India Pesticides Limited (IPL)

About

India Pesticides Limited manufactures pesticides and agrochemicals for the Indian agricultural sector. With a market capitalization of ₹1,619 Cr and quarterly revenues typically between ₹225–290 Cr, it operates as a mid-cap player in the materials sector. The company has sustained profitability, generating operating margins around 16.4% on average and maintaining a strong balance sheet with debt-to-equity of 0.11.

Face value: ₹1

Market cap

₹1,505 Cr

P/E

14.0×

P/B

1.5×

Dividend yield

0.6%

ROE

12.6%

ROCE

17.4%

Debt / equity

0.11

OPM

16.4%

EPS (TTM)

₹9.3

Book value

₹87.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margins compressed sharply to 14.09%–14.17% in Q2 FY2026, down 200+ basis points from the 16%+ range in prior quarters, indicating operational or input-cost pressure.
Quarterly revenue and earnings are volatile—revenue spans ₹225–290 Cr, and EPS has declined from ₹2.76–2.78 (Sep/Mar 2025–26) to ₹2 (Jun 2026). Verify seasonal sensitivity, product mix, and end-market demand drivers.
Institutional support has evaporated: FII holdings crashed from 1.87% (Mar 2026) to 0.2% (Jun 2026), and DII remains near-absent at 0.03%. Verify analyst coverage, disclosure practices, and reasons for foreign fund exit.
Stock has declined 37% over one year and trades 40% below its 52-week high of ₹235.84. Verify whether underperformance reflects sector headwinds, company-specific deterioration, or valuation repricing.

Generated analysis · source review pending

Growth drivers

Peak quarterly revenue of ₹289–290 Cr in Sep 2025 versus current ₹251–252 Cr in Jun 2026 represents 13% decline; recovery would require renewed demand. Verify monsoon patterns, crop acreage, and pesticide application trends.
Annual dividend payments from 2022 through 2026 demonstrate reliable cash generation; verify capex plans or reinvestment strategy to accelerate growth.
Return to Sep 2025 revenue levels (₹289 Cr) combined with margin recovery from 14% to historical 16% would materially improve quarterly earnings. Verify input cost trends and manufacturing efficiency initiatives.
Agrochemicals demand is tied to agricultural sector economics and farming investment; verify government crop-protection policies, fertilizer subsidy changes, and farmer income trends.

Generated analysis · source review pending

1,293 historical price candles were omitted because the exchange source has not been verified.

₹130.7-1.8%1Y

Quick read

rule-based

Pros

+Comfortable interest coverage of 23.4×
+High promoter holding of 63.7% with no pledge

Cons

−Low return on equity of 9.9% (3-yr avg)
−Profit declined 2.3% a year over the last 5 years
−Low dividend payout of 8% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

50/100

Business quality: 61
Growth: 6
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Upl LimitedUPLUPL	₹43,628 Cr	₹65,674 Cr	₹52,804 Cr	₹9,326 Cr	17.9%	₹2,020 Cr	4.3%	11.2%	6%	135
Sumitomo Chemical India LimitedSUMICHEMSUMICHEM	₹20,842 Cr	₹20,844 Cr	₹3,245 Cr	₹685 Cr	20.7%	₹579 Cr	16.8%	23.1%	17.3%	155
Bayer Cropscience LimitedBAYERCROPBAYERCROP	₹15,958 Cr	—	₹5,472 Cr	₹688 Cr	15.4%	₹568 Cr	12.1%	28.4%	23.7%	300
Sharda Cropchem LimitedSHARDACROPSHARDACROP	₹6,397 Cr	₹6,397 Cr	₹5,357 Cr	₹1,047 Cr	20.4%	₹626 Cr	12.9%	28%	24.2%	125
Dhanuka Agritech LimitedDHANUKADHANUKA	₹4,217 Cr	₹4,259 Cr	₹2,035 Cr	₹417 Cr	20.5%	₹297 Cr	14.6%	28.9%	22.3%	160
Rallis India LimitedRALLISRALLIS	₹3,884 Cr	₹3,942 Cr	₹2,604 Cr	₹274 Cr	10.5%	₹164 Cr	6.3%	13.2%	10%	104
Bhagiradha Chemicals & Industries LimitedBHAGCHEMBHAGCHEM	₹3,063 Cr	₹3,294 Cr	₹607 Cr	₹79 Cr	10.7%	₹28 Cr	3.4%	4.8%	2.6%	148
Nacl Industries LimitedNACLINDNACLIND	₹3,054 Cr	₹3,355 Cr	₹1,519 Cr	₹106 Cr	6.5%	₹12 Cr	0.3%	11.8%	0.8%	105
Gsp Crop Science LimitedGSPCROPGSPCROP	₹2,113 Cr	₹2,373 Cr	₹1,517 Cr	₹185 Cr	12.2%	₹-3 Cr	6.2%	20.7%	-0.4%	121
Bharat Rasayan LimitedBHARATRASBHARATRAS	₹1,658 Cr	₹1,659 Cr	₹1,203 Cr	₹177 Cr	16%	₹140 Cr	11.7%	17.5%	12.1%	219
Insecticides (India) LimitedINSECTICIDINSECTICID	₹1,655 Cr	₹1,799 Cr	₹2,060 Cr	₹210 Cr	10.6%	₹125 Cr	6.5%	17.1%	12.1%	168
Astec Lifesciences LimitedASTECASTEC	₹1,580 Cr	₹2,029 Cr	₹441 Cr	₹6 Cr	-1%	₹-67 Cr	-18.1%	-9.3%	-25.9%	263

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	649	716	885	680	829	1,057
COGS	310	327	485	398	459	580
Gross profit	339	390	400	282	370	477
	155	176	203	196	250	304
	183	214	197	87	120	174
OPM %	28.2%	29.9%	22.3%	12.7%	14.4%	16.4%
Depreciation	6	9	11	15	18	21
Interest	3	7	7	4	5	7
	6	13	13	15	15	21
Profit before tax	180	212	192	82	111	166
Tax	45	54	48	22	29	46
Tax %	25.2%	25.3%	25.3%	26.9%	26.2%	27.8%
	135	158	143	60	82	120
PAT margin %	20.7%	22.1%	16.2%	8.8%	9.9%	11.3%
EPS (₹)	12.1	13.8	12.5	5.2	7.1	10.4
EPS adjusted (₹)	12	13.7	12.4	5.2	7.1	10.4
	0%	5.4%	6%	14.3%	10.5%	7.2%
Annual report	—	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	11	12	12	12	12	12
Reserves	378	626	762	813	887	998
Minority interest	—	—	—	0	0	1
	30	14	4	18	52	107
	97	140	144	158	192	219
Total equity & liabilities	517	792	921	1,002	1,143	1,337
	124	174	248	279	327	388
CWIP	12	44	27	58	58	68
Investments	9	17	12	12	15	19
	372	557	633	652	742	862
Total assets	517	792	921	1,002	1,143	1,337

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
0	0	0	0	0

SegmentFigure

0 · revenue

₹ crore by fiscal year

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	52.2%	54.4%	45.2%	41.5%	44.6%	45.1%
EBITDA margin %	28.2%	29.9%	22.3%	12.7%	14.4%	16.4%
EBIT margin %	27.3%	28.7%	21%	10.5%	12.2%	14.4%
PAT margin %	20.7%	22.1%	16.2%	8.8%	9.9%	11.3%
Working capital
Receivable days	120	126	108	128	152	124
Inventory days	82	156	169	191	193	181
Payable days	87	108	78	87	95	87
NWC days	116	175	200	232	249	219
Leverage
Current ratio	3.3	4.12	4.64	4	3.31	3.19
Debt to EBITDA	0.17	0.07	0.02	0.21	0.43	0.62
Debt to equity	0.08	0.02	0	0.02	0.06	0.11
Interest coverage	53.5	31.9	27.8	19.8	24	23.4
Asset turnover	1.26	0.9	0.96	0.68	0.73	0.79
Return ratios
Return on assets %	26%	19.9%	15.6%	6%	7.2%	9%
Return on capital employed %	45.2%	41%	27.4%	10.5%	13.1%	17.4%
Return on equity %	34.5%	24.8%	18.5%	7.3%	9.1%	11.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	63.61%	63.61%	63.61%	63.61%	63.61%	63.61%	63.61%	63.62%	63.65%	63.65%	63.65%	63.65%
	0.33%	1.63%	2.4%	0.26%	0.32%	1.75%	1.85%	2.52%	2.78%	1.88%	1.87%	0.2%
	1.69%	1.59%	0.04%	0.04%	0.05%	0.06%	0%	0%	0.03%	0.04%	0.02%	0.03%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	34.37%	33.17%	33.95%	36.09%	36.02%	34.58%	34.54%	33.86%	33.54%	34.43%	34.46%	36.12%
No. of shareholders	—	—	—	—	—	—	—	—	95,314	95,456	93,551	94,075

Promoter holding up 0.04 percentage points since Sep 2023.

1 disclosure

Person	Deal	Shares	Value	Holding	Filed
Mr. Anand Swarup AgarwalPromoters	BuyMarket Purchase	10,000	₹0	3.16% → 3.17%	11 Sept 20257(2)

Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.

171 deals · 29 Aug 2023 – 16 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
16 Sept 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	11,85,956	₹143.80	₹17.05 Cr
16 Sept 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	11,85,956	₹143.74	₹17.05 Cr
16 Sept 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	10,17,557	₹145.06	₹14.76 Cr
16 Sept 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	10,17,557	₹145.19	₹14.77 Cr
16 Sept 2026	SILVERLEAF CAPITAL SERVICES PRIVATE LIMITED	Bulk	NSE	Sell	8,67,949	₹144.48	₹12.54 Cr
16 Sept 2026	SILVERLEAF CAPITAL SERVICES PRIVATE LIMITED	Bulk	NSE	Buy	8,67,949	₹144.36	₹12.53 Cr
16 Sept 2026	QE SECURITIES LLP	Bulk	NSE	Buy	6,52,797	₹144.06	₹9.40 Cr
16 Sept 2026	QE SECURITIES LLP	Bulk	NSE	Sell	6,51,691	₹144.16	₹9.39 Cr
16 Sept 2026	IRAGE BROKING SERVICES LLP	Bulk	NSE	Buy	5,86,448	₹144.49	₹8.47 Cr
16 Sept 2026	IRAGE BROKING SERVICES LLP	Bulk	NSE	Sell	5,59,661	₹144.65	₹8.10 Cr

1–10 of 171

1 / 18

Mrs. Madhu DikshitNon-Executive - Independent Director-Chairperson
Mr. Mohan Vasant TanksaleNon-Executive - Independent Director
Mr. Arun Kumar JainNon-Executive - Independent Director
Mr. Rahul Arun BagariaNon-Executive - Non Independent Director
Mr. Kuruba AdeppaExecutive Director
Mr. Udaya Bhaskar MantripragadaExecutive Director
Mr. Narendra Dev Nath OjhaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

1

across 1 fund houses

Held by these funds

0%

of the company's equity

All mutual funds

0%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

1 schemes

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	79	0	0%	0%	+1

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

30

Annual reports

7

Credit ratings

2

Investor Presentation and earnings call

5

Aug 2026Transcript AI SummaryPPTREC
May 2026Transcript AI Summary PPT REC

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

5

Dividend dividend24 Aug 2026 · ex-date₹0.75
Dividend dividend12 Aug 2025 · ex-date₹0.75
Final dividend12 Aug 2024 · ex-date₹0.75
Final dividend17 Aug 2023 · ex-date₹0.75
Final dividend11 Aug 2022 · ex-date₹0.75

1

Board meeting to consider results1 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

21 announcementsExport CSV

19 Sept 2026, 3:16 pmCompany Update

Announcement under Regulation 30 (LODR)-Credit Rating

Credit Rating PDF

18 Sept 2026, 4:01 pmCompany Update

Press Release Regarding Regulatory Approvals For Insecticide And Herbicide Products In International Markets

General PDF

15 Sept 2026, 5:18 pmCompany Update

Intimation Regarding Approval Of The Insecticide And Herbicide

General PDF

5 Sept 2026, 3:12 pmCompany Update

Intimation Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 - ESG Rating.

General PDF

1 Sept 2026, 5:12 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

1 Sept 2026, 5:08 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

31 Aug 2026, 5:53 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

18 Aug 2026, 5:07 pmCompany Update

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

Earnings Call Transcript PDF

Date	Category	Subject	Filing
19 Sept 2026, 3:16 pm	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
18 Sept 2026, 4:01 pm	Company Update General	Press Release Regarding Regulatory Approvals For Insecticide And Herbicide Products In International Markets

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₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	83	76	45	114	3	62
	-83	-133	-24	-120	1	-83
	-4	71	-25	3	19	36
Net cash flow	-4	14	-4	-2	23	15
Free cash flow	41	-6	-31	37	-61	-30
CFO / Operating profit %	45.5%	35.5%	23%	131.7%	2.3%	35.5%

India Pesticides Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

0 · revenue

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends5

Board meetings1

Announcements

Ratio timeline

Not in the F&O segment

Dividends5

Board meetings1

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

0 · revenue

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

5

1

5

1