India Pesticides Limited (IPL) share price
₹133.69 on NSE as of 2026-09-11. -1.51% on the day. market cap ₹1,540 Cr. P/E 14.3. 52-week range ₹125.36 to ₹235.84. Chemicals.
What the company does
India Pesticides Limited (IPL) wa s established in 198 4 which became public limited company in 1993 and got listed on stock exchanges in July 2021. IPL is engaged in the manufacturing of various types of pesticides (technical & formulations) and pharmaceutical intermediates. Pesticides con tributed about 95% of total sales, while pharmaceutical intermediates contribute d about 5% to total sales of the company in FY2 2. While the company markets a bouquet of formulations in the Indian market under various brands, IPL’s thrust is on the manufact uring of technical ( primarily fungicide based technical). The products of IPL are well established in Indian & International markets. The company has won many awards including top exporter award from CHEMEXIL in the past. The company is a recognized export house. The R&D facilities of the company are registered with Department of Scientific & Industrial Research (DSIR). As of June 30, 202 2, the aggregate installed capacity of company’s manufacturing facilities for agro-chemical Technical was 23,500 MT and Formulations was 6,500 MT.
Filed by CARE Ratings, page 4.
India Pesticides Q1 FY27: A ₹1,078 Crore Year, Followed By One Herbicide Refusing To Sell
At a glance
Three months ago, India Pesticides finished FY26 with revenue of ₹1,057 Cr — the first time the company crossed the four-figure mark in its four decades of existence — and management called it "a defining year." Q1 FY27 arrived with a quieter script.
Consolidated revenue came in at ₹252 Cr, down 8.5% from ₹275 Cr a year earlier and 5.5% below the ₹266 Cr of the preceding quarter. PAT was ₹22.7 Cr against ₹34.9 Cr, a 34.8% fall. Operating profit was ₹35 Cr on a 14% operating margin, versus 16% in the June 2025 quarter. Per the CEO's commentary, softer demand for Pretilachlor — the company's key herbicide, the one it built an entire backward-integration plant to feed — dented domestic sales, while export sales held steady. He also cites higher employee and fuel costs and elevated channel inventory.
There was one thing the quarter added rather than subtracted: the European Union granted Technical Equivalence approval for one of the company's fungicides, notified to the exchanges in May and again in July. A regulatory door in Europe swung open in the same quarter a herbicide in Uttar Pradesh went quiet.
Then there's the ₹7.10 Cr tax demand, the block assessment behind it, and the three promoter directors who resigned in June. All of which happened in the same three months. Start with the plant.
Introduction
India Pesticides Limited has been making agrochemicals since 1984, went public-limited in 1993, and listed on the exchanges in July 2021. It manufactures technicals, formulations and pharmaceutical intermediates out of Uttar Pradesh, and describes itself as the sole Indian manufacturer and among the top five globally for several technicals including Folpet and Thiocarbamate herbicide.
The last eighteen months have been busy in ways that show up on the balance sheet. In April 2025 the company told the exchanges it had raised PEDA capacity for Pretilachlor to 6,000 MT/year with a ₹29.5 Cr investment, targeting 8,500 MT by Q2 FY26. In June 2025, India imposed a five-year anti-dumping duty on Chinese Pretilachlor imports. In Q1 FY26 the company completed a capacity expansion, taking technicals from 24,200 MTPA to 28,200 MTPA and formulations from 6,500 to 10,000 MTPA — all financed, per CARE, from internal accruals with no long-term debt taken at the parent. In November 2025 the board approved a ₹65 Cr backward-integration project for 26 DEA.
The management bench has rotated. Whole-Time Director Rajendra Singh Sharma resigned in July 2025 citing health. Dr. Udaya Bhaskar Mantripragada was regularised as Whole-Time Director in August 2025. CEO Dheeraj Kumar Jain was re-appointed for a fresh five-year term running to January 2031. Then, on 6 June 2026, three promoter directors resigned, leaving the board — per the exchange filing — entirely independent.
CARE reaffirmed CARE A+; Stable / CARE A1+ in October 2025, describing liquidity as strong and the financial risk profile as comfortable, while listing customer concentration, raw-material and forex exposure, working-capital intensity and agro-climatic dependence among its constraints.
Business model
Three things, stacked.
**Technicals** are the active molecules — fungicides, insecticides, herbicides — sold in bulk to companies that turn them into branded products. This is where the company's claim to fame lives: sole Indian manufacturer, global leading producer of Thiocarbamate fungicide and herbicide technical by capacity. In Q1 FY27, technicals plus APIs were 71% of revenue.
**Formulations** are the same chemistry in a bottle with instructions, sold to Indian farmers through 24 depots, 18 states, six zonal offices and 370 sales staff. That's 29% of the quarter's revenue and the reason the company employs a sales force at all rather than just a loading bay.
**APIs** are the plot twist: dermatological actives, anti-fungal and anti-scabies. A pesticide company that also treats scabies is a business model built by people who noticed that fungus doesn't care whose surface it's on.
The manufacturing footprint as of 30 June 2026: Dewa Road in Lucknow does 2,100 MTPA technicals and 6,500 MTPA formulations, all fungicides. Sandila in Hardoi does 26,100 MTPA technicals and 3,500 MTPA formulations, herbicides. Hamirpur — the greenfield site under subsidiary Shalvis Specialities — has two of ten blocks operational at 100 MT technicals and 200 MT formulations, making insecticides. Two more blocks are slated for FY27.
Note the asymmetry: Sandila's 26,100 MT of herbicide technical is over twelve times Dewa Road's fungicide line. When management says softer Pretilachlor demand hurt the quarter, that's the arithmetic of concentration doing its work — the plant that carries the volume carries the variance too.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for India Pesticides Limited.
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