IGCL

Indogulf Cropsciences financials

Haryana/J&K-based agrochemical manufacturer of crop protection products, plant nutrients and biologicals, sold pan-India and exported to 34+ countries.

Market cap: ₹460 Cr
Sector: Chemicals
Calls analysed: 5

Latest concall · Q1 FY27 · call held 18 Aug 2026

Indogulf Cropsciences Limited Q1 FY27

Revenue from Operations ₹168.5 cr −11%EBITDA ₹9.6 cr −3%EBITDA Margin 5.7% PAT ₹2.4 cr

What went well

Gross margins improved significantly to 28% in Q1 FY27 from 22% in Q1 FY26, reflecting better cost and product mix.
EBITDA margin expanded to 5.7% in Q1 FY27 from 5.2% in Q1 FY26, demonstrating operating model resilience.
Capacity utilization increased to 70% during Q1 FY27 compared to 52% in FY26, providing a strong foundation for Kharif season.

What to watch

Revenue from operations declined by 11% YoY to Rs. 168.5 crores in Q1 FY27 from Rs. 189.4 crores in Q1 FY26.
PAT declined to Rs. 2.4 crores in Q1 FY27 from Rs. 3.9 crores in Q1 FY26.

Read the full call →

What Indogulf Cropsciences Limited does

Indogulf Cropsciences manufactures and markets crop-protection products (insecticides, fungicides, herbicides, plant growth regulators), plant nutrients (straight fertilizers, soil health products) and biologicals (bio-fertilizers, bio-stimulants) for farmers across the crop life cycle. It runs four backward-integrated manufacturing facilities in Haryana and Jammu & Kashmir, covering both technical and formulation manufacturing. Products reach farmers through a large B2C distributor network, institutional (B2B) partners, and exports to overseas business partners across Asia, Africa, Latin America and the Middle East.

Segments

Crop Protection
Biologicals
Plant Nutrients
Others

Manufacturing facilities: 4 (Nathupur-I, Nathupur-II, Barwasni in Haryana; Samba in J&K)
Installed manufacturing capacity: ~42,564 MT/KL formulation (Nathupur-I 13,500 + Barwasni 20,064 + Samba 9,000) + 1,360 TPA technical (Nathupur-II)
Capacity utilization: 52% (FY26, up from 44% in FY23)
Distributor network (B2C): 7,000+
Export countries: 34+
Products portfolio: 300+

Founded 1993Headquarters New Delhi, India Company website

Guidance record · Q1 FY27

what the last two calls moved 11 tracked 0 delivered 4 missed 7 open

FY26 Revenue Growth missed said Q1 FY26 Promised: 30% to 35% year-over-year growth annually Q1 FY27: Promise period ended. Final verdict is 'missed'.
New Dry Flowable Plant Commissioning delayed said Q1 FY26 Promised: by this fiscal end (FY26) Q1 FY27: Management reports ongoing investments in the DF manufacturing facility, consistent with the previously delayed timeline of FY27-end.

All 11 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

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

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	233	98	123	185	246 +6%	109 +10%	136 +10%	162 −12%
Expenses	205	88	103	176	216	97	115	154
EBITDA	27	10	20	9	30 +11%	11 +12%	21 +2%	9 +0%
Margin	12%	10%	16%	5%	12%	11%	15%	5%
Other income	1	1	2	1	3	3	2	1
Interest	3	4	4	4	4	4	4	4
Depreciation	3	2	3	2	3	3	4	3
Profit before tax	23	5	15	4	25 +11%	8 +52%	15 −1%	3 −20%
Tax rate	27%	25%	35%	18%	24%	45%	18%	21%
Net profit	17	4	10	3	19 +14%	4 +11%	12 +25%	2 −23%
EPS	3.42	0.76	1.99	0.60	3.08	0.65	1.91	0.36

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 −39.8% 1Y

1Y: ₹112.37 on 10 Sept 2025 → ₹67.61. High ₹112.37 (10 Sept 2025), low ₹53.58 (25 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: +1.0%; 18 Aug
Q4 FY26: −7.2%; 29 May
Q3 FY26: −5.1%; 12 Feb
Q2 FY26: −1.9%; 13 Nov

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.

Financials, as filed

Revenue grew 15.2% a year over 1 year, FY25 to FY26. Operating margin held at 10.5%.

Year ending	FY25	FY26
Revenue	₹586 Cr	₹676 Cr
Operating profit	₹63 Cr	₹71 Cr
Operating margin	10.8%	10.5%
Interest	₹14 Cr	₹17 Cr
Depreciation	₹11 Cr	₹11 Cr
Net profit	₹32 Cr	₹39 Cr
Net margin	5.4%	5.7%
Cash from operations	₹-12 Cr	₹-41 Cr
Free cash flow	₹-52 Cr	₹-69 Cr
ROCE	13.0%	12.0%

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	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹24 Cr	₹24 Cr	₹24 Cr	₹24 Cr	₹63 Cr	₹63 Cr
Reserves	₹131 Cr	₹157 Cr	₹180 Cr	₹209 Cr	₹377 Cr	₹396 Cr
Borrowings	₹79 Cr	₹102 Cr	₹189 Cr	₹155 Cr	₹208 Cr	₹177 Cr
Other liabilities	₹178 Cr	₹139 Cr	₹121 Cr	₹154 Cr	₹218 Cr	₹177 Cr
Total liabilities	₹411 Cr	₹421 Cr	₹513 Cr	₹541 Cr	₹866 Cr	₹813 Cr
Fixed assets	₹51 Cr	₹53 Cr	₹65 Cr	₹44 Cr	₹48 Cr	₹48 Cr
Capital work in progress	₹6 Cr	₹9 Cr	₹9 Cr	₹22 Cr	₹67 Cr	₹76 Cr
Investments	₹3 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹15 Cr	₹12 Cr
Other assets	₹352 Cr	₹359 Cr	₹440 Cr	₹474 Cr	₹736 Cr	₹678 Cr
Total assets	₹411 Cr	₹421 Cr	₹513 Cr	₹541 Cr	₹866 Cr	₹813 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

Since Jun 2025, promoters trimmed −27.81 pp while the public added +23.28 pp. The shareholder count grew 84786% to 23,768.

Promoters: 69.0%
FIIs: 0.2%
DIIs: 4.3%
Public: 26.4%

Since Jun 2025

Promoters −27.81 pp
Public +23.28 pp
DIIs +4.30 pp

How it drifted, 5 quarters

Over this window promoters fell from 96.9% to 69.0% — −27.8 pp.

Jun '25Dec '25Jun '26

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Indogulf Cropsciences Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

Holder	Stake	Change
Sanjay Aggarwal	20.24%	unchanged
Arnav Aggarwal	13.60%	unchanged
Anshu Aggarwal	13.39%	unchanged
Om Parkash Aggarwal	11.20%	unchanged
Abhiprakash Venture Trust	5.47%	unchanged
Abakkus Diversified Alpha Fund AIF	4.02%	unchanged
Viney Equity Market Llp	2.33%	−0.24 pp
Sanshi Aggarwal	1.58%	unchanged
Anamica Aggarwal	1.58%	unchanged
Rachita Aggarwal	1.58%	unchanged
Himanshi Lohia	1.17%	unchanged
Sanjay Aggarwal - 2	0.40%	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.

All earnings calls (5)

Read the Q1 FY27 call →

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