Elevated sales returns
Sales returns reached ₹50 crore in Q3, up 30-40% YoY, driven by excess channel inventory and weak demand. This could pressure working capital and profitability.
INSECTICID / Q3-FY26 / risks
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Insecticides (India) · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Monocrotophos phase-out impact
The ban on Monocrotophos (final year) will result in a loss of ~₹70 crore gross sales, which may not be fully offset by new products.
Pricing pressure from Chinese imports
Chinese agrochemical prices remain near two-decade lows, and any further depreciation of the rupee could intensify pricing pressure on domestic players.
Margin dilution from B2B mix
Higher reliance on B2B sales (lower margin) to achieve topline targets is compressing gross margins, with management unable to quantify the impact.