Sharda Cropchem non-agrochemicals revenue rises 68% in Q2

Sharda Cropchem Limited reported non-agrochemicals revenue of Rs 211.9552 crore for the quarter ended September 30, 2026, up 67.7% from Rs 126.3746 crore a year earlier. Sharda Cropchem’s agrochemicals revenue remained much larger at Rs 839.7267 crore, but grew 4.6%, making non-agrochemicals the faster-growing reported segment.

How fast did Sharda Cropchem’s segments grow in the September quarter?

Sharda Cropchem’s non-agrochemicals revenue increased by Rs 85.5806 crore year on year in the quarter ended September 30, 2026, while agrochemicals revenue increased by Rs 36.9886 crore. The company defines non-agrochemicals as belts, dyes and dye intermediates, and general chemicals. Together, the two segments generated revenue from operations of Rs 1,051.6819 crore, 13.2% above Rs 929.1127 crore in the September 2025 quarter.

Non-agrochemicals also increased sequentially to Rs 211.9552 crore from Rs 158.9099 crore in the quarter ended June 30, 2026, a calculated rise of 33.4%. Agrochemicals moved in the opposite direction, declining 8.2% from Rs 914.8582 crore in June to Rs 839.7267 crore in September. The filing says agrochemicals are seasonal and can be affected by cropping patterns and weather conditions globally, meaning quarterly figures are not representative of other quarters or the full year.

What was the half-year revenue trend by segment?

Sharda Cropchem’s non-agrochemicals revenue for the half year ended September 30, 2026 was Rs 370.8651 crore, up 40.0% from Rs 264.9507 crore in the corresponding half year of 2025. Its increase of Rs 105.9144 crore was slightly above the Rs 105.6083 crore increase in agrochemicals revenue, although agrochemicals remained the main source of sales at Rs 1,754.5849 crore.

Total revenue from operations rose 11.1% to Rs 2,125.4500 crore for the half year ended September 30, 2026, from Rs 1,913.9273 crore a year earlier. On a calculated basis, non-agrochemicals represented 17.4% of half-year revenue, compared with 13.8% in the prior-year period. Agrochemicals represented 82.6%, down from 86.2%, indicating a changed sales mix while agrochemicals revenue still increased.

How did segment results compare with revenue growth?

Sharda Cropchem’s non-agrochemicals segment result was Rs 37.3580 crore in the September 2026 quarter, down 5.3% from Rs 39.4645 crore a year earlier despite the 67.7% revenue increase. Agrochemicals segment result rose to Rs 68.8515 crore from Rs 34.4411 crore. Segment results are presented before finance cost, unallocable expenditure and unallocable income.

For the half year ended September 30, 2026, non-agrochemicals segment result rose 2.1% to Rs 73.4457 crore from Rs 71.9320 crore. Agrochemicals segment result declined 11.3% to Rs 151.1759 crore from Rs 170.4357 crore, taking the combined segment result to Rs 224.6216 crore, below Rs 242.3677 crore a year earlier. After Rs 15.0899 crore of unallocable expenditure, Rs 2.7073 crore of finance cost and Rs 19.0881 crore of unallocable income, profit before tax was Rs 225.9125 crore, compared with Rs 254.8630 crore.

What do the segment assets and liabilities show?

Sharda Cropchem allocated Rs 188.8924 crore of assets to non-agrochemicals as of September 30, 2026, compared with Rs 136.6696 crore a year earlier and Rs 147.1599 crore at March 31, 2026. Non-agrochemicals liabilities were Rs 114.5355 crore, compared with Rs 28.1702 crore a year earlier and Rs 51.6004 crore at March 31, 2026. The filing does not provide reasons for these changes in segment assets or liabilities.

Agrochemicals held Rs 4,493.9161 crore of segment assets at September 30, 2026, compared with Rs 3,781.8295 crore a year earlier, while its segment liabilities were Rs 2,025.3409 crore. Unallocated assets were Rs 976.3221 crore, producing total consolidated assets of Rs 5,659.1306 crore. Sharda Cropchem says management monitors the two segments and allocates resources using the management approach under Indian Accounting Standard 108, or Ind AS 108, Operating Segments.

Conclusion

Sharda Cropchem’s September-quarter disclosure shows non-agrochemicals growing faster than its core agrochemicals business, with revenue up 67.7% to Rs 211.9552 crore against agrochemicals growth of 4.6% to Rs 839.7267 crore. For the half year, non-agrochemicals rose 40.0%, lifting its calculated share of group revenue to 17.4% from 13.8%.

The unresolved issue is whether the faster non-agrochemicals sales growth will be reflected in segment results, after its September-quarter segment result declined 5.3% to Rs 37.3580 crore. Sharda Cropchem also states that agrochemicals are seasonal and affected by global cropping patterns and weather, so later quarterly segment comparisons will need to be read with that qualification.