Maharashtra Hybrid Seeds Company Limited (Mahyco) is a leading hybrid seed producer in India focused on R&D, production, and distribution of hybrid seeds including cotton, field crops, vegetable crops, and oil seeds. The company aims to enhance its product portfolio and operational efficiency through increased R&D expenditures, with revenues projected to exceed INR 2,000 crore by FY'2017. Mahyco also plans to expand its presence in international markets and diversify into the production of genetically modified seeds.

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MAHARASHTRA HYBRID SEEDS COMPANY LIMITED

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TABLE OF CONTENTS
1. Executive Summary: Maharashtra Hybrid Seeds Company Limited
2. Maharashtra Hybrid Seeds Company Limited Business Overview
2.1. Corporate Timeline
2.2. Major Investments in the Company Evolution
2.3. Maharashtra Hybrid Seeds Company Limited Organisational Structure
2.4. Business Model of Maharashtra Hybrid Seeds Company Limited
3. Maharashtra Hybrid Seeds Company Limited Product Portfolio
3.1. Hybrid Cotton
3.2. Field Crop Seeds
3.3. Oil Seeds
3.4. Vegetable Crop Seeds
4. Maharashtra Hybrid Seeds Company Limited Financial and Valuation Analysis
4.1. Valuation Analysis and Financial Summery
5. Maharashtra Hybrid Seeds Company Limited Analyst Recommendations
6. Maharashtra Hybrid Seeds Company Limited SWOT Analysis
7. Maharashtra Hybrid Seeds Company Limited Key Professionals
7.1. Management Profile
8. Macro Analysis of Seed Industry
8.1. Indian Hybrid Seed Industry Market Size, FY’2008-FY’2012
8.2. Indian Hybrid Seed Industry Segmentations, FY’2012
8.2.1. By Type of Crops
8.3. Market Share of Major Players in the Indian Hybrid Seed Industry, FY’2012
8.3.1. By Hybrid Cotton
8.3.2. By Hybrid Field Crop Seed
8.3.3. By Hybrid Vegetable Crop Seed

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9. Maharashtra Hybrid Seeds Company Limited Competitive Analysis
9.1. By Products Offered/ Revenue/ Business Strategy
10. Maharashtra Hybrid Seeds Company Limited Management Outlook and Future
Projections
10.1. Maharashtra Hybrid Seeds Company Limited Future Projection
11. Appendix
11.1. Market Definitions
11.2. Abbreviations
11.3. Research Methodology
11.4. Disclaimer

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LIST OF FIGURES
Figure 1: Maharashtra Hybrid Seeds Company Limited Corporate Timeline 1964-2013
Figure 2: Maharashtra Hybrid Seeds Company Limited Organizational Structure
Figure 3: Maharashtra Hybrid Seeds Company Limited Business Model
Figure 4: Maharashtra Hybrid Seeds Company Limited Product Portfolio
Figure 5: Maharashtra Hybrid Seeds Company Limited Financial Performance on the basis of
Revenues and EBIT in INR Crore, FY’2008-FY’2012
Figure 6: India Hybrid Seed Industry Market Size and Contribution in the Overall Indian Seed
Market on the Basis of Revenue in INR Crore and percentage, FY’2008-FY’2012
Figure 7: India Hybrid Seed Industry Segmentation on the Basis of Contribution in the Overall
Hybrid Seed Industry in Percentage, FY’2012
Figure 8: Market Share of Major Players in Indian Hybrid Seed Market on the Basis of
Contribution by Revenue in Percentage, FY’2012
Figure 9: Market Share of Major Players in Indian Hybrid Cotton Seed Segment on the Basis of
Contribution by Revenue in Percentage, FY’2012
Figure 10: Market Share of Major Players in Indian Hybrid Corn Seed Segment on the Basis of
Contribution by Revenue in Percentage, FY’2012
Figure 11: Market Share of Major Players in Indian Pearl Millet Seed Segment on the Basis of
Contribution by Revenue in Percentage, FY’2012
Figure 12: Market Share of Major Players in Indian Paddy Seed Segment on the Basis of
Contribution by Revenue in Percentage, FY’2012
Figure 13: Market Share of Major Players in Indian Vegetable Seed Segment on the Basis of
Contribution by Revenue in Percentage, FY’2012
Figure 14: Maharashtra Hybrid Seeds Company Limited Future Projections on the Basis of
Revenues and EBIT in INR Crore and Percentage, FY’2013-FY’2017
Figure 15: Non-linear Regression Analysis and Scatter Chart Based upon Indian Hybrid Seed
Industry Market size, FY’2008-FY’2012

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LIST OF TABLES
Table 1: Maharashtra Hybrid Seeds Company Limited Financial Summary on the Basis of
Revenue, Growth and EBIT Margin in INR Crore and Percentage, FY’2008-FY’2012
Table 2: Maharashtra Hybrid Seeds Company Limited Major Investments in Company
Evaluation on the Basis Deal Type, Stake, Deal Value and Implied Enterprise Value in INR
Crore
Table 3: Maharashtra Hybrid Seeds Company Limited Products Offered in Hybrid Cotton Seeds
on the Basis of Different Zones in India
Table 4: Maharashtra Hybrid Seeds Company Limited Products Offered on the basis of Different
Field Crop Seeds
Table 5: Maharashtra Hybrid Seeds Company Limited Products Offered on the Basis of
Different Oil Seeds
Table 6: Maharashtra Hybrid Seeds Company Limited Products Offered on the Basis of
Vegetable Crop Seeds
Table 7: Company Comparables on the Basis of Revenue in INR Crore, FY’2008-LTM year
ending 31st
December 2012
Table 8: Company Comparable Analysis on the Basis of Market Capitalization, Net Debt and
Enterprise Value and Valuation Multiples in INR Crore and Multiples, LTM 31st
December 2012
Table 9: Relative Valuation Analysis on the Basis of Deal Value, Deal Stake and Multiples in
INR Crore, Percentage and Multiples
Table 10: Maharashtra Hybrid Seeds Company Limited Board of Directors
Table 11: Company Comparables on the basis of Services Offered, Revenue and Business
Strategies
Table 12: Regression Coefficients of the Maharashtra Hybrid Seeds Company Limited
Table 13: Regression Intercepts of the Maharashtra Hybrid Seeds Company Limited

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EXECUTIVE SUMMARY: MAHARASHTRA HYBRID
SEEDS COMPANY LIMITED
Maharashtra Hybrid Seeds Company Limited also known as Mahyco, is a privately owned
company and is headquartered in Jalna, Maharashtra. Mahyco is among the largest hybrid seed
producers in India. The company is involved in the research and development, production,
marketing and distribution of various hybrid seeds such as cotton seeds, field crops, vegetable
crops and oil seeds. The company has a prime focus in the generation and distribution of hybrid
cotton seeds in the Indian hybrid seed market.
Key
Differentiators
 More than 1,000,000 cultivators are involved in seed production



Competition
and Positioning
 Leading position in the Indian hybrid cotton market



Key
Developments
 World’s foremost company to commercialize F1 hybrid cotton based
on GMS/CMS system




Financial
Summary
Maharashtra Hybrid Seeds Company Limited Financial Summary on
the Basis of Revenue, Growth and EBIT Margin in INR Crore and
Percentage, FY’2008-FY’2012
Particulars FY’2008E FY’2009 FY’2010 FY’2011 FY’2012
Revenue
Growth%
EBIT Profit%

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CORPORATE TIMELINE
On 11th
November 1964, the company started its operation with the prime focus towards genetic
research of plant and production of different varieties of seeds.
In 1966, the company started its first research and development center in India with an objective
of develop new products and increase its penetration in the Indian seed market.
In 2013, Performance Plant Inc. and Maharashtra Hybrid Seeds Company Limited have entered
into a license agreement…
Maharashtra Hybrid Seeds Company Limited Corporate Timeline 1964-2013
MAHARASHTRA HYBRID SEEDS COMPANY LIMITED
ORGANISATIONAL STRUCTURE
The company has 9 processing centers across the nation situated at Maharashtra, Karnataka,
Andhra Pradesh, Gujarat, Madhya Pradesh, Rajasthan, Punjab, Haryana and Uttar Pradesh with
annual seed processing capacity of over ~ quintal in these 9 centers…

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Maharashtra Hybrid Seeds Company Limited Organizational Structure
BUSINESS MODEL OF MAHARASHTRA HYBRID SEEDS COMPANY
LIMITED
Business cycle of the company starts with the procurement of input supplies for research and
development departments. Input supplies are the principal driver for the production of new and
improved hybrid seed products…
After harvesting of seeds, the company transfers these seeds to processing centers for further
processing and quality testing…

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Once the products are finished and packed the company distributes these products to different
distributors across the nation…
Maharashtra Hybrid Seeds Company Limited Business Model
MAHARASHTRA HYBRID SEEDS COMPANY LIMITED
PRODUCT PORTFOLIO
The company has a product portfolio of more than ~ hybrid products in ~ different crop species
offering hybrid cotton, field crops, oilseeds and vegetables crops. The company offered ~ types
of hybrid cotton, ~ types of field crops, ~ types of oil seeds and different types of vegetable seeds
verities.

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The company is continuously focusing on the research and developments of new products such
as genetically modified (GM) rice, wheat, cauliflower, pigeon pea and okra…
Under the guidance of Department of Biotechnology, Government of India the company has
been involved in different projects for the development of new products and new technologies
and also the company has entered into various partnerships with other institutions…
Maharashtra Hybrid Seeds Company Limited Product Portfolio

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MAHARASHTRA HYBRID SEEDS COMPANY LIMITED
FINANCIAL AND VALUATION ANALYSIS
VALUATION ANALYSIS AND FINANCIAL SUMMERY
Revenue of the company has shown a CAGR growth of ~ % from FY’2008-FY’2012. The
company has witnessed this growth due to constant development of new products and by
improvements in its current product portfolio. Mahyco has spent INR ~ core in FY’2011 on
research and development as compare to INR ~ crore in FY’2010 which showcase the
company’s interest to enhance the quality of its products…
In FY’2011 and FY’2012 the company has shown a marginal growth of ~% and ~% respectively
in revenues mainly due to increased competition in the hybrid cotton market…
As on 31st
December 2012, Mahyco has been valued at INR ~ crore on company comparables
basis. The company has been valued at average revenue multiple of ~x of different publically
listed seed companies in India…
Maharashtra Hybrid Seeds Company Limited Financial Performance on the basis of
Revenues and EBIT in INR Crore, FY’2008-FY’2012
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
FY'2008 FY'2009 FY'2010E FY'2011 FY'2012
Revenues EBIT

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Company Comparables on the Basis of Revenue in INR Crore, FY’2008-LTM year ending
31st
December 2012
Revenue (in INR Crore) FY’2008 FY’2009 FY’2010 FY’2011 FY’2012 LTM
JK Agri Genetics Ltd.*
Advanta India Limited**
Monsanto India Ltd.
Kaveri Seeds Company Limited
Nath Seeds India Limited
Company Comparable Analysis on the Basis of Market Capitalization, Net Debt and
Enterprise Value and Valuation Multiples in INR Crore and Multiples, LTM 31st
December 2012
(INR Crore, unless Stated) Last Twelve Months (LTM) Year Ending
December 2012
Company Market
Cap
Net
Debt
Enterprise
Value (EV)
EV/Revenue EV/EBITDA P/E
JK Agri Genetics
Ltd.
Advanta India
Limited
Monsanto India Ltd.
Nath Seeds India
Limited
Kaveri Seeds
Company Limited
Mean
Median

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Relative Valuation Analysis on the Basis of Deal Value, Deal Stake and Multiples in INR
Crore, Percentage and Multiples
Date Target Company Deal Type Deal
Value
INR (Cr)
Stake
%
Implied
EV/
Revenue
Implied
EV/
EBITDA
Implied
EV/ PAT
21-Feb-13 R J Biotech
Limited
IPO
24-Nov-12 Century Seeds
Private Limited
Inbound
Acquisition
26-Jul-12 Advanta India
Limited
Inbound
Acquisition
21-May-12 Bisco Bio
Sciences Private
Limited
Inbound
Acquisition
14-May-12 NaanDanJain
Irrigation Limited
Domestic
Acquisition
24-Apr-12 Zero Waste Agro
Organics Private
Limited
Domestic
Acquisition
2-Apr-12 Super Agri Seeds
Private Limited
Private Equity
Fund Raise
5-Mar-12 Gold'N Chicks
Limited
Inbound
Acquisition
9-Dec-10 Metahellix Life
Sciences
Domestic
Acquisition
7-Jan-08 Unicorn Seeds
Limited
Block Trade
22-Dec-07 Syngenta India
Limited
Inbound
Acquisition
1-Jun-07 Golden Seeds
Private Limited
Block Trade
Mean
Median

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MACRO ANALYSIS OF SEED INDUSTRY
MARKET SHARE OF MAJOR PLAYERS IN THE INDIAN HYBRID
SEED INDUSTRY, FY’2012
The Indian hybrid seed industry is dominated by Nuziveedu Seeds Private Limited. The
company has a market share of ~ % in the overall Indian hybrid seed industry followed by
Mahyco and Monsanto India limited which have a share of ~% and ~% respectively…
For Monsanto India, corn hybrid seed was the single biggest focus in seed business. Through its
Project Golden Rays project the company has signed a public-private partnership with Rajasthan
state government for increasing the maize hybrid yields by two folds…
Market Share of Major Players in Indian Hybrid Seed Market on the Basis of Contribution
by Revenue in Percentage, FY’2012
Nuziveedu Seeds Private limited
Maharashtra Hybrid Corporation
(Mahyco)
Monsanto India Limited (MIL)
Rasi Seeds Private Limited
Bayer Crop Science limited - India
Pioneer Seeds
Syngenta India Ltd.
Others

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MAHARASHTRA HYBRID SEEDS COMPANY LIMITED
MANAGEMENT OUTLOOK AND FUTURE PROJECTIONS
The company is planning to increase its focus on product portfolio of the company by increasing
its expenditure on research and development. It is expected that the company will increase in
research and development expenditure from INR 55.0 crore to INR 100.0 crore per year in the
next four years. These expenditures will have a direct impact on the company’s revenues by
bringing new and innovative products. Additionally, these research and development
expenditures will also improve the quality of current product portfolio of the company which
will lead to more cost efficient production process for the company. Due to this revenue of the
company is expected to cross INR 2,000.0 crore till FY’2017 as improvement in products of the
company through research and development will generate positive cash flows in the future and
will lead to amplification of company’s revenues. It is expected that with the increase in
revenues, operating margin of the company would also showcase an increasing trend.
Additionally, Mahyco is planning to expand its operations in different nation specially neighbor
countries of India by bringing new and innovative products so as to increase its penetration in the
international seed market.
MAHARASHTRA HYBRID SEEDS COMPANY LIMITED FUTURE
PROJECTION
Maharashtra Hybrid Seeds Company Limited is expected to cover hybrid paddy seed market in
different countries such as ~ and ~. In FY’2012 the company has already started its commercial
production in these nations and expected to increase the commercial production of these products
in future as well. This will increase the market penetration of the company in the international
seed market and will amplify the company’s revenues.
Additionally, the company is expected to diverse its focus towards the production of hybrid rice
seeds in the Indian seed market. As of now hybrid rice is contributing only ~% of the company’s
overall revenues…

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Maharashtra Hybrid Seeds Company Limited is planning to introduce genetically modified (GM)
seeds in food items in ~ and ~. Introduction of these GM seeds will increase the company’s
revenues from the international seed market…
The company is expected to showcase a revenue growth at a CAGR of ~% from FY’2012-
FY’2017. Mahyco is focusing on the development of Bollgard-II roundup ready flex cotton (BG-
II RRF)…
EBIT margin of the company is expected to be little under pressure as the company is expected
to spend substantial amount in research and developments. EBIT of the company is expected to
grow at a CAGR of ~% from FY’2012-FY’2017…
Maharashtra Hybrid Seeds Company Limited Future Projections on the Basis of Revenues
and EBIT in INR Crore and Percentage, FY’2013-FY’2017
19.0%
20.0%
21.0%
22.0%
23.0%
24.0%
25.0%
26.0%
0.0
500.0
1,000.0
1,500.0
2,000.0
2,500.0
FY'2013 FY'2014 FY'2015 FY'2016 FY'2017
inPercentage
INRCrore
Revenue EBIT Margin

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