NSE: BESTAGRO · BSE: 539660
BEST AGROLIFE LIMITED
Sells crop protection chemicals such as pesticides, insecticides and other agrochemical formulations in India. In FY26, the business generated ₹1,256.67 crore in revenue and a net profit of ₹8.87 crore. Distribution in the quarter ended June 2020 was 85.9% wholesale, 13.7% retail and 0.4% PVA and plastic products; the retail segment ran at higher EBIT per unit of revenue than wholesale in that period. Raw materials are the largest cost at 36.2% of revenue, followed by other operating expenses at 14.4% and employee costs at 7.9%. FY26 revenue was 31% lower than FY25 and Q4 FY26 revenue fell 43% year-on-year, with the company cutting sales of low-margin products as raw material prices spiked from the Gulf conflict, followed by two price increases in April-May 2026. Inventory was reduced from ₹958 crore at end-FY24 to ₹651 crore by March 2026, and operating expenses were cut 15% year-on-year to ₹280 crore in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Wholesale (86%), Retail (14%), PVA and Plastic Products (0%). Cyclical, branded-transitioning agrochemical company with significant FY26 revenue contraction
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,211 | 1,746 | 1,873 | 1,814 | 1,257 |
| EBITDA (ex other income) | 166 | 314 | 226 | 200 | 100 |
| margin % | 13.7 | 18.0 | 12.0 | 11.0 | 8.0 |
| Owners' profit | 0 | 192 | 106 | 0 | 9 |
| EPS, as reported (₹) | 45.98 | 81.26 | 44.94 | 29.56 | 0.25 |
| ROE % · ROCE % | 31.8 · 39.0 | 36.4 · 50.0 | 16.4 · 27.7 | 9.2 · 19.9 | 1.2 · 7.6 |
| Debt / equity (x) | 0.80 | 1.06 | 0.97 | 0.62 | 0.56 |
| Cash from operations | (78) | (180) | 41 | 228 | 97 |
| Capex | (12) | (37) | (46) | (21) | (8) |
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 | 747 | 274 | 274 | 381 | 517 | 203 | 156 | 396 |
| Profit before tax | 121 | (33) | (24) | 26 | 52 | (20) | (48) | 55 |
| Net profit | 95 | (24) | (22) | 20 | 39 | (13) | (37) | 41 |
| EPS (₹) | 40.03 | (10.22) | (9.26) | 8.42 | 16.46 | (0.36) | (1.05) | 1.15 |
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) | 0.9 | 19.0 | 1 of 24 | 100% |
| P/B | 0.7 | 2.2 | 2 of 28 | 96% |
| ROCE | 1.2 | 12.5 | 23 of 29 | 21% |
| ROE | 1.1 | 9.2 | 21 of 28 | 26% |
| Debt / Equity | 0.6 | 0.3 | 22 of 29 | 25% |
| EBITDA margin | 20.1 | 14.8 | 9 of 28 | 70% |
| Revenue growth | 3.9 | (0.8) | 13 of 28 | 56% |
| Profit growth | 104.1 | 18.1 | 7 of 28 | 78% |
| Market cap | 514 | 1334 | 20 of 29 | 32% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Special window opened for physical share transfer requests | compliance | minimal | — | — |
| 26 Oct 2026 · Best Agrolife schedules second-quarter FY27 earnings call for 2 November 2026 | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Board meeting on Oct 30, 2026 to approve Q2 and H1 FY26-27 results | results | low | — | — |
| 7 Oct 2026 · Best Agrolife sets up new wholly owned subsidiary in Brazil | strategic transactions | medium | — | — |
| 7 Oct 2026 · Reg 74(5) certificate: No physical share certificates received for demat in Q2 FY26 | compliance | minimal | — | — |
| 30 Sept 2026 · Best Agrolife 35th AGM voting results - all 7 resolutions passed | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Best Agrolife 35th AGM: 7 resolutions passed, dividend declared | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading window closed from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 7 Sept 2026 · AGM notice and web link for Annual Report FY 2025-26 | general | low | — | — |
| 7 Sept 2026 · 35th AGM notice published in newspapers, e-voting details shared | 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.