GSP Crop Science Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript GSP Crop Science Ltd filed with BSE on 20 Apr 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
GSP Crop Science reported nine-month FY26 revenue of about Rs 1,114 crore with EBITDA of Rs 153 crore, up 32% year-on-year, and PAT of Rs 75 crore versus Rs 59.6 crore last year, the PAT figure including an exceptional labor wage code provision of Rs 4.5 crore. Management described the company's three business verticals as domestic B2B, domestic B2C and export, split roughly 40:40:20, and discussed its patent portfolio of 102 granted and 108 pipeline patents. Management also addressed raw material sourcing from China, price increases of 10-15% passed to customers, and capacity utilization across its technical and formulation plants.
Numbers mentioned
Revenue: INR1,114 crores (9M FY26)
p. 5
“And in this revenue, if we see, INR1,114 crores to be precise, and this INR1,114 crores, we have done an EBITDA of INR153 crores.”
Shail Shah, page 5 of the filed PDF · View the filing
EBITDA: INR153 crores (9M FY26)
p. 5
“we have done an EBITDA of INR153 crores.”
Shail Shah, page 5 of the filed PDF · View the filing
EBITDA growth: 32% (9M FY26 vs 9M FY25)
p. 5
“This INR153 crores EBITDA is an increase of 32% from last year and this has resulted into a PAT of INR75 crores this year, which was INR59.6 crores last year.”
Shail Shah, page 5 of the filed PDF · View the filing
PAT: INR75 crores (9M FY26)
p. 5
“This INR75 crores of PAT is also after an exceptional item of adjustment due to new labor wage code effect wherein we have done additional provisions under exceptional items for INR4.5 crores.”
Shail Shah, page 5 of the filed PDF · View the filing
Number of patents received: 102 patents
p. 4
“So we have already received 102 patent in our basket and 108 patent is in our pipeline.”
Bhavesh Shah, page 4 of the filed PDF · View the filing
Patented product revenue share: 17%
p. 4
“our patented product business from 3% before 3 years, now it is 17%.”
Bhavesh Shah, page 4 of the filed PDF · View the filing
Price increase implemented: 10% to 15% (from 1st April)
p. 6
“So from 1st April, we have increased the price from 10% to 15% already to the market.”
Bhavesh Shah, page 6 of the filed PDF · View the filing
Distributor network size: almost 5,000 distributors
p. 4
“We have almost 5,000 distributors across India and we supply them material through our 24 C&F locations, which ultimately reaches the farmer.”
Shail Shah, page 4 of the filed PDF · View the filing
Export countries: almost 37 countries
p. 4
“we export to almost 37 countries.”
Shail Shah, page 4 of the filed PDF · View the filing
Patented product revenue share (last financial year): almost 20% (FY25)
p. 8
“So currently if you see in the last financial year, if you see almost 20% of our revenues have come from patented product.”
Shail Shah, page 8 of the filed PDF · View the filing
Patented product revenue share (current year): almost 20% (9M FY26)
p. 9
“So in FY26, we've done almost 20% from these patented products.”
Shail Shah, page 9 of the filed PDF · View the filing
Formulation plant utilization: 30% to 40%
p. 10
“So there the utilization is in the range of 30% to 40% because of the seasonality.”
Shail Shah, page 10 of the filed PDF · View the filing
Technical plant utilization: 70% to 75%
p. 10
“The technical plants that we have which is one at near Ahmedabad and the biggest plant which is at Nandeshari, there the capacity utilizations are in the range of 70% to 75%.”
Shail Shah, page 10 of the filed PDF · View the filing
PCT-410 brand revenue scale: INR50 crores to INR70 crores
p. 5
“we have scaled up the volumes of this business to almost INR50 crores to INR70 crores for this particular brand.”
Shail Shah, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue at peak plant utilization — INR1,900 crores to INR2,000 crores
stated as an aspiration by Shail Shah
p. 10
“we see that with peak utilization, we'll be almost reaching around INR1,900 crores to INR2,000 crores.”
Shail Shah, page 10 of the filed PDF · View the filing
Patented product revenue share — 40% to 50% · upcoming 3 years
stated as an aspiration by Shail Shah
p. 9
“So broadly, on a very high basis, almost 40% to 50% revenue will be coming from this kind of products.”
Shail Shah, page 9 of the filed PDF · View the filing
Growth rate — higher growth rate by another 5%-7% · upcoming 3 years
stated as an aspiration by Shail Shah
p. 10
“we're expecting that this or at least higher growth rate by another 5%-7% is what we're targeting for the upcoming 3 years.”
Shail Shah, page 10 of the filed PDF · View the filing
New product launches — one or two launches annually · yearly
stated firmly by Shail Shah
p. 11
“we feel that one or two launches in a year would justify the product's potential and we will be able to then give enough due importance for us to scale it up.”
Shail Shah, page 11 of the filed PDF · View the filing
Plant sufficiency for growth strategy — 3 years
stated as an aspiration by Shail Shah
p. 10
“we see that the plant is sufficient to cover almost our 3 years kind of strategy that we have in currently.”
Shail Shah, page 10 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said paddy, their strongest crop, is largely irrigated so they do not see much challenge from El Nino.
Answered by Bhavesh Shah
Asked by Shivansh Singh: How should FY27 be viewed given IMD's El Nino forecast for Kharif season?
p. 6
“So we are not seeing much challenges because of this El Nino effect.”
Bhavesh Shah, page 6 of the filed PDF · View the filing
Management said the fertilizer shortage is pushing farmers toward nutrition products, which they expect to benefit from.
Answered by Bhavesh Shah
Asked by Shivansh Singh: Will rising fertilizer prices affect farmer profitability or spending on crop protection products?
p. 6
“And this nutrition product will definitely have a good scope and it will increase.”
Bhavesh Shah, page 6 of the filed PDF · View the filing
Management said gross profit per kg would broadly remain the same as cost increases are passed through, though B2C has some lag.
Answered by Shail Shah
Asked by Avnish Burman: Are gross margins per kg sustained after the price increase, or will there be some decrease?
p. 7
“the gross profit typically would broadly be the same if we talk about per kg because whatever we are transferring as a cost will be added to our profit.”
Shail Shah, page 7 of the filed PDF · View the filing
Management said B2B partners are aware of market conditions and costs are generally passed through, though B2C passes with a lag due to channel inventory and competition.
Answered by Shail Shah
Asked by Avnish Burman: Is the company absorbing any cost increase itself or passing all of it to B2B partners?
p. 8
“there is there in certain cases, we are not able to pass, as I said, in B2C wherein there is lot of channel inventory, distributors are there, there is lot of competition in that generic market.”
Shail Shah, page 8 of the filed PDF · View the filing
Management said 12 patents have been commercialized so far, with one or two new launches planned annually.
Answered by Shail Shah
Asked by Maitri Shah: How many of the 102 patented products have been commercialized?
p. 8
“So we've commercialized 12 patents till now.”
Shail Shah, page 8 of the filed PDF · View the filing
Management said patented products carry a 20-25% premium margin over generics.
Answered by Shail Shah
Asked by Maitri Shah: What margin differential exists between patented and generic products?
p. 9
“the premium that we get over generics is almost 20% to 25%.”
Shail Shah, page 9 of the filed PDF · View the filing
Management said they have opened a Brazil subsidiary and are registering patented products for international markets.
Answered by Shail Shah
Asked by Maitri Shah: Are patented products planned for export, or is this a domestic-only strategy?
p. 10
“we have already opened a subsidiary in Brazil. And as a part of that, we are also registering our patented products which are established in India to other geographies, specifically in Brazil”
Shail Shah, page 10 of the filed PDF · View the filing
Management said registration of a single product takes about five years and their sales team's capacity constrains the pace of new launches to one or two per year.
Answered by Shail Shah
Asked by Maitri Shah: Why are new product launches paced slowly given the large patent pipeline?
p. 11
“Registration, yes. The registration for one single product takes almost five years because it is a long-drawn process.”
Shail Shah, page 11 of the filed PDF · View the filing
Risks flagged
Crude oil price increase from Middle East conflict raising raw material and logistics costs
p. 6
“See, because of Middle East, one basic main concern is crude. Crude prices increased. And because of that, all raw material prices increased.”
Bhavesh Shah, page 6 of the filed PDF · View the filing
Shipping availability decline roughly doubling logistics costs from China
p. 6
“So that from China, it is already almost double.”
Bhavesh Shah, page 6 of the filed PDF · View the filing
Fertilizer shortage and rising fertilizer costs due to gas and ammonia price increases
p. 7
“fertilizer cost has been very high and it is availability is also very concern.”
Bhavesh Shah, page 7 of the filed PDF · View the filing
Possible supply impact if shipping and logistics delays extend further
p. 7
“if this gets further prolonged by another month or so, then there could be a possibility where the supply could be impacted.”
Shail Shah, page 7 of the filed PDF · View the filing
Difficulty passing on cost increases in B2C due to channel inventory and generic market competition
p. 8
“there is lot of competition in that generic market. So there passing on that cost in the B2C becomes difficult.”
Shail Shah, page 8 of the filed PDF · View the filing
Price increases in intermediates and ancillary packing materials due to petrochemical derivatives
p. 11
“Yes, we've seen in certain products price have increase in intermediates. There are certain price increase in ancillary products also like packing material which are plastics, which are derivatives of petrochemicals.”
Shail Shah, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.