Financial Performance Highlights

Q2 FY27 Performance (YoY Comparison):

  • Revenue from Operations: ₹231 crore, declined 21.6% from ₹295 crore in Q2 FY26
  • Gross Profit: ₹117 crore, declined 11.2% from ₹132 crore in Q2 FY26
  • EBITDA: ₹33 crore, declined 38.0% from ₹54 crore in Q2 FY26
  • EBITDA Margin: 14.4% compared to 18.2% in Q2 FY26
  • PAT: ₹18 crore, declined 41.7% from ₹32 crore in Q2 FY26
  • PAT Margin: 8.0% compared to 10.7% in Q2 FY26
  • EPS: ₹1.60 declined 41.6% from ₹2.74 in Q2 FY26

Q2 FY27 Performance (QoQ Comparison):

  • Revenue declined 9.6% from ₹256 crore in Q1 FY27
  • Gross Profit declined 7.9% from ₹127 crore in Q1 FY27
  • EBITDA declined 15.9% from ₹39 crore in Q1 FY27
  • PAT declined 19.1% from ₹23 crore in Q1 FY27
  • EPS declined 18.8% from ₹1.97 in Q1 FY27

H1 FY27 Performance (YoY Comparison):

  • Revenue from Operations: ₹487 crore, declined 15.9% from ₹579 crore in H1 FY26
  • Gross Profit: ₹244 crore, declined 5.8% from ₹259 crore in H1 FY26
  • EBITDA: ₹73 crore, declined 32.5% from ₹108 crore in H1 FY26
  • EBITDA Margin: 14.9% compared to 18.6% in H1 FY26
  • PAT: ₹41 crore, declined 38.1% from ₹67 crore in H1 FY26
  • PAT Margin: 8.5% compared to 11.5% in H1 FY26
  • EPS: ₹3.57 declined 38.2% from ₹5.78 in H1 FY26

Reasons for Performance Decline

The company attributed the revenue decline to:

  • Softer demand for herbicides in overseas markets
  • Regional instability and volatility in key material prices
  • Deficient and erratic rainfall across several parts of India affecting inland sales
  • Monsoon stress in key agricultural states including Maharashtra, Andhra Pradesh, Karnataka, Telangana, parts of Punjab and Haryana, adversely affecting paddy and other kharif crops

Profitability was impacted by lower sales, higher employee expenses, and raw material price volatility.

Regulatory and Strategic Developments

  • Received Technical Equivalence approval for one insecticide product in the United Kingdom
  • Received registration for one herbicide product in Argentina
  • CARE Ratings reaffirmed the company's credit ratings during the quarter
  • Management indicated good export orders for the coming quarter

Management Commentary

CEO Mr. Dheeraj Kumar Jain stated that Q2 FY27 presented a challenging operating environment due to geopolitical uncertainty, softer overseas demand, and raw material price volatility. The company focused on cost management, operational discipline, and international growth strategy. The regulatory approvals create opportunities to engage with new customers and broaden export portfolio. The company continues to prioritize process optimization, backward integration, and development of differentiated molecules and intermediates.

Forward Outlook

While demand conditions and geopolitical developments remain uncertain, the company will pursue product registrations in regulated markets, deepen customer engagement, and strengthen manufacturing capabilities. The strategy aims to build a more diversified, globally competitive agrochemical business.

Investor Communication

Earnings conference call scheduled for November 5, 2026, at 12:30 PM IST with universal access numbers provided for India, Hong Kong, Singapore, USA, and UK.

Company Background

India Pesticides Limited is an R&D-driven chemical manufacturer producing agrochemical technicals, active pharmaceutical ingredients, and branded formulations. The company offers herbicides, fungicides, insecticides, and intermediates, supplying to over 25 countries with manufacturing facilities in Lucknow and Hardoi districts of Uttar Pradesh.