India Pesticides Ltd(IPL)

NSE: IPLBSE: 543311

₹ 115.2-2.95%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,327 crNext results: 3 Nov 2026Website: www.indiapesticideslimited.comUpdated: 24 Oct 2026

About

India Pesticides Limited (IPL), established in 1984, makes agrochemical technicals, formulations and active pharmaceutical ingredients (APIs), selling herbicides, fungicides and insecticides in India and abroad. Its FY25 annual report describes it as the only Indian company, and one of the top five producers worldwide, of several critical fungicides and herbicides. Reported revenue for FY26 was Rs 1057.42 Cr. It runs two manufacturing sites: Sandila in Uttar Pradesh, and a newer plant at Hamirpur run by its subsidiary Shalvis Specialities, with installed technical capacity of 28,300 MT as of Q1 FY27.^[1][2][3]

Revenue mix: technical vs formulation, domestic vs export

Technical and API products made up 73% of revenue in Q3 FY26, with formulations making up the rest.^[4]
Technical and API products were 66% of revenue in FY25 (549 crores), against 72% (₹492 cr) in FY24. Formulations were 280 cr in FY25 and ₹189 cr in FY24.^[1][5]
Export revenue was ₹408 Cr (39% of consolidated revenue) in FY26. Exports were 35% of revenue in Q1 FY27 (₹89 Cr vs ₹87 Cr in Q1 FY26).^[3]
Domestic revenue was ₹649 Cr in FY26. Domestic sales rose more than 50% year on year to ₹183 Cr in Q4 FY26, driven by demand for herbicides and intermediates.^[3]

Products and portfolio

Key technicals include Prosulfocarb, Pretilachlor, Flufenacet, Cymoxanil, Captan, Folpet, Ziram, Dodine, Thiophanate methyl, Diafenthiuron, Pyriproxyfen and Etridiazole (FY25 annual report).^[1]
Its APIs are anti-fungal and anti-scabies drugs, used to make medicines for skin conditions (FY25).^[1]
Its branded formulations include Grip, Pendizet, Dollar, Vardhan, Carbo, Amida, Star and Guru (FY25).^[1]
IPL held 54 product registrations as of Q3 FY26, covering domestic CIB registrations and overseas registrations in Europe, Australia and New Zealand.^[4]
In Q1 FY27, IPL began small-quantity production of a new fungicide that replaces Chinese imports (about 4,000 - 5,000 MT/year of imports at ₹500 - 600/kg). It is targeting 2,000 MT of capacity at Sandila.^[6]
Three new molecules are planned for FY27: the import-substitute fungicide, one more herbicide at Sandila, and herbicide(s) from the multipurpose plant at Hamirpur.^[6]

Manufacturing capacity and operations

Installed technical capacity at Sandila was 28,300 MT as of Q1 FY27, up from 28,200 MT in Q3 FY26.^[6]
Formulation capacity at Sandila is 10,000 MT per annum. It was expanded from 6,500 MT during Q2 FY26 at a cost of ₹2.8 Cr.^[7]
Shalvis Specialities, at Sumerpur in Hamirpur, began commercial production on 28 March 2024. As of Q1 FY27, 2 of a planned 10 blocks were running, and the site generated about ₹3 Cr of gross revenue in that quarter.^[5][6]
6 MW of group-captive solar power has supplied the Sandila unit since 1 October 2025.^[4]
IPL has commissioned in-house-designed intermediate plants for backward integration: one for a fungicide input it used to import (FY25), and one for a herbicide (Q4 FY26).^[1][3]
Re-engineering existing processes cut costs by 2% to 5% (FY25).^[1]

Key operating numbers

Technical capacity utilisation was about 70% in Q1 FY27, down from more than 73% in Q2 FY26, as domestic herbicide volumes fell 13% year on year because of erratic rainfall.^[6]
Average selling prices rose 4% year on year in Q1 FY27, while volumes fell 13% year on year.^[6]
Inventory rose to about 200 days in Q1 FY27 from about 170 days in FY26, due to herbicide stock that was made but not yet sold. Management aims to bring it back to about 170 days by Q3 FY27.^[6]
Net working capital fell from 255 days at March 2025 to 223 days at the end of FY26.^[7]

Customers and distribution

Main customers are manufacturers and formulators, traders, exporters and multinational companies (FY25).^[1]
The top 10 customers made up 61% of revenue in Q1 FY27, up from 51% in FY26, 48% in FY24 and 40% in FY22.^[6]
Europe and Australia are the leading export markets. Export sales rose to ₹96 Cr in Q3 FY26 from ₹75 Cr in Q3 FY25.^[4]
Domestic distribution covered 24 depots and more than 340 sales staff across 18 states as of FY26.^[3]
IPL has a strategic collaboration with a major Japanese agrochemical company, which gave FY27 forecasts about 30% above the previous year's volumes. A sample of another molecule has been sent to it for review.^[1][3]
Through its CRDMO (contract research, development and manufacturing) offering, IPL helps international firms scale research compounds up to commercial production. Several global players are assessing it as a long-term partner (FY25).^[1]

Expansion and capex

Annual capex is about ₹100 Cr in total: about ₹70 - 100 Cr at Hamirpur and about ₹25 - 30 Cr at Sandila, funded from internal accruals (Q1 FY27).^[6]
Two more blocks at Hamirpur are targeted to start in FY27: the herbicide multipurpose plant first, then a fungicide block.^[6]
Management puts Hamirpur's peak revenue potential at ₹1,000 Cr from 8 - 10 blocks, in about 4 years.^[6]
Management puts Sandila's revenue potential at ₹1,000 Cr in about 4 years, from 5 blocks in total (3 now plus 2 more).^[6]
A 26-DEA backward-integration project at Sandila was approved, with 4,000 MT of capacity and ₹65 Cr of investment, and is expected to contribute from FY27.^[7]
IPL's revenue target is ₹3,000 Cr by March 2031: about ₹1,000 Cr from Hamirpur, about ₹1,500 Cr from Sandila/Dewa Road and about ₹500 Cr from B2C.^[4]

Recent developments

In Q1 FY27, IPL received EU Technical Equivalence approval for a fungicide. It expects additional sales of ₹30 - 40 Cr a year from November 2026, on top of about ₹100 Cr already sold in the EU from that molecule.^[6]
A one-off write-off of ₹2.5 Cr of export receivables was booked in Q1 FY27.^[6]
An anti-dumping duty was imposed on one of IPL's products in Q2 FY26, letting it earn normal margins on a product that had been losing money.^[7]
IPL has decided to sell its stake in Amona Specialities Private Limited, a 51% subsidiary incorporated on January 04, 2024 (FY25).^[1][5]
CARE reaffirmed IPL's credit ratings at CARE A+ (long-term) and CARE A1+ (short-term) in FY25.^[1]

Market Cap

₹1,327 Cr

High / Low

₹198 / 115

Stock P/E

12.3

Price / Book

1.3

Book Value

₹88

EPS

₹10.4

No. of Shares

11.52 Cr

ROCE

16.7%

ROE

12.6%

OPM

16.1%

Debt / Equity

0.11

Sales

₹1,057 Cr

Net Profit

₹120 Cr

Promoter holding

63.6%

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India Pesticides Ltd(IPL)

About

Revenue mix: technical vs formulation, domestic vs export

Products and portfolio

Manufacturing capacity and operations

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

Signal history

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