NSE: IGCL · BSE: 544432
INDOGULF CROPSCIENCES LTD
Manufactures and sells crop protection products (agrochemicals), biologicals and plant nutrients, operating as an integrated agri-solutions platform. The revenue mix is dominated by crop protection at 85%, with biologicals at 6% and plant nutrients at 5%. Distribution runs through B2C (50% of revenue), B2B (38%) and exports (11%), reaching 100K+ farmers via 7,000+ distributors and 192 institutional partners across 34+ countries. Four manufacturing facilities operate at 52% capacity utilisation, with expansion underway at the Barwasni site for dry flowable products. New export markets added in FY26 include Venezuela, Taiwan and Sudan, with Brazil flagged as a future market. Materials are the dominant cost at 72.5% of revenue, while employee costs run at 8.0% and other operating expenses at 12.4%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Crop Protection (85%), Biologicals (6%), Plant Nutrients (5%). Agrochemical manufacturing with high raw material intensity; distribution-led, multi-channel (B2C/B2B/exports) model
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 590 | 705 |
| EBITDA (ex other income) | 66 | 74 |
| margin % | 11.1 | 10.5 |
| Owners' profit | 31 | 40 |
| EPS, as reported (₹) | 7.02 | 6.72 |
| ROE % · ROCE % | 11.4 · 18.3 | 8.7 · 14.7 |
| Debt / equity (x) | 0.82 | 0.39 |
| Cash from operations | (15) | (41) |
| Capex | (42) | (28) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 126 | 189 | 248 | 116 | 151 | 169 |
| Profit before tax | 15 | 5 | 27 | 7 | 14 | 3 |
| Net profit | 10 | 4 | 21 | 4 | 12 | 2 |
| EPS (₹) | 2.10 | 0.80 | 1.73 | 0.77 | 2.30 | 0.38 |
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) | 10.9 | 19.0 | 7 of 24 | 74% |
| P/B | 0.8 | 2.1 | 4 of 28 | 89% |
| ROCE | 11.2 | 12.5 | 16 of 29 | 46% |
| ROE | 8.7 | 9.2 | 15 of 28 | 48% |
| Debt / Equity | 0.4 | 0.3 | 18 of 29 | 39% |
| EBITDA margin | 6.2 | 14.8 | 22 of 28 | 22% |
| Revenue growth | (11.0) | (0.8) | 20 of 28 | 30% |
| Profit growth | (37.6) | 18.1 | 23 of 28 | 19% |
| Market cap | 356 | 1362 | 22 of 29 | 25% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Compliance certificate: all shares held in demat form, Q2 FY27 | compliance | minimal | — | — |
| 26 Sept 2026 · Indogulf Cropsciences: director re-appointment, auditor named, IPO funds reallocated | management changes | high | — | — |
| 26 Sept 2026 · AGM approvals: director re-appointment, auditor appointment, IPO proceeds change | management changes | high | — | — |
| 26 Sept 2026 · Trading window closed from October 1 for Q2 results | compliance | minimal | — | — |
| 26 Sept 2026 · Indogulf Cropsciences 34th AGM: All 5 resolutions passed, including IPO proceeds variation | board shareholder meetings | medium | — | — |
| 24 Sept 2026 · Indogulf Cropsciences 34th AGM Proceedings on Sept 24, 2026 | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Indogulf Cropsciences to attend Arihant Capital Bharat Connect Conference | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Newspaper advertisement for 34th AGM notice published | compliance | minimal | — | — |
| 1 Sept 2026 · Indogulf Cropsciences files Annual Report for FY2025-26; 34th AGM on Sep 24, 2026 | results | high | — | — |
| 1 Sept 2026 · Notice of 34th AGM of Indogulf Cropsciences on September 24, 2026 | board shareholder meetings | low | — | — |
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.