Company Overview

Insecticides (India) Limited reported its financial and operational performance for FY 2025-26, showing steady growth amid challenging market conditions. The company achieved revenue from operations of ₹2,144.14 crore, representing 7.09% YoY growth, while profit after tax stood at ₹135.82 crore (-2.82% YoY).

Financial Performance

Key Financial Metrics:

  • Revenue: ₹2,144.14 crore (7.09% growth YoY)
  • Profit Before Tax: ₹181.97 crore (-4.37% YoY)
  • Profit After Tax: ₹135.82 crore
  • EBITDA: ₹221.59 crore (1.26% growth)
  • EPS: ₹46.68 (Basic and Diluted)
  • Total Assets: ₹1,985.42 crore
  • Cash and Cash Equivalents: ₹87.13 crore
  • Current Ratio: 1.96
  • Debt-Equity Ratio: 0.12

Investment and Expansion:

The company invested significantly in capacity expansion with property, plant and equipment totaling ₹309.29 crore (net) and capital work-in-progress of ₹118.45 crore. Total additions to PPE amounted to ₹113.16 crore during the year, primarily focused on expanding manufacturing capabilities at the Dahej facility.

Operational Highlights

Business Performance:

  • Domestic revenue contribution: 94.97% of total revenue
  • Export revenue: 5.03% of total revenue (exports to 22+ countries)
  • 130+ formulations and 20+ technical products in portfolio
  • Serves 75 lakh+ farmers through 8,500+ distributors and 70,000+ retailers
  • 5 new product launches in FY26 with over 25 products launched in last three years
  • Maharatna portfolio now constitutes 58% of B2C business

Manufacturing and Infrastructure:

  • 8 manufacturing plants across Rajasthan, Jammu & Kashmir, and Gujarat
  • Includes 2 technical synthesis plants, 6 formulation plants, and biological manufacturing facility
  • New Sotanala unit in Rajasthan under construction

Corporate Governance and Ownership

Board and Management Changes:

  • Sanskar Aggarwal appointed as Whole-time Director (Additional) effective May 28, 2026
  • Nikunj Aggarwal resigned as Whole-time Director effective same date
  • Significant promoter shareholding restructuring: Sanskriti Family Trust acquired 64.66% stake while individual promoter holdings reduced substantially

Credit Rating Upgrade:

Long-Term Credit Rating upgraded from 'CRISIL A/Stable' to 'CRISIL A+/Stable' with Short-Term Rating of 'CRISIL A1' reaffirmed.

Subsidiaries and Joint Ventures

Wholly-owned Subsidiaries:

  • Kaeros Research Limited (40+ products commercialized)
  • IIL Biologicals Limited

Joint Venture:

  • OAT & IIL India Laboratories Private Limited (20% ownership, ₹1,183.50 crore investment)
  • Investment in OAT Agrio Co. Ltd.: ₹1,230.16 crore (72,800 equity shares)

Risk Factors and Contingencies

Identified Risks:

  • Agri-demand and monsoon variability
  • Raw material and supply chain risks (reducing China dependency)
  • Regulatory and compliance risks
  • Competitive intensity and pricing pressure
  • Export and geopolitical risks

Contingent Liabilities: ₹152.94 crore comprising:

  • Bank Guarantees: ₹61.69 crore
  • Excise and Custom Matters: ₹47.93 crore
  • Sales Tax/GST Matters: ₹36.32 crore
  • Revenue Department: ₹7.00 crore

Dividend and Corporate Actions

Dividend Distribution:

Paid Interim Dividend of ₹2/- (20%) per equity share of face value ₹10/- each for FY26, treated as Final Dividend subject to shareholder confirmation at AGM.

AGM Details:

The 29th Annual General Meeting scheduled for August 12, 2026 at 03:00 PM through Video Conferencing/OAVM. Remote e-voting period from August 08, 2026 (9:00 am) to August 11, 2026 (5:00 pm).

CSR and Sustainability

CSR Expenditure: ₹2.81 crore through IIL Foundation on environmental sustainability, education and healthcare initiatives including Project Green (22,000 trees planted), Project Vidhya, and Kisaan Jagrukta Abhiyaan.

ESG Performance:

  • Energy consumption: 3,54,095.99 GJ (22.68% from renewable sources)
  • Water consumption: 61,108.40 kiloliters
  • GHG emissions: Scope 1 - 7,149.05 tCO2e, Scope 2 - 17,815.26 tCO2e

Audit and Compliance

Auditors: S S Kothari Mehta & Co. LLP and Devesh Parekh & Co. provided unqualified opinion with emphasis on tax contingencies. Internal financial controls found adequate and operating effectively. No material adverse orders from regulators or courts reported.