the spending of Corporate Social Responsibility (CSR) funds and several instances where filings contained typographical errors or delays. Furthermore, the text highlights potential issues with historical allotments of equity shares and the company's reliance on grower farmers for raw materials, which introduces supply chain risks.

The company faces risks related to technology and machinery obsolescence, potential delays in statutory filings, and liability for taxes and penalties. The company is engaged in processing and marketing various seeds and oils, which attracts various tax liabilities. The company proposes to use net proceeds for expansion, including acquiring land and funding capital expenditure, and for working capital requirements. There are concerns regarding the ability to implement business strategies within timelines and the protection of intellectual property rights. Furthermore, the company has outstanding unsecured loans from promoters and directors.

The text discusses various operational dependencies and risks related to the company's physical premises, processing arrangements, and relationships with third parties. It details that operations rely on leased or rented premises, and any disruption to these agreements could negatively impact business results. Furthermore, the text covers risks associated with third-party processing units, including the potential for non-renewal or unavailability of such arrangements. The business is also exposed to risks from fluctuations in the seed market due to seasonal factors and risks related to the availability of counterfeit seeds. Finally, the text addresses dependencies on key managerial personnel and the potential for disruptions in the supply chain due to logistics and transportation services.

This section discusses various risk factors related to the company's operations, financial reporting, and market environment. It covers issues such as related party transactions, the compliance with accounting standards regarding audit trails, potential impacts from changes in the dealer/direct sales channel, risks from oversupply in the seed industry, potential demand fluctuations affecting production capacity, pending statutory approvals, and risks associated with negative publicity and insurance coverage. Furthermore, it addresses risks related to the issue price, market volatility, and external economic factors.

This section details various risks that could adversely affect the company's business, financial condition, and results of operations, primarily stemming from macroeconomic and geopolitical factors. Risks include instability in India's economic conditions, political instability, natural disasters, public health concerns, and changes in laws and regulations. Furthermore, the section discusses risks related to international business practices, the implementation of new laws like the Labour Codes, and potential issues with foreign investment restrictions. It also covers risks associated with the downgrade of India's debt rating and the ability of foreign investors to invest in Indian securities.

This section details the structure of the proposed issue, outlining various portions such as QIB, Non-Institutional, and Retail categories. It specifies the face value of the equity shares, which is ₹ 2 each, and sets limits on the total amount for each portion. Furthermore, it describes how the proceeds from the issue will be allocated among different investor categories, including provisions for allocation to Mutual Funds and the allocation rules for different bidder types.

The provided text details various financial statements, including a Restated Statement of Profit and Loss, a Restated Cash Flow Statement, and a summary of contingent liabilities. The profit and loss statement shows revenues, expenses, and resulting profit/loss for three years, along with earnings per equity share. The cash flow statement details cash movements from operating, investing, and financing activities. Finally, a summary of contingent liabilities, such as guarantees issued by banks, is provided.

The section details the authorized and issued share capital of the company as of the Draft Red Herring Prospectus date. It specifies the authorized share capital, the issued and paid-up share capital before the issue, and provisions for a fresh issue. Furthermore, the section provides a detailed history of equity share allotments, including various transactions such as initial subscriptions, right issues, private placements, and bonus issues, which occurred over several years.

This section details various historical allotments and rights issues of equity shares, including instances where non-compliance with certain provisions of the Companies Act, 2013 was noted. It also outlines the history of promoter shareholding build-up since the company's incorporation, showing significant changes in the percentage of equity share capital held by key promoters. Furthermore, the text mentions that the company has not issued equity shares for consideration other than cash or out of revaluation reserves, and has not issued shares below the issue price in the last year.

This section details various transactions involving the allotment and transfer of equity shares over time, including initial subscriptions, right issues, private placements, bonus issues, and subsequent transfers, some of which were gifts. It also outlines the shareholding of promoters and the promoter group, including lock-in requirements under SEBI ICDR Regulations for the promoter's contribution. Furthermore, the section confirms that the equity shares being locked-in are not subject to pledge or encumbrance, and specifies conditions regarding the acquisition of shares for the promoter's contribution.

This section details various aspects of the company's capital structure, including lock-in provisions for equity shares allotted to anchor investors and requirements for pledging shares by promoters. It outlines specific rules regarding the transferability of shares held by promoters and other parties, as well as restrictions on financing arrangements. Furthermore, it confirms the status of employee stock option plans and the absence of certain transactions or proposals related to the capital structure during the relevant period.

The company proposes to use the net proceeds from the issue to fund various capital expenditure requirements and working capital needs. These proposed uses include funding for the expansion of the Processing Unit, acquiring land for seed breeding, purchasing office premises, and covering the company's working capital. Additionally, the company intends to utilize the funds for general corporate purposes. The utilization of these funds is detailed across different fiscal years, with specific amounts allocated for each purpose.

The section details an indicative list of processing equipment that the company intends to purchase, including various machinery and components. It lists numerous particulars regarding equipment, such as party names, quantities, prices, and total values, along with the dates and validity of the quotations received. The section also outlines various regulatory approvals that will be required for the stated activities, such as factory licenses and registrations under the Legal Metrology Act. Furthermore, it discusses a proposed expansion plan, including an estimated timeline for the completion of activities and a proposal to utilize net proceeds for expanding the processing unit.

The section details various aspects related to the company's business, including market context for seeds and the purpose of an acquisition. It outlines the intended goals of the acquisition, which include establishing infrastructure for seed breeding and supporting long-term business growth. Furthermore, the text discusses the funding requirements, including the use of net proceeds for working capital, and the flexibility management has in utilizing net proceeds for general corporate purposes.

This section details various aspects related to the issue process, including the calculation of issue expenses, different types of selling commissions, and the structure of the issue price determination. It outlines various fees payable to different parties involved in the issuance, such as SCSBs, Sponsor Banks, and various service providers. Furthermore, it discusses the process for monitoring the utilization of the net proceeds and the restrictions on using the funds for certain investments. The section also provides information on the basis for determining the issue price, including market demand assessment and various financial metrics.

This section provides various financial and operational Key Performance Indicators (KPIs) for the company across fiscal years 2026, 2025, and 2024. It details metrics such as Revenue from Operations, profitability ratios like EBITDA Margin and PAT Margin, leverage indicators like the Debt/Equity ratio, and cash flow figures. The KPIs are certified by the Statutory Auditors, and the company commits to periodic disclosure of these KPIs for a specified duration.

This section details various conditions related to the issuance and transfer of equity shares, including provisions concerning the weighted average cost of acquisition (WACA) and secondary sales. It outlines specific rules regarding the issuance of equity shares and the secondary sale or acquisition of shares by promoters or promoter groups. Furthermore, it includes a statement regarding the availability of special tax benefits to the company and its shareholders under the Income Tax Act, 1961.

This section details the process of examining and reporting on the Restated Financial Information of Vardaan Biotech Limited for inclusion in the Draft Red Herring Prospectus (DRHP). It outlines the responsibilities of the Board of Directors and the Auditor, including the basis of preparation, the reliance on audited financial statements, and the limitations regarding the use of the financial statements. The financial data provided includes a comparison of assets, liabilities, and equity across three financial years.

This section presents the Restated Statement of Profit and Loss, Cash Flow Statement, and details regarding financing activities for the financial years ending March 31, 2026, 2025, and 2024. The Profit and Loss statement shows revenues from operations, various expenses, profit before tax, and the resulting profit/(loss) for the year, along with components of other comprehensive income. The Cash Flow statement details cash flows from operating, investing, and financing activities, resulting in the net increase or decrease in cash and cash equivalents.

This section presents various financial data points, including cash flows, borrowings, and equity changes, across different reporting dates. It details the movement in long-term and short-term borrowings, as well as changes in equity share capital and reserves and surplus over several years. The text also outlines the basis of preparation for the financial information, stating that it complies with Indian Accounting Standards (Ind AS) and other relevant regulations.

This section details various accounting policies and judgments applied by the Company in preparing its financial statements, covering aspects such as the classification of assets and liabilities, recognition of financial instruments, measurement of fair values, treatment of property, plant, and equipment, intangible assets, inventories, and revenue recognition. The policies outline specific criteria for classifying items as current or non-current based on the operating cycle, detail how financial assets and liabilities are recognized and subsequently measured, and describe impairment assessment procedures for various assets. Furthermore, the text covers rules for depreciation, amortization, and the treatment of various costs and revenues.

This section details various accounting policies related to revenue recognition, employee benefits, tax treatments, and financial statement presentation. It outlines specific recognition criteria for income from scrap sales, interest income, insurance claims, employee benefits (short-term and defined contribution/benefit plans), gratuity liabilities, accumulated leave, and social security contributions. Furthermore, it covers tax recognition, including current and deferred tax, and the treatment of Goods and Service Tax. The policies also cover borrowing costs, earnings per share calculation, operating segment reporting, cash and cash equivalents, exceptional items, assets classified as held for sale, current versus non-current asset/liability classification, foreign currency transactions, provisions, contingent liabilities, and lease accounting standards.

This section details various judgments, estimations, and assumptions related to future uncertainties and accounting treatments. It covers policies for revenue recognition under Ind AS 115, treatment of sales returns, definitions for contract assets and liabilities, fair value measurement of financial instruments, impairment testing for non-financial and financial assets, useful life determination for Property, Plant and Equipment, accounting for defined benefit plans, tax uncertainties, and provisions for litigation. It also provides notes on the nature of business transactions and details regarding the carrying value of Property, Plant and Equipment and Capital Work in Progress.

This section details various financial and structural notes, including the movement of warehouse building balances, lease liabilities, financial assets, current assets, and equity share capital details. It provides figures for assets and liabilities at different reporting dates, along with information on trade receivables and the structure of the equity shareholding among key shareholders.

This section details the changes in the equity shareholding structure and the movement in reserves and surplus over several fiscal years. It also provides a breakdown of non-current and current borrowings, including details on the terms and interest rates of secured and unsecured loans. The data covers financial positions as of March 31, 2026, 2025, and 2024.

This section details various financial liabilities, current provisions, and revenue recognition over three fiscal years ending March 31, 2026, 2025, and 2024. Key figures include details on borrowings, trade payables, employee dues, and various provisions. Revenue from operations is reported based on the sale of seeds, and other income includes commission and miscellaneous income. The data also includes breakdowns of cost of material consumed, changes in inventories, employee benefits, financial costs, depreciation, and various operating expenses.

This section details various tax provisions, including interest and penalty on statutory dues, income tax, and deferred tax components for the years ending March 31, 2026, 2025, and 2024. It also shows the breakdown of tax expense reported in the profit or loss section, including current and deferred tax components, and a reconciliation against the accounting profit using the domestic tax rate. Furthermore, the text presents details on contingent liabilities, capital commitments, and various components related to employee benefits and actuarial gains/losses.

This section details various actuarial and financial liability components, including defined benefit obligations, membership statistics, and financial instruments. It presents data for three fiscal years: March 31, 2026, March 31, 2025, and March 31, 2024. Key actuarial assumptions such as discount rates, salary growth rates, and mortality rates are provided, along with sensitivity analyses on these assumptions. The data also includes a reconciliation of the gross defined benefit liability and details of financial instruments categorized by their carrying value and fair value measurements.

This section details various financial and risk management aspects of the company, including the reconciliation of fair value measurements for financial assets and liabilities, the assessment of financial risks such as currency, interest rate, credit, and liquidity risks, and the structure of the company's capital. It also presents the basic and diluted earnings per share figures alongside details of recent share allotments.

This section details various disclosures related to related party transactions, outstanding balances, segment reporting, and corporate social responsibility (CSR) activities. It lists details of key managerial personnel and related parties, outlines transactions such as loans and reimbursements, presents outstanding balances for debtors and borrowings, and provides analytical ratios covering liquidity, leverage, profitability, and efficiency.

This section provides detailed financial performance metrics for the company across different fiscal years, including profitability ratios, liquidity indicators, and leverage positions. Key performance indicators such as revenue growth, margins, and capital efficiency are presented for comparison between consecutive years. The data also includes details on the company's balance sheet structure, such as the current ratio and debt-equity ratio, along with disclosures regarding compliance and transactions with various entities.

This section details the exemptions and mandatory adjustments made when transitioning from previous GAAP to Ind AS financial statements, covering various aspects such as the treatment of assets, liabilities, estimates, financial instruments, and reconciliations. It outlines specific policies regarding the measurement of property, plant, and equipment, financial assets, and the retrospective application of certain accounting principles. The text also provides reconciliations for equity and total comprehensive income across different reporting periods, as well as information on the statement of cash flows and statutory approvals.

This section details various financial metrics, including earnings per equity share, return ratios, and asset valuations, computed according to Indian Accounting Standards. It outlines the calculation methodologies for EBITDA, various profit figures, and key financial ratios used for investor evaluation. The data is presented for fiscal years ending March 31, 2026, March 31, 2025, and March 31, 2024.

This section details the capitalization structure and indebtedness of the company as of March 31, 2026, including various borrowing facilities and loan details. It also provides a summary of key financial performance indicators for the financial years ended March 31, 2026, 2025, and 2024, such as Revenue from Operations and EBITDA.

This section presents key financial performance metrics for the company across different fiscal years, including profitability ratios, leverage, and working capital metrics. Profitability ratios like EBITDA Margin, PAT Margin, RoNW, and Return on Capital Employed are provided for three periods. The data also includes information on debt structure via Debt/Equity Ratio and Debt Service Coverage Ratio, along with asset turnover and net asset values. Furthermore, the text details significant developments such as a change in equity share face value and various risks related to seasonality, procurement concentration, infrastructure, and commodity price volatility.

The financial statements section details various expense and cash flow movements across different fiscal years, highlighting trends in employee benefits, finance costs, other expenses, and depreciation. Employee expenses decreased significantly, while finance costs showed an increase. Other expenses saw a substantial reduction due to decreases in rates difference, rent, and office expenses, alongside a reduction in interest and penalty on statutory dues. Depreciation also decreased, partly because computer assets were fully depreciated. EBITDA showed growth, primarily driven by revenue growth, although this was partially offset by changes in material costs and expenses. Profit after Tax also saw a slight increase linked to revenue growth and better expense control. Cash flow analysis shows significant variations in operating cash flows depending on working capital movements and changes in various assets and liabilities. Indebtedness figures show total borrowings, contingent liabilities, and contractual maturities for different dates.

The section states that as of the Draft Red Herring Prospectus date, there are no outstanding criminal proceedings, regulatory actions, disciplinary actions by SEBI or Stock Exchanges against the Promoters in the last five financial years, claims related to direct and indirect taxes, or other material litigation involving the Relevant Parties. It further details a materiality policy, which defines certain outstanding litigation as 'material' based on thresholds related to turnover, net worth, or profit/loss, and specifies criteria for considering civil litigation as material. Several pending civil litigation and arbitration proceedings involving the Relevant Parties are listed, primarily under the Seeds Act, concerning the sale and distribution of sub-standard seeds.

The section details several legal and regulatory matters. One civil proceeding involves a complaint filed by Vardaan Biotech Limited against Mahavir Agro Bihar Sharif for an alleged outstanding amount related to the sale of seeds, which is currently pending. There is a significant criminal proceeding involving an FIR registered by the Economic Offences Wing concerning alleged irregularities in the production, certification, storage, and sale of agricultural seeds, which is currently pending. Furthermore, the section lists various tax registrations obtained by the company, and numerous labour-related approvals and registrations that are either current or pending renewal.

This section primarily details various licenses and certificates related to the company's operations, such as UDYAM registration, factory licenses, and various dealer licenses across different states. It also lists several verification certificates under the Legal Metrology Act, 2009, and consents to operate under pollution control acts. Furthermore, the section covers various approvals, including those pending, expired, or renewed, and confirms compliance with regulations regarding group companies, prohibitions by regulatory authorities, and director associations with the securities market.

The provided section details various financial metrics of the Company, including operating profit, net worth, and monetary assets over the preceding three financial years. It also outlines compliance with certain regulatory requirements related to the issuance of equity shares, including allocation rules and confirmations regarding the status of promoters and directors. Furthermore, the text includes extensive disclaimers and acknowledgments concerning the offering and sale of equity shares, particularly concerning transactions within and outside the United States.

This section primarily details the acknowledgment and representations required from purchasers acquiring Equity Shares offered in the Issue outside the United States, outlining various restrictions related to the U.S. Securities Act. It specifies conditions regarding the purchaser's authorization, the non-registration of the Equity Shares under U.S. laws, and the nature of the transaction (offshore). It also includes clauses concerning transfer restrictions, the reliance of the Company and Book Running Lead Managers on these acknowledgments, and provisions related to the submission of the Draft Red Herring Prospectus to stock exchanges and the subsequent inclusion of disclaimer clauses.

The provided text primarily discusses historical price information for past issues handled by Interactive Financial Services Limited and Jajodia Equity Advisors Services Limited, and outlines various provisions related to the issuance of equity shares. It details the mechanism for resolving investor grievances, including the retention of records with the Registrar to the Issue and the procedures for investors to approach the Registrar to the Issue or Book Running Lead Managers (BRLMs). Furthermore, the text covers the legal framework governing the issue, such as compliance with various SEBI regulations, the ranking of equity shares, and the determination of issue prices and price bands.

This section details various aspects related to the allotment and trading of Equity Shares, including rights of shareholders, the format of allotment, jurisdiction, and procedures for bid/issue periods. It specifies that Equity Shares must be allotted only in dematerialized form, and outlines agreements with Depositories and the Registrar to the Issue. The text also covers various timelines, penalties for delays, and procedures for handling bid submissions, including different categories of investors and the process for resolving investor grievances.

This section details various aspects of the equity share issuance, including restrictions on the transfer and transmission of equity shares, the requirement for allotment in dematerialized form, and the structure of the book-building process in compliance with SEBI ICDR Regulations. It outlines different categories of investors (QIBs, Non-Institutional Investors, Retail Individual Investors), the allocation percentages for each category, and the procedures for bidding, including the role of Anchor Investors and the handling of unsubscribed portions.

This section details various procedural aspects related to the public issue, including the applicability of different bid mechanisms, investor grievance redressal, and the phased implementation of the Unified Payments Interface (UPI) mechanism. It outlines rules regarding the submission of bid forms, the handling of investor funds, and the responsibilities of various intermediaries and banks. Specific provisions exist for different categories of bidders and the process for dealing with delays in fund unblocking.

This section details various procedural and regulatory aspects concerning the issuance and bidding process, including liability for failed transactions, rules for processing fees, restrictions on where equity shares can be offered and sold, and specific rules governing participation by different investor categories such as Promoters, Mutual Funds, NRIs, HUFs, and FPIs. It outlines strict guidelines for bid registration, allocation, and the handling of various investor structures to ensure compliance with SEBI and FEMA regulations.

This section details various restrictions and requirements concerning who can bid in the Issue, including different investor categories such as FPIs, SEBI registered entities (AIFs, VCFs, FVCIs), limited liability partnerships, banking companies, SCSBs, insurance companies, and provident/pension funds. It outlines specific documentation requirements, such as certificates of registration, power of attorney, and details regarding the submission of bids through various mechanisms like ASBA and UPI. Furthermore, it specifies investment limits and rules related to foreign investment, currency conversion, and the handling of bids by different entities.

This section primarily outlines various procedural and technical requirements for investors bidding on the issue, including restrictions on the number of forms submitted, details regarding the use of different payment mechanisms like UPI, and conditions under which bids might be rejected. It details rules concerning bid amounts, the use of third-party bank accounts, and liabilities related to delays in unblocking funds. Furthermore, it specifies the process for finalizing the basis of allotment, the procedures for handling issues arising during the issuance process, and the utilization of funds received from the issue.

This section primarily discusses regulations concerning foreign investment in Indian securities, detailing the roles of the Industrial Policy, 1991, and the Foreign Exchange Management Act (FEMA). It outlines that while foreign investment is generally permitted, certain procedures must be followed, and the responsibility for granting approval rests with the RBI and relevant ministries/departments. The text also covers rules regarding the transfer of shares between Indian residents and non-residents, specifying conditions under which prior RBI approval is not required. Furthermore, it mentions limits on foreign direct investment (FDI) under the automatic route and restrictions on investments by entities from countries sharing a land border with India.

This section primarily details the company's powers regarding the issuance and management of various securities, including debentures and shares, under the relevant laws. It outlines conditions for issuing securities at a discount or premium, the conversion of debentures into shares, and the procedures for increasing capital through the creation of new shares. Furthermore, the text covers provisions related to the forfeiture, surrender, and transfer of shares, as well as the rights of members concerning their shares and the Board's authority in disposing of them.

This section primarily details various articles concerning the maintenance of company books, the rights of shareholders, the process for making and enforcing calls on shares, and the provisions related to the lien the company has over its securities. It outlines rules for joint holders, the Board's discretion in certain matters, and procedures for transferring shares, including requirements for instruments of transfer and the company's ability to refuse registration of transfers under certain conditions.

This section primarily outlines various provisions related to the transfer, transmission, and holding of shares, including rules concerning executors, insolvency, and the transferability of shares. It details conditions under which shares can be transferred, the rights of shareholders regarding dividends, and the process for dematerialization and re-materialization of securities. Furthermore, it establishes procedures for convening and conducting general meetings, including notice requirements, quorum requirements, and the authority of the Board and members in such proceedings.

This section primarily details the procedural rules and voting rights within the company's general meetings, covering aspects such as how resolutions are decided, the handling of votes, and the appointment and powers of the Board of Directors. It outlines various provisions regarding the conduct of meetings, the validity of votes, the procedures for minutes, and the powers related to directors, including the appointment, removal, and remuneration of various types of directors.

This section primarily details the procedural and power aspects of the Board of Directors and the Company's general powers under various sections of the Companies Act, 2013. It covers provisions related to director tenure, retirement, the process for filling vacancies, the power to alter the number of directors, and the powers granted to the Board and Directors concerning contracts, property acquisition, and legal proceedings. It also outlines rules for maintaining and documenting board proceedings and minutes.

This section of the DRHP outlines various powers and provisions related to the Company's operations, including the distribution of profits, welfare provisions for employees and shareholders, handling of funds, and the appointment and powers of various personnel. It details the Board's discretion in setting aside funds for various purposes, such as depreciation, insurance, and special dividends, and the powers concerning contracts and agreements. Furthermore, it covers aspects of management structure, the handling of company documents, and the procedures for financial reporting and dividend payments.

This section primarily details various provisions related to the service and delivery of documents and notices by the Company, outlining rules for serving documents on members, joint holders, and various officers. It also covers procedures for winding up the company, indemnification for directors and officers, secrecy obligations, and general powers of the company. Furthermore, the section lists numerous material contracts and documents that have been entered into or are planned for entry into, including agreements with various parties, incorporation documents, resolutions, financial statements, and industry reports, which are attached to the Draft Red Herring Prospectus.

The provided section consists entirely of declarations from various directors and officers confirming compliance with relevant laws and regulations, including the Companies Act, 2013, and rules issued by the Government of India or the Securities and Exchange Board of India. These declarations affirm that no statement, disclosure, or undertaking in the Draft Red Herring Prospectus contradicts these laws. The declarations are signed by the Chairperson, Whole-Time Director and Chairman, Non-Executive Director, and Additional Independent Directors.

The declaration confirms that all relevant provisions of the Companies Act, 2013 and various rules and regulations issued by the Government of India or the Securities and Exchange Board of India have been complied with. Furthermore, it is certified that no statement, disclosure, or undertaking made in the Draft Red Herring Prospectus is contrary to the provisions of the Companies Act, 2013, the Securities Contracts (Regulation) Act, 1956, the Securities Contracts (Regulation) Rules, 1957, or the Securities and Exchange Board of India Act, 1992, as amended.

This section details related party transactions, including the identification of related parties and transactions with them for various years. It lists key managerial personnel and directors, as well as relatives of key personnel, and outlines financial transactions such as loans, reimbursements, and remuneration. The section also provides information on outstanding balances and terms and conditions for such transactions, noting that transactions were made on arm's length terms.

This section details the allocation of responsibilities among the Book Running Lead Managers (BRLMs), specifically Interactive Financial Services Limited (IFSL) and Jajodia Equity Advisors Services Limited (JEASL), for various activities related to the Issue. Responsibilities cover aspects from due diligence and drafting of prospectuses to statutory advertisements, appointment of various intermediaries, and marketing strategies for different investor categories. The section also outlines post-issue activities, such as coordination with Stock Exchanges and SEBI for reporting, and clarifies the process for the book-building, including the determination of the price band in consultation with the BRLMs.

This section primarily discusses procedures related to the Anchor Investor Application Form and the subsequent Underwriting Agreement for the issuance of Equity Shares. It details the process for determining the Issue Price and the subsequent agreement with underwriters to guarantee the subscription of the proposed equity shares. The text clarifies that the underwriting obligations are subject to certain conditions for closing, and the resources of the underwriters were deemed sufficient by the Board of Directors.

The company has a Board comprising six Directors, including one woman director, in accordance with corporate governance requirements. The Board includes a Chairman & Whole time Director, a Managing Director, a Non-Executive Director, and three Independent Directors. Key personnel profiles detail their experience, qualifications, and roles concerning the company's business operations. Remuneration details are provided for the Executive Directors and the Non-Executive and Additional Independent Directors. Furthermore, the section outlines the shareholding of the Directors in the company and clarifies the interest directors may have in the company's equity.

The section details various aspects of the company's structure, including the identification of promoters, compliance with certain regulations, and the composition and mandate of various Board committees. It confirms that certain directors and the company have not been involved in past issues with listed companies, and outlines the powers and responsibilities of the Audit and Nomination and Remuneration Committees.

The text details various functions and responsibilities related to the Nomination and Remuneration Committee, which includes deciding on the extension of independent director appointments and recommending senior management remuneration. It also outlines the committee's role in formulating a Remuneration Policy, ensuring remuneration balances fixed and incentive pay, and reviewing compensation strategies in line with Indian market laws. Furthermore, the text covers the committee's duties concerning employee stock option plans, including granting, vesting, exercise, and dealing with corporate actions. The text also specifies procedures for making adjustments to the number and exercise price of options following corporate actions, ensuring the total value remains consistent for the employee.

This section details the Key Managerial Personnel (KMP) and Senior Management of the company as of the Draft Red Herring Prospectus date. It lists several key individuals, including the Managing Director and Chairman, along with the Chief Financial Officer, Company Secretary and Compliance Officer, and various Senior Management roles. The text also covers aspects related to the status of these personnel, such as their employment contracts, compensation, and any recent changes in KMP or Senior Management over the preceding three years.

The company's promoters are Rashmi Rajput and Lokendra Singh Rajput, who collectively hold 57.03% of the issued equity share capital. Rashmi Rajput is identified as a Promoter and Managing Director, while Lokendra Singh Rajput is a Promoter, Chairman & Whole-time Director. The company currently has no corporate promoters. The promoters have not given material guarantees to any third party regarding equity shares, nor have they disassociated from any company or firm in the last three years. Furthermore, the company has not declared or paid any dividends on equity shares during the specified financial years.