India Pesticides Limited (IPL)

Chemicals · Fertilizers & Agrochemicals · NSE · Updated 15 July 2026

₹156.17 ↓ 27.06% (1Y)

🎯 Key Takeaways

India Pesticides Limited is undergoing a strategic transformation marked by governance restructuring and a shift in financial performance trajectory. The company has transitioned to a fully independent board, signaling a move toward professionalized oversight, while financial trends show volatility in profitability and revenue growth.
Revenue declined 24.7% QoQ to ₹172 in Q3FY25.
⚠️ Sustained margin compression in core agrochemical segments, as evidenced by declining OPM from 21.9% in Q3FY24 to 15.4% in Q3FY25, suggests pricing pr

Market Cap

₹1,903

P/E Ratio

30.4

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

India Pesticides Limited is undergoing a strategic transformation marked by governance restructuring and a shift in financial performance trajectory. The company has transitioned to a fully independent board, signaling a move toward professionalized oversight, while financial trends show volatility in profitability and revenue growth. The narrative centers on operational recalibration amid sectoral pressures and leadership changes.

📰 What's Happening

In a key development on June 6, 2026, India Pesticides announced the resignation of three non-executive directors — Anand Swarup Agarwal, Vishal Swarup Agarwal, and Vishwas Swarup Agarwal — effective close of business, as part of a strategic move to achieve full board independence. The resignations were framed as part of an ongoing governance evolution, with no material reasons cited beyond enhancing corporate governance and long-term leadership stability. The press release underscores the company’s commitment to independent oversight, though it reduces direct promoter-linked governance influence. This governance shift coincides with a period of financial volatility, particularly in operating margins and net profit trends across recent quarters.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	198	201	202	151	126	220	229	172
Operating Profit	45	26	31	37	7	32	39	29
OPM %	21.3%	11.3%	13.3%	21.9%	3.0%	12.8%	14.7%	15.4%
Net Profit	30	15	20	24	1	19	26	16
EPS	₹2.67	₹1.35	₹1.70	₹2.09	₹0.09	₹1.69	₹2.25	₹1.40

The company’s financial trajectory reveals a sharp decline in profitability and revenue momentum, with Q3FY25 revenue down 25% year-on-year to ₹172 crore from ₹229 crore in Q2FY25, and operating profit falling to ₹29 crore from ₹39 crore. Operating margin contracted to 15.4% from 14.7% in the prior quarter but remains structurally lower than the 21.9% recorded in Q3FY24, indicating persistent margin pressure. Net profit dropped to ₹16 crore in Q3FY25 from ₹26 crore in Q2FY25, and earnings per share declined to ₹1.4 from ₹2.25, reflecting weakening operational efficiency. The sequential downward trend in profitability, especially when contrasted with the strong performance in Q3FY24 and Q4FY23, suggests challenges in sustaining prior growth levels, likely exacerbated by market dynamics and possibly pricing pressures in the agrochemical segment.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance in the available filing content, and no earnings call transcripts or investor presentations were included in the provided documentation. The only forward-looking statement pertains to governance reform, with no disclosed projections for revenue, margins, or capital allocation. As such, the company’s strategic outlook remains implicit rather than articulated, with emphasis placed on structural transformation rather than near-term performance targets.

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. Sustained margin compression in core agrochemical segments, as evidenced by declining OPM from 21.9% in Q3FY24 to 15.4% in Q3FY25, suggests pricing pressure or input cost volatility. 2. Governance transition may reduce oversight continuity, potentially affecting strategic decision-making stability despite improved independence. 3. Revenue volatility, with sequential declines from ₹229 crore in Q2FY25 to ₹172 crore in Q3FY25, indicates weakening demand or market share erosion in key product lines. 4. Lack of transparent forward guidance increases uncertainty around recovery or stabilization plans.

📋 Recent Filings

🧠 Analyst's Read

India Pesticides is in a pivotal phase of governance transformation amid deteriorating financial momentum. Investors should monitor upcoming disclosures for signs of operational stabilization, capital allocation direction, and any clarification on strategic priorities, as the current trajectory reflects both structural change and performance uncertainty.

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 2026-07-15.

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