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Sharda Cropchem Q2 FY27 results: net profit up 23.4% to ₹91.73 crore, revenue up 13.2%
Sharda Cropchem Limited reported consolidated Q2 FY27 revenue of ₹1,052 crore, up 13.2% from Q2 FY26, with EBITDA of ₹164.11 crore and a net profit of ₹91.73 crore. EBITDA margin improved to 15.6% from 14.3%, while basic EPS rose to ₹10.17 from ₹8.24; revenue was lower than Q1 FY27, but profit increased sequentially.
Key points
- Q2 FY27 consolidated revenue was ₹1,052 crore, up 13.2% year-on-year and down 2.1% from Q1 FY27.
- EBITDA was ₹164.11 crore, up 23.5% from Q2 FY26 and down 11.8% from Q1 FY27; EBITDA margin was 15.6%.
- Net profit was ₹91.73 crore, up 23.4% from Q2 FY26 and up 4.2% from Q1 FY27; basic EPS was ₹10.17.
- Agrochemicals revenue rose 4.6% to ₹839.73 crore, while non-agrochemicals revenue rose 67.7% to ₹211.96 crore.
- H1 FY27 revenue rose 11.1% to ₹2,125.45 crore, while net profit fell 17.2% to ₹179.74 crore.
How did Sharda Cropchem perform in Q2 FY27?
Sharda Cropchem reported consolidated revenue of ₹1,052 crore in Q2 FY27, up 13.2% from ₹929.11 crore in Q2 FY26 and down 2.1% from ₹1,074 crore in Q1 FY27. Total income was ₹1,096.31 crore, up 14.4% year-on-year but down 1.1% sequentially. EBITDA rose 23.5% year-on-year to ₹164.11 crore, but fell 11.8% from ₹185.98 crore in the previous quarter.
The consolidated EBITDA margin was 15.6% in Q2 FY27, compared with 14.3% in Q2 FY26 and 17.3% in Q1 FY27. Profit before tax rose 25.4% year-on-year to ₹107.49 crore but fell 9.2% from ₹118.43 crore. Net profit increased 23.4% year-on-year to ₹91.73 crore and rose 4.2% from ₹88.02 crore in Q1 FY27; basic EPS was ₹10.17, compared with ₹8.24 a year earlier.
On a standalone basis, Q2 FY27 revenue was ₹742.43 crore and net profit was ₹61.48 crore, with revenue down 8.8% and profit before tax of ₹44.07 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,052 | 1,074 | 929.11 | +13.2% | −2.1% |
| Other income | 44.63 | 34.53 | 29.37 | +52.0% | +29.2% |
| Total expenses | 988.82 | 989.87 | 872.76 | +13.3% | −0.1% |
| EBITDA | 164.11 | 185.98 | 132.87 | +23.5% | −11.8% |
| EBITDA margin | 15.6% | 17.3% | 14.3% | +1.3 pp | −1.7 pp |
| Profit before tax | 107.49 | 118.43 | 85.72 | +25.4% | −9.2% |
| Tax | 15.76 | 30.41 | 11.37 | +38.6% | −48.2% |
| Net profit | 91.73 | 88.02 | 74.36 | +23.4% | +4.2% |
| EPS (₹) | 10.17 | 9.76 | 8.24 | +23.4% | +4.2% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Sharda Cropchem's costs and profit?
Cost of materials fell to ₹268.27 crore from ₹376.21 crore in Q2 FY26, down 28.7%, while employee cost rose to ₹17.86 crore from ₹12.34 crore and finance costs rose to ₹0.90 crore from ₹0.34 crore. Depreciation increased to ₹100.35 crore from ₹76.18 crore, and other expenses rose to ₹195.96 crore from ₹175.52 crore. Total expenses were ₹988.82 crore, up 13.3% from ₹872.76 crore.
Other income rose to ₹44.63 crore from ₹29.37 crore in Q2 FY26, up 52.0%. There was no exceptional item in either quarter. Tax was ₹15.76 crore, compared with ₹11.37 crore in the year-ago quarter, while profit before tax rose to ₹107.49 crore from ₹85.72 crore and net profit rose to ₹91.73 crore from ₹74.36 crore.
Against Q1 FY27, cost of materials fell to ₹268.27 crore from ₹373.52 crore, while other income rose to ₹44.63 crore from ₹34.53 crore and tax fell to ₹15.76 crore from ₹30.41 crore. Other expenses increased to ₹195.96 crore from ₹190.37 crore, and total expenses fell to ₹988.82 crore from ₹989.87 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 268.27 | 376.21 | −107.94 | −28.7% |
| Employee cost | 17.86 | 12.34 | +5.52 | +44.7% |
| Finance costs | 0.90 | 0.34 | +0.56 | +164.7% |
| Depreciation | 100.35 | 76.18 | +24.17 | +31.7% |
| Other expenses | 195.96 | 175.52 | +20.44 | +11.6% |
| Total expenses | 988.82 | 872.76 | +116.06 | +13.3% |
| Other income | 44.63 | 29.37 | +15.26 | +52.0% |
| Tax | 15.76 | 11.37 | +4.39 | +38.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, consolidated revenue rose 11.1% to ₹2,125.45 crore from ₹1,913.93 crore in H1 FY26. Total income increased 11.6% to ₹2,204.61 crore from ₹1,975.79 crore, while profit before tax fell 11.4% to ₹225.91 crore from ₹254.86 crore. Net profit declined 17.2% to ₹179.74 crore from ₹217.15 crore, and EPS was ₹19.93 compared with ₹24.06.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 2,125 | 1,914 | +11.1% |
| Profit before tax | 225.91 | 254.86 | −11.4% |
| Net profit | 179.74 | 217.15 | −17.2% |
| EPS (₹) | 19.93 | 24.06 | −17.2% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹5,659.13 crore, compared with ₹5,780.3 crore at 31 March 2026. Total equity rose to ₹3,250.49 crore from ₹3,137.04 crore, and borrowings remained nil at both dates. Cash increased to ₹299.01 crore from ₹219.82 crore; inventories rose to ₹1,528.96 crore from ₹1,119.57 crore, while trade receivables fell to ₹1,460.94 crore from ₹2,389.28 crore.
H1 FY27 operating cash flow was ₹564.2 crore, compared with ₹605.14 crore in H1 FY26. Investing cash flow was negative ₹405.76 crore against negative ₹523.78 crore, and financing cash flow was negative ₹88.15 crore against negative ₹59.34 crore. Capital expenditure was ₹0.04 crore compared with ₹0.47 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 5,659 | 5,780 |
| Total equity | 3,250 | 3,137 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 299.01 | 219.82 |
| Inventories | 1,529 | 1,120 |
| Trade receivables | 1,461 | 2,389 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 564.20 | 605.14 |
| Cash from investing | −405.76 | −523.78 |
| Cash from financing | −88.15 | −59.34 |
| Capital expenditure | 0.04 | 0.47 |
Source: Company's results filing (XBRL).
How has Sharda Cropchem done over the last 8 quarters?
Revenue rose year-on-year in each of the last 8 quarters. The quarterly series shows revenue reaching its highest level of ₹2,064.9 crore in Q4 FY26 and its lowest level of ₹929.11 crore in Q2 FY26; Q2 FY27 revenue was ₹1,051.68 crore, below Q1 FY27’s ₹1,073.77 crore.
Profit after tax and EBITDA margin followed a seasonal pattern. PAT peaked at ₹318.72 crore in Q4 FY26 and bottomed at ₹31.14 crore in Q3 FY25, while the EBITDA margin peaked at 23.6% in Q4 FY26 and bottomed at 12.3% in Q3 FY25. In the latest quarter, PAT was ₹91.73 crore and EBITDA margin was 15.6%.
Which businesses drove the quarter?
The Agrochemicals segment reported Q2 FY27 revenue of ₹839.73 crore, up 4.6% from ₹802.74 crore in Q2 FY26. Segment EBIT was ₹68.85 crore, compared with ₹34.44 crore, and EBIT margin was 8.2%.
The Non-agrochemicals segment reported revenue of ₹211.96 crore, up 67.7% from ₹126.37 crore in Q2 FY26. EBIT was ₹37.36 crore, compared with ₹39.46 crore, and EBIT margin was 17.6%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Agrochemicals | 839.73 | +4.6% | 68.85 | 8.2% |
| Non-agrochemicals | 211.96 | +67.7% | 37.36 | 17.6% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved and recorded the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, together with the auditors’ limited review report carrying an unmodified opinion. The same-day investor presentation said Q2 and H1 FY27 revenue rose 13% and 11%, respectively, with margin expansion.
The company also filed an investor and analyst presentation for the quarter and half year ended 30 September 2026. No dividend, fund-raising or appointment details were included in the supplied same-day filing excerpts.
What did Sharda Cropchem's management say?
Management said H1 volume declined 3.5% despite support from price, foreign exchange and mix, and expected volumes to improve in the seasonally stronger second half. It attributed weaker European performance to weather-led destocking and said demand, restocking and margins could improve as conditions normalise. Mr. R. V. Bubna said, “We see this as a temporary weather-led impact rather than any change in underlying demand.”
Management identified regulatory changes and approval delays, freight costs and Red Sea/Hormuz disruptions, and manpower requirements for B2C expansion as risks. It said the company remained debt-free with ₹846 crore of cash and bank liquid investments at 30 September 2026. The call transcript filed on 6 November 2026 did not record any analyst questions.
How did Sharda Cropchem shares react?
The stock initially traded higher after the filing appeared, rising 3.4% after 5 minutes, 1.9% after 15 minutes and 0.5% after 30 minutes. It closed the reaction day down 2.1% from the previous close of ₹686.0, and by the next day’s close it was down 0.1% from that pre-results close.
The Pesticides & Agrochemicals industry median was also down 2.1% on the reaction day and up 0.7% by the next day’s close. Sharda Cropchem’s move was in line with the industry on the reaction day and 0.8 percentage points below the industry median by the next day’s close; the Nifty Microcap 250 was down 2.5% on the reaction day and down 1.1% by the next day’s close.
Past results-day moves were mixed. The shares fell 5.5% on 29 July 2026, rose 3.7% on 13 May 2026, rose 11.6% on 29 January 2026, fell 8.0% on 30 October 2025 and rose 19.9% on 25 July 2025.
| After the filing | Stock | Pesticides & Agrochemicals median |
|---|---|---|
| 5 minutes | +3.4% | |
| 15 minutes | +1.9% | |
| 30 minutes | +0.5% | |
| Reaction day | −2.1% | −2.1% |
| Next day | −0.1% | +0.7% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 29 July 2026 | −5.5% |
| 13 May 2026 | +3.7% |
| 29 January 2026 | +11.6% |
| 30 October 2025 | −8.0% |
| 25 July 2025 | +19.9% |
| 14 May 2025 | +2.4% |
| 24 January 2025 | −8.1% |
| 25 October 2024 | +0.0% |
Source: MarketPing price-reaction measurement.
How did other Pesticides & Agrochemicals companies do?
Among 17 other Pesticides & Agrochemicals companies that had filed for the quarter, the median revenue growth was -1.3%. Eleven peers grew revenue more slowly than Sharda Cropchem, while 6 grew faster than the company. Four of the 17 peers reported higher profit.
| Sharda Cropchem revenue growth (YoY) | +13.2% |
|---|---|
| Median of 17 other Pesticides & Agrochemicals companies | −1.3% |
| Companies with slower revenue growth than Sharda Cropchem | 11 of 17 |
| Companies with faster revenue growth than Sharda Cropchem | 6 of 17 |
| Companies whose net profit rose | 4 of 17 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Sharda Cropchem's revenue in Q2 FY27?
Revenue from operations was ₹1,052 crore, up 13.2% from ₹929.11 crore in Q2 FY26 (consolidated).
Did Sharda Cropchem make a profit in Q2 FY27?
Yes. Net profit was ₹91.73 crore, against a net profit of ₹74.36 crore in Q2 FY26.
What was Sharda Cropchem's EPS in Q2 FY27?
Basic earnings per share were ₹10.17, against ₹8.24 in Q2 FY26.
How did Sharda Cropchem shares react to the Q2 FY27 results?
On the reaction day the stock moved −2.1% from the previous close; the median Pesticides & Agrochemicals stock moved −2.1%.
When did Sharda Cropchem announce its Q2 FY27 results?
On 30 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of Unaudited Financial Results (Standalone And Consolidated) For Quarter And Half Year Ended 30Th September, 2026 (BSE, 22 October 2026) · PDF
- Board Meeting Outcome for Board Meeting Outcome To Consider And Approve Unaudited Financial Result (Standalone And Consolidated) For Quarter And Half Year Ended 30Th September, 2026 (BSE, 30 October 2026) · PDF
- Unaudited Financial Result (Standalone And Consolidated) For Quarter And Half Year Ended 30Th September, 2026 (BSE, 30 October 2026) · PDF
- The earnings call (6 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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