BSE: 524288
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Active Ingredients (Technical-grade), Brand / Formulations (50%). Agrochemicals — active ingredients and formulations under pricing pressure from Chinese competition.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 312 | 206 | 207 | 198 | 155 |
| EBITDA (ex other income) | 18 | 2 | (8) | (4) | (11) |
| margin % | 5.7 | 1.0 | (3.7) | (1.8) | (7.2) |
| Owners' profit | 0 | 0 | (10) | 0 | 0 |
| EPS, as reported (₹) | 11.12 | (2.28) | (10.48) | 7.55 | 12.47 |
| ROE % · ROCE % | 21.1 · 30.3 | (4.7) · (0.8) | (28.7) · (26.6) | (24.2) · (19.5) | (69.0) · (68.8) |
| Debt / equity (x) | 0.00 | 0.27 | 0.53 | 0.66 | 0.83 |
| Cash from operations | 23 | (11) | 7 | 3 | 6 |
| Capex | (8) | (7) | (6) | (1) | (2) |
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 | 40 | 55 | 51 | 53 | 48 | 46 | 30 | 31 |
| Profit before tax | (2) | (1) | 1 | (7) | (2) | (5) | (3) | (5) |
| Net profit | (2) | (1) | 1 | (5) | (1) | (4) | (3) | (4) |
| EPS (₹) | (1.62) | (1.10) | 0.54 | 5.36 | (1.53) | (4.19) | 2.64 | 4.25 |
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/E (TTM) | 34.5 | 19.0 | 21 of 24 | 13% |
| P/B | 2.2 | 2.2 | 15 of 28 | 48% |
| ROCE | (77.7) | 12.5 | 29 of 29 | 0% |
| ROE | (69.0) | 9.2 | 28 of 28 | 0% |
| Debt / Equity | 0.8 | 0.3 | 25 of 29 | 14% |
| EBITDA margin | (13.4) | 14.8 | 27 of 28 | 4% |
| Revenue growth | (41.8) | (0.8) | 26 of 28 | 7% |
| Profit growth | 19.3 | 18.1 | 14 of 28 | 52% |
| Market cap | 40 | 1334 | 26 of 29 | 11% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board to review Q2 and half-year results on November 5 | results | low | — | — |
| 9 Oct 2026 · Compliance certificate filed with BSE for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Newspaper notice on special window for re-lodging physical share transfers | compliance | minimal | — | — |
| 25 Sept 2026 · 39th AGM voting results: All 4 resolutions passed with requisite majority | compliance | minimal | — | — |
| 25 Sept 2026 · Aimco Pesticides 39th AGM concludes; voting results awaited for 4 resolutions | board shareholder meetings | medium | — | — |
| 27 Aug 2026 · Aimco Pesticides sends Annual Report 2025-26 web-link to shareholders without email | compliance | minimal | — | — |
| 27 Aug 2026 · Notice of 39th AGM, Book Closure and E-Voting Details | compliance | minimal | — | — |
| 26 Aug 2026 · 39th AGM on Sept 25, 2026 via VC; includes related-party property sale | board shareholder meetings | low | — | — |
| 26 Aug 2026 · Aimco Pesticides FY26 Annual Report: Revenue Down, Losses Widen | results | medium | — | — |
| 13 Aug 2026 · Aimco Pesticides Q1 FY27 results: revenue down, swung to profit | compliance | minimal | — | — |
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.