Aries Agro Limited (ARIES) share price

₹475.60 on NSE as of 2026-09-11. +1.49% on the day. market cap ₹615 Cr. P/E 13.0. 52-week range ₹290.30 to ₹503.70. Chemicals.

Aries Agro Q1 FY27: Revenue ₹187.6 Cr, PAT ₹14.9 Cr, a Crisil Upgrade, and 134 Brands of Plant Food

At a glance

Aries Agro closed the June 2026 quarter with revenue of ₹187.59 crore, operating profit of ₹27.12 crore, and net profit of ₹14.91 crore. Against June 2025, sales moved 16.4% and profit 48.6% — the kind of pairing that happens when a business grows and its cost line declines to grow at the same enthusiasm.

The quarter arrived immediately after March 2026, in which the same company produced ₹184.80 crore of sales and an operating profit of ₹0.31 crore. That is thirty-one lakh of operating profit on a hundred and eighty-five crore of revenue, a margin of 0.2%, which is less a margin than a rounding artefact that got a job. March quarters have done this before here — March 2024 was negative, March 2025 was ₹0.96 crore — so the pattern has a certain rhythmic reliability about it, like a monsoon that ruins one specific festival every year.

On 7 August 2026, Crisil upgraded the company's long-term rating to A-/Stable from BBB+/Positive and the short-term to A2+ from A2, on ₹150 crore of rated bank facilities. Four days later the board approved the Q1 results, fixed the AGM for 29 September 2026 and a dividend record date of 22 September.

Behind the quarter sits a company that has been selling micronutrients since 1969, currently through 134 brands, 10,000 distributors and a farmer count the company reports at 17.9 lakh. Full-year FY26 revenue was ₹752.77 crore with a net profit of ₹42.85 crore. The number that explains most of the last decade, though, is on the balance sheet, and it has been shrinking quietly since 2019.

Introduction

The company was incorporated in 1969 and founded by Dr T B Mirchandani and Ms Bala Mirchandani; per Crisil, it is now managed by Dr Rahul Mirchandani, and the promoters have been in the micronutrients industry for more than fifty years. Fifty years is long enough that the founding generation was selling zinc to farmers before most of the current Nifty existed.

The business claim is specific: Aries introduced chelation technology for manufacturing micronutrients in India and is, per Crisil, the largest player in the domestic chelated micronutrients market. Chelation, for the uninitiated, is the chemistry of wrapping a metal ion in an organic molecule so a plant can actually absorb it — an escort service for zinc, essentially, and one that took decades of product-acceptability gestation to sell.

The recent history is a company doing many small things rather than one large one. In June 2023 it bought one acre at Village Chak Taliya Mood in Unnao district, to shift the existing Lucknow factory from leased to owned premises with possible future expansion. In September 2023 it put a further ₹6 crore into 60 lakh equity shares of wholly-owned subsidiary Mirabelle Agro Manufacturing. In April 2024 it announced MOUs to expand the product range. In FY23 it opened a unit at Fujairah, UAE, which produced 1,889 MT of sulphur bentonite and other value-added sulphur products. New factories at Vijayawada and Raipur are in production.

Then there is the annual booking, which is the most Aries thing in the file. Once a year, dealers log into an app and pre-order. In FY24 that meant 1,222 dealers from 24 states booking ₹739.95 crore of product. The reported order book has since gone to ₹835.10 crore and then ₹830.44 crore, with 1,717 dealers participating in the latest year. A flash sale, for fertiliser, conducted with the pageantry of a festival launch.

Crisil consolidates the company with Aries Agro Equipments, Golden Harvest Middle East FZC and Mirabelle Agro Manufacturing, on the basis of operational synergies and common promoters. Golden Harvest holds 49% of associate company Amarak Chemicals FZC, and that relationship is the longest-running storyline in the credit file — more on it in Section 5.

Business model

They sell plants their vitamins.

More precisely: micronutrients and customised nutritional products for plants and animals, including bio-degradable complexes of plant nutrients, water-soluble NPK fertilisers, value-added secondary nutrients, natural and biological products, and water treatment formulations. The catalogue runs to 134 crop-customised brands with 21 organically certified products, which is roughly one brand for every two working days of the year since the millennium.

The product taxonomy has ten categories, and reading it is like reading a menu at a restaurant that refuses to specialise. Micronutrients alone splits into chelated, customised, other, zinc, boron, iron, copper and molybdenum — a full periodic-table tasting flight. Water Soluble NPK gives us Macrofert 20-20-20, Fertimax, Plantex, Combical, Horticab, Mag mix, Borocan and Aquacal. The High Density line repeats the same numbers with "HD" appended, because 20:20:20 was apparently not dense enough. Slow Release Fertilizer Pastilles arrive as Supermax, Boronite, Zinconite and Sulfonite, which sounds less like fertiliser and more like a mineral cabinet in a geology museum.

Then Plant Protection, where the naming department clearly had the best afternoon of anyone in corporate India: Plantomycin, Dhanush, Haasil, Paramvir, Jahaan, Paraakaram, Agroona. Products named for valour, sold to kill fungus. The Aqua Culture and Animal Nutrition range includes Fishmin, Aquazin Plus and something called Boon-O-Milk. Urban Products covers Hydromin, Nirbhay Plus, Kawachh, Bhusatva, Trishul Neem Cake — the same company that sells sulphur to a sugarcane belt also sells neem cake to a Mumbai balcony.

Revenue breakup for FY23: agricultural micronutrients and speciality fertilisers about 91%, insecticides and pesticides about 8%, other products about 1%. So the ten-category catalogue is, financially, one category with nine hobbies.

Distribution is the actual moat here, and it is enormous relative to a company of this size: 6,900+ distributors, 86,000+ retailers, presence in 2 lakh villages, 0.8 crore farmers served per the company's About section. Crisil notes the company deploys marketing staff into villages to educate farmers, convince opinion leaders and demonstrate product effectiveness, and adds an average of 5-6 new products a year. That is not a sales force, that is a travelling agricultural extension service that happens to carry an order book.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Aries Agro Limited.

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