Indogulf Cropsciences Ltd

Director Re-appointment: Pushap Kumar

• Change type: Re-appointment as Non-Executive Director.
• Name and designation: Mr. Pushap Kumar, Non-Executive Director.
• Effective date: September 24, 2026; term not specified.
• Reason: Re-appointment to continue board service.
• Brief profile: B.Sc; head of marketing; 21 years in agrochemical sector.
• Disclosure: No disclosed relationships with other directors.

Secretarial Auditor Appointment: NJ & Associates

• Change type: Appointment of Secretarial Auditor.
• Name and designation: M/s NJ & Associates, Secretarial Auditor.
• Effective date: From Apr 1, 2026.
• Term: Five consecutive financial years (Apr 1, 2026–Mar 31, 2031).
• Reason: Appointment as Secretarial Auditor.
• Brief profile: Delhi-based firm since 2016; secretarial and legal services.

IPO Proceeds Utilization Variation

• Change type: Variation in IPO proceeds utilization.
• Details: Variation in objects/terms for Barwasani, Haryana capex.
• Reason: Alignment with Prospectus dated July 1, 2025.
• Time extension: Extended utilization period; new deadline not specified.

Indogulf Cropsciences Limited trading window closes from October 01, 2026 for the quarter ended September 30, 2026 results; reopens 48 hours after the announcement of the said financial results.

AGM Details

• AGM held on 24 September 2026 via VC/OAVM, from 12:15 PM to 1:05 PM.
• Record date: 18 September 2026.

Key Resolutions

• Ordinary Resolution 1: Adoption of standalone and consolidated financial statements for year ended March 31, 2026.
• Ordinary Resolution 2: Re-appointment of Pushap Kumar as director, retires by rotation.
• Ordinary Resolution 3: Ratify remuneration payable to Jain Sharma & Associates, Cost Auditors, for FY2027.
• Ordinary Resolution 4: Appoint Secretarial Auditor of the Company.
• Special Resolution 5: Variation in IPO proceeds utilisation and extension of time.

Voting Results

• Resolution 1 passed: 99.99% in favor, 0.01% against; 63.48% polled.
• Resolution 2 passed: 99.99% in favor, 0.01% against; 63.48% polled.
• Resolution 3 passed: 99.99% in favor, 0.01% against; 63.48% polled.
• Resolution 4 passed: 99.99% in favor, 0.01% against; 63.48% polled.
• Resolution 5 passed: 99.99% in favor, 0.01% against; 63.48% polled.

Dividend

• No dividend proposed or declared at the AGM.

Director Changes

• Pushap Kumar re-appointed as director, retires by rotation.

Auditor Appointments

• Remuneration for Cost Auditors ratified for FY2027.
• Secretarial Auditor appointed (name not disclosed in excerpt).

Material Related Party Transactions

• No material related party transactions approved.

AGM details

• AGM held via VC/OAVM on Sept 24, 2026; 12:15–1:05 IST.
• Quorum confirmed; meeting commenced after quorum.
• Remote e-voting enabled with a 15-minute window for additional votes.

Key resolutions

• Adoption of standalone and consolidated financial statements for year ended March 31, 2026.
• Re-appointment of Pushap Kumar as Non-Executive Director (retiring by rotation).
• Ratification of cost auditor remuneration for FY 2026-27: INR 0.1 million plus taxes.
• Appointment of Secretarial Auditor for five-year term (Apr 1, 2026–Mar 31, 2031).
• Variation in IPO proceeds utilisation and extension of time approved.

Auditors & director updates

• Pushap Kumar re-appointed as Non-Executive Director.
• Cost Auditor remuneration ratified for FY 2026-27.
• Secretarial Auditor appointed for five-year term (Apr 1, 2026–Mar 31, 2031).

Voting outcomes

• Adoption of standalone and consolidated financial statements: outcome not disclosed.
• Re-appointment of Pushap Kumar: outcome not disclosed.
• Cost auditor remuneration: outcome not disclosed.
• Secretarial Auditor appointment: outcome not disclosed.
• IPO proceeds variation: outcome not disclosed.

Meeting Details

• Date and time: 30 September 2026 at 12:00 PM.
• Type and mode: group investor conference, virtual.
• Event: Bharat Connect Conference by Arihant Capital.

Participants

• Participants: Company management (senior management).

Purpose

• Purpose: general investor interaction; based on generally available information and not on unpublished price sensitive information.

Meeting Details

• Dates and times: Sep 1–2, 2026, 10:00 AM IST onwards.
• Mode: Physical (In Person).
• Place: Mumbai.
• Event: Investor/Analyst interaction; Organizer: Indogulf Cropsciences Ltd.
• Revised from Aug 31 to Sep 1–2.

Participants

• Key participant: Company Secretary & Compliance Officer.

Purpose

• Purpose: Discussion with investors based on generally available information.
• No unpublished price-sensitive information per the company's fair disclosure code.

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