NSE: IPL · BSE: 543311
INDIA PESTICIDES LIMITED
Manufactures agrochemicals — herbicides, fungicides and chemical intermediates — selling to both domestic and international customers. In FY26 the company crossed INR 1,000 crores in consolidated revenue for the first time, with EBITDA up 44.7% and PAT up 45.8%. Q4 FY26 domestic sales surged 55% YoY while exports remained stable despite geopolitical logistics disruptions. The company has backward-integrated into PEDA and Pretilachlor, which combined with anti-dumping measures has replaced imports and now meets nearly all Indian demand. It has scaled formulation capacity to 10,000 MT distributed through 24 depots across 18 states, and a Japan partner business is growing ~30% YoY. The Shalvis subsidiary is scaling new manufacturing capacity, with a second block expected operational by September-October 2026. In July 2026 the company received EU Technical Equivalence approval for a fungicide and a fungicide formulation registration in Morocco. Raw materials are the largest cost line at 58.2% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Domestic sales, Exports, Japan partner business. Agrochemical manufacturer with herbicide focus, vertical backward integration, and growing export footprint
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 716 | 885 | 680 | 829 | 1,057 |
| EBITDA (ex other income) | 214 | 197 | 87 | 120 | 174 |
| margin % | 29.9 | 22.3 | 12.7 | 14.4 | 16.4 |
| Owners' profit | 158 | 0 | 60 | 0 | 120 |
| EPS, as reported (₹) | 13.78 | 12.46 | 5.24 | 7.14 | 10.40 |
| ROE % · ROCE % | 24.8 · 33.2 | 18.5 · 25.0 | 7.3 · 10.2 | 9.1 · 12.6 | 11.9 · 16.2 |
| Debt / equity (x) | 0.02 | 0.00 | 0.02 | 0.06 | 0.11 |
| Cash from operations | 76 | 45 | 114 | 3 | 62 |
| Capex | (82) | (76) | (77) | (64) | (91) |
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 | 229 | 172 | 207 | 275 | 566 | 225 | 266 | 252 |
| Profit before tax | 34 | 23 | 29 | 47 | 94 | 34 | 38 | 31 |
| Net profit | 26 | 16 | 22 | 35 | 67 | 23 | 31 | 23 |
| EPS (₹) | 2.25 | 1.40 | 1.89 | 3.03 | 5.78 | 1.97 | 2.66 | 1.98 |
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 | 43,856 | 21.5 | 1.06 | 6.0 | 5.4 | 5.5 | 6.0 | 16.3 |
| PI INDUSTRIES LTD | 31,709 | 27.2 | 2.82 | 15.0 | 11.8 | 14.5 | 8.0 | 25.3 |
| SUMITOMO CHEM INDIA LTD | 16,936 | 29.2 | 4.99 | 21.1 | 16.0 | 20.8 | 4.1 | 28.9 |
| BAYER CROPSCIENCE LTD | 14,727 | 21.4 | 4.97 | — | 23.2 | 27.3 | — | 22.7 |
| SHARDA CROPCHEM LTD. | 5,819 | 9.3 | 1.86 | 4.7 | 21.7 | 25.2 | 17.1 | 20.5 |
| DHANUKA AGRITECH LTD | 3,842 | 13.2 | 2.74 | 8.6 | 21.2 | 27.0 | 12.7 | 27.4 |
| RALLIS INDIA LTD | 3,610 | 22.5 | 2.13 | 12.2 | 9.7 | 12.5 | — | 0.9 |
| NACL INDUSTRIES LIMITED | 2,645 | 221.4 | 3.87 | 33.4 | 0.7 | 1.4 | 5.9 | 11.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.5 | 19.0 | 5 of 24 | 83% |
| P/B | 1.4 | 2.1 | 9 of 28 | 70% |
| ROCE | 15.5 | 12.5 | 9 of 29 | 71% |
| ROE | 11.9 | 9.2 | 9 of 28 | 70% |
| Debt / Equity | 0.1 | 0.3 | 9 of 29 | 71% |
| EBITDA margin | 15.7 | 14.8 | 13 of 28 | 56% |
| Revenue growth | (8.5) | (0.8) | 17 of 28 | 41% |
| Profit growth | (34.8) | 18.1 | 22 of 28 | 22% |
| Market cap | 1362 | 1362 | 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 · September quarter results conference call set for 5 November 2026 | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 7 Oct 2026 · Quarterly Depository Compliance Certificate for Q2 FY26 | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closed for Q2 and H1 FY26 results | compliance | minimal | — | — |
| 19 Sept 2026 · CARE reaffirms credit rating; bank facility limit raised to Rs 100 cr | credit debt | medium | — | — |
| 18 Sept 2026 · India Pesticides gets regulatory approvals for products in UK and Argentina | compliance | low | — | — |
| 15 Sept 2026 · India Pesticides gets insecticide and herbicide approvals for UK and Argentina | business updates | medium | — | — |
| 5 Sept 2026 · India Pesticides gets ESG rating of 57 from CRISIL | business updates | medium | — | — |
| 1 Sept 2026 · AGM approves accounts, dividend, appointments and director pay | board shareholder meetings | low | — | — |
| 1 Sept 2026 · India Pesticides files revised FY2025-26 annual report | investor communications | high | — | — |
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.