Synopsis: Pulsar International Ltd, an agri supply chain firm based in Gujarat, has shown a strong Q3 FY26 performance with a PAT growth of nearly 400% YoY and revenue growth of over 500%. Scalability is evident with strong execution, multi-state operations, and high client retention. The stock is available at a discount to the industry’s PE ratio despite strong growth momentum.
This company, which is a Gujarat-based enterprise specialising in supply chain management (SCM), with a strategic focus on the agriculture and perishable commodities sector, particularly fresh fruits, vegetables and grain, had its shares in the news after the company reported a robust Q3 with PAT growth of almost 400% YoY.
With the market cap of Rs 43.7 crore, the shares of Pulsar International Ltd are trading at Rs 1.02. The shares are trading at a PE of 12.7, whereas its industry PE is at 29. The shares have given a return of 920% over the last 5 years.
About the Q3 FY26 Result highlights
The revenue from operations for the company stood at Rs 40 crore when compared to Rs 6.3 crore in Q3 FY25, growing by about 535 per cent on a YoY basis and, on a QoQ basis, growing by 400 per cent from Rs 8 crore in Q2 FY26.
The PAT grew 398% on a YoY basis when you compare the Q3 FY26 profit at Rs 3.29 crore to the Rs 0.66 crore profit in Q3 FY25 and, on a QoQ basis, has grown 1,728% from the Rs 0.18 crore profit in Q2 FY26.
Performance metrics
The key performance indicators show balanced and strong growth in financial, geographical, and operational terms. A strong 36.2% five-year CAGR in revenue indicates that the company has been able to execute well and meet demand, which is a positive sign of scalability. Presence in 5 states indicates that the company has been able to penetrate the market successfully and has a strong distribution network, which is a positive sign as it reduces the risk of being geographically concentrated.
The 94.8% client retention rate is a strong indicator of customer satisfaction and loyalty, which is essential for supply chain-related businesses. Furthermore, 35% employee growth indicates that the company is building internal capacity to support growth, which is a positive sign as it indicates that the company is not just growing in terms of revenue but also in terms of people and infrastructure.
What does the company do?
The company’s offerings are centred on farm sourcing and aggregation, thus establishing a seamless link between local farmers and high-demand markets. By establishing direct farm links in Gujarat and other surrounding states, the company procures fresh produce from the farm level itself to ensure better quality control and shorter transit times. Its well-organised contract farming system also offers guaranteed buy-back, crop planning assistance, and expert advice and farm inputs.
This not only ensures a stable supply chain for customers but also improves productivity and visibility of farm earnings for farmers. Apart from sourcing, the company also offers value-added services across the entire agricultural supply chain, such as cold storage, post-harvest processing, and quality control systems. By adopting a farmer-centric model, the company ensures fair pricing, clear contract terms, digital payment options, and training in best agricultural and post-harvest practices.
Furthermore, its supply chain transparency solutions also allow for product traceability from farm to consumer, with support from certifications such as FSSAI and ISO, thus reiterating food safety and compliance norms.
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