NSE: BAYERCROP · BSE: 506285
BAYER CROPSCIENCE LTD
Sells crop protection chemicals and hybrid seeds to Indian farmers. Crop protection (insecticides, herbicides, fungicides) made up 76% of FY26 revenue, hybrid seeds (anchored by corn) contributed 19%, and exports 5%. Corn has emerged as India's third field crop driven by ethanol, feed and silage demand, and the corn seed portfolio has nearly doubled over five years (CAGR 15–16%); management is targeting to double it again. Seven new crop protection products were launched in FY26, including BICOTA, with Camalus, Xivana Smart and the global insecticide Plenexos in the pipeline. Materials — largely imported active ingredients — are the dominant cost line at 55.6% of revenue, prompting a shift to 'India for India' and broader Asia sourcing away from China. H1 FY26 grew only 3% as relentless monsoon extended into the Rabi season and missed spray windows; eastern India go-to-market is being rebuilt around a partner-led Better Life Farming model. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Crop Protection (76%), Hybrid Seeds (19%), Exports (5%). Seasonal, monsoon-dependent agrochemical and hybrid seeds business with a heavy imported-input cost base
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,734 | 5,140 | 5,103 | 5,473 | 5,675 |
| EBITDA (ex other income) | 870 | 1,028 | 954 | 690 | 874 |
| margin % | 18.4 | 20.0 | 18.7 | 12.6 | 15.4 |
| Owners' profit | 645 | 758 | 741 | 568 | 689 |
| EPS, as reported (₹) | 143.58 | 168.71 | 164.77 | 126.38 | 153.35 |
| ROE % · ROCE % | 25.6 · 31.9 | 28.0 · 34.9 | 26.0 · 32.0 | 19.9 · 24.0 | 23.2 · 27.9 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 216 | 609 | 952 | 262 | 1,079 |
| Capex | (34) | (44) | (33) | (26) | (40) |
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 | 1,631 | 1,738 | 1,057 | 1,046 | 1,915 | 1,553 | 1,106 | 1,101 |
| Profit before tax | 316 | 190 | 34 | 168 | 335 | 200 | 113 | 206 |
| Net profit | 254 | 136 | 34 | 143 | 279 | 153 | 96 | 162 |
| EPS (₹) | 56.56 | 30.33 | 7.61 | 31.88 | 62.01 | 33.98 | 21.29 | 36.07 |
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) | 21.4 | 19.0 | 15 of 24 | 39% |
| P/B | 5.0 | 2.2 | 27 of 28 | 4% |
| ROCE | 27.3 | 12.5 | 1 of 29 | 100% |
| ROE | 23.2 | 9.2 | 1 of 28 | 100% |
| Debt / Equity | 0.0 | 0.3 | 1 of 29 | 96% |
| EBITDA margin | 22.7 | 14.8 | 5 of 28 | 85% |
| Revenue growth | 5.2 | (0.8) | 11 of 28 | 63% |
| Profit growth | 13.1 | 18.1 | 16 of 28 | 44% |
| Market cap | 14737 | 1334 | 4 of 29 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Commercial lead resigns from senior management effective December 31, 2026 | management changes | medium | — | — |
| 15 Oct 2026 · Board meeting on Nov 3 for Q2 results and interim dividend | results | medium | — | — |
| 15 Oct 2026 · Bayer CropScience appoints new Independent Director via Postal Ballot | compliance | minimal | — | — |
| 14 Oct 2026 · Independent Director appointment approved by postal ballot | management changes | medium | — | — |
| 9 Oct 2026 · Routine compliance certificate for Q2 FY27 dematerialisation details | compliance | minimal | — | — |
| 18 Sept 2026 · Trading window closed from Oct 1 till Q2 results declaration | compliance | minimal | — | — |
| 18 Sept 2026 · Bayer CropScience - Special window open for physical share demat | compliance | minimal | — | — |
| 12 Sept 2026 · Bayer CropScience Postal Ballot: Appointment of Independent Director | compliance | minimal | — | — |
| 11 Sept 2026 · Bayer CropScience Postal Ballot for Independent Director Appointment | management changes | medium | — | — |
| 9 Sept 2026 · Public notice regarding loss of share certificates by shareholder | 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.