Date: 1st November, 2026

Financial Results (Standalone & Consolidated)

Q2 FY27 Performance:

  • Revenue from Operations: ₹407 crore (vs ₹517 crore in Q2 FY26, -21% YoY)
  • Gross Margin: ₹182 crore (vs ₹170 crore in Q2 FY26, +7% YoY)
  • Gross Margin Percentage: 45% (vs 33% in Q2 FY26, +1,185 bps)
  • EBITDA: ₹101 crore (vs ₹78 crore in Q2 FY26, +30% YoY)
  • EBITDA Margin: 25% (vs 15% in Q2 FY26, +969 bps)
  • Profit After Tax: ₹57 crore (vs ₹39 crore in Q2 FY26, +48% YoY)
  • PAT Margin: 14% (vs 8% in Q2 FY26, +651 bps)
  • EBITDA calculated excluding other income
  • OPEX reduction of 12% compared to Q2 FY26 through strategic restructuring
  • Share of patented products increased to 60% from 51% in Q2 FY26

H1 FY27 Performance:

  • Revenue from Operations: ₹803 crore (vs ₹898 crore in H1 FY26, -11% YoY)
  • Gross Margin: ₹328 crore (vs ₹280 crore in H1 FY26, +17% YoY)
  • Gross Margin Percentage: 41% (vs 31% in H1 FY26, +960 bps)
  • EBITDA: ₹178 crore (vs ₹123 crore in H1 FY26, +45% YoY)
  • EBITDA Margin: 22% (vs 14% in H1 FY26, +846 bps)
  • Profit After Tax: ₹98 crore (vs ₹59 crore in H1 FY26, +67% YoY)
  • PAT Margin: 12% (vs 7% in H1 FY26, +553 bps)
  • OPEX reduction of 5% compared to H1 FY26
  • Share of patented products increased to 63% from 49% in H1 FY26

Consolidated Balance Sheet (as on September 30, 2026):

Equity and Liabilities:

  • Share Holders Fund: ₹864 crore (vs ₹809 crore Sep 2025, ₹769 crore Mar 2026)
  • Non-current Liabilities: ₹111 crore
  • Long Term Borrowings: ₹73 crore
  • Other Financial Liabilities: ₹38 crore
  • Current Liabilities: ₹982 crore
  • Short Term Borrowings: ₹382 crore
  • Trade Payable: ₹425 crore
  • Other Current Liabilities: ₹175 crore
  • Total Equity & Liability: ₹1,957 crore

Assets:

  • Non-current Assets: ₹366 crore
  • Net Fixed Asset: ₹149 crore
  • Intangible Asset: ₹51 crore
  • Other Non Current Assets: ₹166 crore
  • Current Assets: ₹1,591 crore
  • Inventories: ₹786 crore
  • Trade Receivables: ₹613 crore
  • Cash & Bank Balance: ₹83 crore
  • Other Current Assets: ₹109 crore

Management Commentary

Mr. Vimal Kumar, Managing Director, stated that Q2 FY27 was challenging for the domestic crop protection industry due to irregular monsoon rainfall, delayed and uneven sowing, moisture stress, and limited irrigation availability affecting crop establishment and timing of crop protection applications. Despite these challenges, the company delivered strong profitability improvement with EBITDA growing 30% in Q2 FY27 and 45% in H1 FY27. The margin expansion was driven by strategic shift towards stronger patented product portfolio, cost discipline, and operational efficiency.

Patent & Registrations

Domestic Registrations:

  • Obtained patent grant for combination of Fluxametamide + Abamectin + Trifloxystrobin
  • Secured 13 New Central Insecticides Board (CIB) registrations including:
  • 9(3) FIM - Fluxametamide 5% + Flonicamid 15% + Abamectin 1.5% ME
  • 9(3) FIM vs FI - Fluxapyroxad 333g/l FS
  • 9(3) FIM vs FI - Fluxametamide 10% w/w EC
  • 9(4) TIM - Cyclaniliprole Technical 95.00% w/w min
  • 9(4) FIM - [details not specified]

Global Registrations:

  • Sudan: Completed 47MT shipment
  • Nepal: Achieved one patented product registration (RonfenTM), with four additional products submitted for registration
  • Mexico: Secured registration for Lambda technical, another in progress
  • Taiwan: One product in final approval stage, second product progressing
  • Sri Lanka: Two patented products received initial approval, advancing to trial phase

Key Patented Products Portfolio

List of patented products with formulations and target crops/pests:

  • RONFENTM TRICOLORTM Fungicide (SC)
  • NEMAGENTM Insecticide (SC)
  • DINOTREXTM Insecticide + Fungicide (WG)
  • SHOT DOWNTM Herbicide (ME)
  • FETAGENTM Insecticide (GR)
  • FLUZAMTM Insecticide + Fungicide (FS)
  • CUBAX POWER Insecticide (SC)
  • MIDCOTINTM Insecticide + Fungicide (SE)

Latest Launches

Patented Products:

  • FLUZAMTM: Trifloxystrobin 4% + Fluxapyroxad 6.66% + Clothianidin 25% for Groundnut (Stem Rot, Collar Rot, Root Rot, Tikka Leaf spot, Rust, Termites, Thrips & White grubs)
  • CUBAX POWER: Spiromesifen 15% + Hexythiazox 2.2% + Abamectin 1.15% for Chilli (Yellow mites and Black thrips)
  • MIDCOTINTM: Isoprothiolane 15% + Trifloxystrobin 2.5% + Pymetrozine 7.5% for Paddy (Sheath blight, Blast, Brown plant hopper, Green Leaf Hopper)

Bio-fertilizers/Plant Growth Regulators:

  • SPRINKTM, PUNCTUALTM, RICHGROW GOLDTM, TORNETTM, EMPROLETM

Management Team

  • Mr. Vimal Kumar: Managing Director
  • Mr. P. N. Karlekar: Managing Director (BCS)
  • Mr. N Surendra Sai: Executive Director
  • Mr. Sanjeev Bajaj: Chief Financial Officer (Chartered Accountant with nearly two decades of experience, previously at PI Industries and Price Waterhouse)