Indogulf Cropsciences Limited — Q3 FY26 earnings call

Call held 12 Feb 2026

Management summary

Indogulf Cropsciences delivered a strong Q3 FY26, with revenue growing 17% to ₹116.1 crores and EBITDA up 16% to ₹11.7 crores, driven by robust performance across B2C and B2B segments and significant contribution from AGPL. The company also expanded its international footprint. However, PAT was affected by a one-time tax adjustment, and a new facility commissioning is delayed to Q1 FY27.

Highlights

  • Strong and resilient performance with Q3 FY26 revenue growth of 17% YoY to ₹116.1 crores, despite challenging operating environment.

  • Healthy growth in profitability with Q3 FY26 EBITDA increasing by 16% to ₹11.7 crores and PBT up from ₹4.6 crores to ₹7.4 crores.

  • Sustained robust growth momentum in 9M FY26 with revenue up 19.3% to ₹553 crores and EBITDA up 23% to ₹53.6 crores.

  • AGPL's significant contribution to growth and profitability, achieving ₹54 crores in gross sales in 9M FY26.

  • Successful entry into new international markets (Venezuela, Taiwan, Sudan) with initial orders of ₹4-5 crores expected to be executed in Q4 FY26.

Concerns

  • Q3 FY26 PAT growth was impacted by a higher tax provision related to earlier years, an accounting adjustment that had a one-time impact.

  • Crop protection segment experienced softer growth in Q3 due to extended monsoon and lower agrochemical off-take in certain pockets.

  • Capacity expansion project for the new facility in Barwasni is delayed by 2-3 months due to the GRAP situation in Delhi NCR, now expected by Q1 FY27.

Key financials

2 periods

Q3 FY26

  • Revenue
    ₹116.1 Cr
    YoY +17%
  • EBITDA
    ₹11.7 Cr
    YoY +16%
  • PBT
    ₹7.4 Cr
    YoY +60.8%
  • PAT
    ₹3.9 Cr
    YoY +5.6%

9M FY26

  • Revenue
    ₹553 Cr
    YoY +19.3%
  • EBITDA
    ₹53.6 Cr
    YoY +23%
  • PBT
    ₹39.1 Cr
    YoY +33.2%
  • PAT
    ₹28 Cr
    YoY +31%

What they filed

Q1 FY27: revenue down 12.3%, net profit down 23.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue233 98 123 185 246 +6%109 +10%136 +10%162 −12%
EBITDA27 10 20 9 30 +11%11 +12%21 +2%9 +0%
Net profit17 4 10 3 19 +14%4 +11%12 +25%2 −23%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Segment breakdown

  • Verticals (9M FY26)
    15% Biologicals Growth23% Plant Nutrition Growth14% Crop Protection Growth₹56 Cr Combined Biologicals & Plant Nutrition Revenue
  • End-user Segments (9M FY26)
    ₹301.6 Cr B2C Revenue₹219.4 Cr B2B Revenue
  • Regional Growth (9M FY26)
    80% Tamil Nadu Growth66% Haryana Growth58% Bihar Growth31% Uttar Pradesh Growth22% Himachal Growth

Capital allocation

medium confidence
  • Capex Capex disclosed
    • New facility at Barwasni
    Due to this GRAP situation in Delhi NCR, 2 to 3 months have been impacted and maybe there will be a little delay in that project by those 2 to 3 months. Maybe by Q1 end of 2027, we will be starting our new facility as well.

Guidance & targets

Profitability

  • Full year margin trends Profitability · FY26 · Low confidence approximately on the same lines (as 9M FY26)
    The full year margin trends will be approximately on the same lines, but we cannot commit that what will be, because we are working hard on these things as we have shown in the 9 months. So better margins we are expecting in the next 3 months also.

    — Manoj Gupta

Growth

  • Q4 FY26 Growth Growth · Q4 FY26 · Low confidence growth will be there
    Q4 definitely we are looking forward for growth as well, and we are in the mid of Q4, so I think the growth will be there.

    — Sanjay Aggarwal

Product Launches

  • New product launches Product Launches · Q1 FY27 · High confidence four to five products
    So we are prepared for Q1 also this year, four to five products already we have shortlisted and we are planning.

    — Sanjay Aggarwal

What to watch in Q4 FY26

Barwasni Plant Commissioning

Q1 FY27
Current Delayed to Q1 FY27
Target Commercial operations commenced

Why it matters

The new facility is crucial for future capacity expansion and growth across all three sectors.

Due to this GRAP situation in Delhi NCR, 2 to 3 months have been impacted and maybe there will be a little delay in that project by those 2 to 3 months. Maybe by Q1 end of 2027, we will be starting our new facility as well.

Risks & concerns

  • Delay in new facility commissioning

    high

    The new plant at Barwasni is delayed by 2-3 months due to the GRAP situation in Delhi NCR, pushing its operational start to Q1 FY27.

    Management acknowledged

  • Subdued crop prices and agrochemical demand

    medium

    The company operated in a backdrop of subdued crop prices and relatively lower agrochemical demands in some regions, contributing to a challenging operating environment.

    Management acknowledged

  • Elevated industry inventories

    medium

    While the company's own channel inventory is at a sustainable level, industry inventories remain somewhat elevated, which could impact demand trends.

    Management acknowledged

Q&A highlights

4 direct, 2 evasive
Export orders and margins Direct
Yes, for these countries, almost around INR 4 crores to INR 5 crores orders we have in hand. Export order margins range from 7% to around 18%.

Provides specific quantification of new export orders and their expected margin profile, indicating new revenue streams.

Asked by Maitri Shah

Overall guidance for FY26 and FY27 Evasive
Sorry, I cannot commit for any forward-looking figures. But definitely, the opportunities look better.

Management explicitly declined to provide quantitative forward guidance, signaling caution or uncertainty about future financial targets.

Asked by Maitri Shah

Steady-state margins given volatility Evasive
The full year margin trends will be approximately on the same lines, but we cannot commit that what will be, because we are working hard on these things as we have shown in the 9 months. So better margins we are expecting in the next 3 months also. No, at present, no.

Management was unable to provide a specific steady-state margin figure, highlighting continued margin volatility or a reluctance to commit.

Asked by Maitri Shah

Capacity expansion progress and timeline Direct
Due to this GRAP situation in Delhi NCR, 2 to 3 months have been impacted and maybe there will be a little delay in that project by those 2 to 3 months. Maybe by Q1 end of 2027, we will be starting our new facility as well.

Reveals a delay in the commissioning of the new Barwasni plant, pushing its operational start to Q1 FY27, which impacts future capacity and growth.

Asked by Ram

Q4 FY26 outlook and growth expectations Partial
Of course, our last three quarters has been consistently growing, and we have done some strategic planning and strategic execution, and the results are before you. All the three quarters have been exemplary, great. Q4 definitely we are looking forward for growth as well, and we are in the mid of Q4, so I think the growth will be there.

Management expressed confidence in Q4 growth but did not provide specific numbers or comparative insights, maintaining a qualitative outlook.

Asked by Ram

Impact of one-time tax expense on future quarters Direct
Yes, that actually was the accounting adjustment, because in the assets and liability sides, there was the previous year tax liabilities were lined. So one-time we have cleared it. It will not impact in the forthcoming quarters.

Clarifies that the higher tax provision in Q3 was a one-time accounting adjustment and will not affect tax rates or profitability in future quarters.

Asked by Ram

Volume growth vs. price impact in current quarter Direct
Yes, so broadly there were not much price impact if we compare overall situation. A little dip was there in few of the products, but more or less it was balanced. So whatever growth you can find, that is majorly quantitative growth only. Quantitative growth rather will be a little 1% or 2% more because there is a little average drop in the prices, which shows that quantitative incremental growth is higher than the value-wise growth.

Indicates that the reported revenue growth was primarily driven by volume expansion, with minimal price impact, suggesting healthy underlying demand.

Asked by Arjun Gupta

3 min read 7 chapters

Detailed narrative

Q3 & 9M FY26 Financial Performance Overview

Indogulf Cropsciences reported a strong Q3 FY26, with revenue from operations increasing by 17% year-on-year to ₹116.1 crores. EBITDA grew by 16% to ₹11.7 crores, and Profit Before Tax (PBT) rose from ₹4.6 crores in Q3 FY25 to ₹7.4 crores. For the nine months ended December 31, 2025 (9M FY26), revenue from operations reached ₹553 crores, marking a robust 19.3% year-on-year growth. EBITDA for 9M FY26 increased by 23% to ₹53.6 crores, and PBT was up 33.2% to ₹39.1 crores, reflecting improved operating leverage and product mix.

Segmental and Regional Growth Drivers

In 9M FY26, all three verticals demonstrated healthy growth: Biologicals grew by 15%, Plant Nutrition by 23%, and Crop Protection by 14%. The combined revenue from Biologicals and Plant Nutrition increased to ₹56 crores from ₹47 crores in the prior year. Both B2C and B2B segments showed strong performance, with B2C growing 16% to ₹301.6 crores and B2B growing 26% to ₹219.4 crores. Regionally, Tamil Nadu led with 80% growth, followed by Haryana (66%), Bihar (58%), Uttar Pradesh (31%), and Himachal (22%).

AGPL's Contribution and Future Expansion

Abhiprakash Globus Private Limited (AGPL) made a significant contribution in its first full year of operations, achieving gross sales of ₹54 crores in 9M FY26. AGPL's performance was bolstered by operational efficiencies, channel alignment, and a better product mix, supporting margin expansion. The company plans to expand AGPL's footprint into additional states, particularly in central India, to strengthen its geographic presence and widen its customer base.

Strategic Initiatives and Market Outlook

Indogulf has consciously normalized its inventory levels, positioning itself to benefit from improving demand trends. The company anticipates good potential for demand in Q4 FY26 and Q1 FY27, supported by a healthier supply chain and improved market sentiment. Regulatory tailwinds, such as the Draft Pesticide Management Bill 2025 and the proposed Seed Bill 2025, are expected to benefit organized players by prioritizing quality control and digital traceability.

International Market Expansion

The company made steady progress on its international growth agenda, successfully entering new markets like Venezuela, Taiwan, and Sudan during the quarter. Initial orders totaling approximately ₹4-5 crores have been received from these countries and are expected to be executed in Q4 FY26. These new market entries are part of a strategy to build a broader global footprint, diversify revenue streams, and leverage the product portfolio in high-potential international markets.

Capacity Expansion Update

The commissioning of the new facility at Barwasni has been delayed by 2-3 months due to the GRAP (Graded Response Action Plan) situation in Delhi NCR. The company now expects the new facility to be operational by the end of Q1 FY27. This expansion is anticipated to reflect positively in future performance and support growth across all three sectors.

Product Strategy and Volume Growth

Management indicated that the revenue growth achieved was primarily quantitative, with minimal price impact. Quantitative incremental growth was estimated to be 1% to 2% higher than value-wise growth due to a slight average drop in prices. The company plans to launch four to five new products in Q1 FY27, as product launches are typically concentrated in the first two quarters of the year to align with state-wise campaigns.

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