Insecticides (India) Limited (INSECTICID)

Chemicals · Fertilizers & Agrochemicals · NSE · Updated 16 July 2026

₹659.85 ↓ 33.72% (1Y)

🎯 Key Takeaways

Insecticides (India) Limited is in a strategic transition phase, shifting from a volume-driven commodity model to a premium, innovation-led growth trajectory. Management is actively repositioning the business around high-margin herbicides, patented products, and brand-led expansion (e.
Revenue declined 43% QoQ to ₹358 in Q3FY25.
⚠️ Overreliance on premium product rollout (e.g., Kaeros) with no guarantee of market adoption or sustained margin expansion.

Market Cap

₹2,103

P/E Ratio

15.7

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Insecticides (India) Limited is in a strategic transition phase, shifting from a volume-driven commodity model to a premium, innovation-led growth trajectory. Management is actively repositioning the business around high-margin herbicides, patented products, and brand-led expansion (e.g., Kaeros), supported by R&D investment and export growth ambitions. Despite near-term volatility, margins and ROCE are improving as the company executes its long-term structural shift.

📰 What's Happening

The company reported FY26 revenue of ₹2,140 crores, up 7% YoY, driven by premiumization and growth in herbicides and the Kaeros brand, which is expected to double revenue this fiscal and contribute 5-8% to volume growth. Gross profit margin improved to 31.5% from 23.1%, and ROCE rose to 16.1% from 10.4%, reflecting operational efficiency gains. Management highlighted expanding R&D capabilities, targeting 10% export growth over 2-3 years and increasing patented product share from 63% to 70% by FY30. Channel inventory is being controlled, and working capital cycle reduced from 140 to 120 days is underway. Finance costs rose to ₹16.87 crores due to inventory buildup but are targeted to decline by 25-30% by FY27. The board approved FY26 results, appointed Sanskar Aggarwal as Whole-Time Director (Additional), and accepted Nikunj Aggarwal’s resignation. An Employee Stock Purchase Scheme for 200,000 shares at ₹10 face value was also approved, pending shareholder ratification at the upcoming AGM on August 12, 2026.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	302	640	696	358	273	657	627	358
Operating Profit	-28	50	82	27	13	74	91	31
OPM %	-9.4%	7.1%	11.8%	7.3%	3.3%	10.9%	14.3%	8.6%
Net Profit	-29	29	53	12	8	49	61	17
EPS	₹-9.90	₹9.85	₹17.95	₹4.16	₹2.62	₹16.56	₹20.78	₹5.96

Revenue has shown mixed quarterly performance, with sequential declines in Q3FY25 (₹358 crores) from Q2FY25 (₹627 crores), but this follows a pattern of volatility typical of agrochemical demand cycles. Despite this, gross profit margin has steadily improved from 7.3% in Q3FY24 to 31.5% in FY26, and ROCE has surged from negative 9.4% in Q4FY23 to 16.1%, indicating strong operational improvement. Net profit declined slightly to ₹139 crores in FY26 from ₹142 crores in FY25, primarily due to tax provisions, while EBITDA grew 6.8% to ₹227 crores. The company is prioritizing working capital reduction to 120 days and managing inventory to alleviate finance cost pressure, which rose to ₹16.87 crores. These trends reflect a deliberate shift toward higher-margin products and operational discipline, even as near-term profitability faces headwinds from strategic investments.

🔮 Management Outlook & What's Next

Management expressed confidence in sustainable growth through premiumization, R&D expansion, and export diversification, targeting 10% export growth over 2-3 years and increasing patented product share to 70% by FY30. They emphasized that Kaeros, positioned as a premium standalone brand, is expected to double revenue this fiscal and drive 5-8% volume growth. Management also highlighted efforts to reduce the working capital cycle from 140 to 120 days and achieve a 25-30% reduction in finance costs by FY27. These goals are underpinned by strategic investments in product innovation and distribution reach, with a focus on long-term margin accretion rather than short-term volume gains.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Fertilizers & Agrochemicals

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Fertilizers and Chemicals Travancore Limited	57,117	-630.5	—	—	—
Coromandel International Limited	55,044	33.3	—	—	—
UPL Limited	53,373	-157.3	—	—	—
PI Industries Limited	47,259	27.8	—	—	—
Sumitomo Chemical India Limited	22,898	44.4	—	—	—
Bayer Cropscience Limited	21,796	—	—	—	—
Chambal Fertilizers & Chemicals Limited	18,025	11.1	—	—	—
Paradeep Phosphates Limited	12,506	30.3	—	—	—
Sharda Cropchem Limited	8,742	35.8	—	—	—
Rashtriya Chemicals and Fertilizers Limited	6,876	25.9	—	—	—

🔗 Peer Stock Analyses

FACT COROMANDEL UPL PIIND SUMICHEM

⚠️ Risk Factors

1. Overreliance on premium product rollout (e.g., Kaeros) with no guarantee of market adoption or sustained margin expansion. 2. Persistent inventory buildup increasing finance costs and cash conversion pressure, despite stated reduction targets. 3. Execution risk in R&D-to-revenue translation, as patented product growth depends on successful commercialization and regulatory approvals. 4. Macroeconomic sensitivity in agrochemical demand, particularly in rural and monsoon-dependent markets, which could impact order visibility and pricing power.

📋 Recent Filings

🧠 Analyst's Read

Insecticides (India) is undergoing a strategic pivot toward higher-margin, innovation-led growth, with early signs of improvement in gross margins and ROCE. While near-term profitability is pressured by investment and inventory cycles, long-term potential hinges on execution of the premiumization strategy and R&D outcomes. Investors should monitor the rollout of Kaeros, progress on export targets, and pace of working capital normalization in the coming quarters.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-16.

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