At a time when farmers across rain-battered Maharashtra are demanding loan waivers and relief packages, a group of growers in Nashik has flipped the script. They’ve paid the government far more than they ever received in aid.
Welcome to Nashik-based Sahyadri Farms, India’s largest farmer collective — a model that’s rewriting the economics of Indian agriculture.
Over the past 14 years, the cooperative has achieved a remarkable reversal in the usual flow of agricultural finances. Against government subsidies worth ₹55.49 crore, Sahyadri has contributed a hefty ₹218 crore back to the exchequer — including ₹136 crore in income tax, ₹35 crore in GST, and ₹46 crore in other statutory duties. In simple terms, in the last 14 years, for every rupee of subsidy received, Sahyadri has paid nearly ₹4 back — a rare story of value creation instead of dependency.
The Model
In FY25, the collective clocked a turnover of ₹1,955 crore, with an EBITDA of ₹246 crore and a PAT of ₹99.7 crore — making it one of the most successful agri-business models in the country. Its workforce has nearly doubled, from 3,811 in FY 2019 to 7,036 in FY25 out of which 30 per cent are women.
Sahyadri’s rise has been swift. From an annual turnover of ₹460 crore in FY 2020, it crossed the ₹1,000 crore mark by FY23. In FY25, the bulk of revenue came from processing (₹915 crore), followed by fresh exports (₹473 crore ) and domestic sales ₹443 crore.
The company procured 3.82 lakh tonnes of fruits and vegetables from farmers in 2025 — including grapes, tomatoes, citrus, bananas, sweet corn, and others.
Its net worth has surged 102 per cent, from ₹474.3 crore to ₹957.3 crore, while net debt dropped from ₹335.5 crore in 2024 to ₹225.8 crore in 2025.
Collective Power
Sahyadri is now India’s largest integrated platform for fruits and vegetables. Through its inclusive partnership model, it has built deep capabilities across the value chain — from primary processing and frozen or aseptic products to jams, ketchups, beverages, and even waste processing under a zero-discharge facility.
“We started this journey to ensure fair compensation for India’s small-holding farmers. Sahyadri has combined global-standard practices, world-class infrastructure, and food safety protocols to deliver clean, traceable produce to consumers. Farmers can turn entrepreneurs and can survive without crutches if agriculture is turned into a business mode instead of a welfare activity,” said Vilas Shinde, Chairman and MD of Sahyadri Farms.
Today, it unites over 30,000 registered farmers, cultivating over 40,000 acres, with its products reaching 42 countries. Sahyadri is a home-grown example of how collective enterprise can power prosperity from the ground up.
First published in The Hindu Businessline on 19 November. Republished with permission.
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Naresh Khanna – 10 February 2025
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