Indogulf Cropsciences Q2 FY26 results: net profit ₹20.68 crore

How did Indogulf Cropsciences perform in Q2 FY26?

Indogulf Cropsciences reported consolidated revenue of ₹248.34 crore for Q2 FY26, EBITDA of ₹32.01 crore and a net profit of ₹20.68 crore. The EBITDA margin was 12.9% and basic EPS was ₹1.73. Revenue was 7% higher year on year, while EBITDA rose 17% and profit rose 24%, according to the company’s investor presentation.

Against Q1 FY26, revenue rose 31.1% from ₹189.37 crore and total income rose 31.5% from ₹190.31 crore. EBITDA increased 222.7% from ₹9.92 crore, profit before tax rose 483.2% from ₹4.65 crore and net profit rose 434.4% from ₹3.87 crore. Basic EPS increased 116.2% from ₹0.8.

The quarter’s consolidated revenue included other income of ₹1.96 crore, while total expenses were ₹223.54 crore and finance costs were ₹4.59 crore. The company also reported a gain of ₹0.36 crore from exceptional items. On a standalone basis, revenue was ₹246.29 crore and profit was ₹19.45 crore for Q2 FY26.

What do the balance sheet and cash flow show?

As of 30 September 2025, total assets were ₹866.01 crore, compared with ₹687.86 crore at 31 March 2025, while total equity was ₹440.21 crore against ₹275.28 crore. Borrowings fell to ₹202.27 crore from ₹226.7 crore, and cash was ₹12.0 crore compared with ₹9.69 crore.

Inventories were ₹286.91 crore as of 30 September 2025, compared with ₹269.98 crore at 31 March 2025. Trade receivables increased to ₹355.05 crore from ₹222.97 crore, while trade payables rose to ₹173.9 crore from ₹134.3 crore.

For H1 FY26, operating cash flow was negative ₹81.69 crore, investing cash flow was negative ₹28.73 crore and financing cash flow was ₹112.74 crore. Capital expenditure was ₹14.96 crore. A comparable year-ago cash-flow statement was not provided, so a year-on-year comparison cannot be stated.

What else did the company announce?

The board met on 12 November 2025 and approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2025. It also approved the limited review report, which stated that nothing had come to the auditor’s attention indicating that the results did not disclose the information required under Regulation 33.

On 6 November 2025, the company had informed the exchanges that its board would consider the quarterly standalone and consolidated results on 12 November 2025. It also said the trading window for directors, officers and designated persons would remain closed until 48 hours after the results declaration.

The company filed its Q2 and H1 FY26 investor presentation on 13 November 2025 and the earnings-call transcript on 19 November 2025. The same-day filings and excerpts provided do not mention a dividend, a fund raise or any appointment, so no such action is reported.

What did Indogulf Cropsciences' management say?

Sanjay Aggarwal, Managing Director, said revenue growth was held back by extended monsoons, flooding, carry-forward inventory and softer B2C offtake. He said, “Presently means that 30%-35% may be challenging because of this impact of quarter 2. But I definitely foresee that we will be one of the effective and promising performers as far as industry peers are concerned.” No revised FY26 revenue-growth range was given.

Management expected a better-than-usual H2 FY26 because of improved reservoir levels and sowing prospects, with the Rabi demand window running from mid-December to mid-February. It also identified commodity prices below minimum selling price in some maize and cotton markets, export disruption linked to Ethiopia, the Red Sea, Iran and Ukraine, and policy changes affecting biologicals as areas requiring attention.

The CFO said, “For biologicals we have gross margins of around 70% and for plant nutrients we have the gross margins of approximately 52%.” Management also said 12 products were launched in H1 FY26, and that the Barwasni capacity enhancement and new DF plant were expected to begin commissioning from the end of FY26 after full-scale capex deployment from Q3 FY26.

Management said the term loan had been fully repaid using IPO proceeds, with approximately ₹190 crore of working-capital loans remaining and interest costs expected to reduce by March. The company’s investor presentation also said its credit rating was upgraded to [ICRA]A- (Stable)/[ICRA] A1 and removed from Issuer Not Cooperating. The available excerpt does not record specific analyst questions.

How did Indogulf Cropsciences shares react?

Indogulf Cropsciences rose 0.5% five minutes after the filing appeared and was up 0.2% after 15 minutes and 0.3% after 30 minutes. On the reaction day, it closed 1.0% lower from the previous close of ₹102.0. By the next day’s close, the stock was down 2.2% from that pre-results close, and by five sessions it was down 6.4%.

The stock underperformed the Pesticides & Agrochemicals industry by 1.0 percentage point on the reaction day and 1.4 percentage points by the next day’s close. Over five sessions, it lagged the industry by 6.7 percentage points, while the Nifty Microcap 250 was down 0.9%. At the earlier results on 24 July 2025, the reaction-day move was a fall of 5.5%.

The industry comparison covered 26 stocks, while the nearest market benchmark was the Nifty Microcap 250. The stock’s base price when the filing appeared was ₹100.45, and all reaction figures are percentage changes from the close before the results could be traded.

How did other Pesticides & Agrochemicals companies do?

Twenty-three other Pesticides & Agrochemicals companies were compared for the quarter. Their median revenue growth was 1.7%, and the count of peers growing slower than Indogulf Cropsciences and the count growing faster are not provided in the supplied facts. Eleven of the 24 peers for which profit was compared reported higher profit.