Punjab Chemicals & Crop Protection Limited (PUNJABCHEM)
₹999.30 +0.34% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Punjab Chemicals' revenue was ₹347 Cr (+8.7% year on year, +66.1% on the previous quarter), and net profit ₹22.1 Cr (+7.0% year on year); the operating margin was 11.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹347 | +8.7% | +66.1% |
| Operating profit | ₹40.8 | +18.8% | +45.8% |
| Net profit | ₹22.1 | +7.0% | +100.6% |
| EPS (₹) | 18.00 | +7.0% | +101.1% |
| Operating margin | 11.8% | — | — |
PUNJABCHEM delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 72.94% of the PUNJABCHEM shares traded on NSE were taken to delivery, against the stock's own 20-session average of 59.08%. That is higher than usual for this stock. Turnover was only ₹37 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 58.2% · 70.0% · 61.3% · 62.6% · 72.9%
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
CARE Ratings Limited has upgraded Punjab Chemicals & Crop Protection's long-term bank facilities rating to 'CARE A- ; Stable' from 'CARE BBB+ ; Stable' and short-term rating to 'CARE A2+' from 'CARE A2'. The upgrade covers enhanced long-term/short-term facilities of ₹200.00 Cr (up from ₹100.00 Cr) and short-term facilities of ₹55.00 Cr (up from ₹45.00 Cr). Additionally, new long-term facilities of ₹99.94 Cr and long/short-term facilities of ₹60.00 Cr were assigned 'CARE A- ; Stable' / 'CARE A2+' ratings. Total rated bank facilities stand at ₹414.94 Cr, reflecting improving financial health on existing debt of ₹154 Cr.
- Long-term/short-term facilities of ₹200.00 Cr upgraded to CARE A- ; Stable / CARE A2+ from CARE BBB+ ; Stable / CARE A2
- Short-term facilities of ₹55.00 Cr upgraded to CARE A2+ from CARE A2
- Long-term bank facilities of ₹99.94 Cr newly assigned CARE A- ; Stable
- Combined long/short-term facilities of ₹60.00 Cr newly assigned CARE A- ; Stable / CARE A2+
Punjab Chemicals & Crop Protection Limited announced an upcoming interaction with an institutional investor scheduled for September 22, 2026, at 3:30 PM. The management will hold a physical one-on-one meeting with MetLife Investment Management. The company confirmed that discussions will rely solely on publicly available information and no unpublished price-sensitive information will be shared. Against Punjab Chemicals' TTM revenue of Rs 1,058 Cr and market cap of Rs 1,319 Cr, this is an ordinary investor relations interaction.
- One-on-one physical interaction scheduled for Tuesday, September 22, 2026 at 3:30 pm
- Meeting to be held with MetLife Investment Management
- Discussions strictly limited to publicly available information with no UPSI shared
Punjab Chemicals & Crop Protection Limited announced that the Punjab and Haryana High Court has disposed of its writ petition, providing relief against an IGST refund demand of approximately ₹44.96 crore along with interest and penalty. The dispute originated from a Show Cause Notice issued by GST authorities under Rule 96(10) of the CGST Rules. The High Court disposed of the matter following the Bombay High Court ruling in the Hikal Ltd. case. The removal of this potential liability represents a significant relief, as the ₹44.96 crore demand equals ~69% of the company's TTM net profit (₹65 crore).
- High Court order dated August 14, 2026 provides relief against IGST recovery demand of ₹44.96 crore
- Demand equaled ~69.2% of TTM PAT (₹65 crore) and ~10.1% of net worth (₹443 crore)
- Writ petition (CWP-16072-2023) disposed in terms of Bombay HC judgment in Hikal Ltd. v. Union of India
- No liability towards the ₹44.96 crore demand is presently expected to crystallise against the company
- Company is taking consequential steps with GST authorities to remove the demand from records
Punjab Chemicals & Crop Protection Limited has informed the exchanges regarding a scheduled one-on-one institutional investor interaction. The management will meet with Fortitude Fund Management in person on Tuesday, September 1, 2026, at 2:30 PM. The company stated that discussions will be restricted to publicly available information without sharing any unpublished price-sensitive information (UPSI).
- One-on-one institutional investor meeting scheduled with Fortitude Fund Management
- Meeting date set for Tuesday, September 1, 2026, at 2:30 PM
- Interaction mode will be in-person
- No unpublished price-sensitive information (UPSI) will be discussed
Punjab Chemicals & Crop Protection Limited has informed the exchanges about an upcoming physical one-on-one meeting with institutional investor Swan Investments. The interaction is scheduled for Tuesday, August 25, 2026, at 3:00 PM. The company noted that discussions will rely strictly on publicly available information without any unpublished price-sensitive information (UPSI).
- One-on-one institutional interaction scheduled with Swan Investments
- Meeting date: Tuesday, August 25, 2026, at 3:00 PM
- Mode of interaction: Physical meeting
- Discussions to remain restricted to publicly available information
Punjab Chemicals has released the official transcript for its Q1 FY27 earnings conference call held on July 31, 2026. The company currently operates with a TTM revenue of ₹1,030 Cr and a PAT of ₹64 Cr, with its CRAMS segment contributing 60-70% of total revenue. Investors should note the high client concentration risk, as the top 3 customers account for over 50% of sales. The transcript provides management's detailed perspective on navigating aggressive Chinese pricing and the progress of planned capacity upgrades for FY26-27.
- Earnings conference call for Q1 FY27 was conducted on July 31, 2026
- CRAMS segment remains the primary revenue driver, accounting for 60-70% of total turnover
- Top 3 customers represent a significant concentration risk at >50% of total sales
- TTM revenue stands at ₹1,030 Cr with an Operating Profit Margin of 11.5%
- Company is leveraging an inventory buildup of ₹222 Cr to support new product launches
Punjab Chemicals & Crop Protection Limited successfully concluded its 50th Annual General Meeting on July 31, 2026, with all six resolutions passed by a significant majority. Key approvals include the adoption of FY26 financial statements and the declaration of a dividend for the fiscal year. Shareholders also approved the continuation of Mr. Mukesh Dahyabhai Patel as a Non-Executive Director beyond the age of 75 via a special resolution. Total voter turnout stood at 70.6%, with 100% promoter support for all items.
- Total of 6 resolutions passed, including dividend declaration and director re-appointments.
- Voter turnout was 70.59% of the total 12,262,185 equity shares.
- Special resolution for director continuation beyond 75 years passed with 99.93% votes in favor.
- Promoter group (4,811,390 shares) voted 100% in favor of all resolutions.
- Record date for the meeting was July 24, 2026, with 19,866 shareholders on record.
Punjab Chemicals reported a 14% revenue growth to ₹1030 Cr for FY26, with PAT rising to ₹64 Cr. The company has earmarked ₹100 Cr for two new multi-purpose manufacturing blocks and debottlenecking to support its growth strategy. Shareholders approved a final dividend of ₹3 per share (30%). Management highlighted a strong pipeline of 25 R&D products and three new exclusive MoUs with global customers, aiming to increase the revenue share of new products to 18-20% within two years.
- ₹100 Cr investment planned for two new manufacturing blocks and capacity debottlenecking
- ₹3 per equity share (30%) final dividend declared for the financial year 2025-26
- 3 exclusive MoUs signed with global customers for high-value agrochemicals and intermediates
- 25 products currently in the R&D pipeline at various stages of development and piloting
- New products contributed 15-16% to FY26 revenues, with a target to reach 18-20% by FY28
Punjab Chemicals & Crop Protection Limited has released the audio recording of its Q1 FY27 earnings call held on July 31, 2026. This follows the announcement of unaudited financial results for the quarter ended June 30, 2026. The filing is a standard regulatory requirement under SEBI LODR Regulations to ensure transparency for all shareholders. Investors can access the recording via the company's website to hear management's detailed commentary on performance and outlook.
- Earnings call conducted on July 31, 2026, following Q1 FY27 results
- Recording pertains to the financial performance for the quarter ended June 30, 2026
- Filing compliant with Regulation 30 and 46 of SEBI LODR Regulations
- Management commentary typically covers the CRAMS segment which accounts for 60-70% of revenue
Punjab Chemicals (PCCPL) reported a steady Q1 FY27 with revenue growing 8.7% YoY to ₹347.2 Cr, primarily driven by export recovery and a 40% surge in new product sales. EBITDA margins expanded by 100 bps to 11.8%, resulting in an 18.8% YoY growth in operating profit to ₹40.8 Cr. The company has formally earmarked ₹100 Cr for capex to establish two multi-purpose plants and is actively scouting for a new manufacturing site to support its 25+ product R&D pipeline. Strategic progress was noted in the CRAMS segment, with commercial lots supplied for 2 out of 3 global MoU products.
- Revenue grew 8.7% YoY to ₹347.2 Cr, with new products contributing 14% of total sales.
- EBITDA increased 18.8% YoY to ₹40.8 Cr, supported by a 355 bps improvement in gross margins to 36.6%.
- Planned capex of ₹100 Cr for two multi-purpose plants, representing approximately 22.6% of current Net Worth.
- R&D pipeline currently holds over 25 products at various stages of development and piloting.
- Export sales grew to ₹190 Cr in Q1 FY27 compared to ₹196 Cr in the previous year (slight dip but recovery from recent quarters).
Punjab Chemicals reported a steady Q1 FY27 with revenue from operations growing 8.7% YoY to ₹346.44 cr. Net profit increased by 10.3% YoY to ₹22.15 cr, reflecting resilience in a challenging agrochemical market. The company saw a significant sequential recovery from Q4 FY26, where revenue was ₹207.13 cr. Additionally, Non-Executive Director Mr. Avtar Singh resigned effective July 31, 2026, citing personal commitments.
- Revenue from operations increased 8.7% YoY to ₹346.44 cr from ₹318.59 cr.
- Net profit for the quarter rose 10.3% YoY to ₹22.15 cr compared to ₹20.08 cr.
- Earnings Per Share (EPS) improved to ₹18.07 from ₹16.38 in the year-ago period.
- Total expenses for the quarter stood at ₹316.98 cr, with material costs accounting for ₹199.85 cr.
- Finance costs remained stable at ₹4.11 cr compared to ₹3.95 cr in Q1 FY26.
Punjab Chemicals & Crop Protection reported a steady Q1 FY27 with revenue from operations reaching ₹346.44 Cr, an 8.7% increase over the ₹318.59 Cr reported in the same quarter last year. Net profit for the quarter stood at ₹22.15 Cr, up 10.3% YoY from ₹20.08 Cr. Sequentially, the company saw a massive 67.2% jump in revenue compared to Q4 FY26 (₹207.13 Cr), reflecting the seasonal nature of the agrochemical business. Additionally, Mr. Avtar Singh resigned as a Non-Executive Director effective July 31, 2026.
- Revenue from operations grew 8.7% YoY to ₹346.44 Cr from ₹318.59 Cr.
- Net profit increased 10.3% YoY to ₹22.15 Cr, with EPS rising to ₹18.07 from ₹16.38.
- Sequential revenue growth was 67.2% compared to the March 2026 quarter (₹207.13 Cr).
- Profit before tax (PBT) stood at ₹30.14 Cr, representing a margin of 8.7% for the quarter.
- Cost of materials consumed remained the largest expense at ₹199.85 Cr, up from ₹174.28 Cr YoY.
Punjab Chemicals & Crop Protection Limited has scheduled its post-results conference call for Q1 FY27 on July 31, 2026, at 4:00 p.m. IST. The management team, including the Managing Director and CEO, will discuss the company's financial performance and operational updates. This follows a trailing twelve-month (TTM) revenue of ₹1,030 Cr and an operating margin of 11.5%. Investors will be looking for updates on the company's CRAMS segment, which typically contributes 60-70% of total revenue.
- Conference call scheduled for July 31, 2026, at 4:00 p.m. IST
- Management representation includes MD Shalil Shroff, CEO Vinod Gupta, and CFO Devender Gupta
- Discussion will focus on Q1 FY27 performance following a Mar 2026 quarter revenue of ₹209 Cr
- Company maintains a high client concentration with the top 3 customers exceeding 50% of sales
Punjab Chemicals and Crop Protection Limited has dispatched the Annual Report for FY 2025-26 and the notice for its 50th Annual General Meeting (AGM) scheduled for July 31, 2026. The company has fixed July 17, 2026, as the record date for determining shareholder eligibility for the final dividend. Remote e-voting for the AGM resolutions will be open from July 28 to July 30, 2026. This filing is a procedural requirement under SEBI regulations to reach shareholders whose email addresses are not registered.
- 50th Annual General Meeting scheduled for July 31, 2026, at 02:30 p.m. IST via Video Conferencing.
- Record date for Final Dividend eligibility is fixed as Friday, July 17, 2026.
- Remote e-voting period begins on July 28, 2026 (09:00 AM) and concludes on July 30, 2026 (05:00 PM).
- Cut-off date for determining e-voting eligibility is Friday, July 24, 2026.
Punjab Chemicals has released its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, reporting a turnover of Rs 1,025 crore. The company maintains a significant global footprint with exports contributing 43% of total revenue across 23 countries. Operations remain concentrated, with 100% of turnover derived from the Performance Chemicals segment produced at 3 national manufacturing plants. The report indicates a stable workforce of 1,264 permanent staff and a low volume of shareholder grievances, with only 2 complaints filed and resolved during the year.
- Exports accounted for 43% of the total turnover, reaching 23 international markets.
- Performance Chemicals segment contributed 100% of the Rs 1,025 crore turnover for FY 2025-26.
- The company operates 3 manufacturing plants and 1 corporate office in India.
- Total permanent workforce stands at 1,264 individuals, including 427 employees and 837 workers.
- Shareholder transparency remains high with 2 complaints received and 0 pending at the end of the fiscal year.
Financial Performance
Revenue Growth by Segment
Agrochemicals contribute 70-80% of total revenue, while CRAMS (Contract Research and Manufacturing Services) accounts for 60-70% of revenue. Overall revenue from operations declined 4% from INR 934.23 Cr in FY24 to INR 900.52 Cr in FY25. However, Q1 FY26 showed a 37% YoY recovery to INR 319.51 Cr, and Q2 FY25 grew 5.4% YoY to INR 255.2 Cr.
Geographic Revenue Split
The company maintains a wide geographical presence across domestic and export markets. Q2 FY25 growth was driven by improvements in both domestic and export sales, though specific percentage splits per region are not disclosed in the provided documents.
Profitability Margins
Gross margins for Q2 FY25 stood at 39.5%, improved by product mix. Net Profit Margin (PAT) declined from 5.74% in FY24 to 4.32% in FY25 due to lower absorption of fixed costs and pricing pressures. Operating Profit Margin was 8.38% in FY25 compared to 10.02% in FY24.
EBITDA Margin
EBITDA margin was 11.17% in FY25, a decrease from 12.42% in FY24. EBITDA for FY25 was INR 100.62 Cr, down 13.3% from INR 116.08 Cr in FY24. Q2 FY25 EBITDA margin was 10.3% (INR 26.2 Cr).
Capital Expenditure
The company is investing in new blocks and plant upgrades planned for FY26 to support rising demand. Non-current investments increased to INR 1.57 Cr in FY25 from INR 1.44 Cr in FY24. Debt-funded capex is monitored by rating agencies to ensure it does not weaken the financial risk profile.
Credit Rating & Borrowing
CARE reaffirmed ratings at CARE BBB+; Stable / CARE A2 in September 2025. CRISIL reaffirmed 'Crisil BBB+/Stable' in August 2025. Interest coverage ratio remained healthy at 5.57x in FY25 compared to 5.46x in FY24.
Operational Drivers
Raw Materials
Agrochemical technicals and intermediates; specific chemical names not listed, but cost of material consumed represents 65.2% of total revenue (INR 587 Cr).
Import Sources
Sourced from diverse geographies including China (major pricing influencer) and local suppliers in India to mitigate supply chain risks.
Key Suppliers
Not specifically named, but the company is actively developing local Indian suppliers to reduce dependency on imports.
Capacity Expansion
Planned upgrades and new blocks are scheduled for FY26 to boost revenue and profitability by supporting rising demand for new product launches.
Raw Material Costs
Cost of material consumed increased 6% YoY to INR 587 Cr in FY25 (from INR 553 Cr) due to changes in pricing and product mix. This represents a significant portion of the INR 844 Cr total expenses.
Manufacturing Efficiency
Capacity utilization metrics not explicitly stated, but the company noted lower absorption of fixed costs due to flat revenues in FY25, impacting margins.
Logistics & Distribution
Higher freight costs were cited as a reason for lower PBILDT margins in 9MFY25.
Strategic Growth
Expected Growth Rate
37%
Growth Strategy
Growth is targeted through a strong product pipeline, new block commissions in FY26, and a focus on the CRAMS segment (60-70% of revenue). The company is leveraging long-term relationships with global clients and investing in R&D for green chemistry to stay ahead in product development.
Products & Services
Agrochemicals (pesticides, herbicides), specialty chemicals, and industrial chemicals. The company also provides CRAMS services for global agrochemical players.
Brand Portfolio
Punjab Chemicals and Crop Protection Limited (PCCPL); SD Agchem (Europe) NV (subsidiary).
New Products/Services
New product launches are supported by an inventory buildup of INR 222 Cr; these are expected to boost revenue and profitability in FY26.
Market Expansion
The company has a wide geographical presence and is focusing on increasing plant capacity through upgrades to support rising global and domestic demand.
Strategic Alliances
Originally promoted in association with Excel Industries Limited and Punjab State Industrial Development Corporation (PSIDC).
External Factors
Industry Trends
The global crop protection industry was valued at USD 64.18 billion in FY24. Trends include a shift toward green chemistry and sustainable solutions due to augmented environmental awareness and regulatory scrutiny.
Competitive Landscape
Faces intense competition from leading global and domestic agrochemical companies with strong brand recognition and robust R&D, as well as low-cost Chinese producers.
Competitive Moat
Moat is built on long-standing relationships with global agrochemical majors and a high share of CRAMS business (60-70%), which provides better revenue visibility compared to pure generic manufacturing.
Macro Economic Sensitivity
Highly sensitive to agricultural cycles and monsoon patterns which dictate domestic demand for agrochemicals.
Consumer Behavior
Increased demand for greener alternatives and sustainable chemical solutions is driving the company to innovate in green chemistry.
Geopolitical Risks
Trade dynamics with China are critical, as Chinese oversupply impacts global pricing and revenue realisation for Indian manufacturers.
Regulatory & Governance
Industry Regulations
Subject to Section 148 of the Companies Act, 2013 for cost audits. Operations are influenced by environmental awareness and regulatory shifts toward sustainable chemical production.
Environmental Compliance
The company is focusing on solvent recovery and minimized carbon emissions to meet evolving environmental regulations and consumer needs.
Risk Analysis
Key Uncertainties
Pricing pressure from China and monsoon dependency are the primary uncertainties, with the potential to impact margins by 1-2% based on historical volatility.
Geographic Concentration Risk
While geographically diversified, the company is heavily reliant on the global agrochemical market's stability.
Third Party Dependencies
Significant dependency on three major customers for over 50% of revenue, making the company vulnerable to the growth plans of these specific clients.
Technology Obsolescence Risk
Risk of products becoming obsolete due to environmental regulations; mitigated by R&D focus on green chemistry and new product pipelines.
Credit & Counterparty Risk
Trade receivables rose to INR 235 Cr in FY25 from INR 197 Cr; the trade receivable turnover ratio slowed to 4.16 from 5.48, indicating a slight increase in credit exposure.
