Earning Presentation for Q4 & FY ended March 31, 2026
INSECTICID · price
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Insecticides (India) reported FY26 revenue of Rs 2,140 Cr, up 7% YoY from Rs 2,000 Cr. Q4FY26 revenue was Rs 426 Cr, a strong 19% growth versus Q4FY25. However, profitability metrics declined: Gross margin fell 50 bps to 31.5%, EBITDA margin dropped 50 bps to 10.6%, and PAT margin compressed 60 bps to 6.5%. PAT for FY26 stood at Rs 139 Cr, down 2% from Rs 142 Cr in FY25. The company continued its premiumization drive, with premium B2C sales share rising to 58% from 51% in FY23. Working capital improved with net working capital days reducing from 172 to 168 days. The company maintains one of India's largest agrochemical distribution networks with 8,500+ distributors and 70,000+ retailers.
While revenue grew 7%, the consistent margin compression across all levels suggests cost pressures or competitive intensity affecting profitability. The improving premium product mix and working capital efficiency are positives, but declining margins may concern shareholders focused on profitability improvement.