NSE: INSECTICID · BSE: 532851
INSECTICIDES (I) LTD
Manufactures and sells crop protection chemicals, including insecticides, herbicides and fungicides, through B2C and B2B channels in India and via exports to overseas markets. Operates 8 manufacturing plants across India and reaches about 75 lakh farmers through a network of over 8,500 distributors. The B2C branded portfolio includes products such as Torry Super, Shinwa, Centran, Sparcle and Kunoichi, with premium formulations rising to 58% of B2C revenue in FY26 from 51% in FY23. The company launched GRANUVIA jointly with Corteva Agriscience in May 2026 and added five new products in FY26, taking the three-year launch tally past 25. Exports span 22 countries. Raw materials are the largest cost at 56.1% of revenue, followed by other operating expenses at 13.3% and employee costs at 7.7%; FY26 revenue was ₹2,140 crore with an EBITDA margin of 10.6%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. B2C branded agrochemicals, B2B agrochemicals, Exports. B2C-heavy agrochemical distribution with a branded products push, materials-heavy cost structure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,504 | 1,801 | 1,966 | 2,000 | 2,140 |
| EBITDA (ex other income) | 170 | 122 | 163 | 221 | 227 |
| margin % | 11.3 | 6.8 | 8.3 | 11.1 | 10.6 |
| Owners' profit | 107 | 63 | 0 | 0 | 139 |
| EPS, as reported (₹) | 54.17 | 21.36 | 34.59 | 48.38 | 47.91 |
| ROE % · ROCE % | 12.4 · 16.6 | 6.9 · 10.4 | 10.1 · 13.5 | 13.1 · 17.8 | 11.4 · 16.1 |
| Debt / equity (x) | 0.06 | 0.17 | 0.08 | 0.09 | 0.12 |
| Cash from operations | 135 | (11) | 184 | 93 | 100 |
| Capex | (67) | (87) | (49) | (37) | (95) |
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 | 627 | 358 | 359 | 691 | 638 | 385 | 426 | 612 |
| Profit before tax | 82 | 22 | 22 | 77 | 79 | 14 | 17 | 59 |
| Net profit | 61 | 17 | 14 | 58 | 59 | 10 | 12 | 44 |
| EPS (₹) | 20.78 | 5.96 | 4.77 | 19.97 | 20.31 | 3.60 | 4.02 | 15.08 |
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) | 12.0 | 19.0 | 8 of 24 | 70% |
| P/B | 1.2 | 2.2 | 7 of 28 | 74% |
| ROCE | 14.8 | 12.5 | 10 of 29 | 68% |
| ROE | 11.4 | 9.2 | 12 of 28 | 59% |
| Debt / Equity | 0.1 | 0.3 | 10 of 29 | 68% |
| EBITDA margin | 11.9 | 14.8 | 18 of 28 | 37% |
| Revenue growth | (11.5) | (0.8) | 21 of 28 | 26% |
| Profit growth | (24.5) | 18.1 | 20 of 28 | 30% |
| Market cap | 1501 | 1334 | 12 of 29 | 61% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Interim dividend record date set for November 12, 2026 | corporate actions | medium | — | — |
| 24 Oct 2026 · Board to consider interim dividend for FY 2026-27 | corporate actions | high | — | — |
| 24 Oct 2026 · Board to consider interim dividend for FY2026-27 | corporate actions | low | — | — |
| 7 Oct 2026 · RTA Certificate under SEBI Reg 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 7 Oct 2026 · Earnings call scheduled for Q2 and H1 FY27 results on Nov 5 | board shareholder meetings | low | — | — |
| 5 Oct 2026 · CRISIL reaffirms credit ratings, no change | credit debt | medium | — | — |
| 25 Sept 2026 · Trading window closure and board meeting for Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · Insecticides India analyst meetings on 28 Sept 2026 | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Q1 FY27 Earnings Call: Revenue Down 12%, Gross Margin Expands to 31.6% | investor communications | medium | — | — |
| 13 Aug 2026 · AGM 2026: All 7 resolutions pass; ESPS scheme gets 88% backing | board shareholder meetings | 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.