BSE: 526711
ADARSH PLANT PROTECT LTD.
Manufactures and sells plant protection products, classified within the pesticides and agrochemicals industry, with operations based in Gujarat (registered office at 604, GIDC, Vithal Udyognagar, Anand). FY26 revenue from operations was Rs 1,203.73 lakhs, down roughly 31% from Rs 1,749.70 lakhs in FY25, with the decline showing up consistently across quarters — Q2 FY26 revenue of Rs 362.91 lakhs fell ~30% year-on-year and Q3 FY26 revenue of Rs 257.01 lakhs fell ~33%. The company posted a marginal profit after tax of Rs 2.38 lakhs for FY26 against a small loss the prior year, but other equity remained deeply negative at Rs (962.52) lakhs, operating cash flow was negative, and current borrowings had risen to Rs 544.13 lakhs by H1 FY26. Materials cost is the dominant expense at 67.9% of revenue, with employee costs at 7.8%, other operating expenses at 17.3% and depreciation at 4.4%. The fiscal year-end results are audited by Mukund & Rohit, who issued an unmodified opinion with an emphasis of matter on unquantified impacts of new Labour Codes on employee benefits. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Plant protection / agrochemical products. Small, single-line agrochemical (pesticides & agrochemicals) manufacturer; revenue has shrunk sharply year-on-year with negative other equity and negative operating cash flow.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 17 | 17 | 19 | 17 | 12 |
| EBITDA (ex other income) | 0 | 0 | 1 | (1) | 1 |
| margin % | 1.8 | 2.4 | 4.1 | (4.9) | 6.8 |
| Owners' profit | 0 | 0 | 0 | (1) | (0) |
| EPS, as reported (₹) | 0.10 | 0.14 | 0.49 | (1.13) | (0.02) |
| ROE % · ROCE % | 12.5 · 7.7 | 14.2 · 9.4 | 33.2 · 16.8 | (322.2) · (32.5) | (8.3) · 8.6 |
| Debt / equity (x) | 6.85 | 4.88 | 3.09 | 12.22 | 18.81 |
| Cash from operations | 1 | 1 | 1 | 1 | (0) |
| Capex | 0 | (0) | (0) | 0 | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4 | 5 | 4 | 4 | 3 | 4 | 3 | 3 |
| Profit before tax | (0) | 0 | 0 | (1) | (0) | 0 | (0) | 0 |
| Net profit | (0) | 0 | 0 | (1) | (0) | 0 | (0) | 0 |
| EPS (₹) | (0.17) | 0.31 | 0.01 | (1.29) | (0.04) | 0.01 | (0.05) | 0.06 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| UPL LIMITED | 45,250 | 22.2 | 1.10 | 6.1 | 5.4 | 5.5 | 6.0 | 16.3 |
| PI INDUSTRIES LTD | 31,315 | 26.8 | 2.79 | 14.8 | 11.8 | 14.5 | 8.0 | 25.3 |
| SUMITOMO CHEM INDIA LTD | 16,716 | 28.9 | 4.93 | 20.8 | 16.0 | 20.8 | 4.1 | 28.9 |
| BAYER CROPSCIENCE LTD | 14,737 | 21.4 | 4.97 | — | 23.2 | 27.3 | — | 22.7 |
| SHARDA CROPCHEM LTD. | 6,172 | 9.9 | 1.97 | 5.0 | 21.7 | 25.2 | 17.1 | 20.5 |
| DHANUKA AGRITECH LTD | 4,008 | 13.7 | 2.86 | 8.9 | 21.2 | 27.0 | 12.7 | 27.4 |
| RALLIS INDIA LTD | 3,557 | 22.2 | 2.10 | 12.0 | 9.7 | 12.5 | — | 0.9 |
| BHAGIRADHA CHEM & INDS L | 2,668 | 97.0 | 3.82 | 48.4 | 2.6 | 2.4 | 11.0 | 16.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 83.0 | 2.2 | 28 of 28 | 0% |
| ROCE | (0.4) | 12.5 | 25 of 29 | 14% |
| ROE | (8.3) | 9.2 | 24 of 28 | 15% |
| Debt / Equity | 18.8 | 0.3 | 29 of 29 | 0% |
| EBITDA margin | 21.9 | 14.8 | 6 of 28 | 82% |
| Revenue growth | (27.8) | (0.8) | 25 of 28 | 11% |
| Profit growth | 105.0 | 18.1 | 6 of 28 | 82% |
| Market cap | 24 | 1334 | 27 of 29 | 7% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board to approve September quarter and half-year results | results | low | — | — |
| 9 Oct 2026 · Routine demat confirmation certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 1 Oct 2026 · Newspaper notice for special window to re-lodge physical share transfers | compliance | minimal | — | — |
| 19 Sept 2026 · Adarsh Plant Protect 34th AGM: All 4 resolutions passed with 100 percent approval | board shareholder meetings | medium | — | — |
| 10 Sept 2026 · Newspaper publication of 34th Annual Report dispatch notice | compliance | minimal | — | — |
| 31 Aug 2026 · Adarsh Plant Protect 34th AGM on 19 Sep 2026; FY25-26 Annual Report web-link shared | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Adarsh Plant Protect files 34th Annual Report; AGM on Sept 19, 2026 | compliance | minimal | — | — |
| 13 Aug 2026 · Newspaper publication of 34th AGM notice with e-voting and book closure details | compliance | minimal | — | — |
| 13 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 10 Aug 2026 · Q1 FY27 Results: Revenue dips 10.7% YoY, swing to profit | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.