Indogulf Cropsciences Ltd

Litigation Outcome

• High Court quashed the GST show-cause and Order-In-Original; sets aside ₹6,93,12,901 refund demand.
• Refund of IGST and interest deposits will be returned by the department.

Financial Performance

• Q1 FY27 revenue Rs 168.5 cr; down 11% YoY from Rs 189.4 cr in Q1 FY26
• Gross margin 28% in Q1 FY27, up from 22% in Q1 FY26
• EBITDA margin 5.7% in Q1 FY27, vs 5.2% in Q1 FY26
• EBITDA Rs 9.6 cr; PAT Rs 2.4 cr in Q1 FY27
• COGS Rs 122 cr; down 17% YoY from Rs 147 cr
• PAT margin 1.4% in Q1 FY27 vs 2.1% in Q1 FY26
• Capacity utilization 70% in Q1 FY27 vs 52% in FY26
• Crop protection 87% of revenue; biologicals 3%; plant nutrients 3%; others 7%
• Channel mix: B2C 47%, B2B 40%, Exports 13%

Segment and Market Update

• Development offices across India: more than 100; farmer engagement with more than | lakh farmers
• Global registrations: 189; more than 120 valid; more than 10 under renewal
• Taiwan registrations: Mancozeb 80% WP registration completed; Spiromesifen registered
• Taiwan formulation registration in progress; another in Vietnam
• Sri Lanka import permission for Indo-Apache; Saudi Arabia has five technical registrations

Capex and Projects

• Capital work-in-progress: Rs 76.4 cr in FY26; Rs 57.1 cr in FY25
• Current capacity peak turnover: ~Rs 1100–1200 cr
• Expanded capacity peak turnover: ~Rs 1800 cr, in about 4–5 years
• Two of the three FY27 speciality products already in the market; fungicide launch this quarter subject to patent expiry

Outlook and Guidance

• Management did not commit a specific FY27 growth figure; remains focused on growth opportunities and execution
• Intends to expand biologicals and high-value products; maintaining cost, working capital, and manufacturing efficiency
• Diversification into international markets to support long-term growth; continued emphasis on farmer engagement and portfolio evolution

Q&A Highlights

• Q) FY27 growth guidance? A) Not committing to any figure; will grow to best capabilities
• Q) Current vs expanded capacity peak turnover? A) Current ~Rs 1100–1200 cr; expanded ~Rs 1800 cr in ~4–5 years
• Q) Backward integration: captive tech ~34%; margin benefits? A) Improves cost competitiveness and supply reliability
• Q) Australian subsidiary status? A) Registration holder; no marketing plan; focus on India and other regions
• Q) M&A opportunities? A) In discussion; nothing concrete yet; focus on domestic expansion
• Q) Biologicals/plant nutrition: medium-term targets? A) Priority growth area; ICAR-IARI collaboration; 3-year project

Meeting Details

• Date: August 18, 2026; Time: not disclosed.
• Type: group conference call.
• Mode: audio recording of the conference call.
• Event: Conference Call Q1FY27.
• Organizer: Indogulf Cropsciences Limited.

Participants

• Company participant: Company Secretary and Compliance Officer.

Purpose

• Discuss unaudited standalone and consolidated results for Q1 FY2026-27.

Additional Notes

• Audio recording of the conference call is available.

Revision context

• Revised Q1 FY27 earnings presentation supersedes the August 14 version due to clerical errors.

Financial highlights

• Q1 FY27 revenue from operations: INR 1,685.45 Mn; YoY -11%.
• Q1 FY27 PAT: INR 24.14 Mn; YoY -38%.
• Q1 FY27 EBITDA: INR 95.55 Mn; YoY -4%.
• FY26 revenue: INR 7,046 Mn; YoY +19%.
• FY26 PAT: INR 400 Mn; YoY +27%.

Balance sheet & liquidity

• FY26 equity: INR 4,593 Mn.
• FY26 total assets: INR 8,234 Mn.
• FY26 borrowings: current INR 1,739 Mn; non-current INR 30 Mn.
• FY26 cash & cash equivalents: INR 123 Mn.

Operations & capacity

• Backward-integrated Nathupur facility capacity 13,500 MT/KL.
• Jammu & Kashmir strategic unit capacity 20,064 MT/KL.
• Barwasni Haryana advanced formulation facility expansion underway.
• Nathupur expansion to 9,000 MT/KL planned.
• AGPL expansion enables deeper rural reach.
• Exports growth: Venezuela shipments; Taiwan spiromesifen export; Sri Lanka import permission.
• Regulatory strength with 189 registrations supporting global scalability.

Strategic priorities & outlook

• Road ahead: integrated agri-solutions platform.
• Expand biologicals and sustainable portfolio.
• Accelerate global expansion; increase high-margin product contribution.
• Strengthen operational excellence across procurement and manufacturing.
• Deepen farmer engagement; scale advisory-led model (100+ IDOs).
• Drive innovation-led growth via R&D and ICAR collaboration.

Governance & leadership

• Chairman & WTD: Om Prakash Aggarwal; MD: Sanjay Aggarwal.
• CFO: Manoj Gupta; senior management with 30+ years' experience.

Business overview

• Integrated agri-solutions platform spanning crop protection, nutrients, and biologicals.

Operational highlights

• Q1 FY27 revenue 1,685.45 INR Mn; EBITDA 95.55; PAT 24.14.

FY26 performance

• FY26 revenue from operations 7,046 INR Mn; YoY growth 19%.
• FY26 gross profit 2,181 INR Mn; EBITDA 740 INR Mn; PAT 400 INR Mn.

Balance sheet & liquidity

• Total equity 4,593 INR Mn; total assets 8,234 INR Mn.
• Borrowings 1,769 INR Mn; cash and equivalents 123 INR Mn.

Outlook & priorities

• Road ahead: integrated platform, biology portfolio, global expansion, higher-margin products.

Governance & leadership

• MD Sanjay Aggarwal; CFO Manoj Gupta; leadership team with 30+ years' experience.

Regulatory & expansion

• 189 total registrations; 120+ valid; Venezuela, Taiwan, Sri Lanka; Africa expansion.

Financial highlights

• Revenue from operations: ₹1,685 million in Q1 FY27, down 11% YoY, up 12% QoQ.
• EBITDA (Excl. Other Income): ₹96 million; margin 6%.
• PAT: ₹24 million; PAT margin 1%.
• EPS: ₹0.4.

Operational and business metrics

• Gross Profit: ₹466 million; gross margin 28%.
• Manufacturing capacity utilization rose to 70% in Q1 FY27.
• Barwasni facility expansion continues.
• Global footprint across 36+ countries with 140+ overseas partners.
• Portfolio: 300+ products and 6 patents.
• Registrations: 1,000+ across markets.
• Farmers engaged: 100,000+ via 100+ IDOs.
• Distributors and institutional partners: 7,000+ distributors, 192 partners.

Outlook and management priorities

• Outlook: deepen farmer engagement, expand biologicals, improve efficiencies, grow global presence.

Meeting Details

• Date and time: Tuesday, August 18, 2026 at 11:00 AM IST.
• Type/mode: Earnings Conference Call; virtual.
• Purpose: discuss Q1 FY 2026-27 performance.
• Organiser/host: Indogulf Cropsciences Limited (IR team).
• Key participants: MD and CFO.

Financial results approved

• Approved unaudited standalone and consolidated results for quarter ended June 30, 2026.

Audit/review opinions

• Limited Review Reports on both standalone and consolidated results with unmodified opinion.

Regulatory/compliance disclosures

• Results prepared under IND AS 34, with disclosures per SEBI Listing Regulations.

Board process

• Board meeting held August 12, 2026, from 11:00 to 11:30 AM.

Issue Overview

• Fresh issue and offer for sale of equity shares (IPO).
• Total issue size reported; no undersubscription indicated.
• Funding working capital requirements.
• Repayment/prepayment of borrowings.
• Capex for in-house dry flowable plant.
• General corporate purposes.
• Issue expenses.

Utilisation of Proceeds

• Utilisation as disclosed: no material deviation.
• Working capital utilization over the plan by 3.91 crore.
• Repayment of borrowings: 0.26 crore unutilised.
• Capex DF plant: 8.59 crore unutilised.
• General corporate purposes: 0.60 crore unutilised.
• Issue expenses: 2.70 crore unutilised.
• Unutilised proceeds deployed to Monitoring A/c: 0.25 crore.
• Unutilised proceeds deployed to Invesco India Arbitrage Reg-G: 0.19 crore.
• Unutilised proceeds deployed to Navi Finserv CP: 9.52 crore.
• Progress: several objects shown as ongoing as of quarter end.

Governance and Compliance

• All required statutory approvals obtained.
• No material events disclosed that affect viability.
• Shareholder approval for deviations not applicable.
• Means of finance for disclosed objects unchanged.
• Board approval for allocation not explicitly noted.
• No other material information reported.

General Corporate Purpose (GCP)

• GCP utilization: 0.00 crore used as of 30 Jun 2026.
• Board approval for GCP allocation not explicitly stated.