Sharda Cropchem Ltd

Sharda Cropchem Ltd trading window closed from 1 October 2026 until 48 hours after the unaudited financial results for the quarter and half year ending 30 September 2026 are approved.

Meeting Details

• Date and time: 21 September 2026, 10:00 AM–1:00 PM.
• Mode: physical, in-person investor meet.
• Organised by: Anand Rathi Annual Flagship Conference, G-200 Summit 2026.
• Venue: Taj Santacruz, Mumbai.

Participants

• Company officials (management) to attend.

Purpose

• Discussions to be based on publicly available information.
• No UPSI will be discussed during interactions.

AGM details

• Date and time: 14 August 2026, 1:00 PM IST.
• Mode: VC / OAVM.
• Record date not disclosed.

Resolutions

• Resolution 1 (Ordinary): Adopt standalone financial statements and reports for year ended 31 March 2026.
• Resolution 2 (Ordinary): Adopt consolidated financial statements for year ended 31 March 2026.
• Resolution 3 (Ordinary): Declare final dividend on equity shares for 2025-26.
• Resolution 4 (Ordinary): Re-appoint Ashish R Bubna as director (retirement by rotation).

Voting results

• Resolution 1: Passed with about 99.92% in favour.
• Resolution 2: Passed with about 99.92% in favour.
• Resolution 3: Passed with about 99.72% in favour.
• Resolution 4: Passed with about 99.93% in favour.

Dividend

• Final dividend approved; per-share amount not disclosed.

Director changes

• Appointment of Ashish R Bubna as director following retirement by rotation.

Auditors

• No new auditor appointment disclosed; resolution covered adoption of financials and auditors.

AGM Details

• AGM held on 14 Aug 2026 at 1:00 PM IST via VC/OAVM.
• Deemed venue: Registered Office.
• Cut-off for voting: 07 August 2025.
• Shareholders on cut-off: 73,015; attendees via VC/OAVM: 64.

Resolutions & Outcomes

• Adopt standalone financial statements for FY 2025-26; ordinary, passed.
• Adopt consolidated financial statements for FY 2025-26; ordinary, passed.
• Declare final dividend of Rs 9 per equity share; ordinary, passed.
• Re-appoint Ashish R Bubna as Director; ordinary, passed.

Dividend

• Final dividend approved: Rs 9 per share.

Directors & KMP

• Ashish R Bubna re-appointed as Director; retiring by rotation.
• Independent Director Vinod Kumar Kathuria absent.

Auditors

• Statutory auditors present: M/s. B S R & Co. LLP.
• Secretarial auditors present: JMJA & Associates LLP.

Voting & Attendance

• All four ordinary resolutions passed.

Financial Performance

• Q1 FY27 revenue Rs 1,074 crore, up 9% YoY.
• Agrochemical revenue Rs 915 crore; non-Agro Rs 159 crore.
• Gross margin 36.7%, up 120 bps YoY.
• EBITDA Rs 178 crore; EBITDA margin 16.6%.
• FOREX gains Rs 7.5 crore; Q1 FY26 FOREX Rs 73.1 crore.
• EBIT Rs 120 crore; PBT Rs 118 crore; PAT Rs 88 crore.
• Like-for-like PBT before FOREX grew 16% to Rs 111 crore.

Geography and Margin Trends

• Europe revenue softened; margins in Europe improved despite weakness.
• LATAM remains a growth engine; NAFTA contributing to overall growth.
• Region gross margins: Europe 44.2%, NAFTA 32.8%.
• LATAM 16.9%; Rest of World 30.8%; Total gross margin 36.7%.
• Registrations: Europe 1,682; NAFTA 325; LATAM 760; Rest of World 249 as on 30 Jun 2026.

Balance Sheet and Liquidity

• Total equity Rs 3,245 crore as on 30 Jun 2026 vs Rs 3,137 crore on 31 Mar 2026.
• Debt-free company; cash-bank liquid investments Rs 767 crore as on 30 Jun 2026 vs Rs 702 crore.
• Working capital days 88 as on 30 Jun 2026; improved by 10 days from 31 Mar 2026.

Capex and Projects

• FY27 capex guidance: Rs 500 crores; Q1 spend Rs 273 crores.
• Could be 480-550; management has not fixed a precise figure for the year.
• Depreciation & amortization expected to be around Rs 370-375 crores on annualized basis.
• All manufacturing is contract manufacturing; 100% sourced from China.

Guidance and Outlook

• FY27 revenue growth guidance: 10%-15%.
• Gross margins guidance: around 35%.
• EBITDA margin guidance: 18%-20%.
• Capex guidance for the year: Rs 500 crores; potential range discussed as 480-550.

Q&A Highlights

• Q1 revenue split: volume -1.6%, FX +12.7%, mix -2.1%; net +9%.
• Europe restocking has normalized; volumes to recover in coming quarters; margins resilient.
• New products improve margins; no fixed internal target on number of launches.
• Capex guidance unchanged; first-quarter spend unusually high; full-year target remains around Rs 500 crore (range 480-550).
• Prices are improving; gross margins observed 44.2% in Europe, 32.8% NAFTA, 16.9% LATAM, 30.8% ROW; total 36.7%.

Financial highlights

• Revenue rose 9% YoY to ₹1,074 crore in Q1 FY27.
• Gross profit ₹394 crore, gross margin 36.7%.
• EBITDA ₹178 crore, EBITDA margin 16.6%.
• Profit before tax (pre-forex) ₹111 crore; PBT ₹118 crore; PAT ₹88 crore.
• Capex in Q1 FY27 ₹263 crore.
• Debt-free with cash, bank balances and liquid investments ₹767 crore.
• Product registrations 3,016 with 1,027 in pipeline.
• Agrochemical contributes 85%; Non-agro 15% of revenue.
• Agrochemical volumes declined 0.6% YoY in Q1 FY27.

Outlook & strategic developments

• FY27 revenue growth guidance maintained at 10-15%.
• European volumes expected to recover in coming quarters.
• Balance sheet remains robust with debt-free status.
• Investments to strengthen the registration pipeline.

Business Overview

• IP-led agrochemical platform with asset-light, registrations-driven growth.
• Two segments: Agrochemicals and Non-agro; presence in 80+ countries.
• Partner-led manufacturing preserves registrations, customer access, and cost efficiency.

Operational Highlights

• Q1 FY27 revenue Rs 1,073.8 Cr, up 9% YoY.
• Agro revenue Rs 915 Cr, +8% YoY; Non-agro Rs 159 Cr, +15%.
• EBITDA Rs 178.4 Cr, +25% YoY; margin 16.6%.
• PAT Rs 88.0 Cr; PAT margin 8.2%.
• Forex gain Rs 7.5 Cr; prior year Rs 73.1 Cr.
• Region-wise: NAFTA +33%; Europe -11%; LATAM +52%; ROW +78%.

Financial Performance

• FY26 revenue Rs 5,267.6 Cr; EBITDA Rs 1,039.5 Cr; margin 19.7%.
• PAT Rs 681.0 Cr; PAT margin 12.9%.
• Gross margin FY26: 35.9%.

Capital Structure & Liquidity

• Borrowings nil; no long-term debt reported.
• Cash and cash equivalents Rs 219.8 Cr (Mar-26).
• Net cash from operating activities Rs 655.7 Cr.

Strategic Priorities & Outlook

• Invest in registrations and dossiers across markets.
• Expand distribution network and geographies.
• Improve operational efficiency to support margin expansion.
• Forward integration via sales force expansion.
• Maintain financial discipline and prudent working capital management.

Risks & Mitigation

• Foreign exchange volatility affects PBT and PAT; Q1 saw reduced forex gains.

Governance & Leadership

• Ramprakash V. Bubna: Chairman and Managing Director.
• Ashish Bubna and Manish Bubna: Whole-Time Directors.
• CFO: Shailesh Mehendale; investor relations contacts provided.

Financial results approved

• Approved unaudited standalone and consolidated results for quarter ended 30 June 2026; Limited Review unmodified.

Regulatory and auditor notes

• Ind AS 34 reporting; Regulation 33 SEBI LODR compliance; auditors' unmodified conclusion.