NSE: NACLIND · BSE: 524709
NACL INDUSTRIES LIMITED
Operates in the pesticides and agrochemicals industry, manufacturing crop-protection products for the Indian agriculture market. FY26 revenue was Rs 1,584.46 crore, up about 28 percent year-on-year, with EBITDA swinging to a Rs 106 crore profit from a Rs 55 crore loss the prior year; net profit was Rs 4.57 crore. Reported cost structure is dominated by materials at 67.9 percent of revenue, followed by other operating expenses at 15.4 percent and employee costs at 10.1 percent. The reporting pack shows a single operating-revenue segment (Rs 891.21 crore in the 2019 segment disclosure), so a current product-wise breakdown is not available in the facts. The business has a subsidiary called NACL Spec-Chem and, until recently, an associate called Nasense Labs (contributing about 10.93 percent of revenue in FY25), which the board approved selling for Rs 8.15 crore in July 2026. Coromandel International holds a controlling stake as promoter, and the balance sheet was strengthened by a Rs 250 crore rights issue in late 2025, after which debt fell 24 percent to Rs 301 crore and the credit rating was upgraded to CRISIL AA. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Operating revenue (pesticides & agrochemicals) (100%). Cyclical, asset-light agrochemicals manufacturing driven by raw-material costs
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,640 | 2,116 | 1,779 | 1,235 | 1,584 |
| EBITDA (ex other income) | 138 | 193 | 17 | (34) | 85 |
| margin % | 8.4 | 9.1 | 1.0 | (2.7) | 5.4 |
| Owners' profit | 0 | 0 | 0 | 0 | 5 |
| EPS, as reported (₹) | 3.71 | 4.78 | (2.96) | 4.62 | 0.21 |
| ROE % · ROCE % | 14.5 · 18.2 | 16.5 · 21.8 | (11.5) · (0.2) | (21.6) · (10.2) | 0.7 · 7.8 |
| Debt / equity (x) | 1.08 | 1.26 | 1.54 | 0.93 | 0.44 |
| Cash from operations | (124) | (20) | 50 | 469 | (104) |
| Capex | (138) | (146) | (39) | (33) | (30) |
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 | 440 | 268 | 201 | 448 | 457 | 318 | 361 | 383 |
| Profit before tax | 20 | (47) | (66) | 18 | 6 | (14) | (1) | 28 |
| Net profit | 15 | (36) | (50) | 13 | 3 | (10) | (1) | 21 |
| EPS (₹) | 0.75 | (1.82) | 2.51 | 0.65 | 0.13 | (0.47) | (0.04) | 0.89 |
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) | 220.9 | 19.0 | 24 of 24 | 0% |
| P/B | 3.9 | 2.2 | 25 of 28 | 11% |
| ROCE | 1.4 | 12.5 | 22 of 29 | 25% |
| ROE | 0.7 | 9.2 | 22 of 28 | 22% |
| Debt / Equity | 0.4 | 0.3 | 19 of 29 | 36% |
| EBITDA margin | 11.3 | 14.8 | 19 of 28 | 33% |
| Revenue growth | (14.5) | (0.8) | 23 of 28 | 19% |
| Profit growth | 59.8 | 18.1 | 8 of 28 | 74% |
| Market cap | 2640 | 1334 | 9 of 29 | 71% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · NACL Industries publishes postal ballot and e-voting notice | compliance | minimal | — | — |
| 22 Oct 2026 · Postal ballot on up to ₹550 crore credit support from parent | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Special window opens for re-lodging physical share transfer requests | general | low | — | — |
| 7 Oct 2026 · Certificate on dematerialisation for Q2 and H1 FY26-27 filed with exchanges | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closure from Oct 1, 2026 ahead of Q2 FY27 results | compliance | minimal | — | — |
| 21 Aug 2026 · Newspaper notice on special window for physical share transfer re-lodgement | compliance | minimal | — | — |
| 21 Aug 2026 · Newspaper ad on special window for physical share transfer re-lodgement | compliance | minimal | — | — |
| 10 Aug 2026 · NACL Industries executes share purchase agreement to divest Nasense Labs stake | strategic transactions | high | — | — |
| 27 Jul 2026 · NACL Industries Q1 FY27 Monitoring Agency Report on Rights Issue | fund raising | medium | — | — |
| 23 Jul 2026 · All 5 resolutions passed at NACL Industries 39th AGM; MD remuneration revision approved | results | 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.