PUNJABCHEM

Punjab Chemicals & Crop Protection share price & financials

Price
₹1,042.8
Market cap
₹1.3k Cr
Sector
Chemicals
Calls analysed
4
Latest concall · Q1 FY27 · call held 31 Jul 2026

Punjab Chemicals & Crop Protection Limited Q1 FY27

Consolidated Revenue ₹347.2 cr +9%EBITDA ₹40.8 cr +19%EBITDA Margin 11.8% PAT ₹22.1 cr +7%

What went well

  • Consolidated revenue from operations stood at INR 347.2 crores, a growth of 8.7% year-on-year.
  • Gross margin improved to 36.6%, up 355 basis points on a yearly basis.
  • EBITDA of INR 40.8 crores, reflecting growth of 18.8% year-on-year, with an EBITDA margin of 11.8%.

What to watch

  • Indian agrochemical space is seeing a weak demand environment due to delayed sowing and weak monsoon, with visible pricing pressure.
  • Supply chain remains fragile and sensitive to cost, with continuing volatility in raw material availability and logistics.
Read the full call →

What Punjab Chemicals & Crop Protection Limited does

Punjab Chemicals and Crop Protection Limited manufactures complex-chemistry products across three synergistic divisions - Agrochemicals, Specialty Chemicals & Pharmaceuticals, and Industrial Chemicals - from facilities in Derabassi and Lalru (Punjab) and Pune (Maharashtra). It makes crop-protection molecules (herbicides, insecticides, fungicides), pharmaceutical intermediates, fine chemicals and APIs, and industrial chemicals such as food-grade phosphoric acid, and also acts as a contract development and manufacturing organisation (CDMO) for domestic and international agrochemical, pharma and specialty-chemical customers. It earns through a mix of proprietary product sales and long-term contract-manufacturing partnerships, exporting to Europe, Japan, North America and other markets.

Segments

  • Agro Chemicals
  • Specialty Chemicals & Pharmaceuticals
  • Industrial Chemicals
Manufacturing facilities
3 (Derabassi and Lalru, Punjab; Pune, Maharashtra)
Total employees
1,230
Reactor capacity
Over 2,000 KL across multi-purpose production blocks
Chemistries handled
Capability to handle 40+ distinct chemistries
New products commercialised
6-8 new products introduced every year
R&D pipeline
More than 25 products at R&D and pilot stage
Founded 1975Headquarters Mumbai, Maharashtra Company website

Guidance record · Q1 FY27

what the last two calls moved 20 tracked 3 delivered 2 missed 15 open
  • Industrial Chemicals Revenue Growth went quiet said Q4 FY26 Promised: Doubling of sales in the next two years Q1 FY27: No specific update was provided on the performance or growth of the Industrial Chemicals division.
  • Working Capital Cycle revised down said Q1 FY26 Promised: Improvement from 111 days in FY25 Q1 FY27: Management stated the working capital cycle is 'bit increasing' and will only return to 'last year's levels' by the end of FY27. This reverses the original promise of improvement.
  • Greenfield Project Status on track said Q1 FY26 Promised: INR 250 crores over the next 3 years; scouting for the right opportunity. Q1 FY27: Management stated a clear goal to 'start the Greenfield capex in FY27'. This is consistent with the previously delayed timeline of announcing a site by Q2/Q3 FY27.

All 20 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 8.5%, net profit up 10.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue242 214 201 319 254 +5%246 +15%207 +3%346 +8%
EBITDA26 20 25 34 25 −4%29 +45%27 +8%41 +21%
Net profit12 7 7 20 17 +42%14 +100%10 +43%22 +10%
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 −3.8% 1Y

₹1.0k₹1.2k₹1.4kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q3 FY26 — 29 Jan 2026Q4 FY26 — 5 May 2026Q1 FY27 — 31 Jul 2026

1Y: ₹1,107.8 on 10 Sept 2025 → ₹1,065.3. High ₹1,493.1 (31 Oct 2025), low ₹892.7 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−5.1%
31 Jul
Q4 FY26
−1.4%
5 May
Q3 FY26
+6.0%
29 Jan

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 0.7% a year over 3 years, FY23 to FY26. Operating margin narrowed to 11.2%.

Year endingFY23FY24FY25FY26
Revenue₹1.0k Cr₹930 Cr₹899 Cr₹1.0k Cr
Operating profit₹122 Cr₹111 Cr₹99 Cr₹115 Cr
Operating margin12.1%11.9%11.0%11.2%
Interest₹18 Cr₹20 Cr₹18 Cr₹17 Cr
Depreciation₹20 Cr₹22 Cr₹24 Cr₹29 Cr
Net profit₹61 Cr₹55 Cr₹40 Cr₹61 Cr
Net margin6.1%5.9%4.4%5.9%
Cash from operations₹57 Cr₹29 Cr₹23 Cr₹99 Cr
Free cash flow₹21 Cr₹-2 Cr₹-8 Cr₹54 Cr
ROCE29.0%21.0%15.0%18.0%
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₹12 Cr₹12 Cr₹12 Cr₹12 Cr₹12 Cr₹12 Cr
Reserves₹152 Cr₹229 Cr₹286 Cr₹336 Cr₹388 Cr₹431 Cr
Borrowings₹88 Cr₹93 Cr₹94 Cr₹123 Cr₹124 Cr₹154 Cr
Other liabilities₹219 Cr₹239 Cr₹242 Cr₹197 Cr₹169 Cr₹264 Cr
Total liabilities₹470 Cr₹574 Cr₹634 Cr₹669 Cr₹693 Cr₹861 Cr
Fixed assets₹189 Cr₹212 Cr₹222 Cr₹236 Cr₹259 Cr₹273 Cr
Capital work in progress₹16 Cr₹7 Cr₹20 Cr₹12 Cr₹14 Cr₹19 Cr
Investments₹1 Cr₹1 Cr₹2 Cr₹8 Cr₹4 Cr₹18 Cr
Other assets₹265 Cr₹354 Cr₹390 Cr₹413 Cr₹416 Cr₹551 Cr
Total assets₹470 Cr₹574 Cr₹634 Cr₹669 Cr₹693 Cr₹861 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, the public trimmed −2.97 pp while FIIs added +2.87 pp. The shareholder count shrank 4% to 19,497.

Promoters
39.2%
FIIs
5.9%
DIIs
0.6%
Public
54.3%

Since Jun 2025

  • Public −2.97 pp
  • FIIs +2.87 pp
  • DIIs +0.09 pp

How it drifted, 12 quarters

Over this window the public fell from 57.6% to 54.3% — −3.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 39.2%, FIIs 3.0%, DIIs 0.1%, Public 57.6%.Dec '23: Promoters 39.2%, FIIs 3.0%, DIIs 0.1%, Public 57.6%.Mar '24: Promoters 39.2%, FIIs 3.0%, DIIs 0.4%, Public 57.4%.Jun '24: Promoters 39.2%, FIIs 3.0%, DIIs 0.4%, Public 57.3%.Sep '24: Promoters 39.2%, FIIs 3.0%, DIIs 0.4%, Public 57.4%.Dec '24: Promoters 39.2%, FIIs 2.9%, DIIs 0.5%, Public 57.3%.Mar '25: Promoters 39.2%, FIIs 3.1%, DIIs 0.6%, Public 57.2%.Jun '25: Promoters 39.2%, FIIs 3.0%, DIIs 0.6%, Public 57.3%.Sep '25: Promoters 39.2%, FIIs 3.0%, DIIs 0.6%, Public 57.2%.Dec '25: Promoters 39.2%, FIIs 3.0%, DIIs 0.6%, Public 57.2%.Mar '26: Promoters 39.2%, FIIs 3.0%, DIIs 0.6%, Public 57.1%.Jun '26: Promoters 39.2%, FIIs 5.9%, DIIs 0.6%, Public 54.3%.

Who was buying across the market this quarter →

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.

The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Punjab Chemicals & Crop Protection Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Hemsil Trading and Manufacturing Pvt. Ltd. 32.76%unchanged
Gowal Consulting Services Private Limited 21.04%−3.43 pp
Excel Industries Limited 4.77%unchanged
Ares Diversified AIF3.43%newly disclosed
Arial Holdings 1 FPI fund2.02%−0.56 pp
Shalil ShashiKumar Shroff 1.88%unchanged
Hemal Raju Shete 1.74%unchanged
Rupam Shalil Shroff 1.69%unchanged
Salil ShashiKumar Shroff HUF 0.63%unchanged
Malvika Shalil Shroff 0.29%unchanged
Ishika Shalil Shroff 0.25%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

Growth trap

To justify its price of ₹1065, this stock must grow earnings at 15% every year for 7 years. Our analysis caps realistic growth at ~-3%. At that growth it is worth ₹421 — downside of 61%.

Growth the price implies
14.5% a year
for 7 years, fading to 4%
It has actually compounded at
-2.8% a year
net profit, FY23–FY26 · EPS -2.7%
The gap
0.2 pp
-61% downside if it only repeats history
Price today ₹1,065.3 Value at the reference growth ₹420.72

Change the assumptions yourself →

All earnings calls (4)

Read the Q1 FY27 call →

Learn to analyse Punjab Chemicals & Crop Protection Limited

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