BSE: 530883
SUPER CROP SAFE LTD.
Operates in the pesticides and agrochemicals industry, generating FY26 revenue of ₹53.13 crore from its facility at the GIDC Estate, Phase-I, Naroda, Ahmedabad. The cost structure is dominated by materials at 79.3% of revenue, with employee costs at 6.0% and other operating expenses at 5.6%, leaving the business heavily exposed to raw material pricing. Capex was 0.0% of revenue in FY26. The statutory auditor flagged multiple serious concerns in the FY26 results, including ₹412.34 lakhs in unpaid statutory dues (PF, ESI, TDS, salary), over 48% of sales involving barter or related party transactions, and an explicit statement that these matters cast significant doubt on the company's ability to continue as a going concern. Q3 FY26 revenue grew roughly 36% year-on-year to ₹1,710.58 lakhs, but net profit for the quarter fell about 61% to ₹35.84 lakhs. Operating cash flow turned negative and cash reserves fell to ₹2.93 lakhs from ₹7.07 lakhs. To shore up capital, ~₹15.27 crore of unsecured loans from related parties were converted into equity through a preferential issue of 1,17,44,722 shares at ₹13 each to Wherrelz IT Solutions and Voltrix INC. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pesticides & Agrochemicals. Small pesticides and agrochemicals business with high related party transaction exposure and auditor's going-concern qualification
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 20 | 23 | 31 | 45 | 53 |
| EBITDA (ex other income) | (4) | 3 | 4 | 4 | 4 |
| margin % | (21.9) | 14.5 | 12.7 | 9.6 | 7.3 |
| Owners' profit | (6) | 1 | 1 | 2 | 2 |
| EPS, as reported (₹) | (1.60) | 0.25 | 0.33 | 0.54 | 0.52 |
| ROE % · ROCE % | (26.1) · (19.6) | 3.9 · 10.0 | 4.9 · 6.9 | 7.4 · 6.5 | 6.4 · 5.7 |
| Debt / equity (x) | 0.68 | 0.66 | 1.45 | 1.46 | 1.33 |
| Cash from operations | 0 | 1 | (4) | (3) | 3 |
| Capex | (1) | (0) | (0) | (0) | (0) |
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 | 12 | 13 | 10 | 9 | 15 | 17 | 14 | 19 |
| Profit before tax | 1 | 1 | (1) | 0 | 1 | 0 | (0) | 1 |
| Net profit | 1 | 1 | (1) | 0 | 1 | 0 | (0) | 1 |
| EPS (₹) | 0.14 | 0.23 | (0.13) | 0.12 | 0.19 | 0.09 | 0.02 | 0.32 |
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) | 20.0 | 19.0 | 13 of 24 | 48% |
| P/B | 2.1 | 2.2 | 13 of 28 | 56% |
| ROCE | 3.2 | 12.5 | 20 of 29 | 32% |
| ROE | 6.4 | 9.2 | 16 of 28 | 44% |
| Debt / Equity | 1.3 | 0.3 | 27 of 29 | 7% |
| EBITDA margin | 9.2 | 14.8 | 21 of 28 | 26% |
| Revenue growth | 96.5 | (0.8) | 1 of 28 | 100% |
| Profit growth | 164.8 | 18.1 | 3 of 28 | 93% |
| Market cap | 64 | 1334 | 24 of 29 | 18% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · RTA compliance certificate under SEBI Reg 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 8 Oct 2026 · BSE listing approval for 1.17 crore shares issued on preferential basis | capital market events | low | — | — |
| 1 Oct 2026 · 39th AGM voting results: all four resolutions passed | compliance | minimal | — | — |
| 30 Sept 2026 · 39th AGM outcome - financial statements adopted, two directors re-appointed | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1 for Q2 results blackout | compliance | minimal | — | — |
| 7 Sept 2026 · Book closure from Sept 24 to Sept 30, 2026 for AGM | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Super Crop Safe submits 39th Annual Report for FY 2025-26 | results | high | — | — |
| 7 Sept 2026 · Notice of 39th AGM on September 30, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 7 Aug 2026 · Board meeting on 14 Aug 2026 to consider Q1 FY26 results and AGM matters | board shareholder meetings | low | — | — |
| 18 Jul 2026 · RTA confirms dematerialization of securities for Q1 FY26 | compliance | minimal | — | — |
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.