GSP Crop Science Limited announced its unaudited financial results for the quarter and half year ended September 30, 2026 through a regulatory filing under SEBI Regulation 30.

Financial Performance (₹ Million)

Q2 FY27 Performance:

  • Revenue from Operations: ₹5,584 million (vs. ₹4,673 million in Q2FY26, +19.5% YoY)
  • Gross Profit: ₹1,932 million (vs. ₹1,883 million in Q2FY26, +2.6% YoY)
  • Gross Profit Margin: 34.6% (vs. 40.3% in Q2FY26)
  • EBITDA: ₹736 million (vs. ₹932 million in Q2FY26, -21.0% YoY)
  • EBITDA Margin: 13.2% (vs. 19.9% in Q2FY26)
  • Profit after Tax (PAT): ₹446 million (vs. ₹585 million in Q2FY26, -23.7% YoY)
  • PAT Margin: 8.0% (vs. 12.5% in Q2FY26)

H1 FY27 Performance:

  • Revenue from Operations: ₹9,444 million (vs. ₹8,443 million in H1FY26, +11.9% YoY)
  • Gross Profit: ₹3,356 million (vs. ₹3,181 million in H1FY26, +5.5% YoY)
  • Gross Profit Margin: 35.5% (vs. 37.7% in H1FY26)
  • EBITDA: ₹1,161 million (vs. ₹1,354 million in H1FY26, -14.3% YoY)
  • EBITDA Margin: 12.3% (vs. 16.0% in H1FY26)
  • Profit after Tax (PAT): ₹710 million (vs. ₹811 million in H1FY26, -12.4% YoY)
  • PAT Margin: 7.5% (vs. 9.6% in H1FY26)

Operational Highlights

Industry Context:

  • The quarter witnessed uneven rainfall patterns with shortfalls in southern and eastern India and excess rainfall in some regions
  • El Niño is expected to peak in November 2026 with below-normal rainfall anticipated during October–December 2026
  • These weather conditions may affect rabi sowing and crop-protection demand

Business Performance Drivers:

  • Revenue growth primarily driven by improved realizations across key products
  • Increase in other income in H1FY27 due to gain on sale of fixed asset and forex gains
  • Margins remained under pressure YoY due to cost pressures across industry including raw material procurement costs and supply-related challenges
  • Lower sales of high margin products contributed to margin compression
  • Sequential EBITDA margin improvement achieved through cost optimization strategies

Strategic Initiatives:

  • Company continued to strengthen product portfolio through ongoing research and development
  • Focus on differentiated formulations and patented product introductions
  • Emphasis on addressing evolving crop-protection requirements

Management Commentary

Bhavesh Shah, Chairman and Managing Director, commented:

  • Agrochemical industry navigated uncertain operating environment shaped by uneven monsoon conditions and cost pressures
  • Revenue improved on both year-on-year and quarter-on-quarter basis
  • Quarterly margins impacted by industry challenges, particularly input costs and raw material availability
  • Cost optimization strategies helped offset the impact of these challenges
  • Outlook for coming quarters depends on evolution of weather conditions and their impact on agricultural activity
  • Below-normal southwest monsoon and continued El Niño conditions could affect soil moisture, irrigation availability, and rabi sowing patterns
  • These factors may influence crop-protection requirements and farmer spending
  • Company advancing product development initiatives with focus on introducing differentiated solutions
  • Continued emphasis on innovation and strengthening presence across key markets

Company Background

GSP Crop Science Limited is an India-based crop-protection company engaged in development, manufacturing and distribution of agricultural solutions. The company offers a portfolio comprising insecticides, herbicides, fungicides and plant growth regulators, serving farmers and customers across domestic and international markets.

Company Operations:

  • Over four decades of industry experience
  • Manufacturing facilities across five locations
  • Two in-house R&D facilities supporting product development and formulation capabilities
  • Broad customer and distribution network serving markets across India and overseas