NSE: SHARDACROP · BSE: 538666
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Agrochemicals (90%), Non-Agrochemicals (11%). Cyclical, asset-light IP-led global agrochemical distribution with regulatory moat.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,580 | 4,045 | 3,163 | 4,320 | 5,268 |
| EBITDA (ex other income) | 683 | 643 | 283 | 596 | 1,076 |
| margin % | 19.1 | 15.9 | 8.9 | 13.8 | 20.4 |
| Owners' profit | 349 | 342 | 32 | 304 | 681 |
| EPS, as reported (₹) | 38.71 | 37.90 | 3.53 | 33.74 | 75.47 |
| ROE % · ROCE % | 18.3 · 22.7 | 15.3 · 18.3 | 1.4 · 3.1 | 12.2 · 13.9 | 21.7 · 25.3 |
| Debt / equity (x) | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 267 | 328 | 341 | 604 | 656 |
| Capex | (0) | (1) | (0) | (0) | (1) |
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 | 777 | 929 | 1,829 | 985 | 929 | 1,289 | 2,065 | 1,074 |
| Profit before tax | 46 | 46 | 256 | 169 | 86 | 179 | 422 | 118 |
| Net profit | 42 | 31 | 204 | 143 | 74 | 145 | 319 | 88 |
| EPS (₹) | 4.70 | 3.45 | 22.57 | 15.83 | 8.24 | 16.09 | 35.32 | 9.76 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Agrochemicals | 4,717 | 89.5 |
| Non-Agrochemicals | 286 | 5.4 |
| Non-agrochemicals | 265 | 5.0 |
| Total, before eliminations | 5,268 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.9 | 19.0 | 5 of 24 | 83% |
| P/B | 2.0 | 2.2 | 12 of 28 | 59% |
| ROCE | 25.2 | 12.5 | 3 of 29 | 93% |
| ROE | 21.7 | 9.2 | 2 of 28 | 96% |
| Debt / Equity | 0.0 | 0.3 | 1 of 29 | 96% |
| EBITDA margin | 20.5 | 14.8 | 7 of 28 | 78% |
| Revenue growth | 9.0 | (0.8) | 7 of 28 | 78% |
| Profit growth | (38.4) | 18.1 | 24 of 28 | 15% |
| Market cap | 6172 | 1334 | 5 of 29 | 86% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Sharda Cropchem schedules second-quarter FY2027 earnings call | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Board Meeting on 30 Oct to approve Q2 FY26 results | results | low | — | — |
| 3 Oct 2026 · Compliance filing: Depository certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closure ahead of Q2 results announcement | compliance | minimal | — | — |
| 1 Sept 2026 · Sharda Cropchem to attend Anand Rathi G-200 Summit 2026 | board shareholder meetings | low | — | — |
| 10 Aug 2026 · Transfer of unclaimed FY2019 dividend and shares to IEPF Authority | compliance | minimal | — | — |
| 4 Aug 2026 · Sharda Cropchem Q1 FY27: Revenue up 9%, EBITDA margin up 220 bps | investor communications | medium | — | — |
| 30 Jul 2026 · Audio recording of Q1 FY26-27 earnings call available | investor communications | low | — | — |
| 30 Jul 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 29 Jul 2026 · Sharda Cropchem Q1 FY27: Revenue up 9% to Rs 1,074 cr, EBITDA jumps 25% | compliance | 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.