IPL

India Pesticides share price & financials

Price
₹160.28
Market cap
₹1.6k Cr
Sector
Chemicals
Calls analysed
7
Latest concall · Q1 FY27 · call held 13 Aug 2026

India Pesticides Limited Q1 FY27

Revenue ₹256 cr −9%EBITDA ₹39 cr EBITDA Margin 15.4% PAT ₹23 cr

What went well

  • Export revenue increased to INR 89 crores in Q1 FY27 from INR 87 crores in Q1 FY26.
  • Healthy cash balance of INR 59 crores as of June 30th, enabling capex funding through internal accruals.
  • Received Technical Equivalence approval from the European Union for one fungicide product, enhancing access to the European market.

What to watch

  • Consolidated revenue declined by 9.2% YoY to INR 256 crores in Q1 FY27 from INR 282 crores in Q1 FY26.
  • EBITDA declined to INR 39 crores in Q1 FY27 from INR 52 crores in Q1 FY26, with margin compression to 15.4% from 18.4%.
Read the full call →

What India Pesticides Limited does

India Pesticides Limited manufactures technical-grade active ingredients (fungicides, herbicides, insecticides) and select pharmaceutical APIs at its Uttar Pradesh plants, supplying these Technicals directly to global agrochemical formulators as well as Indian companies and their overseas subsidiaries. It also converts a portion of its own Technicals into finished, branded crop-protection formulations that it sells to Indian farmers through an in-house field sales and distribution network. In-house R&D and project-engineering teams develop new molecules and backward-integrate key intermediates (reducing import dependence), while a third manufacturing site at Hamirpur is being built out to expand capacity.

Segments

  • Technicals & APIs
  • Formulations
Installed Technicals capacity
28,300 MTPA across Dewa Road, Sandila and Hamirpur
Installed Formulations capacity
10,200 MTPA
Manufacturing facilities
3 plants (Dewa Road & Sandila, Uttar Pradesh; Hamirpur under expansion)
Global market position
Among top 3 global producers for select agrochemical Technicals; sole Indian manufacturer of several Technicals
Product portfolio
53 Technicals and 52 Formulations
Export footprint
Direct exports to 35+ countries
Founded 1984Headquarters Lucknow, Uttar Pradesh, IndiaEmployees 1,040 (FY2024-25 (31 Mar 2025)) Company website

Guidance record · Q1 FY27

what the last two calls moved 16 tracked 4 delivered 0 missed 12 open
  • FY26 Revenue delivered said Q4 FY25 Promised: INR 1,000 crores for the next fiscal year Q1 FY27: Promise achieved in prior fiscal year. No new updates.
  • Shalvis Subsidiary Revenue revised down said Q1 FY26 Promised: Rs. 100 crores revenue in FY26-27 Q1 FY27: Guidance for FY27 further revised down to INR 50-60 crores, citing subdued demand, from the previous quarter's INR 70-80 crores.
  • Long-term Revenue Target on track said Q2 FY26 Promised: INR 3,000 crores by FY30-31 Q1 FY27: Management reiterated long-term vision with specific potential of INR 1,000 cr from Hamirpur and INR 1,000 cr from Sandila within 4 years, supporting the overall INR 3,000 cr target.

All 16 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 8.4%, net profit down 34.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue229 172 207 275 290 +27%225 +31%266 +29%252 −8%
EBITDA34 27 32 45 49 +44%38 +41%42 +31%35 −22%
Net profit26 16 22 35 32 +23%23 +44%31 +41%23 −34%
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 −37.6% 1Y

₹150₹200Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 13 Nov 2025Q3 FY26 — 11 Feb 2026Q4 FY26 — 25 May 2026Q1 FY27 — 13 Aug 2026

1Y: ₹214.23 on 10 Sept 2025 → ₹133.69. High ₹235.84 (17 Sept 2025), low ₹125.36 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−0.1%
13 Aug
Q4 FY26
+6.6%
25 May
Q3 FY26
−2.5%
11 Feb
Q2 FY26
−0.9%
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 6.1% a year over 3 years, FY23 to FY26. Operating margin narrowed to 16.5%.

Year endingFY23FY24FY25FY26
Revenue₹885 Cr₹680 Cr₹828 Cr₹1.1k Cr
Operating profit₹198 Cr₹87 Cr₹121 Cr₹174 Cr
Operating margin22.4%12.8%14.6%16.5%
Interest₹8 Cr₹4 Cr₹4 Cr₹7 Cr
Depreciation₹11 Cr₹16 Cr₹18 Cr₹21 Cr
Net profit₹143 Cr₹61 Cr₹83 Cr₹121 Cr
Net margin16.2%9.0%10.0%11.5%
Cash from operations₹45 Cr₹115 Cr₹3 Cr₹62 Cr
Free cash flow₹-30 Cr₹38 Cr₹-61 Cr₹-30 Cr
ROCE27.0%11.0%13.0%17.0%
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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹11 Cr₹12 Cr₹12 Cr₹12 Cr₹12 Cr₹12 Cr
Reserves₹378 Cr₹626 Cr₹762 Cr₹813 Cr₹945 Cr₹998 Cr
Borrowings₹30 Cr₹23 Cr₹13 Cr₹26 Cr₹44 Cr₹110 Cr
Other liabilities₹97 Cr₹131 Cr₹135 Cr₹151 Cr₹280 Cr₹215 Cr
Total liabilities₹517 Cr₹792 Cr₹921 Cr₹1.0k Cr₹1.3k Cr₹1.3k Cr
Fixed assets₹124 Cr₹174 Cr₹248 Cr₹279 Cr₹352 Cr₹388 Cr
Capital work in progress₹12 Cr₹44 Cr₹27 Cr₹58 Cr₹65 Cr₹68 Cr
Investments₹9 Cr₹17 Cr₹12 Cr₹12 Cr₹19 Cr₹19 Cr
Other assets₹372 Cr₹557 Cr₹633 Cr₹651 Cr₹844 Cr₹861 Cr
Total assets₹517 Cr₹792 Cr₹921 Cr₹1.0k Cr₹1.3k Cr₹1.3k 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, FIIs trimmed −2.32 pp while the public added +2.29 pp. The shareholder count shrank 7% to 94,075.

Promoters
63.6%
FIIs
0.2%
DIIs
0.0%
Public
36.1%

Since Jun 2025

  • FIIs −2.32 pp
  • Public +2.29 pp
  • Promoters +0.03 pp

How it drifted, 12 quarters

Over this window the public went from 34.4% to 36.1% — +1.8 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 63.6%, FIIs 0.3%, DIIs 1.7%, Public 34.4%.Dec '23: Promoters 63.6%, FIIs 1.6%, DIIs 1.6%, Public 33.2%.Mar '24: Promoters 63.6%, FIIs 2.4%, DIIs 0.0%, Public 34.0%.Jun '24: Promoters 63.6%, FIIs 0.3%, DIIs 0.0%, Public 36.1%.Sep '24: Promoters 63.6%, FIIs 0.3%, DIIs 0.1%, Public 36.0%.Dec '24: Promoters 63.6%, FIIs 1.8%, DIIs 0.1%, Public 34.6%.Mar '25: Promoters 63.6%, FIIs 1.8%, Public 34.5%.Jun '25: Promoters 63.6%, FIIs 2.5%, Public 33.9%.Sep '25: Promoters 63.6%, FIIs 2.8%, DIIs 0.0%, Public 33.5%.Dec '25: Promoters 63.6%, FIIs 1.9%, DIIs 0.0%, Public 34.4%.Mar '26: Promoters 63.6%, FIIs 1.9%, DIIs 0.0%, Public 34.5%.Jun '26: Promoters 63.6%, FIIs 0.2%, DIIs 0.0%, Public 36.1%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

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

HolderStakeChange
Anand Swarup Agarwal 31.15%unchanged
PSA Family Trust 9.78%unchanged
Sudha Agarwal 7.07%unchanged
ASA Family Trust 6.70%unchanged
MSA Family Trust 4.95%unchanged
Virendra Swarup Agarwal 3.17%unchanged
Asha Agarwal 3.16%unchanged
Sugandha Swarup Arora 2.11%unchanged
Nupur Goyal 2.11%unchanged
Aparna Gupta 2.11%unchanged
Sonia Ajay Goyal 1.01%unchanged
Shalini Pawan Agarwal 1.01%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.

What the price assumes

Expensive

To justify its price of ₹134, this stock must grow earnings at 8% every year for 7 years. Our analysis caps realistic growth at ~-6%. At that growth it is worth ₹64 — downside of 52%.

Growth the price implies
7.7% a year
for 7 years, fading to 4%
It has actually compounded at
-5.4% a year
net profit, FY23–FY26 · EPS -5.7%
The gap
0.1 pp
-52% downside if it only repeats history
Price today ₹133.69 Value at the reference growth ₹64.05

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse India Pesticides Limited

Guides on how to read this kind of business and the numbers that matter.