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

FY25 Capex plan of Rs. 110 crores combining India Pesticides Limited (IPL) and Shalvis Specialty Chemicals (SSL). Rs. 50 crores Capex allocated for Sandila plant and Rs. 60 crores for Hamirpur plant. Rs. 20 crores Capex incurred during H1 FY25; Rs. 15 crores spent on Hamirpur blocks till September. Total Capex for Hamirpur two blocks estimated at Rs. 40-42 crores, with Rs. 25-30 crores already spent on infrastructure. Capacity expansion ongoing at Sandila and Hamirpur facilities to boost infrastructure and specialty product production capabilities. Plans to commission Hamirpur plant blocks sta

Future growth expectations in sales/revenue/volumes?

**Revenue Growth**: Expected to increase with a 15-20% rise at existing plants; Hamirpur facility projected to contribute Rs.50-60 crores in FY26, with potential to reach Rs.700-800 crores after full expansion in 3-4 years. **Volume Growth**: Technical volumes increased by ~30% YoY; formulation volumes rose by ~40%, with formulation expected to grow at least 20% annually. **Capacity Expansion**: Capex of Rs.110 crores planned for FY25 split between Sandila (Rs.50 crores) and Hamirpur (Rs.60 crores); continuous additions of blocks at Hamirpur facility. **Market Expansion**: Broadening customer

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

Company expects revenue growth driven by capacity expansion at Hamirpur and Sandila plants, targeting Rs.700-800 crores revenue at full Hamirpur utilization in 3-4 years. Formulation segment projected to grow at over 20% annually, supported by increased product portfolio and geographic expansion. Q2 FY25 EBITDA margin improved to 17%; management confident of achieving 18-20% EBITDA margin in H2 FY25 through process optimization and R&D efficiencies. Capex of Rs.110 crores planned for FY25, fueling capacity and capability enhancements, funded via internal accruals. Net profit for Q2 FY2

Current/ Expected Orderbook/ Pending Orders?

The transcript does not explicitly mention the current or expected order book or pending orders for India Pesticides Limited. However, the company indicates growing demand and commitments from customers, particularly for new products in the insecticide segment. Customers have shown interest and soft commitments on certain products, though exact volumes and prices are under discussion. The company plans continuous innovation and capacity expansion (e.g., Hamirpur plant blocks) to meet increasing volume growth and diversify products. There is a focus on securing larger volumes with existing and

India PesticidesQ2 FY25Fertilizers & Agrochemicals

India Pesticides Q2 FY25 Earnings Call Analysis

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

Price: ₹131P/E: 14.3Market Cap: ₹1.5K CrSector: Fertilizers & Agrochemicals

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Order

N/A

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

Revenue Growth: Expected to increase with a 15-20% rise at existing plants; Hamirpur facility projected to contribute Rs.50-60 crores in FY26, with potential to reach Rs.700-800 crores after full expansion in 3-4 years.
Volume Growth: Technical volumes increased by ~30% YoY; formulation volumes rose by ~40%, with formulation expected to grow at least 20% annually.
Capacity Expansion: Capex of Rs.110 crores planned for FY25 split between Sandila (Rs.50 crores) and Hamirpur (Rs.60 crores); continuous additions of blocks at Hamirpur facility.
Market Expansion: Broadening customer base in regulated markets and over 25 countries; formulation presence expanding across Indian states.
Product Pipeline & R&D: Focus on innovation and backward integration to improve margins and volumes; new molecule growth expected above 10%.
Operational Efficiency: Process optimizations and stable raw material prices expected to support higher EBITDA margins (~18-20%) in H2 FY25.

Margin guidance

Category 3

Company expects revenue growth driven by capacity expansion at Hamirpur and Sandila plants, targeting Rs.700-800 crores revenue at full Hamirpur utilization in 3-4 years.
Formulation segment projected to grow at over 20% annually, supported by increased product portfolio and geographic expansion.
Q2 FY25 EBITDA margin improved to 17%; management confident of achieving 18-20% EBITDA margin in H2 FY25 through process optimization and R&D efficiencies.
Capex of Rs.110 crores planned for FY25, fueling capacity and capability enhancements, funded via internal accruals.
Net profit for Q2 FY25 increased 33% YoY; expected to improve further with stable raw material prices and operational efficiencies.
Focus on expanding customer base in regulated markets and over 25 countries worldwide supports sustained revenue and margin growth.
R&D-driven product innovations to maintain competitive edge and margin expansion.

See what India Pesticides management said on margin guidance — free account, 30 seconds.

Fundraise plans

- India Pesticides Limited plans to fund its Capex of Rs.110 crores for FY25 through **internal accruals**. - No mention of any **new fundraising through debt or equity** in the provided transcript. - Capex is split as Rs.50 crores for Sandila and Rs.60 crores for Hamirpur. - The company is focusing on expansion funded by their **own cash flows** and operational profits. - Cash and cash equivalents at the end of Q2 FY25 were Rs.127 crores, indicating sufficient liquidity. Thus, based on the call, there are **no current or future plans announced for raising funds via debt or equity**.

Order book

The transcript does not explicitly mention the current or expected order book or pending orders for India Pesticides Limited.
However, the company indicates growing demand and commitments from customers, particularly for new products in the insecticide segment.
Customers have shown interest and soft commitments on certain products, though exact volumes and prices are under discussion.
The company plans continuous innovation and capacity expansion (e.g., Hamirpur plant blocks) to meet increasing volume growth and diversify products.
There is a focus on securing larger volumes with existing and new customers, including a Japanese company partnership with potential for future growth.
Expansion of formulation capacity and increased domestic and export market penetration suggest a positive order pipeline outlook.

See what India Pesticides management said on order book — free account, 30 seconds.

Capex plans

Yes

FY25 Capex plan of Rs. 110 crores combining India Pesticides Limited (IPL) and Shalvis Specialty Chemicals (SSL).
Rs. 50 crores Capex allocated for Sandila plant and Rs. 60 crores for Hamirpur plant.
Rs. 20 crores Capex incurred during H1 FY25; Rs. 15 crores spent on Hamirpur blocks till September.
Total Capex for Hamirpur two blocks estimated at Rs. 40-42 crores, with Rs. 25-30 crores already spent on infrastructure.
Capacity expansion ongoing at Sandila and Hamirpur facilities to boost infrastructure and specialty product production capabilities.
Plans to commission Hamirpur plant blocks starting Q1 FY26, adding ~300 tonnes per annum per block.
Additional land is available for expansion around Hamirpur and adjacent Sandila sites.
Capex funding planned through internal accruals.

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India Pesticides Q2 FY25 Earnings Call Analysis

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