India Pesticides Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript India Pesticides Ltd filed with BSE on 28 May 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
India Pesticides Limited reported consolidated FY26 revenue of INR 1,078 crores, up 27.9% year-on-year, crossing the INR 1,000 crores milestone for the first time, with EBITDA up 44.7% to INR 194 crores and PAT up 45.8% to INR 120 crores. Q4 FY26 revenue was INR 271 crores, up 28.5% year-on-year, with domestic sales rising to INR 183 crores from INR 118 crores driven by herbicides and intermediates, while export revenue declined slightly to INR 84 crores from INR 89 crores due to geopolitical disruptions. Management discussed capacity expansion at the Hamirpur and Shalvis facilities, backward integration initiatives, pricing pass-through amid raw material cost inflation, and reaffirmed a long-term revenue target of INR 3,000 crores by March 2031.
Numbers mentioned
Consolidated revenue: INR 1,078 crores (FY26)
p. 3
“Consolidated revenue for the year grew by 27.9% Y-o-Y to INR 1,078 crores, while EBITDA increased by 44.7% to INR 194 crores, with EBITDA margin improving to 18%.”
Vishwas Swarup Agarwal, page 3 of the filed PDF · View the filing
PAT: INR 120 crores (FY26)
p. 3
“PAT for the year was at INR 120 crores, reflecting a growth of 45.8% Y-o-Y.”
Vishwas Swarup Agarwal, page 3 of the filed PDF · View the filing
Q4 revenue: INR 271 crores (Q4 FY26)
p. 6
“For Q4 FY26, total revenue was INR 271 crores, reflecting a growth of 28.5% compared to INR 211 crores in Q4 FY25.”
S. P. Gupta, page 6 of the filed PDF · View the filing
Q4 EBITDA: INR 46 crores (Q4 FY26)
p. 6
“EBITDA for the quarter increased to INR 46 crores from INR 35 crores in corresponding quarter last year, registering a growth of 31.1%.”
S. P. Gupta, page 6 of the filed PDF · View the filing
Q4 net profit: INR 31 crores (Q4 FY26)
p. 6
“Net profit for the quarter was INR 31 crores, reflecting a growth of 40.6% Y-o-Y with PAT margins improving to 11.3%.”
S. P. Gupta, page 6 of the filed PDF · View the filing
FY26 EBITDA margin: 18% (FY26)
p. 6
“EBITDA for the year was INR 194 crores, registering a growth of 44.7%, while EBITDA margin improved to 18% from 15.9% in FY25.”
S. P. Gupta, page 6 of the filed PDF · View the filing
Domestic revenue: INR 183 crores (Q4 FY26)
p. 4
“Domestic sales during Q4 FY26 increased significantly to INR 183 crores compared to INR 118 crores in the corresponding quarter last year, largely driven by strong demand for herbicides and intermediates.”
Vishwas Swarup Agarwal, page 4 of the filed PDF · View the filing
Export revenue: INR 84 crores (Q4 FY26)
p. 6
“Export revenue was INR 84 crores during the quarter as against INR 89 crores in Q4 FY25, slight decrease due to geopolitical issue in March 2026.”
S. P. Gupta, page 6 of the filed PDF · View the filing
Net working capital days: 223 days (FY26)
p. 7
“Net working capital days improved to 223 days in FY26 from 254 days in FY25, while ROCE improved to 16.8%.”
S. P. Gupta, page 7 of the filed PDF · View the filing
Capex budget for standalone entity: INR 45 crores (FY27)
p. 7
“Capex budget for 2026-27 of India Pesticides is INR 45 crores and for 100% subsidiary, it is INR 90 crores.”
S. P. Gupta, page 7 of the filed PDF · View the filing
Formulation capacity: 10,000 metric tonnes (FY26)
p. 5
“Formulation capacity has now scaled up to 10,000 metric tonnes, enabling the company to better leverage its in-house technical capabilities and strengthen responsiveness towards domestic demand.”
D. K. Jain, page 5 of the filed PDF · View the filing
Shalvis revenue contribution: INR 4 crores (FY26)
p. 9
“It was INR 4 crores during the financial year.”
S. P. Gupta, page 9 of the filed PDF · View the filing
Credit rating: A+
p. 13
“Current rating is A+.”
S. P. Gupta, page 13 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 — INR 3,000 crores · by March 2031
stated firmly by D. K. Jain
p. 10
“We are very much intact, and we have a plan to achieve this INR 3,000 crores by March 2031.”
D. K. Jain, page 10 of the filed PDF · View the filing
Revenue growth — 15% to 20% · FY27
stated firmly by D. K. Jain
p. 12
“We are expecting a revenue increase of about 15% to 20%, as we have given the earlier guidance also.”
D. K. Jain, page 12 of the filed PDF · View the filing
EBITDA margin — 18% to 20% · FY27
stated firmly by S. P. Gupta
p. 9
“Our margin ranges we have projected 18% to 20% EBITDA margin.”
S. P. Gupta, page 9 of the filed PDF · View the filing
Net working capital days — 10 to 12 days improvement · FY27
stated as an aspiration by S. P. Gupta
p. 9
“There is a slight scope for further improvement, maybe by 10 to 12 days less by FY27.”
S. P. Gupta, page 9 of the filed PDF · View the filing
Shalvis facility revenue — INR 70 crores to INR 80 crores · FY27
stated firmly by D. K. Jain
p. 8
“So we expect Shalvis revenues to be in the range of at least INR 70 crores to INR 80 crores.”
D. K. Jain, page 8 of the filed PDF · View the filing
Shalvis total revenue — INR 1,000 crores · by March 2031
stated firmly by D. K. Jain
p. 13
“In Shalvis, we expect the total revenue by March 2031 to be about INR 1,000 crores.”
D. K. Jain, page 13 of the filed PDF · View the filing
Capex for FY27 — INR 45 crores standalone, INR 90 crores subsidiary · FY27
stated firmly by S. P. Gupta
p. 9
“Our capex plan for India Pesticides is INR 45 crores and for our 100% subsidiary, it is INR 90 crores.”
S. P. Gupta, page 9 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 confirmed China is also raising prices and that IPL has passed through some cost differential to customers successfully for certain products.
Answered by D. K. Jain
Asked by Rahul Jain: What price increases has the company taken and is demand strength due to inventory depletion or China raising prices?
p. 7
“But we also have discussed with our customers, and we have tried to pass on the cost differential to our customer, and we have been successful in convincing them for some of the products.”
D. K. Jain, page 7 of the filed PDF · View the filing
Shalvis contributed about INR 4-5 crores this year, while PEDA and Pretilachlor drove significant volume increase; capacity utilization is expected to improve in FY27.
Answered by D. K. Jain
Asked by Rahul Jain: How much of the 30% volume growth came from Shalvis and PEDA/Pretilachlor, and what is the outlook for FY27?
p. 7
“Shalvis, now we started one of our technical products. And though it started a bit late, but we have a contribution of about INR 4 crores to INR 5 crores of revenue from Shalvis this financial year.”
D. K. Jain, page 7 of the filed PDF · View the filing
Management said past instances of reduced rainfall did not significantly hurt overall agricultural production and reaffirmed the FY31 target.
Answered by D. K. Jain
Asked by Manish Bhadane: Given a below-normal monsoon forecast from Skymet, is the company's FY31 revenue guidance of INR 3,000 crores intact?
p. 10
“We are very much intact, and we have a plan to achieve this INR 3,000 crores by March 2031.”
D. K. Jain, page 10 of the filed PDF · View the filing
Management confirmed these are new molecules not currently produced at Sandila or Dewa Road, with few producers in India, targeting about 10% market share.
Answered by D. K. Jain
Asked by Yogansh Jeswani: Are the two new molecules planned at Hamirpur entirely new to IPL's portfolio, and what is their market size?
p. 11
“No, no. They will be entirely new molecules, and we are not producing in our Sandila or Dewa Road unit.”
D. K. Jain, page 11 of the filed PDF · View the filing
Management guided for 15-20% revenue growth and said backward integration helps maintain the 18% EBITDA margin despite higher raw material costs.
Answered by D. K. Jain
Asked by Saket Kapoor: What is the outlook for revenue growth and EBITDA margin for the current year given RM cost pressure?
p. 12
“Sir, we are expecting a revenue increase of about 15% to 20%, as we have given the earlier guidance also.”
D. K. Jain, page 12 of the filed PDF · View the filing
Management explained the company follows a 5-15% of net profit dividend policy and prefers to conserve funds for capex and working capital needs funded through internal accruals.
Answered by S. P. Gupta
Asked by Ajay Desai: Why does the dividend payout remain low despite strong profitability and low debt?
p. 14
“I mean we have a dividend policy, which is providing 5% to 15% of net profit.”
S. P. Gupta, page 14 of the filed PDF · View the filing
Management said long-term supplier arrangements and discussions with customers on price increases have helped maintain supply continuity.
Answered by D. K. Jain
Asked by Saket Kapoor: How is the company managing supply chain disruptions from the geopolitical situation?
p. 15
“We have done some long-term arrangements with some of our suppliers who are able to bring the material to us in time.”
D. K. Jain, page 15 of the filed PDF · View the filing
Risks flagged
Geopolitical tensions in the Middle East disrupting global logistics and supply chains
p. 3
“ongoing geopolitical tensions in the Middle East have resulted in periodic disruptions in global logistics and supply chain planning, leading customers to increasingly prioritize dependable and diversified sourcing partners”
Vishwas Swarup Agarwal, page 3 of the filed PDF · View the filing
Pricing pressure on select export products due to geopolitical developments
p. 4
“Export revenues contributed approximately 39% of total revenues during FY26 despite temporary pricing challenges in select exported products arising from geopolitical developments.”
Vishwas Swarup Agarwal, page 4 of the filed PDF · View the filing
Below-normal monsoon forecast potentially affecting agricultural demand
p. 10
“we know that IMD has given a forecast of reduced rainfall this season from 6% to 8%”
D. K. Jain, page 10 of the filed PDF · View the filing
Rising raw material costs, particularly sulphur-based inputs
p. 7
“basically, what we feel that the sulphur-based products have slightly increased more.”
D. K. Jain, page 7 of the filed PDF · View the filing
Critical supply chain disruption affecting raw material availability and pricing
p. 15
“Sir, you are absolutely right. The situation in terms of supply chain is very critical.”
D. K. Jain, page 15 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.