Insecticides (India) LimitedAgriculture & AlliedINSECTICID
Q1 FY27 concall · earnings callInsecticides (India) Limited
A delayed monsoon impacted first-quarter performance, but the company expects recovery as agricultural activity normalizes, supported by its focus on premium products and strategic investments.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue from operations | ₹612 Cr | -12% | |
| Gross Profit | ₹193.16 Cr | -4% | |
| Gross Profit Percentage | 31.6% | — | |
| EBITDA margin | 11.1% | — | |
| PAT margin | 7.2% | — | |
| Premium product contribution (B2C) | 64% | — | |
| Sales from newly launched products (Q1) | ₹5.5 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 | ₹357.70 Cr-0.1% YoY-43% QoQ | ₹17.36 Cr+41% YoY-71.8% QoQ | ₹5.96+43.3% YoY-71.3% QoQ |
| Q2 FY25 | ₹627.09 Cr-9.9% YoY-4.5% QoQ | ₹61.49 Cr+15.7% YoY+25.5% QoQ | ₹20.78+15.8% YoY+25.5% QoQ |
| Q1 FY25 | ₹656.69 Cr+2.6% YoY+141% QoQ | ₹49.01 Cr+68.2% YoY+531.6% QoQ | ₹16.56+68.1% YoY+532.1% QoQ |
| Q4 FY24 | ₹272.50 Cr-9.7% YoY-23.9% QoQ | ₹7.76 CrTurned profitable YoY-37% QoQ | ₹2.62Turned positive YoY-37% QoQ |
| Q3 FY24 | ₹357.94 Cr+0.4% YoY-48.6% QoQ | ₹12.31 Cr+31.4% YoY-76.8% QoQ | ₹4.16+31.6% YoY-76.8% QoQ |
TL;DR
- Revenue declined 12% year-on-year to INR 612 crores due to a delayed and uneven monsoon.
- Premium product contribution increased to 64% of B2C sales, supporting gross margins.
- Two new products (GRANUVIA and Spinoace) were launched with Corteva Agriscience.
- Capex projects in Dahej and Sotanala are progressing, with annual capex expected to normalize to INR 30-40 crores.
- Management expects stronger execution in the remaining quarters as sowing and rainfall improve.
Said on the call
“The first quarter of FY27 was shaped by an unusual start of the agricultural season.”
From the Q&A
| Topic | What management said |
|---|---|
| Sowing and Demand Outlook | Rains are good across most of the country in August, though rice sowing is delayed in South India; expects positive impact from Q2. |
| Capex (Sotanala project) | Total investment around INR 200 crores (INR 50 cr for formulation, INR 150 cr for technical); INR 70 crores invested so far. |
| Price Hikes and Margins | Attempted price hikes in March-April but had to roll some back due to weak market sentiment; product margins vary by category (Focus Maharatna ~35%+, Maharatna ~30%, generics ~10-15%). |
| Sales Returns | Expects sales returns to be about half of last year's INR 200 crores due to cautious placement and product mix strategy. |
| New Product Expectations | Expects GRANUVIA and Spinoace to generate combined gross sales of INR 30-35 crores in FY27. |
| Gross Margin Expansion | Attributed to a 2% price rise (from focus on specialty products) and some inventory advantage, despite a 13% volume decline. |
Guidance
- Expects stronger execution over the remaining three quarters as rainfall improves and crop protection activity normalizes.
- Targets premium product contribution to reach 70% in the next three to four years.
- Annual capex expected to normalize around INR 30 crores to INR 40 crores after current projects.
- Aims to double the business in the next four to five years.
- Expects operating leverage and efficiency initiatives to support improvement in ROCE and ROE from Q3 onwards.
Source
Summary written from the transcript filed by Insecticides (India) Limited for the call held on 11 Aug 2026; published 22 Aug 2026, 09:55 IST.
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