AIMCO PESTICIDES LTD.

Manufactures agrochemical products for crop protection, selling in two streams: technical-grade active ingredients (AIs) for B2B customers and branded formulations distributed domestically and overseas. The brand/formulation line is roughly 50% of sales and was called out as the growth driver, growing 15% in FY25 with a 20% target for FY26 on 30-35% gross margins. The AI business has seen gross margins compress from a historical 20-30% band to 12-20% on Chinese competition. New registrations in Brazil — for Bifenthrin and Triclopyr Technical — were secured in FY25/FY26; Triclopyr is described as the world's largest market for that herbicide and management sized the Brazilian opportunity at roughly Rs 100 crore. A newer molecule, Ethiprole, is being scaled up across both B2B and branded channels. Raw materials account for 73.1% of revenue, making input cost the largest cost line, and the business has been EBITDA-negative for three consecutive years through FY25.