Bayer's Indian crop-science unit; sells crop-protection chemicals and DEKALB hybrid corn seeds to farmers.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,835 | −4.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 20.0 | +2.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 322 | +15.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | +0.9 pts | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. | |
| Free cash flow margin | +11.3 pts | Fiscal year | FY · period unavailable | Not in the analysed materials. No older figure is substituted. | |
| Revenue growth (YoY) | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. |
Guidance
2 of 6 judged targets kept · 5 open · verdicts reflect calls analysed to Q2 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| COGS Inflation | Continued inflation in COGS | Q4 FY22 | Management confirmed FY25 was the 'most challenging year' due to a significant increase in input prices, validating the forecast. | Achieved |
| Glyphosate Volume | Highest ever volume year in FY25 | Q1 FY25 | The Q2 FY26 call, which reviewed FY25 performance, did not confirm whether this volume record was achieved. | Ghosted |
| Dividend Payout Strategy | Prudent management, prioritizing liquidity | Q4 FY22 | Maintained interim dividend at Rs. 90 per share, consistent with prior periods. | On Track |
4 of Bayer Cropscience Limited's 11 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 8 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹5,019.7 on 24 Oct 2025 → ₹3,265. High ₹5,034.3 (27 Oct 2025), low ₹3,265 (27 Oct 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Bayer CropScience Limited is the Indian listed subsidiary of Bayer AG's global Crop Science division, developing and selling crop-protection chemicals (fungicides, insecticides, herbicides) and hybrid seeds — chiefly corn under the DEKALB brand — to farmers across India. It operates as a single reportable business segment, "Agri Care," spanning Crop Protection and Corn Seeds, and earns by manufacturing/sourcing branded agri-inputs and distributing them through a network of distributors, retailers, Field Officer Territories and farmer-facing programmes. It also runs farmer-outreach initiatives — Better Life Farming Centres, the FarmRise One digital platform, and the DirectAcres Direct Seeded Rice programme — to build brand loyalty and last-mile market access down to the smallholder level. Its India ForwardFarm in Panipat, Haryana demonstrates regenerative-agriculture practices as part of Bayer's global sustainability network.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
2 of 6 judged targets kept · 5 open · verdicts reflect calls analysed to Q2 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| COGS Inflation | Continued inflation in COGS | Q4 FY22 | Management confirmed FY25 was the 'most challenging year' due to a significant increase in input prices, validating the forecast. | Achieved |
| Glyphosate Volume | Highest ever volume year in FY25 | Q1 FY25 | The Q2 FY26 call, which reviewed FY25 performance, did not confirm whether this volume record was achieved. | Ghosted |
| Dividend Payout Strategy | Prudent management, prioritizing liquidity | Q4 FY22 | Maintained interim dividend at Rs. 90 per share, consistent with prior periods. | On Track |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 11 tracked commitments, with each call’s wording and source.
Call summaries
Bayer Crop Sci. Q2 FY26
Bayer CropScience reported a resilient H1 FY26, navigating a 'perfect storm' of high input costs and erratic weather. While Q1 benefited from an early monsoon, Q2 faced liquidation challenges due to persistent rains. The company is pivoting its strategy toward higher-margin corn seeds and localized sourcing to reduce dependency on expensive European imports and volatile Chinese supply.
Read the full callBayer Crop Sci. Q1 FY25
Bayer Crop Science reported a challenging Q1 FY25 characterized by volume reductions in agrochemicals and corn due to unfavorable weather and industry-wide production shortages. Despite these short-term headwinds, management emphasized a strong 5-year performance record and a focus on long-term strategic drivers like Direct Seeded Rice (DSR) and horticultural exports. The company is currently grappling with supply-side constraints in its high-demand corn seed portfolio and logistics issues in global shipping.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 2 fiscal years held (Dec 2005 to Dec 2006).
Financials
Net profit, year on year: +15% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,738 | 1,057 | 1,046 | 1,915 | 1,553 | 1,106 | 1,101 | 1,835 |
| Expenses | 1,554 | 1,037 | 876 | 1,566 | 1,348 | 989 | 898 | 1,467 |
| Operating profit | 184 | 20 | 171 | 348 | 205 | 117 | 203 | 368 |
| Operating margin | 11.0% | 1.9% | 16.0% | 18.0% | 13.0% | 11.0% | 18.0% | 20.0% |
| Other income | 24 | 32 | 37 | 19 | 14 | 16 | 47 | 89 |
| Interest | 3 | 4 | 6 | 5 | 4 | 5 | 6 | 4 |
| Depreciation | 14 | 15 | 34 | 27 | 14 | 15 | 38 | 50 |
| Profit before tax | 190 | 34 | 168 | 335 | 200 | 113 | 206 | 402 |
| Tax rate | 28.0% | −2.0% | 15.0% | 17.0% | 24.0% | 15.0% | 21.0% | 20.0% |
| Net profit | 136 | 34 | 143 | 279 | 153 | 96 | 162 | 322 |
| EPS (₹ per share) | 30.33 | 7.61 | 31.89 | 62.01 | 33.98 | 21.29 | 36.07 | 71.56 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 5,139 | 5,104 | 5,472 | 5,675 |
| Expenses | 4,215 | 4,149 | 4,784 | 4,801 |
| Operating profit | 924 | 955 | 689 | 873 |
| Other income | 168 | 81 | 120 | 96 |
| Interest | 22 | 20 | 17 | 20 |
| Depreciation | 79 | 74 | 85 | 94 |
| Profit before tax | 990 | 941 | 708 | 854 |
| Net profit | 758 | 740 | 567 | 690 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 45 | 45 | 45 | 45 | 45 | 45 |
| Reserves | 2,479 | 2,667 | 2,804 | 2,806 | 3,079 | 2,921 |
| Borrowings | 86 | 74 | 47 | 105 | 102 | 82 |
| Other liabilities | 1,742 | 1,893 | 1,701 | 2,290 | 1,966 | 2,652 |
| Total liabilities | 4,353 | 4,679 | 4,597 | 5,246 | 5,191 | 5,699 |
| Fixed assets | 468 | 462 | 414 | 470 | 585 | 458 |
| Capital work in progress | 98 | 109 | 119 | 119 | 9 | 127 |
| Investments | 38 | 41 | 54 | 35 | 41 | 57 |
| Other assets | 3,749 | 4,066 | 4,010 | 4,622 | 4,557 | 5,056 |
| Total assets | 4,353 | 4,679 | 4,597 | 5,246 | 5,191 | 5,699 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 687 | 216 | 609 | 952 | 262 | 1,078 |
| Cash from investing | 7 | 64 | 83 | 0 | 86 | 72 |
| Cash from financing | -556 | -703 | -613 | -656 | -619 | -624 |
| Net cash flow | 138 | -424 | 79 | 296 | -272 | 527 |
| Free cash flow | 656 | 168 | 537 | 912 | 222 | 1,014 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 65 | 77 | 69 | 69 | 63 | 72 |
| Inventory days | 226 | 235 | 268 | 222 | 319 | 289 |
| Days payable | 142 | 127 | 129 | 87 | 148 | 167 |
| Cash conversion cycle | 149 | 185 | 208 | 204 | 234 | 193 |
| Working capital days | 61 | 84 | 86 | 78 | 88 | 56 |
| Return on capital employed | 31.0% | 31.0% | 34.0% | 34.0% | 25.0% | 29.0% |
| Dividend payout | 105.0% | 104.0% | 77.0% | 85.0% | 99.0% | 98.0% |
To justify its price of ₹3265, this stock must grow earnings at 15% every year for 7 years. Our analysis caps realistic growth at ~1%. At that growth it is worth ₹1536 — downside of 53%.
Ownership
Promoters hold 71.44% as of Sept 2026; institutions cut 0.14 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Bayer Cropscience Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 20.34% | +11.91 pp | |
| 17.89% | unchanged | |
| 15.04% | unchanged | |
| 14.73% | unchanged | |
| 3.44% | unchanged | |
| Mutual fund | 2.31% | unchanged |
| Mutual fund | 1.98% | unchanged |
| Mutual fund | 1.36% | +0.19 pp |
| Mutual fund | 1.26% | −0.05 pp |
| 1.05% | newly disclosed | |
| — | off the list | |
| Mutual fund | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
0 new, 1 added, 0 trimmed, 5 sold out — net −0.24 L shares (−3.7%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹205 Cr | held | Mar '20 |
| HDFC Multi Asset Allocation Fund HDFC Mutual Fund | ₹14 Cr | +0.09 L | Dec '22 |
| HDFC Equity Savings Fund HDFC Mutual Fund | ₹11 Cr | held | Dec '22 |
| HDFC Retirement Fund - Hybrid-Debt Plan HDFC Mutual Fund | ₹0 Cr | held | Aug '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
1 added, 0 trimmed — net −24,328 shares (−3.7%)
Shares held by these funds −38%
Oct '23 6.37 L shares Sep '26
Your own record
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