­Experienced management and established track record of operations.
SAPL is a Mumbai based company incorporated in 2014 and founded by Mr. Balan M Thevar. The promoters Mr. Balan M Thevar and Mr. Anand Mani have an experience of over a decade in the agro industry and are second generation agriculturists from Tamil Nadu with a land of 180 acres in the company’s name. Further, the company also has a processing unit for grams and pulses with a capacity of 70 tonnes per day. Acuité believes that SAPL’s business risk profile will be supported by promoters’ expertise and extensive experience in the industry along with a sufficient capacity available to carry out its operations.

Stable growth in scale of operations:
SAPL registered revenue of Rs.655.26 Cr. in FY2026 (Prov.), improved from Rs.592.46 Cr. in FY2025. This growth is primarily attributable to the increased processing activity supported by increased processing capacity over the last 12 months. The processing segment revenue improved nearly by 77 percent to ~Rs.320 Cr. in FY2026 (Prov.) from ~Rs.181 Cr. in FY2025. Further, the revenue from trading operations has been stable with Rs.287.88 Cr. in FY2026 (Prov.) against Rs. 284.60 Cr. in FY2025. The operating profit margins improved to 5.25 percent in FY2026 (Prov.) from 4.76 percent in FY2025 due to increased value addition by way of processing which yield better margins. Further, PAT margin remained stable at 3.19 percent in FY2026 (Prov.) against 3.20 percent in FY2025. Acuite believes that, the revenue of the company will improve over the medium term on account of increasing orders while operating profit margin is expected improve marginally from the ongoing capex, which facilitates value addition and reduces other operating costs.

Healthy financial risk profile:
The financial risk profile of the company is healthy, marked by healthy net worth, healthy gearing and debt protection metrics. The net worth of the company improved to Rs.123.89 Cr. as on March 31, 2026 (Prov.) from Rs.102.98 Cr. as on March 31, 2025, primarily due to accretion of profits to the reserves. The total debt level rose to Rs.121.38 Cr. (comprising Rs.117.25 Cr. short-term debt, Rs.3.47 Cr. unsecured loans and Rs.0.66 Cr. current maturities of long-term debt) from Rs.96.06 Cr. as on March 31, 2025 due to increased working capital requirement. Despite this, the gearing levels remained comfortable at 0.98 times as on March 31, 2026(Prov) compared to 0.93 times as on March 31, 2025. Further, the total outside liabilities to tangible networth (TOL/TNW) has marginally deteriorated to 1.35 times as on March 31, 2026 (Prov.) from 1.17 times as on March 31, 2025. The debt protection metrics stood healthy with DSCR and ICR of 2.81 times and 3.26 times respectively as on March 31, 2026 (prov.). Debt to EBITDA has marginally deteriorated at 3.45 times as on March 31, 2026 (Prov.) from 3.36 times as on March 31, 2025. Acuite believes that the financial risk profile of the company will remain healthy over the medium term, despite of expected addition of around Rs.10 Cr. debt towards ongoing capex.

Moderately intensive working capital operations:
The working capital operations of SAPL are moderately intensive as reflected by the gross current assets(GCA) of 129 days in FY2026, compared to 107 days in FY2025. The elongation in GCA days is due to stretch in debtor days and inventory levels with receivables and inventories constituting the major portion at Rs.163.81 Cr. and Rs.63.09 Cr, respectively, followed by other current assets of Rs.2.94 Cr. and cash and bank balances of Rs.0.88 Cr. SAPL allows a credit period of 120 days to its customers and does registers sizable sales monthly leading to build up of debtors in the last quarter. Further, the company enjoys a credit period of 15-30 days from its suppliers. The stretch in inventory days to 37 day in FY2026 (Prov.) from 28 days in FY2025  is primarily due to increased processing activity, which usually requires to maintain raw material inventory to dispatch as per the customers requirements. The fund based working capital limits were utilized at an average of ~90 percent over the past 12 months ending March 2026. Acuite believes that the working capital operations of the company will remain moderately intensive over the medium term owing to nature of business.

Exposure to agro climatic risk in a competitive and fragmented industry:
SAPL operates in a highly competitive and fragmented agro-input industry characterized by the presence of numerous organized players, regional manufacturers, and unorganized/local vendors offering similar products. This intense competition limits the company’s pricing power and puts pressure on margins, particularly during periods of weak demand or rising input costs. Additionally, the fragmented nature of the market leads to low product differentiation and high customer churn, as dealers and farmers often switch suppliers based on pricing, credit terms and availability. The company’s relatively moderate scale further constrains its bargaining power with both suppliers and distributors compared to larger, established players. making it more challenging to establish strong market positioning across regions.

• ­Sustained growth in operating revenues and profitability.
• Debt to EBITDA below 2 times.

• Significant decline in revenue and profitability 
• Elongation in working capital operations deteriorating the liquidity position.
• Deterioration in the financial risk profile with debt to EBITDA above 4 times.