India Pesticides Limited targets four Hamirpur blocks in FY27

India Pesticides Limited plans to have four of 10 Hamirpur operating blocks active in FY2027, after two further blocks are commissioned alongside the two already running at 30 September 2026. The site has permitted technicals capacity of 30,000 metric tonnes per annum, while its active blocks currently provide 600 MTPA.

What is IPL building at Hamirpur?

IPL is developing a 25-acre Hamirpur manufacturing site with central infrastructure designed to support 10 operating blocks. The completed site has permitted capacity of 30,000 MTPA of technicals and 6,000 MTPA of formulations, according to the presentation dated November 2026.

As of 30 September 2026, two Hamirpur blocks were operational, producing insecticides and herbicides. Those blocks had 600 MTPA of technicals capacity and 1,000 MTPA of formulations capacity. The remaining eight blocks were under development, so the permitted site capacity should not be treated as currently commissioned capacity.

IPL says roads, civil works, boilers and chillers have been constructed at the facility. These common utilities are intended to support all 10 blocks. The company also says its in-house project engineering supports block and plant commissioning, but the presentation gives no project cost, capital-expenditure budget or commercial-production figure for Hamirpur.

How many Hamirpur blocks will IPL operate in FY2027?

IPL plans to make two additional Hamirpur blocks operational in FY2027, which would take the operating count from two to four of the planned 10 blocks. This is the only specific future commissioning milestone disclosed for the site in the presentation.

Four operating blocks would represent 40% of the planned 10-block configuration, leaving six blocks without a disclosed commissioning date. IPL does not state the technicals or formulations capacity of each future block, so the source does not establish how much of the 30,000-MTPA permitted technicals capacity would be active after the FY2027 additions.

The current operating technicals capacity of 600 MTPA is 2% of Hamirpur's 30,000-MTPA permitted capacity. Its active formulation capacity of 1,000 MTPA is about 17% of the permitted 6,000 MTPA. IPL describes the facility as a pathway for capacity expansion and incremental revenue, but does not provide a utilisation, revenue or margin target for the project.

How does Hamirpur compare with IPL's existing capacity?

Hamirpur brought IPL's disclosed installed technicals capacity to 28,800 MTPA at 30 September 2026, including 26,100 MTPA at Sandila, 2,100 MTPA at Dewa Road and 600 MTPA at Hamirpur. Combined formulations capacity was 11,000 MTPA across the three manufacturing locations.

The 30,000-MTPA Hamirpur technicals permission exceeds the 28,200 MTPA that IPL lists for Sandila and Dewa Road combined in its business overview. On a permitted-capacity basis, full Hamirpur development would therefore be larger than the established technicals base at those two facilities, while the currently operating Hamirpur capacity remains 600 MTPA.

The sites also have different disclosed product focus. Sandila produces herbicides, Dewa Road produces fungicides and Hamirpur's active blocks produce insecticides and herbicides. IPL reported a portfolio of 53 technicals and 52 formulations, but it does not identify which molecules, customers or sales agreements will be assigned to the six blocks without a stated schedule.

What financial conditions accompany the Hamirpur expansion?

IPL is progressing the Hamirpur development during a lower-revenue first half of FY2027. Total income fell 15.9% year on year to Rs 487 crore in H1 FY2027, while earnings before interest, tax, depreciation and amortisation, or EBITDA, declined 32.5% to Rs 73 crore and profit after tax fell 38.1% to Rs 41 crore.

Management attributed the operating backdrop to softer overseas demand, geopolitical uncertainty, volatility in key raw-material prices and deficient or erratic rainfall in several agricultural states. In Q2 FY2027, total income was Rs 231 crore, down 21.6% from Rs 295 crore in Q2 FY2026; technicals plus active pharmaceutical ingredients accounted for 51% of revenue and formulations for 49%.

IPL reported cash flow from operations of Rs 48 crore in H1 FY2027, compared with Rs 62 crore in FY2026. At 30 September 2026, cash and bank balances including long-term deposits were Rs 102 crore, borrowings were Rs 85 crore and net cash was Rs 36 crore. The presentation does not allocate these balances, cash flows or borrowings to Hamirpur.

Conclusion

Hamirpur is IPL's largest disclosed manufacturing expansion by permitted technicals capacity, at 30,000 MTPA versus 28,200 MTPA across Sandila and Dewa Road. However, only two of 10 blocks were operating at 30 September 2026, with 600 MTPA of technicals capacity, making the current footprint materially smaller than the permitted project scale.

The next stated milestone is the planned operation of two additional Hamirpur blocks in FY2027, taking the active count to four. What remains unresolved is the commissioning schedule and capacity allocation for the final six blocks, as well as the project cost, site-level sales contribution and utilisation trajectory.