Pesticides & Agrochemicals industry

34 companies · ₹1.4 L cr · 17 with AI deep dives · Q1FY27 report

Deficient monsoon collapses domestic volumes but patented-mix shifts rescue margins for a split sector

Turning upmargin troughed at 14.8% and has risen for 7 quarters to 16.0%, on positive revenue growth

Revenue YoY: +2.7%
EBITDA margin: 16.0%; -40bps YoY
Price, 1 year: -31.2%; 5% of names up
P/E vs own 5y: -30.6%; 19.3x now

Exhibit 1The quarter in numbers

constant panel of 18 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	21,255 cr	27,718 cr	-23.3%	20,699 cr	+2.7%	27,718 cr	-23.3%
EBITDA margin	16.0%	18.0%	-200bps	16.4%	-40bps	18.0%	-200bps

Revenue

Jun 26: 21,255 cr
Mar 26: 27,718 cr
QoQ: -23.3%
Jun 25: 20,699 cr
YoY: +2.7%
Peak: 27,718 cr
vs peak: -23.3%

EBITDA margin

Jun 26: 16.0%
Mar 26: 18.0%
QoQ: -200bps
Jun 25: 16.4%

Sept 26: 1 of 20 reported so far, so it is not in the trend above.

Breadth: 47% of 19 companies grew revenue year on year (was 72% a quarter earlier) and 63% expanded margin (was 61%).

Exhibit 2What it costs

13.23x - 27.77x across the panel today

The median name trades at 19.3x, -30.6% against this industry's own 5-year median of 27.8x, and -61.5% against its own peak of 50.1x.

Exhibit 3Structure

₹1.4 L cr

UPL Ltd is 30.4% of this industry by market cap. The top 5 are 80.1% and the top 10 are 90.6%.

mid 4small 12micro 1820 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 19.29x, 5y ROCE above its median of 12.25%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (25 of 34)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
UPL Ltd	₹41,997 cr	20.8x	6.4x	10.2%	17.9%	+10.5%	Unlock
P I Industries Ltd	₹30,511 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

headwindDeficient southwest monsoon caused broad domestic volume collapse7 managements

Six domestic-facing companies reported double-digit volume declines in Q1 FY27, all attributing the shortfall to delayed monsoon onset. Dhanuka saw herbicide share contract from…

DHANUKA (Q1FY27): “Revenue from operations for Q1 FY 2026-2027 stood at Rs. 461.93 crores as compared to Rs…”

tailwind8 managements headwind5 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 9 companies

1-9

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Crop Life Science Ltd	₹134 cr	14.8x	9.6x	10.9%	8.6%	-7.8%	Unlock