NSE: ASTEC · BSE: 533138
ASTEC LIFESCIENCES LTD
Manufactures agrochemical active ingredients and intermediates, selling through two business lines: an Enterprise segment that markets its own crop protection products, and a Contract Manufacturing / CDMO business that makes intermediates and technical-grade molecules for global agrochemical customers. Geographically, exports dominate the mix — outside India contributed 68.4% of segment revenue at Rs 258.55 cr, while within India contributed 31.6% at Rs 119.60 cr. According to the FY26 disclosures, CDMO contributed 52% of sales and exports 62%. Cost structure is raw-material intensive at 60.3% of revenue, with employees at 14.0%, other operating expenses at 20.4% and depreciation at 10.0%. The company is a subsidiary of Godrej Agrovet, which holds 67.03%. FY26 closed with revenue of Rs 448.15 cr, a net loss of Rs 80.88 cr, and EBITDA barely above break-even after a prior-year loss. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Outside India (exports) (68%), Within India (domestic) (32%), CDMO / Contract Manufacturing (52%), Enterprise (proprietary). Asset-heavy agrochemical manufacturer, export-oriented, currently loss-making at the net level but at EBITDA break-even
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 677 | 628 | 458 | 381 | 448 |
| EBITDA (ex other income) | 154 | 76 | (6) | (66) | (7) |
| margin % | 22.8 | 12.1 | (1.3) | (17.4) | (1.5) |
| Owners' profit | 90 | 26 | (47) | (135) | (81) |
| EPS, as reported (₹) | 45.87 | 13.04 | (23.93) | (68.71) | (37.79) |
| ROE % · ROCE % | 22.7 · 32.1 | 6.1 · 12.3 | (12.7) · (6.3) | (57.3) · (20.2) | (20.7) · (10.5) |
| Debt / equity (x) | 0.70 | 0.81 | 1.34 | 2.36 | 1.15 |
| Cash from operations | 24 | 75 | 10 | (8) | (81) |
| Capex | (104) | (117) | (135) | (22) | (6) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 99 | 94 | 213 | 91 | 74 | 125 | 159 | 84 |
| Profit before tax | (39) | (25) | (41) | (33) | (24) | (16) | (8) | (19) |
| Net profit | (39) | (40) | (56) | (33) | (24) | (16) | (8) | (19) |
| EPS (₹) | (19.66) | (20.59) | (28.79) | (16.85) | (11.35) | (7.04) | (3.48) | (8.40) |
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 | 3.4 | 2.2 | 23 of 28 | 19% |
| ROCE | (18.3) | 12.5 | 27 of 29 | 7% |
| ROE | (20.7) | 9.2 | 26 of 28 | 7% |
| Debt / Equity | 1.1 | 0.3 | 26 of 29 | 11% |
| EBITDA margin | 0.1 | 14.8 | 25 of 28 | 11% |
| Revenue growth | (8.3) | (0.8) | 16 of 28 | 44% |
| Profit growth | 43.4 | 18.1 | 11 of 28 | 63% |
| Market cap | 1334 | 1334 | 15 of 29 | 50% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Astec LifeSciences reports wider Q2 loss as income from operations falls | compliance | minimal | — | — |
| 26 Oct 2026 · Q2 FY27 loss widens as demand and exports weaken | compliance | low | — | — |
| 26 Oct 2026 · September quarter net loss widens to Rs 37.4 crore as revenue declines 2.3% | results | high | — | — |
| 26 Oct 2026 · September-quarter sales fall and loss widens; half-year revenue also declines | results | medium | — | — |
| 16 Oct 2026 · Board meeting on 26 Oct 2026 to consider Q2 and H1 FY26 results | results | low | — | — |
| 8 Oct 2026 · Compliance Certificate under Regulation 74(5) for Q2 FY26-27 | compliance | minimal | — | — |
| 1 Oct 2026 · Astec LifeSciences replies to NSE on volume surge, says no undisclosed info | regulatory legal | medium | — | — |
| 30 Sept 2026 · Unusual trading volume - NSE seeks clarification from Astec LifeSciences | regulatory legal | medium | — | — |
| 28 Sept 2026 · Trading Window Closure for Q2 and H1 FY2026 Results | compliance | minimal | — | — |
| 18 Sept 2026 · Astec LifeSciences replies to NSE on unusual trading volume | regulatory legal | medium | — | — |
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.