India Pesticides

India Pesticides Limited achieved a landmark FY26, with consolidated revenue growing 27.9% year-on-year to INR 1,078 crores, marking the first time the company surpassed the INR 1,000 crores revenue milestone. EBITDA increased by 44.7% to INR 194 crores, with the EBITDA margin improving to 18% from 15.9% in FY25. Net profit for the year stood at INR 120 crores, reflecting a 45.8% year-on-year growth, driven by operational efficiency and disciplined execution.

For Q4 FY26, total revenue was INR 271 crores, a 28.5% growth compared to INR 211 crores in Q4 FY25. EBITDA for the quarter increased 31.1% to INR 46 crores, and net profit grew 40.6% to INR 31 crores, with PAT margins improving to 11.3%. Domestic sales in Q4 FY26 significantly increased by over 50% to INR 183 crores, primarily driven by herbicides and intermediates, while export revenue saw a slight decrease to INR 84 crores from INR 89 crores in Q4 FY25 due to geopolitical issues.

The company continued to strengthen its operational foundation and manufacturing capabilities. Development work at the Hamirpur facility progressed steadily, with supporting infrastructure established and operational blocks moving ahead as planned. An intermediate plant for backward integration of a herbicide was commissioned using in-house R&D technology, enhancing supply chain stability and cost competitiveness. The formulation capacity scaled up to 10,000 metric tonnes, supported by a distribution network across 18 states and 24 depots.

India Pesticides maintained a strong financial position, with net working capital days improving to 223 in FY26 from 254 in FY25, and ROCE improving to 16.8%. The planned capex for FY27 is INR 45 crores for India Pesticides and INR 90 crores for its 100% subsidiary, primarily funded through internal accruals. The company's dividend policy is to provide 5% to 15% of net profit, with management prioritizing internal accruals for growth and long-term value creation over higher immediate dividends.

Management provided a revenue growth guidance of 15% to 20% for FY27, with an EBITDA margin target of 18% to 20%. The long-term vision includes achieving INR 3,000 crores in revenue by March 2031, with INR 1,000 crores expected from the Shalvis subsidiary and INR 2,000 crores from existing plants and formulation facilities. The company is introducing entirely new molecules from the Hamirpur facility, targeting a 10% market share (INR 70 crores) primarily for export, and expects full utilization of PEDA/Pretilachlor capacity in FY27.