Indogulf Cropsciences Ltd(IGCL)

NSE: IGCLBSE: 544432

₹ 59+1.01%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 373 crWebsite: www.groupindogulf.comUpdated: 24 Oct 2026

About

Indogulf Cropsciences makes and sells agrochemicals in three areas: crop protection, plant nutrients and biological inputs. Revenue was Rs 704.63 Cr in FY26. Crop protection made up 85% of FY26 revenue. The company has 300+ products, a sales network across 22 states and 3 Union Territories, and Two Star Export House status.^[1][2]

Business segments and revenue mix

FY26 revenue split by product: crop protection 85%, biologicals 6%, plant nutrients 5%.^[1]
Crop protection was 87% of revenue in Q1 FY27.^[3]
FY26 revenue split by channel: B2C about 50%, B2B 38%, exports about 11%.^[4]
Q1 FY27 revenue split by channel: B2C 47%, exports 13%.^[3]
Biologicals and plant nutrition together were 22% of brand sales in Q1 FY27, up from 11% in Q1 FY26.^[3]
Specialty products launched in the last three years made up about 16% of FY26 revenue.^[4]

Products and brands

The portfolio has 300+ products, backed by 990+ domestic registrations (FY26).^[1]
Main crop protection brands are Corsa 808, Fire, Bound Off and Logic-1811.^[1]
Indo Apache, a biologicals brand, had turnover of more than ₹178 million in FY2025-26.^[1]
Plant nutrient brands include Zinc Super Gold, Picaso Ultra, Picaso Gold and Jagromin-99.^[1]
Two of the three specialty products planned for FY27 were on the market in Q1 FY27. The third, a fungicide, was due in Q2 FY27, subject to a patent expiring.^[3]
Twelve new products were launched in 9M FY26.^[5]

Manufacturing and capacity

The company has four plants, all certified to ISO 9001 and 14001: Samba (J&K), and Nathupur-I, Nathupur-II and Barwasni/Sonipat in Haryana.^[1]
Installed formulation capacity: 19,620 KL of liquid suspension concentrate, 27,930 MT of granules and 1,980 MT of powders (FY26).^[1]
The technical plant can make 1,360 TPA of insecticides, fungicides and herbicides.^[1]
The company had 742 employees on its payroll as of March 31, 2026.^[1]

Key operating numbers

Capacity utilisation was 70% in Q1 FY27, up from 52% in FY26. It was 49% in FY25 and 44% in FY23.^[3][4]
The share of its own technicals used in-house was about 34% in Q1 FY27, up from about 22% earlier. It was 20% in FY26.^[3][1]
There were 189 registrations worldwide in Q1 FY27, of which more than 120 were valid.^[3]
Biologicals had a gross margin of about 70% in Q2 FY26.^[6]

Customers and distribution

The sales network covers 22 states and 3 Union Territories, with over 7,000 distributors, 192+ institutional partners and 30 stock depots (FY26).^[1]
B2B customers include agrochemical companies, co-operatives and government procurement bodies. The company also does contract manufacturing.^[1]
Subsidiary AGPL, which sells under the Mascot Giraffe brand, added 1,300-1,400 channel partners in FY26 and plans to enter Chhattisgarh and Odisha in FY27.^[4][1]
AGPL had gross sales of INR 54 crores in 9M FY26 and accounted for 13% of Q3 FY26 revenue.^[5]

Export markets

Mancozeb 80% WP is registered in Taiwan, Indo-Apache has import permission in Sri Lanka, and there are five technical registrations in Saudi Arabia (Q1 FY27).^[3]
Venezuela brought in about INR 4 Cr in FY26 from a single order for a branded nutrient product.^[4]
The company is evaluating Brazil as an export market and expanding in Kenya, Nigeria and Tanzania (Q1 FY27).^[3]
A wholly owned subsidiary in Australia allows OECD-compliant product registrations in developed markets.^[1]

Expansion and capex

Barwasni Unit 5: INR 76 Cr invested so far and INR 8-10 Cr more needed. Commissioning is expected by end-Q3 FY27, with Q4 FY27 as the outer limit (as of Q4 FY26).^[4]
Barwasni was earlier expected by end-FY26. Construction curbs under GRAP in Delhi-NCR delayed it by 2-3 months.^[5]
A three-year R&D project with ICAR-IARI is developing biological crop solutions that resist heat and drought (Q1 FY27).^[3][1]

Recent developments

Listed on the NSE and BSE in July 2025 after a ₹2,000 million IPO.^[1]
The INR 34 Cr term loan was repaid from IPO proceeds by Q2 FY26.^[6]
ICRA upgraded the company's ratings to [ICRA] A- (Stable)/[ICRA] A1.^[1]
Q1 FY27 revenue fell 11% year on year because the southwest monsoon was late and channel partners were cautious about stocking.^[3]

Market Cap

₹373 Cr

High / Low

₹112 / 50

Stock P/E

9.6

Price / Book

0.8

Book Value

₹73

EPS

₹6.3

No. of Shares

6.32 Cr

ROCE

12.1%

ROE

10.9%

OPM

9.8%

Debt / Equity

0.39

Sales

₹705 Cr

Net Profit

₹40 Cr

Promoter holding

69.0%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials