SHARDA CROPCHEM LTD.

Markets generic crop protection chemicals worldwide under an IP-led model that earns from regulatory registrations in each country rather than from in-house manufacturing scale. The agrochemicals segment contributed 89.5% of FY26 segment revenue at ₹4,716.86 crore, while the non-agrochemicals segment contributed the remaining 10.5% at ₹550.73 crore. As of March 31, 2026, the company held 3,011 product registrations globally with 1,004 applications in the pipeline, a regulatory moat that limits competition entry by entry. Operations span 70-75 countries, with FY26 consolidated revenue of ₹5,267.59 crore (+22% YoY) and net profit of ₹680.99 crore; FY26 agrochemicals segment EBIT was ₹684.88 crore versus ₹143.78 crore from non-agrochemicals. Q4 FY26 gross margins expanded 750 basis points to 37.3%, reflecting recovery in global agrochemical demand and inventory normalisation across distribution channels; management has guided 10-15% revenue growth for FY27. The cost base is dominated by raw materials at 42.3% of revenue, with depreciation at 6.2% and other operating expenses at 14.2%, and the balance sheet is debt-free with ₹702 crore in cash and liquid investments.