Any current/future new fundraising through debt or equity?

For the Shalvis capex of INR80 to 100 crores planned next year, the company will fund mostly through internal accruals. They plan to take some small loans of around INR25 to 30 crores for Shalvis expansion. For the Sandila unit capex of INR25 to 30 crores, funding details were not specifically mentioned but implied to be from internal sources. Overall, the company is planning to fuel its capex plans mostly with internal accruals. No specific mention of any new equity fundraising was made during the call.

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

**Shalvis Facility:** - Two blocks operational; second block expected ready by Aug-Sept 2026. - Revenue potential of INR80-100 crores in FY27 from these blocks. - Plans to add 2-3 blocks annually over next 3-4 years, targeting 10 blocks total. - Expected to achieve INR1,000 crores revenue from Shalvis in 5 years. - Capex for next year: INR80-100 crores. **Sandila Unit:** - Planned capex of INR25-30 crores for FY27 towards a technical plant and bulk formulation expansion. **Hamirpur Facility:** - Expected revenue of INR1,000-1,100 crores by March 2031 (capex details not specifie

Future growth expectations in sales/revenue/volumes?

FY27 revenue growth is expected around 20% over FY26. EBITDA margin guidance for FY27 remains in the 18% to 20% range. The roadmap aims to reach INR 3,000 crores in revenue by FY31. Revenue contribution by FY31 is expected to be: - INR 1,000-1,100 crores from Hamirpur facility. - INR 1,500 crores from existing technical facilities (Sandila and Dewa Road). - INR 500 crores from the B2C branded segment. Shalvis facility is projected to contribute INR 80-100 crores in FY27 and is expected to scale up to INR 1,000 crores in revenue over 5 years. Capacity expansions are ongoin

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

India Pesticides expects about 20% revenue growth in FY27 over FY26. EBITDA margin guidance for FY27 remains stable at 18% to 20%. Net profit for 9M FY26 increased by 44% YoY to INR89 crores, indicating strong operating leverage. Capacity expansions at existing and new facilities (Hamirpur, Sandila, Shalvis) are planned to support growth. The Hamirpur plant is expected to contribute INR1,000-1,100 crores, existing units INR1,500 crores, and B2C segment INR500 crores by FY31. Expansion and new registrations in export markets (Australia, New Zealand, Europe) are expected to add increme

Current/ Expected Orderbook/ Pending Orders?

India Pesticides Limited is actively engaged in multiple ongoing projects under its CDMO business with clients from Japan, the USA, and Australia. Discussions and site visits are progressing well, with positive client feedback and sample approvals already received. The company has projects underway and expects materialization of these collaborations soon. Several registrations are pending and in process: about 5 reports are being worked on for overseas and domestic submissions. Recent registrations include fungicide formulation registrations in Australia, as well as registrations in Europe and

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India Pesticides LtdQ4 FY27Fertilizers & Agrochemicals

India Pesticides Ltd Q4 FY27 Earnings Call Analysis

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

Price: ₹161P/E: 16.9Market Cap: ₹1.9K CrSector: Fertilizers & Agrochemicals

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Order

N/A

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 2

→FY27 revenue growth is expected around 20% over FY26.
→EBITDA margin guidance for FY27 remains in the 18% to 20% range.
→The roadmap aims to reach INR 3,000 crores in revenue by FY31.
→Revenue contribution by FY31 is expected to be:
→ - INR 1,000-1,100 crores from Hamirpur facility.
→ - INR 1,500 crores from existing technical facilities (Sandila and Dewa Road).
→ - INR 500 crores from the B2C branded segment.
→Shalvis facility is projected to contribute INR 80-100 crores in FY27 and is expected to scale up to INR 1,000 crores in revenue over 5 years.
→Capacity expansions are ongoing, targeting about 29,000 metric tons in near term with further additions planned.
→Expanded registrations and new product launches both domestically and internationally will support growth.
→Stable pricing and volume increases expected to support revenue growth.

Margin guidance

Category 3

→India Pesticides expects about 20% revenue growth in FY27 over FY26.
→EBITDA margin guidance for FY27 remains stable at 18% to 20%.
→Net profit for 9M FY26 increased by 44% YoY to INR89 crores, indicating strong operating leverage.
→Capacity expansions at existing and new facilities (Hamirpur, Sandila, Shalvis) are planned to support growth.
→The Hamirpur plant is expected to contribute INR1,000-1,100 crores, existing units INR1,500 crores, and B2C segment INR500 crores by FY31.
→Expansion and new registrations in export markets (Australia, New Zealand, Europe) are expected to add incremental revenues (~INR10-15 crores).
→Ongoing R&D and operational efficiencies aim to sustain margin improvements and cost competitiveness.
→Overall, the company targets INR3,000 crores revenue by March 2031, signaling strong long-term growth in earnings and profitability.

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Fundraise plans

→For the Shalvis capex of INR80 to 100 crores planned next year, the company will fund mostly through internal accruals.
→They plan to take some small loans of around INR25 to 30 crores for Shalvis expansion.
→For the Sandila unit capex of INR25 to 30 crores, funding details were not specifically mentioned but implied to be from internal sources.
→Overall, the company is planning to fuel its capex plans mostly with internal accruals.
→No specific mention of any new equity fundraising was made during the call.

Order book

→India Pesticides Limited is actively engaged in multiple ongoing projects under its CDMO business with clients from Japan, the USA, and Australia.
→Discussions and site visits are progressing well, with positive client feedback and sample approvals already received.
→The company has projects underway and expects materialization of these collaborations soon.
→Several registrations are pending and in process: about 5 reports are being worked on for overseas and domestic submissions.
→Recent registrations include fungicide formulation registrations in Australia, as well as registrations in Europe and New Zealand expected to bring incremental revenues.
→The management expects to secure 7-8 overseas registrations in the coming year, along with a similar number pending with the Central Insecticides Board (CIB) in Delhi.
→No specific quantitative data on total order book value was disclosed during the call.

Capex plans

Yes

→**Shalvis Facility:**
→ - Two blocks operational; second block expected ready by Aug-Sept 2026.
→ - Revenue potential of INR80-100 crores in FY27 from these blocks.
→ - Plans to add 2-3 blocks annually over next 3-4 years, targeting 10 blocks total.
→ - Expected to achieve INR1,000 crores revenue from Shalvis in 5 years.
→ - Capex for next year: INR80-100 crores.
→**Sandila Unit:**
→ - Planned capex of INR25-30 crores for FY27 towards a technical plant and bulk formulation expansion.
→**Hamirpur Facility:**
→ - Expected revenue of INR1,000-1,100 crores by March 2031 (capex details not specified).
→**Funding:**
→ - Shalvis capex mostly funded by internal accruals, with INR25-30 crores from loans.
→ - Emphasis on phased capacity expansion aligned with visible demand.
→**Other:**
→ - Investments in renewable energy (6 MW solar supply at Sandila unit).
→ - Continuous R&D leading to new molecule introductions and process optimizations.

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