India Pesticides Limited (IPL)
₹115.94 -2.61% last close, 23 Oct
Q2 FY27 results
📅 Next results: 03 Nov 2026 (board meeting)India Pesticides Limited's board meets on 3 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, India Pesticides' revenue was ₹252 Cr (-8.5% year on year, -5.4% on the previous quarter), and net profit ₹22.8 Cr (-34.8% year on year); the operating margin was 14.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹252 | -8.5% | -5.4% |
| Operating profit | ₹35.5 | -21.5% | -15.5% |
| Net profit | ₹22.8 | -34.8% | -26.5% |
| EPS (₹) | 1.98 | -34.7% | -25.6% |
| Operating margin | 14.1% | — | — |
IPL delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 48.47% of the IPL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 45.43%. That is close to its usual level. Volume was 0.1 times its average, well below normal.
Delivery in the last 5 sessions: 57.4% · 57.0% · 56.7% · 46.7% · 48.5%
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
India Pesticides Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by Kfin Technologies Limited, the Registrar and Share Transfer Agent (RTA) of the company, dated October 02, 2026. This confirms the dematerialization and processing of security certificates as mandated by SEBI. It is a recurring quarterly administrative filing with no financial or operational impact.
- Compliance certificate submitted under Regulation 74(5) of SEBI regulations.
- Applies to the quarter ended September 30, 2026.
- Issued by Registrar and Share Transfer Agent Kfin Technologies Limited on October 02, 2026.
CARE Ratings has reaffirmed India Pesticides Limited's bank facility credit ratings at CARE A+; Stable for long-term and CARE A1+ for short-term facilities. The total rated bank facilities were increased from ₹160.00 crore to ₹180.00 crore, reflecting an enhancement in long/short-term fund-based limits to ₹100.00 crore (from ₹80.00 crore). Short-term non-fund based limits remained unchanged at ₹80.00 crore. Total rated limits represent approximately 17.4% of IPL's TTM revenue of ₹1,033 crore, aligning with its low-debt balance sheet (D/E of 0.08).
- Long-term/short-term bank facilities reaffirmed at CARE A+; Stable / CARE A1+
- Short-term facility limits reaffirmed at CARE A1+
- Long-term / Short-term rated facilities enhanced to ₹100.00 crore from ₹80.00 crore
- Total rated bank facilities increased to ₹180.00 crore across BOI, SBI, and HDFC Bank
India Pesticides Limited has obtained Technical Equivalence approval for an insecticide product in the United Kingdom and a product registration for a herbicide in Argentina. These approvals grant the company regulatory access to two key international agrochemical markets, aiding its strategy to expand beyond its current footprint across 25+ countries. While revenue potential and commercialization timelines were not disclosed, this supports the company's long-term export diversification against domestic agro-climatic volatility.
- Technical Equivalence approval received for 1 insecticide product in the United Kingdom
- Registration granted for 1 herbicide product in Argentina
- Expands export access beyond the current global footprint of more than 25 countries
- Commercial revenue potential from the 2 approvals was not disclosed
India Pesticides Limited (IPL) has secured regulatory clearances for two crop protection products in key international markets on September 15, 2026. The company obtained Technical Equivalence approval for an insecticide product in the United Kingdom and registration for a herbicide product in Argentina. These approvals align with IPL's strategy to expand exports and register molecules in regulated global markets beyond its existing footprint of 25 countries. Commercial revenue potential and specific molecule volumes were not disclosed in the filing.
- Obtained Technical Equivalence approval for an insecticide product in the United Kingdom on 15-09-2026
- Secured product registration for a herbicide product in Argentina on 15-09-2026
- Aimed at strengthening export growth against IPL's TTM revenue base of Rs 1,033 Cr
- Molecule names, capex requirements, and financial targets were not disclosed
India Pesticides Limited informed stock exchanges that it has received an ESG rating assessment from CRISIL ESG Ratings. The company has been assigned a CRISIL ESG Score of 57. The evaluation is based entirely on the company's disclosures for Fiscal 2026 and other publicly available data. This is a standard regulatory intimation under SEBI LODR Regulation 30 with no direct impact on financial performance.
- Assigned a CRISIL ESG Score of 57 by CRISIL ESG Ratings
- Evaluation based on company disclosures for Fiscal 2026
- Assessed by a SEBI-registered Category-I ESG Ratings Provider
India Pesticides Limited (IPL) announced the scrutinizer's report and voting results for its 41st Annual General Meeting held on August 31, 2026. All six ordinary and special resolutions were passed with over 99.99% majority votes. The approved items included the adoption of FY26 financial statements, declaration of final dividend for FY25-26, and remuneration increases for whole-time directors Dr. Kuruba Adeppa and Dr. Udaya Bhaskar Mantripragada. Total voter turnout stood at 75.64%, with 8.71 crore shares polled out of 11.52 crore outstanding shares.
- All 6 resolutions approved with ~99.99% favorable votes at the 41st AGM held on August 31, 2026
- Shareholder turnout reached 75.64% with 8,71,07,667 votes polled out of 11,51,63,508 total shares
- Special resolutions approved for increasing remuneration of Whole-Time Directors Dr. Kuruba Adeppa and Dr. Udaya Bhaskar Mantripragada
- Adoption of FY26 standalone and consolidated financial statements and final dividend formally ratified
India Pesticides Limited conducted its 41st Annual General Meeting on August 31, 2026, via video conferencing with 67 members in attendance. Key agenda items put to vote included the adoption of FY26 audited financial statements, approval of final dividend for FY26, and remuneration hikes for Whole-Time Directors Dr. Kuruba Adeppa and Dr. Udaya Bhaskar Mantripragada. Final voting results and the Scrutinizer's Report will be submitted within two working days.
- 41st Annual General Meeting held on August 31, 2026, with 67 shareholders attending via VC/OAVM
- Resolutions transacted include FY26 financial statements adoption and declaration of final dividend
- Special resolutions presented for increase in remuneration of Whole-Time Directors Dr. Kuruba Adeppa and Dr. Udaya Bhaskar Mantripragada
- Scrutinizer's report and formal voting results to be declared within 2 working days
India Pesticides Limited reported a 9.2% YoY decline in Q1 FY27 revenue to INR 256 crore, down from INR 282 crore in Q1 FY26, impacted by subdued domestic demand for herbicides like Pretilachlor due to deficit rainfall. EBITDA fell to INR 39 crore with margins compressing to 15.4% (vs 18.4% in Q1 FY26), and PAT stood at INR 23 crore compared to INR 35 crore. The company received EU Technical Equivalence approval for a key fungicide and continues to fund its Hamirpur expansion (2 of 10 blocks currently operational) via internal accruals, backed by a cash balance of INR 59 crore.
- Q1 FY27 revenue declined 9.2% YoY to INR 256 cr vs INR 282 cr in Q1 FY26
- EBITDA decreased to INR 39 cr with margin contracting to 15.4% from 18.4%
- PAT fell to INR 23 cr (8.9% margin) compared to INR 35 cr in Q1 FY26
- Export revenue reached INR 89 cr, contributing ~35% of total revenue
- Cash balance stood at INR 59 cr with 2 out of 10 blocks operational at the Hamirpur facility
India Pesticides Limited (IPL) has released the audio recording of its earnings conference call for the quarter ended June 30, 2026. The call, held on August 13, 2026, follows the board's approval of the Q1 results on August 1, 2026. This is a standard regulatory disclosure under SEBI LODR regulations. Investors can access the recording on the company's website to review management's commentary on the quarter's performance and future outlook.
- Earnings conference call held on August 13, 2026, at 12:30 P.M.
- Financial results for the quarter ended June 30, 2026, were previously approved on August 1, 2026
- Company maintains a TTM revenue of Rs 1,057 Cr as per latest financial context
- Technical capacity utilization was reported at 73%+ in the preceding half-year period
- PEDA plant expansion targeting 8,500 MT remains a key monitorable for growth
India Pesticides Limited (IPL) has released its Business Responsibility & Sustainability Report (BRSR) for FY 2025-26, confirming a total turnover of Rs 1,057 Cr. The company remains heavily focused on pesticide manufacturing, which accounts for 97% of its revenue, with a significant 39% derived from exports across 35 countries. While the company maintains a low debt-to-equity ratio of 0.08, the report highlights a high permanent employee turnover rate of 22.49%. Operational risks are centered on chemical and waste management, which are critical given the company's reliance on technical grade pesticides and global innovator clients.
- Exports contributed 39% to the total turnover of Rs 1,057 Cr in FY 2025-26.
- Pesticide manufacturing accounts for 97% of the company's total business activity.
- The company serves 18 Indian states and 35 international countries from 2 manufacturing plants.
- Permanent employee turnover rate increased to 22.49% in FY 2025-26 from 20.91% in the previous year.
- Gender diversity remains low with only 1 female director (11.11%) and 0.98% female employees.
India Pesticides Limited (IPL) has issued a notice for its 41st Annual General Meeting (AGM) to be held on August 31, 2026. The board has recommended a final dividend of ₹0.75 per share for FY26, representing a payout of approximately 7.2% of the FY26 EPS of ₹10.40. Other key agenda items include a proposed 10% remuneration increase for two Whole-Time Directors, Dr. Kuruba Adeppa and Dr. Udaya Bhaskar Mantripragada. This comes as the company reported a TTM revenue of ₹1057 Cr and a PAT of ₹121 Cr.
- Final dividend of ₹0.75 per equity share (75% of face value) recommended for FY26.
- Proposed 10% increase in remuneration for Whole-Time Director Dr. Kuruba Adeppa from current ₹29.62 lakh.
- Proposed 10% increase in remuneration for Whole-Time Director Dr. Udaya Bhaskar Mantripragada from current ₹34.67 lakh.
- AGM to be held on August 31, 2026, via Video Conferencing/Other Audio Visual Means.
- Cost Auditor remuneration for FY27 proposed at ₹2.25 lakh per annum.
India Pesticides Limited (IPL) has scheduled its Q1 FY27 earnings conference call for August 13, 2026, at 12:30 PM IST. The management, including the CEO and CFO, will discuss the unaudited financial results for the quarter ended June 30, 2026. This follows a strong FY26 performance where the company achieved a revenue of Rs 1,056.54 Cr and a PAT of Rs 120.52 Cr. Investors will likely seek updates on the PEDA plant expansion and the company's progress toward its long-term revenue targets.
- Earnings conference call scheduled for August 13, 2026, at 12:30 PM IST
- Discussion to cover unaudited standalone and consolidated results for the quarter ended June 30, 2026
- Management representation by CEO Mr. D. K. Jain and CFO Mr. S. P. Gupta
- Universal access dial-in numbers provided: +91 22 6280 1116 and +91 22 7115 8017
India Pesticides Limited (IPL) reported a weak Q1 FY27 with revenue declining 9.2% YoY to ₹256 Cr and PAT falling 34.3% to ₹23 Cr. Profitability was significantly impacted by softer domestic demand for Pretilachlor (herbicide) and elevated channel inventory, causing EBITDA margins to contract from 18.4% to 15.4% YoY. Despite domestic headwinds, the company achieved a milestone with EU Technical Equivalence (TEQ) approval for a fungicide, and exports remained stable at 35% of revenue. The company is maintaining its focus on the Hamirpur expansion, which provides a pathway to add 30,000 MTPA of capacity.
- Revenue from operations decreased 9.2% YoY to ₹256 Cr, representing ~24% of TTM revenue.
- Net Profit (PAT) dropped 34.3% YoY to ₹23 Cr due to higher employee and fuel costs.
- EBITDA margins contracted by 300 bps YoY to 15.4% from 18.4% in Q1 FY26.
- Customer concentration increased significantly, with the top 10 customers contributing 51% of revenue in Q1 FY27 vs 40% in FY26.
- Hamirpur facility development is ongoing with 2 blocks operational and 2 more expected in FY2027.
India Pesticides Limited (IPL) reported a weak start to FY27, with Q1 revenue declining 9.2% YoY to ₹256 Cr, primarily due to soft demand for its key herbicide, Pretilachlor. Profitability was significantly impacted as PAT fell 34.3% to ₹23 Cr, and EBITDA margins contracted by 300 bps to 15.4% from 18.4% in the year-ago period. While domestic sales were sluggish, export sales provided a slight cushion, growing 2.3% to ₹89 Cr. A notable operational milestone was the receipt of Technical Equivalence (TEQ) approval from the European Union for a fungicide product, which may support future international growth.
- Revenue from operations fell 9.2% YoY to ₹256 Cr, representing approximately 24% of TTM revenue.
- EBITDA declined to ₹39 Cr with margins contracting to 15.4% from 18.4% in Q1 FY26.
- Profit After Tax (PAT) dropped 34.3% to ₹23 Cr compared to ₹35 Cr in the previous year's quarter.
- Job work processing charges increased 75% to ₹14 Cr from ₹8 Cr due to higher conversion volumes.
- Export sales grew marginally to ₹89 Cr, now accounting for 34.7% of total quarterly revenue.
India Pesticides Limited (IPL) reported a weak set of results for Q1 FY27, with Profit After Tax (PAT) declining 34.8% YoY to ₹23.07 Cr from ₹35.38 Cr. Sequentially, PAT fell 27.4% from ₹31.76 Cr in the preceding March quarter. The company is also navigating a legal challenge, having filed an appeal on July 24, 2026, against an income tax demand of ₹7.10 Cr (including interest) following a 2024 search operation. Earnings per share (EPS) for the quarter contracted to ₹2.00 from ₹3.07 in the year-ago period.
- Net Profit for Q1 FY27 stood at ₹23.07 Cr, representing a 34.8% decline from ₹35.38 Cr in Q1 FY26.
- Earnings Per Share (EPS) for the quarter fell to ₹2.00, compared to ₹3.07 in the corresponding previous year quarter.
- The company is contesting a ₹7.10 Cr tax demand (net of ₹0.18 Cr already paid) resulting from an Income Tax search in December 2024.
- Total tax expense for the quarter decreased to ₹8.32 Cr from ₹12.24 Cr YoY, reflecting lower profitability.
- The company filed an appeal against the tax demand order on July 24, 2026, with the Joint Commissioner (Appeals).
Financial Performance
Revenue Growth by Segment
Pesticides (Technical & Formulations) contributed 96% of total sales, while pharmaceutical intermediates contributed 4% in FY23. Total revenue for H1 FY26 grew 26% YoY to INR 579 Cr compared to INR 459 Cr in H1 FY25.
Geographic Revenue Split
Export revenue contributed ~38% in FY25 and ~40% in FY24. In H1 FY26, export revenue nearly doubled to INR 140 Cr, driven by growth in the technical business segment.
Profitability Margins
Gross margins were impacted by raw material price drops in FY24. PAT increased 37.7% from INR 61 Cr in FY24 to INR 84 Cr in FY25. H1 FY26 PAT reached INR 67 Cr, a 48% YoY increase with a PAT margin of 10.7%.
EBITDA Margin
EBITDA margin improved to 18.6% in H1 FY26 from 15.9% in FY25 and 14.6% in FY24. EBITDA for H1 FY26 stood at INR 108 Cr, up 53% YoY due to better operating leverage and cost efficiencies.
Capital Expenditure
Planned capex of INR 158 Cr over the next three financial years (FY26-FY28), to be funded via internal accruals. INR 52 Cr has already been deployed in H1 FY26 for IPL and Shalvis projects.
Credit Rating & Borrowing
Maintains a strong financial profile with an overall gearing of 0.01x as of March 31, 2023. Positive rating sensitivity is tied to achieving Total Operating Income (TOI) of INR 1,000 Cr while maintaining PBILDT margins above 20%.
Operational Drivers
Raw Materials
Tetra Hydro Phthalic Anhydride (THPA), Ammonium Thiocyanate, Di N Propylamine, and Cyano Acetyl Ethyl Urea. Specific cost percentages per material are not disclosed.
Import Sources
Majorly imported from Taiwan and China, exposing the company to supply chain disruptions and price volatility in those regions.
Capacity Expansion
Technical capacity increased from 24,200 MT in June 2024 to 28,200 MT by June 2025. Formulations capacity expanded from 6,500 MT to 10,000 MT in the same period. PEDA plant is expanding to 8,500 MT.
Raw Material Costs
Raw material costs are highly volatile; FY23 margins moderated from 30.40% to 22.99% due to high inventory costs and sudden price declines. Natural hedging is used as exports exceed imports.
Manufacturing Efficiency
Technical capacity utilization moved up to over 73% in H1 FY26 as global destocking eased. PEDA plant utilization is targeted at 75% by next year.
Logistics & Distribution
Distribution network consists of over 4,700 dealers and 20+ sales depots across major Indian states including Gujarat, Maharashtra, and UP.
Strategic Growth
Expected Growth Rate
26%
Growth Strategy
Achieving INR 1,000 Cr revenue target through capacity expansion (PEDA plant adding INR 250-300 Cr), increasing technical utilization to 73%+, and expanding CR-DMO engagements with global innovators.
Products & Services
Technical grade pesticides (primarily fungicides), pesticide formulations, and pharmaceutical intermediates.
Brand Portfolio
Captan Technical (leadership position), Folpet.
New Products/Services
Expansion into new molecules via R&D to reduce dependence on off-patent generic molecules; CR-DMO segment is in active discussions with global innovators.
Market Expansion
Targeting regulated markets for product registrations; currently registered in 25 countries across Europe, Asia, and Australia to hedge against domestic volatility.
Market Share & Ranking
Leadership position in Captan Technical (fungicide) globally.
Strategic Alliances
Active discussions with several global innovators for CR-DMO (Contract Research and Development Manufacturing Organization) engagements.
External Factors
Industry Trends
The agro-chemical industry is recovering from a period of global destocking and oversupply from China. IPL is positioning itself toward 'Zero Incident Culture' and sustainable procurement to attract ESG-conscious buyers.
Competitive Landscape
Faces intense pricing competition from Chinese manufacturers and domestic generic players; mitigating this through product diversification and regulated market registrations.
Competitive Moat
Moat is built on leadership in Captan Technical, a massive 4,700+ dealer network, and in-house R&D capabilities that allow for process optimization and new molecule development.
Macro Economic Sensitivity
Highly sensitive to agro-climatic conditions (monsoon) and global agro-chemical destocking cycles which impact demand and pricing.
Consumer Behavior
Shift toward environmentally conscious and sustainably sourced products; IPL is responding with a Sustainable Procurement Policy and 'red triangle' free technicals.
Geopolitical Risks
Exposure to political instability and trade policy changes in India and the 25+ countries of export; monitored by a dedicated Risk Management Committee.
Regulatory & Governance
Industry Regulations
Subject to stringent product registration requirements in 25+ countries. Recent anti-dumping duties on specific intermediates have positively impacted the ability to generate margins.
Environmental Compliance
Adheres to 'Care the World with Care' principle; focuses on 'Zero Incident Culture' and ensuring no technicals fall into the 'red triangle' (highly toxic) category.
Risk Analysis
Key Uncertainties
Vulnerability to agro-climatic conditions and regulatory changes in international markets could impact revenue by over 20% if sustained.
Geographic Concentration Risk
Domestic sales are concentrated in specific Indian states (Gujarat, Rajasthan, UP, etc.), while exports are concentrated in 25 countries.
Third Party Dependencies
High dependency on Chinese and Taiwanese suppliers for key intermediates like THPA and Cyano Acetyl Ethyl Urea.
Technology Obsolescence Risk
Risk of reliance on old off-patent generic molecules; being mitigated by DSIR-registered R&D focusing on new molecule innovation.
Credit & Counterparty Risk
Liquidity is strong with INR 80 Cr sanctioned working capital limits and only 35% utilization, indicating low counterparty risk.
