Revenue from Operations: ₹1,063.3 crore, up 1% YoY from ₹1,056.8 crore in Q1FY26
Gross Profit: ₹416.7 crore, up 4% YoY from ₹402.4 crore
Gross Profit Margin: 39.2%, expanded 111 bps from 38.1% in Q1FY26
Operating EBITDA: ₹233.3 crore, up 6% YoY from ₹219.2 crore
EBITDA Margin: 21.9%, expanded 120 bps from 20.7% in Q1FY26
Profit Before Tax (before Exceptional Item): grew 9% YoY
Exceptional Item: Insurance claim of ₹26.9 crore received towards business interruption from FY23 Bhavnagar plant fire incident
Reported Profit Before Tax: ₹288.2 crore, up 20% YoY from ₹240.6 crore
Tax: ₹73.7 crore
Net Profit: ₹214.5 crore, up 20% YoY from ₹178.1 crore
Net Profit Margin: 20.2%, improved 332 bps from 16.9% in Q1FY26
Other Comprehensive Income: -₹1.0 crore
Total Comprehensive Income: ₹213.5 crore, up 21% YoY from ₹176.8 crore
Operational Highlights
Indian agrochemical sector faced adverse operating environment with delayed South-West monsoon, 40% rainfall deficit till June-end, and ~20% decline in kharif sowing area
Exports registered healthy growth of 26% YoY, increasing contribution to 16% of revenues
Export performance driven by strong growth in South America, Asia (Ex. India) and Africa, partially offset by lower sales in Japan and North America
Metal Phosphides grew +21% YoY; AND & EHD grew +11% YoY
Company undertook calibrated price revisions during April and May to mitigate input cost inflation
Cash & cash equivalents as on 30th June 2026: ₹2,549 crore
Collections during Q1FY27: ~₹1,178 crore
Working Capital Movement (Consolidated)
Inventory: ₹883.6 crore (124 days)
Trade Receivables: ₹799.8 crore (68 days)
Trade Payables: ₹632.3 crore (89 days)
Other Financial Liabilities: ₹553.3 crore (47 days)
Net Working Capital: ₹497.8 crore (56 days)
Net working capital days increased to 56 days from 43 days in June 2025, largely due to seasonal inventory build-up ahead of kharif season
Product Launch Update
Topgrain and Helibax (Pyridalyl + Emamectin) remain on track for launch during Q2FY27
Management and Board Changes
Mr. Mukul Govindji Asher's term as Independent Director and Chairman ends 31st August 2026
Mr. Chetan Shantilal Shah's term as Managing Director ends 31st August 2026; to be appointed as Non-Executive Non-Independent Director from 1st September 2026 and considered for Chairman appointment
Mr. Sushil Champaklal Marfatia's term as Executive Director ends 31st August 2026
Mr. N. Sivaraman to be re-appointed as Independent Director from 1st September 2026 to 31st August 2029
Mr. Ninad D. Gupte's term as Non-Executive Director ends 31st August 2026
Mr. Anand Mohan Tiwari to be appointed as Independent Director from 31st August 2026 to 30th August 2028
Dr. Suresh Ramachandran to be appointed as Managing Director from 1st September 2026
Fitment for additional products at Tarapur site: Capex ~₹10 crore, estimated commercialization Q4 FY2027-28 (to manufacture one fungicide and one herbicide primarily for parent company)
Payback period: Less than 5 years from start of operations
Historical Financial Performance (FY26)
Net Revenue from Operations: ₹3,238.3 crore
Gross Profit: ₹1,360.9 crore (42.0% margin)
Operating EBITDA: ₹670.9 crore (20.7% margin)
Net Profit: ₹543.0 crore (16.8% margin)
EPS: ₹10.88
Exceptional Item: One-time charge of ₹16.1 crore related to impact of newly notified Labour Codes
Business Overview
14x growth in India over last 15 years
Diversified portfolio across agro-chemical value chain
Top 10 products contribute less than 45% of total revenue annually
No product/molecule contributes more than ~17% of total revenue annually
15,000+ distributors; 40,000+ dealers; 60 depots across 26 states
600+ sales team members
4.4 million+ farmer connect through physical meetings
