Unisem Agritech Limited

Unisem Agritech Limited is engaged in developing, processing, and selling diverse range of seeds for vegetables, flowers and field crops. By integrating conventional breeding techniques, they strive to develop hybrid vegetable, flower and field crop seeds which offers higher yields, improved product quality, and greater resistance to pests and diseases compared to naturally grown varieties. Their core operations focus on developing hybrid vegetable, flower and field crop seed varieties and processing them to ensure the consistent quality. To facilitate the production of commercial seeds, the company enters into seed grower production agreements with various vendors. Throughout this large-scale production cycle, the team conducts regular field visits to monitor crop growth. Once harvested, the commercial seeds undergo a rigorous quality check. Only after passing this evaluation these seeds are then processed at the processing unit located at the registered office (RS No.11B/2A/4, Magoda Village, Near KSRTC Bus Depot, Ranebennur, Haveri, Ranebennur, Karnataka, India, 581115) which is equipped with technology and spans over 873.75 square meter. Finally, the processed commercial seeds are carefully packed and distributed for sale to various dealers situated at multiple states. Company was primarily focused on serving the farmers in multiple state like Andhra Pradesh, Telangana, Bihar and etc but now they also start exploring international market like Nepal, Sri Lanka and Botswana. As per financial performance, Unisem Agritech Limited has posted total income / net profits of Rs 46.91 / 1.32 Cr (FY23), Rs 61.16 / Rs 2.15 Cr (FY24), Rs 69.07 Cr / 4.27 Cr (FY25) and Rs 51.34 Cr / 3.49 Cr (upto Q2 FY26). So as per previous financials data, company has shown steady growth, but sudden rise in net-profit just before IPO raises doubts. Company has an average EPS of Rs 3.83 and average RoNW of 40.69% for last three fiscals. Issue is priced at a P/BV of 3.98 as per NAV of Rs 16.35/- as on post issue. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 34.21, 17.23 and 10.54 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Getfive Advisors Private Limited is associated with this IPOs, and has handled 1 IPOs in last three fiscal years. From last 1 IPO, that opened above issue price or at par, on the day of listing. As of now, from last 1 IPO, that is trading above issue price or at par. ( As on 06.12.25 )  As per financials, Unisem Agritech Limited has shown steady results, RoNW is 44.54% and P/E is 34.21, 17.23 and 10.54 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fairly priced, but sudden rise in net-profit just before IPO raises doubts. Company is engaged in developing, processing, and selling diverse range of seeds for vegetables, flowers and field crops, which is competitive business segment. BRLM is new. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 H N Devakumar
• 2 Anil K N 
• 3 Dharanendra H Gouda
• 4 B H Devasinghnaik 
• 5 Ramalingam Venkataramana