Any current/future capex/capital investment/strategic investment?

Total planned Capex for FY 26 is Rs. 116 crores, split as: - Rs. 52 crores for existing manufacturing facilities. - Rs. 64 crores for Hamirpur site (wholly owned subsidiary Shalvis Specialties Ltd). Hamirpur site is a greenfield project on 25 acres, aimed to eventually generate Rs. 1,000-1,100 crores revenue in 3-4 years. Current Capex at Hamirpur is Rs. 64 crores this year, with Rs. 400-500 crores more expected to fully realize growth potential. Capex aimed at capacity expansion, new product additions, and enhancing operational efficiency. Plans for expansion include increasing PEDA inter

Future growth expectations in sales/revenue/volumes?

FY26 revenue target set at Rs. 1,000 crores with 18%-20% EBITDA margin (Page 5-6). Growth of 15%-20% expected in FY27 in revenue with EBITDA margins maintained between 18%-20% (Page 11). Expansion of PEDA intermediate capacity from 2,000 to 8,500 tons/year to drive sales growth; Rs. 150 crores revenue expected from PEDA and Pretilachlor combined in FY26, rising to Rs. 250-300 crores in FY27 (Page 11-13, 16). Hamirpur plant to contribute Rs. 100 crores revenue in FY26-27; full potential of Rs. 1,000-1,100 crores achievable in 3-4 years with Rs. 400-500 crores incremental capex (Page 15). New pr

Future growth expectations in earnings/operating earnings/profits/EPS?

The company targets revenue of Rs. 1,000 crores for FY25-26 with EBITDA margins between 18%-20%. For FY27, the expected revenue growth is around 15%-20%, with EBITDA margins maintained at 18%-20%. Expansion projects like the Hamirpur site are expected to generate Rs. 100 crores revenue in FY26-27 and potentially Rs. 1,000-1,100 crores in 3-4 years, subject to market conditions. Pricing contributions include a mix of product price rises (~4-5%) and forex gains; pricing is generally stable except for some pressure on Prosulfocarb. New product launches and capacity expansions (PEDA intermediate f

Current/ Expected Orderbook/ Pending Orders?

Export order book is growing year-on-year and is relatively much better compared to last year. The company has received orders for major products like Prosulfocarb, Folpet, and Captan. One product already has confirmed orders from the US market. Other products approved in Europe and the US are expected to have significant orders toward the end of the year. The management indicates strong order inflows both domestically and internationally, reflecting robust demand. Exact percentage growth in export order book compared to last year is not immediately available but will be communicated later.

India Pesticides LtdQ2 FY26

India Pesticides Ltd Q2 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹141P/E: 15.6Market Cap: ₹1.7K Cr

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→FY26 revenue target set at Rs. 1,000 crores with 18%-20% EBITDA margin (Page 5-6).
→Growth of 15%-20% expected in FY27 in revenue with EBITDA margins maintained between 18%-20% (Page 11).
→Expansion of PEDA intermediate capacity from 2,000 to 8,500 tons/year to drive sales growth; Rs. 150 crores revenue expected from PEDA and Pretilachlor combined in FY26, rising to Rs. 250-300 crores in FY27 (Page 11-13, 16).
→Hamirpur plant to contribute Rs. 100 crores revenue in FY26-27; full potential of Rs. 1,000-1,100 crores achievable in 3-4 years with Rs. 400-500 crores incremental capex (Page 15).
→New product launches and backward integration to enhance margins and diversify portfolio (Page 5, 13).
→Export order book showing growth with stable pricing except some pressure in Prosulfocarb; formulation and technical segments expected to grow in line with domestic and export demand (Page 8-9, 16).

Margin guidance

Category 3

→The company targets revenue of Rs. 1,000 crores for FY25-26 with EBITDA margins between 18%-20%.
→For FY27, the expected revenue growth is around 15%-20%, with EBITDA margins maintained at 18%-20%.
→Expansion projects like the Hamirpur site are expected to generate Rs. 100 crores revenue in FY26-27 and potentially Rs. 1,000-1,100 crores in 3-4 years, subject to market conditions.
→Pricing contributions include a mix of product price rises (~4-5%) and forex gains; pricing is generally stable except for some pressure on Prosulfocarb.
→New product launches and capacity expansions (PEDA intermediate facility, formulations) are key growth drivers.
→Cost optimization efforts (e.g., process automation) mitigate price pressure effects, supporting margin stability.
→Interest costs are expected to decline following inventory liquidation, supporting bottom-line improvement.

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Fundraise plans

- No explicit mention of new fundraising through debt or equity in the call transcript. - The company plans to fund its Capex primarily through internal accruals. - Current Capex planned is Rs. 116 crores for FY26 (Rs. 52 crores at existing site and Rs. 64 crores at Hamirpur subsidiary). - CFO mentioned reduction in interest cost going forward due to liquidation of inventory and lower working capital borrowings. - No indication of fresh debt or equity issuance discussed during the Q&A or management commentary. Summary: India Pesticides Ltd. intends to fund expansion and Capex needs largely via internal cash flows and does not indicate any current or planned external fundraising through debt or equity.

Order book

Yes

→Export order book is growing year-on-year and is relatively much better compared to last year.
→The company has received orders for major products like Prosulfocarb, Folpet, and Captan.
→One product already has confirmed orders from the US market.
→Other products approved in Europe and the US are expected to have significant orders toward the end of the year.
→The management indicates strong order inflows both domestically and internationally, reflecting robust demand.
→Exact percentage growth in export order book compared to last year is not immediately available but will be communicated later.

Capex plans

Yes

→Total planned Capex for FY 26 is Rs. 116 crores, split as:
→ - Rs. 52 crores for existing manufacturing facilities.
→ - Rs. 64 crores for Hamirpur site (wholly owned subsidiary Shalvis Specialties Ltd).
→Hamirpur site is a greenfield project on 25 acres, aimed to eventually generate Rs. 1,000-1,100 crores revenue in 3-4 years.
→Current Capex at Hamirpur is Rs. 64 crores this year, with Rs. 400-500 crores more expected to fully realize growth potential.
→Capex aimed at capacity expansion, new product additions, and enhancing operational efficiency.
→Plans for expansion include increasing PEDA intermediate facility capacity from 2,000 to 6,000 tons per annum, targeting 8,500 tons in Q2 FY 26.
→Strategy is to fuel Capex primarily with internal accruals to support profitable growth and self-reliant manufacturing.

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