Indogulf Cropsciences Q2 FY27 results: net profit up 24.2% to ₹25.68 crore, revenue up 3.0%

How did Indogulf Cropsciences perform in Q2 FY27?

Indogulf Cropsciences reported consolidated revenue of ₹255.78 crore for Q2 FY27, up ₹7.44 crore or 3.0% from ₹248.34 crore in Q2 FY26. Total income rose ₹6.99 crore or 2.8% to ₹257.29 crore, while EBITDA increased ₹8.55 crore or 26.7% to ₹40.56 crore. The EBITDA margin widened 3.0 percentage points to 15.9% from 12.9%.

Profit before tax rose ₹8.07 crore or 29.8% to ₹35.19 crore, and net profit increased ₹5 crore or 24.2% to ₹25.68 crore. Basic EPS was ₹4.26, up ₹2.53 or 146.2% from ₹1.73. Against Q1 FY27, revenue rose ₹87.24 crore or 51.8%, EBITDA rose 324.7% to ₹40.56 crore, and net profit rose 965.6% to ₹25.68 crore.

On the standalone basis, Q2 FY27 revenue was ₹237.62 crore, down 3.5%, while profit attributable to owners was ₹20.88 crore, up from ₹19.45 crore. The quarterly figures reported on 2 November 2026 were unaudited and carried an unmodified limited-review opinion from the statutory auditors.

What changed in Indogulf Cropsciences' costs and profit?

Total expenses fell ₹1.41 crore or 0.6% from Q2 FY26 to ₹222.13 crore. Cost of materials declined ₹9.41 crore or 6.0% to ₹148.45 crore, employee cost fell ₹1.20 crore or 8.3% to ₹13.34 crore, finance costs decreased ₹0.49 crore or 10.7% to ₹4.10 crore, and other expenses were lower by ₹3.69 crore or 13.9% at ₹22.88 crore. Depreciation was higher by ₹0.20 crore or 7.6% at ₹2.82 crore.

Other income fell ₹0.45 crore or 23.0% to ₹1.51 crore. The quarter recorded an exceptional gain of ₹0.03 crore, compared with an exceptional gain of ₹0.36 crore in Q2 FY26. Tax expense increased ₹3.07 crore or 47.7% to ₹9.50 crore, after profit before tax rose ₹8.07 crore or 29.8% to ₹35.19 crore. Management attributed the margin improvement to product mix and cost control.

Against Q1 FY27, total expenses were higher by ₹55.85 crore, while other income rose ₹0.62 crore. The exceptional item changed from a ₹0.03 crore charge in Q1 FY27 to a ₹0.03 crore gain in Q2 FY27. Tax expense increased ₹8.79 crore from ₹0.71 crore, as profit before tax rose ₹32.07 crore to ₹35.19 crore.

How did the first half of FY27 go?

For H1 FY27, consolidated revenue was ₹424.32 crore, down ₹13.39 crore or 3.1% from ₹437.71 crore in H1 FY26. Total income fell ₹13.88 crore or 3.2% to ₹426.72 crore from ₹440.6 crore. Despite the lower income, profit before tax increased ₹6.54 crore or 20.6% to ₹38.31 crore from ₹31.77 crore.

H1 FY27 net profit rose ₹3.55 crore or 14.5% to ₹28.1 crore from ₹24.55 crore, while basic EPS increased ₹2.61 or 127.3% to ₹4.66 from ₹2.05. The result was reported on a consolidated basis, with unaudited statements reviewed under the Indian Accounting Standard 34 and an unmodified limited-review opinion.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹939.12 crore, up from ₹823.39 crore at 31 March 2026. Total equity rose to ₹487.6 crore from ₹459.34 crore, while borrowings increased to ₹208.24 crore from ₹176.91 crore. Cash declined to ₹8.45 crore from ₹12.31 crore.

Inventories were ₹349.55 crore at 30 September 2026, against ₹343.46 crore at 31 March 2026. Trade receivables increased to ₹373.71 crore from ₹240.57 crore, and trade payables rose to ₹194.28 crore from ₹127.89 crore. H1 FY27 operating cash flow was negative ₹14.18 crore, compared with negative ₹81.69 crore in H1 FY26.

Investing cash flow was negative ₹6.21 crore in H1 FY27, compared with negative ₹28.73 crore a year earlier. Financing cash flow was positive ₹16.52 crore, against positive ₹112.74 crore in H1 FY26, while capital expenditure was ₹9.13 crore versus ₹14.96 crore.

How has Indogulf Cropsciences done over the last 7 quarters?

Revenue reached its highest level in the seven-quarter series in Q2 FY27 at ₹255.78 crore, compared with the low of ₹116.1 crore in Q3 FY26. Net profit also peaked at ₹25.68 crore in Q2 FY27, while the earlier low was ₹2.41 crore in Q1 FY27. The latest quarter therefore represented a rise from both the preceding quarter and the year-ago quarter.

The EBITDA margin rose to 15.9% in Q2 FY27 from 5.7% in Q1 FY27 and 12.9% in Q2 FY26. Its low was 5.2% in Q1 FY26, while the earlier high was 16.5% in Q4 FY25. Across the series, revenue and profit recovered from the Q1 FY27 lows, while the margin approached the level recorded in Q4 FY25.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter ended 30 September 2026, together with the statutory auditors’ limited-review reports, at its meeting on 2 November 2026. The auditors issued an unmodified opinion on both sets of results, including the consolidated statement covering Indogulf Cropsciences and its subsidiaries.

The company also filed an earnings-call presentation on 2 November 2026 for the quarter and half year ended 30 September 2026. The same-day filings did not announce a dividend, a fund raise or any appointment, and the provided excerpts contained no such board decisions.

What did Indogulf Cropsciences' management say?

Management said Q3 FY27 would remain challenging because of El Nino, weak Rabi soil moisture, channel-inventory liquidation, farmer economics and input-cost movements. It cited industry analysts expecting agri-input earnings to bottom in October–December 2026 and recover from Q1 FY28 as weather normalises. No formal revenue or margin guidance was provided.

Management said the dedicated Barwani climate-stress and plant-growth regulator facility was expected to operate by Q4 FY27. It also expected operating cash flow to turn positive in H2 FY27 as collections improved and inventory was liquidated, while overseas growth could improve if geopolitical conditions and shipping availability became more favourable.

The CFO said: “We are expecting in the second half, we will be in the positive position.” Management also said H1 capacity utilisation rose to 60% from 52% in FY26, while Q2 eased to about 50%, and remained hopeful for stronger H2 FY27 sales from three specialty products without giving a quantified target. Risks included uneven monsoon conditions, elevated inventories, weak farmer economics and disruptions to exports.

How did Indogulf Cropsciences shares react?

Indogulf Cropsciences rose 0.1% within five minutes of the filing appearing in the market, then moved down 0.4% after 15 minutes and 0.6% after 30 minutes. From the pre-results close of ₹61.50, the stock closed the reaction day up 1.6% at ₹61.43. By the next day’s close, it was up 1.0% from that pre-results close.

The Pesticides & Agrochemicals sector’s median move was 2.2% on the reaction day and 2.3% by the next day’s close, while the Nifty Microcap 250 moved 1.4% and 1.7%. Indogulf therefore trailed the sector median by 0.6 percentage points on the reaction day and 1.4 percentage points by the next day’s close. No five-day move was available.

Earlier reaction-day moves were mixed but mostly negative: the stock was unchanged on 12 August 2026, fell 7.8% on 28 May 2026, fell 4.7% on 11 February 2026, fell 1.0% on 12 November 2025 and fell 5.5% on 24 July 2025.

How did other Pesticides & Agrochemicals companies do?

Seventeen other Pesticides & Agrochemicals companies had filed for the quarter by 6 November 2026. Their median revenue growth was negative 1.3%, compared with Indogulf Cropsciences’ 3.0% growth in Q2 FY27. Ten peers grew more slowly than the company, while seven grew faster.

Of the 17 peers, four reported higher profit. Indogulf Cropsciences reported 24.2% year-on-year net-profit growth in the quarter, with consolidated net profit of ₹25.68 crore.