India Pesticides Q2 FY27 results: net profit down 72.3% to ₹18.42 crore, revenue down 59.6%

How did India Pesticides perform in Q2 FY27?

India Pesticides reported consolidated revenue of ₹228.71 crore for Q2 FY27, down 59.6% from ₹565.54 crore in Q2 FY26 and 9.2% from ₹251.76 crore in Q1 FY27. EBITDA was ₹30.62 crore, down 67.4% year on year and 13.7% sequentially, while EBITDA margin declined 3.2 percentage points year on year to 13.4% and 0.7 percentage points sequentially to 13.4%.

Profit before tax was ₹24.73 crore, down 73.7% from ₹94.10 crore a year earlier and 19.8% from ₹30.85 crore in the previous quarter. The company reported a net profit of ₹18.42 crore, down 72.3% year on year and 19.1% sequentially, with basic EPS of ₹1.60 against ₹5.78 and ₹1.98, respectively. On a standalone basis, revenue was ₹226.19 crore and net profit was ₹19.36 crore.

What changed in India Pesticides' costs and profit?

Total expenses fell 57.4% year on year to ₹206.58 crore, but revenue declined faster at 59.6%. Cost of materials was ₹152.53 crore, down ₹190.06 crore or 55.5%; employee cost fell ₹11.37 crore or 37.9% to ₹18.60 crore; finance costs fell ₹0.65 crore or 21.0% to ₹2.44 crore; depreciation fell ₹4.48 crore or 42.5% to ₹6.05 crore; and other expenses fell ₹56.03 crore or 46.3% to ₹65.04 crore.

Other income fell ₹11.12 crore or 81.0% year on year to ₹2.60 crore. There was no exceptional item in Q2 FY27 or either comparison quarter. Tax expense was ₹6.31 crore, down ₹21.25 crore or 77.1% from ₹27.56 crore in Q2 FY26, while profit before tax fell ₹69.37 crore or 73.7% to ₹24.73 crore. Against Q1 FY27, employee cost rose ₹0.86 crore to ₹18.60 crore and depreciation rose ₹0.18 crore to ₹6.05 crore.

What do the balance sheet and cash flow show?

Total assets increased from ₹1,336.8 crore at 31 March 2026 to ₹1,380.71 crore at 30 September 2026, while total equity rose from ₹1,010.46 crore to ₹1,042.88 crore. Borrowings fell from ₹106.9 crore to ₹85.3 crore, and cash declined from ₹27.29 crore to ₹21.47 crore. Inventories increased from ₹287.42 crore to ₹391.48 crore, trade receivables fell from ₹360.27 crore to ₹307.74 crore, and trade payables rose from ₹137.62 crore to ₹172.51 crore.

H1 FY27 operating cash flow was ₹48.02 crore, down from ₹84.42 crore in H1 FY26. Investing cash flow was negative ₹18.39 crore against negative ₹57.97 crore, financing cash flow was negative ₹35.45 crore against negative ₹7.22 crore, and capital expenditure was ₹32.07 crore compared with ₹41.25 crore. Management said India Pesticides ended 30 September 2026 with ₹36 Cr of net cash.

How has India Pesticides done over the last 8 quarters?

Revenue peaked at ₹565.54 crore in Q2 FY26 and bottomed at ₹172.22 crore in Q3 FY25 within the reported period. It fell to ₹228.71 crore in Q2 FY27 from ₹251.76 crore in Q1 FY27, showing a lower level than the preceding quarter after the year-ago peak.

Net profit peaked at ₹66.54 crore in Q2 FY26 and bottomed at ₹16.07 crore in Q3 FY25. It was ₹18.42 crore in Q2 FY27 after ₹22.77 crore in Q1 FY27. EBITDA margin reached 16.7% in Q3 FY26 and fell to 13.4% in Q2 FY27, the lowest margin in the reported series.

What else did the company announce?

The board approved the un-audited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the auditors’ limited review reports, at its meeting on 3 November 2026. The filing did not announce a dividend, fund raise or appointment. The company filed an investor presentation on 4 November 2026 in connection with the results.

What did India Pesticides' management say?

Management said geopolitical uncertainty, softer overseas demand and volatility in key raw-material prices made the Q2 FY27 operating environment challenging. It also cited deficient and erratic rainfall across several agricultural states, which disrupted cropping cycles and reduced herbicide application, and said lower sales, higher employee expenses and raw-material price volatility weighed on profitability.

Management said the company had received a good export order for the coming quarter and obtained Technical Equivalence approval for one insecticide product in the United Kingdom and registration for one herbicide product in Argentina. It said it would prioritise process optimisation, backward integration, differentiated molecules and intermediates, product registrations in regulated markets and stronger manufacturing capabilities. No analysts’ questions or answers were included in the available filing excerpts.

How did India Pesticides shares react?

After the filing appeared after market hours, India Pesticides’ price was up 0.9% after five minutes, 1.3% after 15 minutes and 2.6% after 30 minutes. From the pre-results close of ₹115.23, the stock closed the reaction day up 0.4% and was up 0.9% by the next day’s close. The Pesticides & Agrochemicals industry median was up 1.4% on the reaction day and 0.8% by the next day’s close, leaving India Pesticides 1.0 percentage point behind the industry on the reaction day and 0.1 percentage point ahead by the next day’s close.

Earlier results-day moves were mixed: the stock fell 3.8% on 1 August 2026, rose 6.9% on 23 May 2026 and was up 0.4% on 9 February 2026. It had also fallen 3.6% on 11 November 2025 and risen 10.4% on 26 May 2025. No five-day reaction was available.

How did other Pesticides & Agrochemicals companies do?

Sixteen other Pesticides & Agrochemicals companies that had filed for the quarter were compared with India Pesticides. Their median revenue growth was 1.4%, while all 16 grew faster than India Pesticides and none grew more slowly. Five of the 16 reported higher profit.