Shares of Cian Agro soar nearly 2,000% since January 2024, fueled by India’s ethanol push and raising questions over the Gadkari family’s influence.
New Delhi: Shares of Cian Agro Industries & Infrastructure Ltd. closed at a record ₹773.35 cr. on the Bombay Stock Exchange (BSE) today, a 5% surge from the previous session, capping a dramatic 1,995% rise since January 2024 when the stock opened at ₹35.25 cr. The rally, detailed in daily trading data from January 2024 to September 2025, has seen the stock climb from a low of ₹35.00 cr. to a peak of ₹773.35 cr., with volumes soaring to 10,98,83,060 shares traded today. Yet, this financial meteoric rise—mirroring India’s ethanol blending push—has sparked intense scrutiny over the company’s ties to Union Minister Nitin Gadkari’s family.
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Cian Agro, a Nagpur-based firm transitioning from spices and oils to ethanol production, reported a staggering financial leap in Q1 FY26 (April-June 2025), with revenue jumping to ₹510.80 crore from ₹17.47 crore a year ago—a 2,800% increase—while net profit soared to ₹52.21 crore from ₹0.10 crore. The growth aligns with the government’s Ethanol Blended Petrol (EBP) program, which hit its 20% blending target (E20) in July 2025, five years ahead of schedule, under Nitin Gadkari’s stewardship.
Led by Managing Director Nikhil Gadkari, son of the minister, Cian Agro signed a key MoU with the Ram Charan Group in January 2024 to produce ethanol from CO2 capture, a move that dovetails with Gadkari’s biofuel advocacy. The Gadkari family holds a 67.67% stake as of June 2025, amplifying concerns as the stock surged from ₹35.25Cr. in January 2024 to ₹121.00 by September 2024, then exploded to ₹773.35Cr. by September 2025, with notable leaps like the 121.00% jump from July to August 2024.
Many critics on social media have labeled it nepotism, with posts like “Papa makes policy; sons make money” gaining traction as the stock hit upper circuits repeatedly. Nikhil’s brother, Sarang Gadkari, oversees Manas Agro Industries, another ethanol player, fueling claims of preferential treatment. there are hundreds of distilleries in India, but the fact that Gadkari-related companies have profited—which, in the case of Cian Agro, is a stock that rose by 2,095% in 20 months—makes these gains stand out.
A recent LocalCircles survey reveals growing consumer discontent: two in three vehicle owners with cars purchased in 2022 or later report issues as the ethanol ratio increases, raising doubts about the policy’s real-world impact. As India targets a 27% ethanol blending rate by late 2025, the company’s rise reflects both policy success and a challenging test of fairness.
