HERANBA
Heranba Industries financials
- Market cap
- ₹687 Cr
- Sector
- Chemicals
- Calls analysed
- 1
Heranba Inds Q3 FY25
What went well
- Revenue from operations for 9M FY25 grew to ₹1,075 crores, up from ₹1,000 crores in 9M FY24, representing a 7.5% YoY increase.
- Profit after tax for 9M FY25 increased to ₹44 crores, compared to ₹35 crores in 9M FY24, marking a 25.7% YoY growth.
- Management expects a significant revenue growth of 35-40% and an EBITDA margin of 12-14% for FY25-26.
What to watch
- EBITDA margins were suppressed at 11% for 9M FY25 due to lower realization and increased expenditures.
- Q3 FY25 saw a significant margin drop, with gross margins down 200-300 basis points, primarily due to lower realization of technical products.
What Heranba Industries Limited does
Heranba Industries manufactures crop-protection chemicals across the full value chain: it makes intermediates (such as Cypermethric Acid Chloride) for captive use, converts them into technical-grade active ingredients (mainly synthetic pyrethroid insecticides, along with herbicides and fungicides), and formulates these into branded and export-ready pesticide products (EC, SC, WDG and similar formulations) as well as public-health pest-control products. Products are sold domestically through a large dealer network and exported to agrochemical companies and distributors across many countries. The company has also diversified into optical brightening agents, naphthol derivatives and textile auxiliaries through its acquired Daikaffil subsidiary, and is building a contract research and manufacturing (CRAMS/CRO) business serving agrochemical, pharmaceutical and specialty-chemical clients.
Segments
- Intermediates
- Technicals
- Formulations
- Daikaffil (specialty chemicals / CRAMS)
- Manufacturing & packaging facilities
- 7 (Vapi, Sarigam, Saykha in Gujarat; Tarapur, Maharashtra)
- Aggregate Technicals & Intermediates capacity
- 26,700 MTPA (FY25, up from 12,900 MTPA in FY24)
- Aggregate Formulations capacity
- 30,000 MTPA (FY25, up from 25,000 MTPA in FY24)
- Cumulative reactors installed across facilities
- 384 (FY25, up from 295 in FY24)
- Total manufacturing area in use
- 1,24,970 sq. mt (plus 71,958 sq. mt available for expansion)
- Cumulative product registrations
- 1,084 (spanning 54 countries; 183 more in pipeline)
Guidance record · Q3 FY25
what the last two calls moved 8 tracked 0 delivered 0 missed 8 open- Revenue Growth open said Q3 FY25 Promised: 35% to 40% growth in FY25-26 Q3 FY25: Guided for 35-40% growth in FY26
All 8 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 25.5%, net profit down 57.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 458 | 338 | 395 | 490 | 606 +32% | 307 −9% | 353 −11% | 365 −25% |
| EBITDA | 46 | -10 | -2 | 20 | 45 −3% | 15 +256% | -6 −258% | 18 −11% |
| Net profit | 34 | -9 | -5 | 22 | 32 −6% | 9 +202% | -12 −137% | 9 −57% |
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.
Performance −48.2% 1Y
1Y: ₹331.5 on 10 Sept 2025 → ₹171.58. High ₹332.55 (11 Sept 2025), low ₹157.52 (30 Mar 2026).
Financials, as filed
Revenue grew 10.0% a year over 3 years, FY23 to FY26. Operating margin narrowed to 4.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.3k Cr | ₹1.3k Cr | ₹1.5k Cr | ₹1.8k Cr |
| Operating profit | ₹156 Cr | ₹97 Cr | ₹83 Cr | ₹73 Cr |
| Operating margin | 11.8% | 7.6% | 5.6% | 4.2% |
| Interest | ₹8 Cr | ₹12 Cr | ₹26 Cr | ₹36 Cr |
| Depreciation | ₹23 Cr | ₹25 Cr | ₹29 Cr | ₹28 Cr |
| Net profit | ₹105 Cr | ₹66 Cr | ₹54 Cr | ₹51 Cr |
| Net margin | 7.9% | 5.2% | 3.6% | 2.9% |
| Cash from operations | ₹122 Cr | ₹136 Cr | ₹137 Cr | ₹-204 Cr |
| Free cash flow | ₹61 Cr | ₹93 Cr | ₹118 Cr | ₹-211 Cr |
| ROCE | 18.0% | 11.0% | 9.0% | 8.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity capital | ₹40 Cr | ₹40 Cr | ₹40 Cr | ₹40 Cr |
| Reserves | ₹776 Cr | ₹837 Cr | ₹802 Cr | ₹934 Cr |
| Borrowings | ₹93 Cr | ₹144 Cr | ₹513 Cr | ₹482 Cr |
| Other liabilities | ₹250 Cr | ₹378 Cr | ₹829 Cr | ₹400 Cr |
| Total liabilities | ₹1.2k Cr | ₹1.4k Cr | ₹2.2k Cr | ₹1.9k Cr |
| Fixed assets | ₹186 Cr | ₹240 Cr | ₹731 Cr | ₹245 Cr |
| Capital work in progress | ₹42 Cr | ₹11 Cr | ₹15 Cr | ₹1 Cr |
| Investments | ₹1 Cr | ₹2 Cr | ₹4 Cr | ₹6 Cr |
| Other assets | ₹930 Cr | ₹1.1k Cr | ₹1.4k Cr | ₹1.6k Cr |
| Total assets | ₹1.2k Cr | ₹1.4k Cr | ₹2.2k Cr | ₹1.9k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
The ownership split has held steady since Jun 2025. The shareholder count shrank 7% to 66,634.
- Promoters
- 75.0%
- FIIs
- 0.0%
- DIIs
- 0.3%
- Public
- 24.8%
Since Jun 2025
- FIIs −0.04 pp
- Public +0.02 pp
- DIIs +0.01 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 75.0%, DIIs 0.3%, Public 24.8%.Dec '23: Promoters 75.0%, DIIs 0.2%, Public 24.8%.Mar '24: Promoters 75.0%, DIIs 0.2%, Public 24.8%.Jun '24: Promoters 75.0%, Public 25.1%.Sep '24: Promoters 75.0%, FIIs 0.4%, Public 24.7%.Dec '24: Promoters 75.0%, FIIs 0.4%, DIIs 0.2%, Public 24.4%.Mar '25: Promoters 75.0%, FIIs 0.1%, DIIs 0.2%, Public 24.8%.Jun '25: Promoters 75.0%, FIIs 0.1%, DIIs 0.3%, Public 24.7%.Sep '25: Promoters 75.0%, FIIs 0.1%, DIIs 0.3%, Public 24.7%.Dec '25: Promoters 75.0%, FIIs 0.1%, DIIs 0.3%, Public 24.7%.Mar '26: Promoters 75.0%, FIIs 0.1%, DIIs 0.3%, Public 24.7%.Jun '26: Promoters 75.0%, FIIs 0.0%, DIIs 0.3%, Public 24.8%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Sams Industries Private newly disclosed 2.17% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Heranba Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Raghuram Kanyan Shetty | 29.77% | unchanged |
| Sadashiv Kanyana Shetty | 18.00% | unchanged |
| Sujata Sadashiv Shetty | 8.07% | unchanged |
| Vanita Raghuram Shetty | 5.04% | unchanged |
| Raghuram Kanyan Shetty (Huf) | 3.45% | unchanged |
| Shreya Sadashiv Shetty | 2.36% | unchanged |
| Sams Industries Private | 2.17% | newly disclosed |
| Shriraj Sadashiv Shetty | 2.11% | unchanged |
| Roshan Raghuram Shetty | 1.59% | unchanged |
| Raunak Raghuram Shetty | 1.59% | unchanged |
| Sadashiv Kanyana Pakeera Shetty Huf | 0.80% | unchanged |
| Nithyanand K Shetty | 0.00% | unchanged |
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.
Learn to analyse Heranba Industries Limited
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