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Revenue
₹225 Cr
verified against source
Revenue YoY
31%
reported change
EBITDA
₹41 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
India Pesticides delivered a strong Q3 FY26 with revenue of ₹229 crore (+31% YoY), EBITDA of ₹41 crore (+39.7% YoY, margin 18%), and PAT of ₹23 crore (+41% YoY). Growth was driven by robust export demand (Europe, Australia) and domestic herbicide sales. Volume growth matched revenue growth at 31%, indicating stable realizations. The company is on track with capacity expansion at the Salvage facility (two blocks, targeting ₹80-100 crore revenue in FY27) and backward integration at the PA plant. Management guided for ~20% revenue growth in FY27 with EBITDA margins maintained at 18-20%. The promoter's vision of ₹3,000 crore revenue in five years is supported by a clear roadmap: ₹1,000-1,100 crore from Salvage, ₹1,500 crore from existing units, and ₹500 crore from B2C. Key risks include potential price softening from Chinese competition and inventory overhang in the domestic B2C segment.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects ~20% revenue growth in FY27 over FY26, driven by Salvage facility ramp-up and new registrations.
- Management guided for EBITDA margins in the 18-20% range for FY27, consistent with current levels.
- Two blocks at Salvage (one operational, one by Aug-Sep) expected to generate ₹80-100 crore revenue in FY27.
- Planned capex of ₹80-100 crore for Salvage and ₹25-30 crore for Sundila unit, funded mostly internally.
Risks flagged
- Management acknowledged price softening in a few technical products due to Chinese competition, though overall realizations remained stable.
- Higher inventory levels in the domestic B2C segment (18-20% of revenue) could pressure margins if demand weakens.
- Export revenue fell from ₹140 crore in Q2 to ₹96 crore in Q3, attributed to seasonal factors but may indicate volatility.
Key quotes
- Our objective is not short-term pricing advantage but long-term cost competitiveness against global manufacturers.
- We will be putting up two to three blocks every year for the coming 3 to four years there. We could accommodate around 10 blocks there easily and at the end of five years we should be able to achieve a revenue of about 1,000 crores from 10 blocks.
- Our turnover has increased by 31% and our volume has also increased by 31%. So prices they are very stable.
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