Insecticides (India) Limited (INSECTICID)
₹580.10 -0.10% last close, 16 Oct
Q2 FY27 results
📅 Next results: 05 Nov 2026 (board meeting)Insecticides (India) Limited's board meets on 5 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Insecticides (India)'s revenue was ₹612 Cr (-11.5% year on year, +43.6% on the previous quarter), and net profit ₹43.9 Cr (-24.5% year on year); the operating margin was 11.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹612 | -11.5% | +43.6% |
| Operating profit | ₹67.6 | -20.1% | +170.4% |
| Net profit | ₹43.9 | -24.5% | +265.6% |
| EPS (₹) | 15.08 | -24.5% | +275.1% |
| Operating margin | 11.1% | — | — |
INSECTICID delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 76.62% of the INSECTICID shares traded on NSE were taken to delivery, against the stock's own 20-session average of 58.17%. That is higher than usual for this stock. Turnover was only ₹49 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 52.3% · 65.5% · 58.0% · 68.9% · 76.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
CRISIL Ratings Limited has reaffirmed Insecticides (India) Limited's credit ratings with no change from the previous review. The long-term rating is maintained at 'CRISIL A+/Stable' and the short-term rating is reaffirmed at 'CRISIL A1'. The rating reaffirmation reflects stability in the company's financial profile, backed by a low debt-to-equity ratio of 0.12 and total debt of Rs 151 Cr against net worth of Rs 1,214 Cr.
- Long-term credit rating reaffirmed at CRISIL A+/Stable
- Short-term credit rating reaffirmed at CRISIL A1
- No change in credit ratings compared to the previous review
Insecticides (India) reported a 12% YoY decline in Q1 FY27 revenue to ₹612 Cr from ₹691 Cr due to delayed and uneven monsoons impacting Kharif sowing and pesticide demand. EBITDA contracted by approximately 20% with EBITDA margins declining to 11.1%, while PAT margin fell to 7.2%. Gross margin improved to 31.6% (from 29.0%) led by higher contribution from premium Maharatna products, which comprised 64% of B2C sales. Management affirmed that the ₹200 Cr Sotanala capex is progressing with ₹70 Cr spent to date, after which annual capex will normalize to ₹30-40 Cr.
- Q1 FY27 revenue declined 12% YoY to ₹612 Cr, while gross profit margin expanded from 29.0% to 31.6% on better product mix.
- Maharatna and Focus Maharatna premium products contributed 64% of domestic B2C sales compared to 58% in Q1 FY26.
- Total capex for the Sotanala facility is projected at ~₹200 Cr (₹50 Cr formulation, ₹150 Cr technical), with ₹70 Cr spent so far.
- In-licensing revenue grew to ₹46 Cr (vs ₹36 Cr in Q1 FY26), while patented products dropped to ₹70 Cr (vs ₹97 Cr) due to lower Hachiman sales.
Insecticides (India) Limited held its 29th AGM on August 12, 2026, where shareholders approved all seven resolutions including the confirmation of a ₹2 per share dividend for FY26. A key development was the approval of the 'Employees Stock Purchase Scheme 2026' (ESPS), which faced notable dissent from approximately 11.45% of voting shareholders. The meeting also ratified the appointment of Sanskar Aggarwal as a Whole-time Director and the re-appointment of Anil Kumar Goyal to the board.
- Confirmation of ₹2 per share interim dividend as the final dividend for FY26.
- Approval of the Employees Stock Purchase Scheme 2026 with 88.55% votes in favour.
- Appointment of Sanskar Aggarwal as Whole-time Director passed with 98.97% majority.
- Total voter participation reached 83.82% of the 2.91 crore outstanding shares.
- Resolution to extend ESPS benefits to subsidiary employees faced 11.74% dissent.
Insecticides (India) Limited concluded its 29th Annual General Meeting on August 12, 2026, confirming a ₹2 per share final dividend for FY26. Shareholders approved the appointment of Sanskar Aggarwal as Whole-time Director and the launch of the Employees Stock Purchase Scheme (ESPS) 2026. Management highlighted ongoing capacity expansions at Dahej and Sotanala and a strategic plan to increase inventory from ₹600 Cr to ₹800 Cr to support manufacturing. The company remains focused on its 'Maharatna' product segment, which targets margins of 35-40%.
- Confirmed ₹2 per share interim dividend as the final dividend for the financial year ended March 31, 2026.
- Approved the Insecticides (India) Limited Employees Stock Purchase Scheme 2026 for employees of the company and its subsidiaries.
- Management plans to build inventory from ₹600 Cr to ₹800 Cr to support upcoming manufacturing requirements.
- Focusing on 'Maharatna' products which offer higher margins of 35-40%, with some patented molecules exceeding 50%.
- Confirmed ongoing plant expansions at the Dahej and Sotanala sites to enhance manufacturing capabilities.
Insecticides (India) Limited has released the audio recording of its earnings conference call for the first quarter ended June 30, 2026 (Q1 FY2027). The call, held on August 11, 2026, follows the company's recent financial performance where it reported a TTM revenue of Rs 2,138 Cr and a PAT of Rs 138 Cr. The company continues to focus on its 'premiumization' strategy, targeting 8-10% growth through its Maharatna product segment. With a low Debt-to-Equity ratio of 0.12, the company maintains a stable financial position despite seasonal agrochemical risks.
- Audio recording of the Q1 FY2027 earnings call held on August 11, 2026, is now publicly available.
- Company reported TTM revenue of Rs 2,138 Cr with an operating profit margin of 10.5%.
- Management strategy targets 8-10% growth by focusing on high-margin Maharatna products (35-40% margins).
- Promoter holding remains high and stable at 72.3% as of the latest reporting period.
- Debt levels remain manageable at Rs 151 Cr against a net worth of Rs 1,214 Cr.
Insecticides (India) Limited reported a weak start to FY27, with Q1 revenue declining 12% YoY to ₹612 crore, primarily due to a rainfall deficit across India impacting agrochemical demand. While gross margins expanded by 240 bps to 31.6% through disciplined pricing, EBITDA fell 20% to ₹68 crore and PAT dropped 24% to ₹44 crore. The company is countering this by doubling its 'IIL Crop Solutions' (ICS) plots and launching new products like GRANUVIA in collaboration with Corteva Agriscience. Despite the quarterly dip, management remains focused on its 'premiumization' strategy targeting higher-margin Maharatna products.
- Revenue from operations decreased 12% YoY to ₹612 crore from ₹691 crore in Q1 FY26.
- Profit After Tax (PAT) declined 24% YoY to ₹44 crore compared to ₹58 crore in the previous year.
- Gross Profit margins expanded by 240 bps YoY to 31.6% through disciplined pricing actions.
- Company plans to double the number of IIL Crop Solutions (ICS) plots from the current 36 covering 14 states.
- Conducted over 3,600 farmer meetings and 1,400 demonstrations in Q1 FY27 to drive product adoption.
Insecticides (India) reported a 12% YoY decline in Q1 FY27 revenue to ₹611.52 Cr, impacted by lower volumes in B2C and B2B segments. Despite the revenue dip, the company achieved a 240 bps improvement in Gross Profit Margin to 31.6%, driven by the 'premiumization' strategy where premium products now account for 64% of B2C sales. Net profit (PAT) fell 24% to ₹43.87 Cr, while EBITDA margins contracted to 11.1% from 12.2% YoY. Exports provided a bright spot, growing 48% YoY to ₹34 Cr.
- Revenue from operations declined 12% YoY to ₹611.52 Cr in Q1 FY27.
- Profit After Tax (PAT) decreased by 24% YoY to ₹43.87 Cr from ₹58.11 Cr.
- Premium product share in B2C segment increased to 64% compared to 58% in Q1 FY26.
- Gross Profit Margin expanded to 31.6% from 29.2% in the previous year's quarter.
- Export revenue grew to ₹34 Cr, up from ₹23 Cr in Q1 FY26.
Insecticides (India) Limited reported a weak start to FY27, with standalone revenue for Q1 ending June 30, 2026, declining 10.8% YoY to ₹616.48 Cr. Net profit fell more sharply by 27% YoY to ₹41.83 Cr, down from ₹57.30 Cr in the same period last year. The margin contraction was exacerbated by a significant jump in 'Purchase of Stock-in-Trade,' which rose to ₹76.71 Cr from ₹29.49 Cr YoY. While sequential performance improved (Revenue up 44% QoQ), the YoY decline suggests a challenging environment compared to the previous year's high base.
- Standalone Revenue from operations decreased 10.8% YoY to ₹616.48 Cr from ₹691.37 Cr.
- Standalone Net Profit fell 27% YoY to ₹41.83 Cr, resulting in an EPS of ₹14.38 vs ₹19.69 YoY.
- Purchase of Stock-in-Trade surged 160% YoY to ₹76.71 Cr, impacting overall margins.
- Consolidated results include subsidiary revenue of ₹57.09 Cr and a net profit of ₹2.89 Cr.
- Finance costs increased to ₹4.65 Cr from ₹3.65 Cr in the year-ago quarter.
Insecticides (India) Limited has scheduled its Q1 FY27 earnings conference call for August 11, 2026, at 5:00 PM IST. The company will release its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, on the same day. Senior management, including the Managing Director and CFO, will be present to discuss performance. This follows a trailing twelve-month (TTM) revenue of ‡2,138 Cr and a PAT of ‡138 Cr.
- Earnings conference call scheduled for August 11, 2026, at 05:00 PM IST
- Financial results for the quarter ended June 30, 2026, to be announced on the same day
- Management representation includes the MD, CFO, COO, and Chief Marketing Officer
- Company reported a TTM revenue of ‡2,138 Cr and OPM of 10.5% as per latest context
- Primary dial-in numbers for the call are +91 22 6280 1550 and +91 22 7115 8378
Insecticides (India) Limited has announced its 29th Annual General Meeting (AGM) for August 12, 2026, to be held via video conferencing. The company has released its FY 2025-26 Annual Report, detailing its performance during a year where it achieved TTM revenue of ‡2,138 Cr and a PAT of ‡138 Cr. Shareholders as of the August 5, 2026 cut-off date are eligible for e-voting, which will take place between August 8 and August 11. The report emphasizes a strategic shift toward 'premiumization' and high-margin 'Maharatna' products.
- 29th Annual General Meeting scheduled for August 12, 2026, at 3:00 PM IST.
- Remote e-voting period set from August 8, 2026 (9:00 AM) to August 11, 2026 (5:00 PM).
- Cut-off date for shareholder voting eligibility is August 5, 2026.
- Company targeting inventory expansion from ‡600 Cr to ‡800 Cr to support manufacturing growth.
- Focus on 'Maharatna' products which command higher margins of 35-40% compared to generic formulations.
Insecticides (India) Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that the Registrar and Share Transfer Agent, Alankit Assignments Limited, has processed physical share certificates received for dematerialization for the quarter ended June 30, 2026. This is a standard administrative procedure to ensure the company's share records match those held by NSDL and CDSL. There is no impact on the company's financial performance or business operations.
- Compliance certificate issued for the quarter ended June 30, 2026
- Registrar and Share Transfer Agent (RTA) identified as Alankit Assignments Limited
- Confirms processing and cancellation of physical share certificates for dematerialization
- Filing submitted to both BSE and NSE on July 07, 2026
Rajesh Kumar Aggarwal, on behalf of the Promoter and Promoter Group of Insecticides (India) Limited, has submitted a formal declaration under SEBI Takeover Regulations. The filing confirms that no equity shares held by the promoter group were encumbered or pledged, directly or indirectly, during the financial year ended March 31, 2026. This routine disclosure covers 13 entities and individuals within the promoter group, ensuring transparency regarding the company's capital structure. As of the end of the fiscal year, the total promoter pledge remains at zero.
- Confirmation of 0% encumbrance on equity shares for the financial year ended March 31, 2026
- Declaration covers 13 distinct promoter entities, including 6 individuals and 7 trusts/HUF/corporate entities
- Compliance filing submitted under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
Insecticides (India) Limited has notified the exchanges that its trading window for dealing in company securities will be closed starting July 01, 2026. This action is in compliance with SEBI Insider Trading regulations ahead of the declaration of financial results for the quarter ending June 30, 2026. The window will remain closed for designated persons and their immediate relatives until 48 hours after the results are made public. The specific date for the board meeting to approve these results will be announced at a later time.
- Trading window closure commences on July 01, 2026, for all designated persons.
- Closure pertains to the review and approval of financial results for the quarter ended June 30, 2026.
- The window will reopen 48 hours after the announcement of the unaudited standalone and consolidated results.
- The board meeting date for result approval is yet to be finalized and will be intimated separately.
Insecticides (India) Limited has announced a virtual interaction with institutional investors and fund managers scheduled for June 10, 2026. The meeting is part of the 'InsightX 2026 - Choice Virtual Conference' and is slated to begin at 01:00 PM IST. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be disclosed during this session.
- Virtual group meeting scheduled for June 10, 2026, at 1:00 PM IST.
- Participation in the InsightX 2026 - Choice Virtual Conference.
- Interaction targeted at institutional investors and fund managers.
- Company confirms no unpublished price sensitive information will be shared.
Insecticides (India) Limited reported a 7% year-on-year revenue growth to ₹2,140 crore for FY26, supported by a strong 19% growth in the final quarter. While EBITDA rose 3% to ₹227 crore, PAT saw a marginal decline to ₹139 crore primarily due to a ₹9 crore increase in deferred tax provisions. The company's focus on premiumization is evident, with EBITDA margins expanding from 6.8% to 10.6% over a three-year period, and ROCE improving to 16.1%. Management also announced the induction of next-generation leadership and the proposal of ESOPs to retain talent.
- Revenue from operations increased 7% YoY to ₹2,140 crore in FY26, with Q4 revenue growing by 19%.
- EBITDA margins improved to 10.6% in FY26, up from 6.8% three years ago, while ROCE reached 16.1%.
- Premium products saw a robust 24% growth in Q4; patented products contributed ₹322 crore to the annual top line.
- The company plans a maintenance capex of ₹25-₹30 crore for FY27 following the completion of major projects.
- New strategic initiatives include the launch of the 'Kaeros' platform and expanded partnerships with Corteva and Nissan.
Financial Performance
Revenue Growth by Segment
Revenue from operations grew 2% YoY in Q2 FY26 to INR 638 Cr from INR 627 Cr. For FY25, revenue reached INR 2,000 Cr, a 2% increase from INR 1,966 Cr in FY24, driven by a 10% CAGR in brand formulations and institutional sales over the last three fiscals.
Geographic Revenue Split
The company maintains a pan-India presence with a network of over 7,500 distributors. While specific regional percentage splits are not disclosed, the company is actively expanding into new geographies to diversify its domestic market footprint.
Profitability Margins
Gross profit for Q2 FY26 increased 11% YoY to INR 220 Cr (34.5% margin) from INR 199 Cr. Consolidated PAT for FY25 was INR 142.02 Cr, up 39% from INR 102.08 Cr in FY24, reflecting a shift toward high-margin premium products.
EBITDA Margin
EBITDA margin improved to 13% in H1 FY26, up from the historical range of 10-11%. This 200-300 bps improvement is attributed to the 'premiumization' strategy and increased sales of innovative Maharatna molecules.
Capital Expenditure
The company has no major debt-funded capex proposed over the medium term. Historical capex has been managed through internal accruals, maintaining a healthy financial risk profile with a gearing ratio below 0.1 time as of March 31, 2025.
Credit Rating & Borrowing
CRISIL upgraded the long-term rating to 'CRISIL A+/Stable' from 'CRISIL A' in July 2025. Interest coverage ratio is estimated at 13-14 times for FY25, supported by steady profitability and low debt levels.
Operational Drivers
Raw Materials
Technicals and basic chemical intermediates represent the primary raw material costs. The company is moving toward n-4 and n-5 stages of manufacturing to reduce dependency on imported intermediates.
Import Sources
Not specifically disclosed in the documents, though the company mentions moving to basic stages of manufacturing to mitigate market competition and supply chain volatility.
Capacity Expansion
Current capacity includes over 140 formulations of insecticides, herbicides, and fungicides. While specific MTPA figures are not provided, the company plans to build inventory from INR 600 Cr to INR 800 Cr to support the upcoming manufacturing season starting January.
Raw Material Costs
Raw material costs are highly sensitive to commodity price volatility; a sharp price fluctuation in Q4 FY23 led to a 9% operating loss. The company uses backward integration (n-1 to n-5 stages) to protect margins against these fluctuations.
Manufacturing Efficiency
Efficiency is driven by innovation and farmer training. The company is focusing on 'Focus Maharatna' products which offer higher margins (35-40% average, some exceeding 50%) compared to generic formulations.
Logistics & Distribution
Distribution is handled through a network of 7,500+ dealers. The company is focusing on the B2C segment to improve realizations and market penetration.
Strategic Growth
Expected Growth Rate
8-10%
Growth Strategy
Growth will be achieved through 'premiumization' of the product portfolio, specifically targeting double-digit growth in Maharatna products. The company is also expanding its R&D efforts for patented molecules and leveraging its JV with OAT & IIL India Laboratories for new product development.
Products & Services
Agrochemical formulations including insecticides, herbicides, fungicides, and household pesticides.
Brand Portfolio
Maharatna, Focus Maharatna, and recently acquired brands intended to aid the business risk profile.
New Products/Services
The company is continuously launching new innovative molecules; patented molecules are expected to contribute significantly to margins, with some products yielding over 50% margin.
Market Expansion
Expansion is targeted through deeper penetration in the domestic B2C market and increasing the contribution of recently acquired brands to the overall revenue mix.
Market Share & Ranking
The company holds an established market position in the domestic agrochemicals industry, though specific percentage ranking is not disclosed.
Strategic Alliances
Joint Venture: OAT & IIL India Laboratories Private Limited, focused on R&D and new molecule discovery.
External Factors
Industry Trends
The industry is shifting from generic formulations to specialized, innovative molecules. IIL is positioning itself by increasing its EBITDA margin trajectory to 13% through R&D-led product launches.
Competitive Landscape
Competes with domestic and multinational crop care companies. While peers reported revenue declines in Q2 FY26, IIL achieved 2% growth due to its diversified product mix.
Competitive Moat
Moat is built on a strong brand (Maharatna), a massive distribution network of 7,500+ dealers, and R&D capabilities through JVs. These are sustainable due to the high entry barriers in discovery-led agrochemicals.
Macro Economic Sensitivity
Highly sensitive to agricultural GDP and monsoon performance. A 20-day dry spell followed by heavy rains in Q2 FY26 impacted the normal agronomic cycle.
Consumer Behavior
Farmers are increasingly seeking high-yield protection, leading to a shift toward premium 'Focus Maharatna' products over traditional generics.
Geopolitical Risks
Susceptible to global commodity price shifts and government policies regarding pesticide usage and environmental norms.
Regulatory & Governance
Industry Regulations
Operations are subject to government policies on agriculture, pesticide registration requirements, and environmental manufacturing standards for chemical plants.
Taxation Policy Impact
Tax expense for FY25 was INR 50.75 Cr on a consolidated profit before tax of INR 192.77 Cr, representing an effective tax rate of approximately 26.3%.
Risk Analysis
Key Uncertainties
Monsoon variability remains the primary risk, with potential to impact sales by disrupting application windows. Inventory price risk is also significant, as seen in the 9% operating loss in Q4 FY23.
Geographic Concentration Risk
Primarily focused on the Indian domestic market; however, the 7,500+ dealer network provides wide internal geographic diversification.
Third Party Dependencies
Dependency on technical grade manufacturers is being mitigated through backward integration to n-4 and n-5 stages.
Technology Obsolescence Risk
Legacy products face competitive intensity and potential regulatory bans; the company mitigates this by investing in a pipeline of innovative and patented molecules.
Credit & Counterparty Risk
Debtor recovery is noted as a challenge in tough market conditions, contributing to higher financial costs in Q2 FY26.
