Insecticides (India) Ltd

Financial Performance

• Revenue from operations declined 12% YoY to INR 612 crores.
• Gross profit 193.16 crores; down 4% YoY; gross margin 31.6% vs 29%.
• EBITDA margin 11.1% (down from 12.2%); EBITDA degrew about 20%.
• PAT margin 7.2% (down from 8.4%).
• New launches: 2 products; sales INR 5.50 crores in Q1.
• In-licensing revenue Q1: INR 46 crores vs INR 36 crores prior year.
• Patented products revenue: INR 70 crores vs INR 97 crores prior year.
• Hachiman + combination product revenue: INR 98 crores vs INR 134 crores prior year.
• B2C 64%, B2B 34%, export 2% in Q1 FY27; last year 75%, 23%, 2%.
• Granuvia Q1 revenue ~ INR 5 crores; Spinoace Q1 ~ INR 0.25 crores.

Operating Update

• Premium products contributed 64% of total B2C in Q1 FY27 (vs 58% prior year).
• International business gained momentum with registrations and partnerships; trials progressing.
• Kaeros program expanded; 40+ Kaeros products commercialized to date.

Capex and Projects

• Sotanala total project investment ~ INR 200 crores; about INR 70 crores invested to date.
• Formulation at Sotanala to commence around Apr–May next year; technical products by Diwali.
• Sotanala first phase includes 5–6 products; second phase adds AI tech products.
• Dahej expansion: >70% commercialization; 50–60% equipment utilized for new plant.
• Chopanki expansion completed; Dahej expansion underway; Sotanala on track with two phases.

Guidance and Outlook

• FY27 focus on product launches, Kaeros expansion, international opportunities; disciplined cost and working capital.
• End of current capex cycle; annual maintenance capex expected around INR 30–40 crores.
• Q2 outlook: expected positive demand as rainfall improves; execution to pick up in remaining quarters.

Q&A Highlights

• Sotanala capex total ~ INR 200 crores; Formulations INR 50 crores, Technical INR 150 crores; invested ~ INR 70 crores to date.
• Technicals: 5–6 products in first phase; second phase adds AI molecules; Phase 1 completion by Diwali.
• Dahej capacity: 50–60% equipment utilized; potential incremental revenue ~ INR 200 crores from technical production.
• Kaeros: path to CAGR ~100% initially, then ~50–60%; margins expected to be below current IIL.
• Buyback not annual; company repeats buybacks every 2–3 years; may reward via dividend as well.
• Sales returns risk: 1–2 herbicides may fail; last year had ~INR 200 crores potential sales returns.

agm details

• AGM held on August 12, 2026 at 3:00 PM via VC/OAVM.
• Record date for entitlement: August 5, 2026.
• Meeting concluded at 4:26 PM; e-voting open for 30 more minutes.

key resolutions

• Resolution 1: Ordinary to receive, consider and adopt financial statements.
• Resolution 2: Ordinary to approve final dividend of Rs 2 per equity share.
• Resolution 3: Ordinary to reappoint Shri Anil Kumar Goyal (retiring by rotation).
• Resolution 4: Ordinary to ratify remuneration of Cost Auditors for 2026-27.
• Resolution 5: Special to appoint Sanskar Aggarwal as Whole-time Director.
• Resolution 6: Special to approve Insecticides Employees Stock Purchase Scheme 2026.
• Resolution 7: Special to extend ESOP benefits to subsidiary and associate employees.

voting results

• Resolution 1: Passed with requisite majority; strong in-favour.
• Resolution 2: Passed with requisite majority; strong in-favour.
• Resolution 3: Passed with requisite majority; high in-favour.
• Resolution 4: Passed with requisite majority; near-unanimous.
• Resolution 5: Passed with majority; substantial in-favour.
• Resolution 6: Passed with majority; in-favour ~88.6%.
• Resolution 7: Passed with majority; in-favour ~88.3%.

dividend

• Final dividend of Rs 2 per equity share approved.

director changes

• Shri Anil Kumar Goyal reappointed as director; retirement by rotation.

auditors

• Remuneration of Cost Auditors ratified for 2026-27 (no amount disclosed).

AGM Details

• AGM held Aug 12, 2026 at 3:00 PM IST via VC/OAVM.

Key Resolutions

• Ordinary: Adopt audited standalone and consolidated financial statements.
• Ordinary: Confirm final dividend of Rs 2 per share (interim already paid).
• Ordinary: Re-appoint Shri Anil Kumar Goyal by rotation.
• Special: Ratify remuneration of Cost Auditors for 2026-27.
• Special: Appoint Sanskar Aggarwal as Whole-time Director.
• Special: Approve Employee Stock Purchase Scheme 2026.
• Special: Extend Employee Stock Purchase Scheme 2026 to subsidiaries and associates.

Voting Results

• Item 1: Voting results not disclosed; will be announced after Scrutinizer's Report.
• Item 2: Voting results not disclosed; will be announced after Scrutinizer's Report.
• Item 3: Voting results not disclosed; will be announced after Scrutinizer's Report.
• Item 4: Voting results not disclosed; will be announced after Scrutinizer's Report.
• Item 5: Voting results not disclosed; will be announced after Scrutinizer's Report.
• Item 6: Voting results not disclosed; will be announced after Scrutinizer's Report.
• Item 7: Voting results not disclosed; will be announced after Scrutinizer's Report.

Meeting Details

• Date of call: August 11, 2026.
• Type and mode: group earnings conference call, virtual audio.
• Event/organiser: earnings conference call for Q1 FY2027 results.
• Key company participant: Company Secretary & Chief Compliance Officer.
• Purpose: discuss unaudited standalone and consolidated Q1 results.
• Recording available: audio recording accessible on company website.

Financial highlights

• Q1 FY27 revenue ₹612 crore, down 12% YoY.
• Gross profit ₹193 crore; gross margin 31.6% (vs 29.2% YoY).
• EBITDA ₹68 crore; margin 11.1% (vs 12.2% YoY).
• PAT ₹44 crore; down from ₹58 crore YoY.
• Rainfall deficit across India contributed to revenue decline.
• Gross margin expanded 240 bps YoY due to pricing actions.
• ICS plots to double from 36 to 72 across 14 states.

Strategic developments

• Pan-India launch of GRANUVIA with Corteva; Spinoace introduced.
• KAEROS expanded portfolio and distribution footprint.
• ICS plots to 72 across 14 states covering four major crops.
• Farmer outreach: 3,600+ meetings; 15,000+ farmer visits.
• Capacity expansion and backward integration underpin resilience.

Business overview

• Core business: crop protection chemicals and branded formulations.
• Global footprint across 22 countries with export-oriented SEZ Dahej facility.
• Kaeros acquisition (2024) to deepen dealer ecosystem and market access.
• Corteva Agriscience collaboration for innovative crop solutions.
• R&D via JV with OAT Agrio to invent new agrochemical molecules.
• Tractor brand equity with farmer outreach and distribution strength.
• IIL digital platforms: GROWSMART, Pariwar and 360 for data-driven sales.

Operational highlights

• Q1 FY27 revenue from operations ₹611.5 cr; YoY -12%.
• FY26 turnover ₹2,140 cr; gross margin 31.5%.
• Expansion at Chopanki and Dahej for technical and formulation manufacturing.
• Formulation capacity 70,000 MT/KL annually; 100% export-oriented SEZ plant.
• FY25 buyback ₹50 cr completed.
• OAT Agrio JV and Corteva collaboration ongoing; 22-country presence continue to scale.

Financial performance

• Gross profit ₹193.16 cr; gross margin 31.6%.
• EBITDA ₹67.61 cr; EBITDA margin 11.1%.
• PAT ₹43.87 cr; PAT margin 7.2%.
• FY26 full-year: revenue ₹2,140.01 cr; gross margin 31.5%; EBITDA ₹227.05 cr; PAT ₹139.41 cr.
• FY26 PAT margin 6.5%; EPS FY27 ₹15.08; FY26 ₹47.91.

Capital structure & liquidity

• Buyback of ₹50 cr completed in FY25.
• Debt and liquidity metrics not disclosed in this update.

Strategic priorities & outlook

• Focus on integrated crop protection solutions and global expansion.
• Leverage Kaeros acquisition and Corteva collaboration for growth.
• Digital platforms to enhance distributor and farmer engagement.
• Export-led growth via SEZ and overseas registrations.

Risks & mitigations

• Risks include macroeconomic conditions, agri-sector volatility, and regulatory changes.
• Mitigations: diversified geography (22 countries) and broad product portfolio.

Governance & leadership

• Chairman: H. C. Aggarwal; MD & CEO: Rajesh Kumar Aggarwal; CFO: Sandeep Aggarwal.

Standalone results

• Standalone revenue from operations: 61,648.22 lacs.
• Standalone other income: 462.36 lacs.
• Standalone total income: 62,110.58 lacs.
• Standalone expenses: 56,484.11 lacs.
• Standalone profit before tax: 5,626.47 lacs.
• Standalone tax expense: 1,443.42 lacs.
• Standalone profit for the period: 4,183.05 lacs.
• Standalone basic EPS: 14.38; diluted: 14.38.
• Standalone annual revenue from operations: 2,14,414.11 lacs.
• Standalone annual total income: 2,15,625.23 lacs.
• Standalone annual profit after tax: 13,581.74 lacs.
• Standalone annual basic EPS: 46.68; diluted: 46.68.

Consolidated results

• Consolidated revenue from operations: 61,152.31 lacs.
• Consolidated other income: 534.39 lacs.
• Consolidated total income: 61,686.70 lacs.
• Consolidated total expenses: 55,831.73 lacs.
• Consolidated profit before tax and equity share: 5,854.97 lacs.
• Consolidated tax expense: 1,651.76 lacs.
• Consolidated profit after tax: 4,203.21 lacs.

Meeting Details

• Date and time: Tue, Aug 11, 2026 at 5:00 PM IST.
• Type and mode: Group conference call (virtual).
• Event: Q1 FY27 results conference call for Insecticides (India) Ltd.

Participants

• Key participants: Managing Director, CFO, COO, and CMO.

Purpose

• Purpose: discuss Q1 FY27 results with investors.