India Pesticides profit falls 40% as revenue drops 22% in September

India Pesticides Limited reported standalone profit after tax of Rs 19.36 crore for the quarter ended 30 September 2026, 40% below Rs 32.04 crore a year earlier, as revenue from operations fell 22% to Rs 226.19 crore. Profit before tax declined to Rs 25.68 crore from Rs 47.52 crore.

What did India Pesticides report for the September 2026 quarter?

India Pesticides reported year-on-year declines in standalone revenue, profit before tax and profit after tax for the quarter ended 30 September 2026. Revenue from operations was Rs 226.19 crore, compared with Rs 289.63 crore in the quarter ended 30 September 2025, while total income fell to Rs 228.83 crore from Rs 294.46 crore. Other income also decreased to Rs 2.64 crore from Rs 4.83 crore.

Profit after tax was Rs 19.36 crore, down Rs 12.68 crore from Rs 32.04 crore a year earlier. Basic and diluted earnings per share, which are not annualised for quarters, fell to Rs 1.68 from Rs 2.78. Total comprehensive income was Rs 19.12 crore, compared with Rs 32.01 crore in the corresponding quarter of the previous year.

Which costs changed in India Pesticides' September quarter?

India Pesticides reported higher employee, finance, depreciation and other costs than a year earlier despite lower revenue in the September 2026 quarter. Employee benefits expense rose to Rs 18.28 crore from Rs 14.98 crore, finance cost increased to Rs 2.22 crore from Rs 1.14 crore, and other expenses climbed to Rs 64.52 crore from Rs 62.71 crore. Depreciation and amortisation expense rose to Rs 5.86 crore from Rs 5.27 crore.

Cost of materials consumed declined to Rs 148.66 crore from Rs 173.28 crore, while the change in inventories of finished goods and work in progress was negative Rs 36.39 crore, compared with negative Rs 10.44 crore a year earlier. Total expenses fell to Rs 203.15 crore from Rs 246.94 crore, but profit before tax fell by Rs 21.84 crore as total income declined by Rs 65.63 crore.

How did India Pesticides perform against the preceding quarter and half year?

India Pesticides' standalone September-quarter results were below the preceding June 2026 quarter. Revenue from operations decreased from Rs 252.56 crore in the June quarter to Rs 226.19 crore in the September quarter, while profit after tax declined from Rs 23.07 crore to Rs 19.36 crore. Profit before tax reduced from Rs 31.39 crore to Rs 25.68 crore over the same comparison.

For the half year ended 30 September 2026, standalone revenue from operations was Rs 478.75 crore, down from Rs 565.03 crore in the half year ended 30 September 2025. Half-year profit after tax was Rs 42.43 crore versus Rs 67.42 crore, while profit before tax was Rs 57.07 crore versus Rs 95.13 crore. Employee benefits expense for the six-month period increased to Rs 35.74 crore from Rs 29.55 crore, and finance cost rose to Rs 4.83 crore from Rs 2.93 crore.

How did India Pesticides' consolidated results differ from standalone results?

India Pesticides reported consolidated profit after tax of Rs 18.42 crore for the September 2026 quarter, Rs 0.94 crore below standalone profit of Rs 19.36 crore. Consolidated revenue from operations was Rs 228.71 crore, Rs 2.52 crore above the standalone figure. The consolidated statement includes India Pesticides as the holding company and subsidiaries Shalvis Specialities Limited and Amona Specialities Private Limited.

Consolidated profit after tax declined from Rs 31.61 crore in the September 2025 quarter to Rs 18.42 crore in September 2026, while consolidated revenue from operations decreased from Rs 290.36 crore to Rs 228.71 crore. The two subsidiaries recorded combined revenue of Rs 3.34 crore for the quarter and a combined net loss after tax of Rs 0.99 crore, according to the auditor's other-matters note.

What do India Pesticides' balance sheet and cash flow show?

India Pesticides' standalone inventory increased to Rs 383.70 crore at 30 September 2026 from Rs 283.69 crore at 31 March 2026, while trade receivables declined to Rs 306.18 crore from Rs 362.05 crore. Standalone cash and cash equivalents were Rs 21.23 crore, down from Rs 24.95 crore. Total standalone assets increased to Rs 1,349.09 crore from Rs 1,305.51 crore during the period.

Standalone net cash generated from operating activities for the half year was Rs 59.10 crore, compared with Rs 93.01 crore in the prior-year half. The cash-flow statement recorded a Rs 100.01 crore increase in inventories, against a Rs 32.33 crore increase a year earlier, while trade receivables decreased by Rs 52.02 crore compared with an increase of Rs 18.83 crore. Net cash used in investing activities was Rs 26.09 crore and net cash used in financing activities was Rs 36.73 crore.

What did the auditor conclude on India Pesticides' results?

India Pesticides' standalone financial results for the quarter and half year ended 30 September 2026 were unaudited and reviewed by Suresh Surana & Associates LLP. In its review report dated 3 November 2026, the auditor said nothing had come to its attention that caused it to believe the standalone statement was not prepared, in all material respects, in accordance with applicable accounting standards and disclosure requirements.

The consolidated review covered the holding company and its two subsidiaries, although the principal auditor did not itself review the subsidiaries' interim financial information. Other auditors reviewed those entities, which had consolidated total assets of Rs 108.04 crore as at 30 September 2026 and net cash outflows of Rs 2.10 crore for the half year. The review report does not provide management's explanation for the decline in revenue or the movement in inventory.

Conclusion

India Pesticides' September-quarter standalone figures show lower income and earnings year on year: revenue fell 22% to Rs 226.19 crore and profit after tax fell 40% to Rs 19.36 crore. Material costs declined, but employee benefits, finance costs, depreciation and other expenses were higher than in the corresponding quarter, while the reduction in total expenses did not match the decline in total income.

The next disclosure to watch is whether India Pesticides addresses the Rs 100.01 crore standalone inventory increase during the half year, the first-half revenue decline and the cost movements accompanying lower profit. The filing provides balance-sheet and cash-flow data but does not disclose a management target, turnaround plan or explanation for these movements.