India Pesticides LimitedChemicalsIPL
Q1 FY27 concall · earnings callIndia Pesticides Limited
A challenging quarter marked by subdued domestic demand from erratic monsoon, offset by strategic progress on new manufacturing blocks and a key EU approval for fungicide exports.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Revenue | ₹256 Cr | -9.2% | |
| EBITDA | ₹39 Cr | — | |
| EBITDA Margin | 15.4% | — | |
| PAT | ₹23 Cr | — | |
| Export Revenue | ₹89 Cr | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹172.22 Cr+14.3% YoY-24.7% QoQ | ₹16.07 Cr-33% YoY-38% QoQ | ₹1.40-33% YoY-37.8% QoQ |
| Q2 FY25 | ₹228.78 Cr+13.3% YoY+3.8% QoQ | ₹25.91 Cr+32.8% YoY+33% QoQ | ₹2.25+32.4% YoY+33.1% QoQ |
| Q1 FY25 | ₹220.36 Cr+9.4% YoY+74.4% QoQ | ₹19.48 Cr+26.1% YoY+1737.7% QoQ | ₹1.69+25.2% YoY+1777.8% QoQ |
| Q4 FY24 | ₹126.32 Cr-36.3% YoY-16.2% QoQ | ₹1.06 Cr-96.5% YoY-95.6% QoQ | ₹0.09-96.6% YoY-95.7% QoQ |
| Q3 FY24 | ₹150.68 Cr-30.8% YoY-25.4% QoQ | ₹23.99 Cr-31.1% YoY+23% QoQ | ₹2.09-30.8% YoY+22.9% QoQ |
TL;DR
- Revenue declined 9.2% YoY to INR 256 crores due to softer domestic demand, especially for herbicide Pretilachlor.
- EBITDA margin was 15.4%, impacted by lower volumes, higher employee/fuel costs, and one-off expenses.
- Exports contributed 35% of revenue and grew slightly YoY.
- Received Technical Equivalence approval from the EU for a fungicide, expected to add INR 30-40 crores revenue.
- Hamirpur facility expansion is on track, with 2 of 10 blocks operational, targeting INR 50-60 crores revenue this year and INR 1000 crores in 4 years.
- Developing a new fungicide currently imported from China, targeting a 2000-ton capacity from existing Sandila plant.
Said on the call
“We are trying to improve our operational efficiency and trying to compete with Chinese imports and that is where our R&D team is working regularly to optimize further the process conditions.”
From the Q&A
| Topic | What management said |
|---|---|
| Margin Pressure | CFO explained lower operating margin due to one-time write-off of export receivables (INR 2.5 Cr) and higher job work charges (INR 6 Cr) incurred in anticipation of higher sales that didn't materialize. |
| New Product Pipeline | CEO detailed a new fungicide, currently imported from China (~4000-5000 tons), which IPL will produce domestically targeting 2000 tons capacity at ~INR 500-600/kg, aiming to reduce dependence on single molecules. |
| Hamirpur Facility Outlook | Management expects INR 50-60 crores revenue from Hamirpur this year, with a long-term potential of INR 1000 crores in 3-4 years from 8-10 blocks, requiring annual capex of INR 80-100 crores. |
| Volume vs Price | CFO clarified the revenue decline was driven by a 13% volume drop, partially offset by a 4% price increase. |
| FY27 Guidance | CFO stated expecting lower single-digit revenue growth for the full year, with Q3 and Q4 expected to be better. |
Guidance
- Expect lower single-digit revenue growth for FY27.
- Target sustainable EBITDA margin of 15-18%.
- Expect revenue of INR 50-60 crores from Hamirpur facility in FY27.
- Anticipate additional INR 30-40 crores revenue from the EU-approved fungicide molecule.
- Plan annual capex of INR 80-100 crores at Hamirpur and INR 25-30 crores at Sandila.
- Inventory days expected to reduce from ~200 days to ~170 days by Q3.
Source
Summary written from the transcript filed by India Pesticides Limited for the call held on 13 Aug 2026; published 21 Aug 2026, 23:23 IST.
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