Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹1700 Cr.
Stock P/E
12.2
P/B
1.3
Current Price
₹584.3
Book Value
₹ 434.4
Face Value
10
52W High
₹775.7
52W Low
₹ 525.9
Dividend Yield
0.34%

Insecticides India Overview

Business

Insecticides (India) Ltd. (IIL) is a prominent Indian manufacturer and marketer of agrochemical products. The company develops, formulates, and distributes a wide range of crop protection products including insecticides, herbicides, fungicides, and plant growth regulators (PGRs). Its core business model involves catering to the agricultural needs of Indian farmers by providing solutions to protect crops from pests and diseases, thereby improving yield and quality. IIL makes money by selling these agrochemical formulations and technical-grade active ingredients through an extensive distribution network across India.

Revenue Mix

The company primarily operates in two key segments:

Formulations: This involves manufacturing and selling finished agrochemical products by mixing various active ingredients with other carriers and adjuvants. This segment typically contributes the majority of its revenue due to direct sales to farmers.

Technical: This segment involves manufacturing active ingredients (technical grade) that are used in the formulation of pesticides. IIL manufactures some key technicals in-house, enabling backward integration, reducing reliance on external suppliers, and offering cost advantages. Specific percentage contributions are not consistently disclosed publicly but formulations are generally the larger revenue driver.

Industry

The Indian Pesticides & Agrochemicals industry is highly competitive, characterized by the presence of both domestic players and multinational corporations. The industry's performance is significantly influenced by monsoon patterns, crop acreage, government policies, and farmer awareness. Insecticides (India) Ltd. is positioned as one of the leading domestic agrochemical companies in India, with a strong focus on generic products and a growing emphasis on proprietary molecules and formulations. It boasts a wide distribution network, reaching farmers across various states. The company differentiates itself through its R&D capabilities, extensive product portfolio, and manufacturing expertise in both technicals and formulations.

MOAT

Extensive Distribution Network: A deep and wide distribution reach across rural and semi-urban India is crucial for agrochemical companies. IIL has established a strong network, providing access to a large farmer base.

R&D Capabilities & Product Portfolio: Ability to synthesize technicals and develop new formulations, including proprietary products, allows for product differentiation and better margins compared to solely generic players. A broad portfolio caters to diverse crop and pest requirements.

Backward Integration: Manufacturing key technicals in-house reduces import dependence, provides cost control, and ensures supply chain stability, especially for its generic products.

Brand Recognition: Specific product brands have built recognition and trust among Indian farmers over time.

Growth Drivers

Increasing Food Demand: India's growing population and evolving dietary habits drive the need for higher agricultural output, increasing demand for crop protection.

Awareness & Adoption of Agrochemicals: Growing awareness among farmers about yield losses due to pests and diseases, coupled with education on proper agrochemical usage, leads to increased adoption.

Government Support & Policies: Initiatives by the Indian government to boost agricultural productivity and farmer income (e.g., MSP hikes, irrigation projects) can indirectly drive demand.

New Product Launches: Introduction of new generic molecules, specialized formulations, and proprietary products can capture market share and drive revenue growth.

Export Opportunities: Leveraging its technical manufacturing capabilities to export active ingredients and formulations to international markets.

Risks

Monsoon Dependence: The Indian agricultural sector is heavily reliant on the monsoon. Erratic or deficient rainfall can severely impact crop cycles and farmer purchasing power, affecting demand for agrochemicals.

Regulatory Changes: The agrochemical industry is subject to stringent environmental and health regulations. Bans on specific pesticides or changes in registration processes can impact product portfolios and profitability.

Input Cost Volatility: Fluctuations in crude oil prices (a key raw material for many agrochemicals) and other chemical inputs can impact manufacturing costs and margins.

Intense Competition: The presence of numerous domestic and multinational players leads to pricing pressure and market share battles.

Counterfeit Products: The prevalence of spurious and low-quality products in the market poses a threat to legitimate players' sales and brand reputation.

Pest Resistance: Pests and diseases can develop resistance to existing agrochemicals, necessitating continuous R&D and product innovation, which involves significant investment.

Management & Ownership

Insecticides (India) Ltd. is a promoter-driven company, with the Agarwal family being the primary promoters. Mr. Rajesh Aggarwal (Managing Director) plays a key role in the company's strategic direction and operations, having significant experience in the agrochemical sector. The ownership structure typically includes a substantial promoter holding, alongside investments from institutional investors (domestic and foreign) and public shareholders. The management team has experience in navigating the complexities of the Indian agricultural market and executing growth strategies.

Outlook

IIL operates in an essential sector for the Indian economy. The long-term outlook for the Indian agrochemical industry remains positive due to the fundamental need for food security and increasing agricultural intensification.

Bull Case: Favorable monsoons, successful launch of new high-margin products (both generic and proprietary), effective expansion into new geographies or crop segments, and stable raw material prices could drive strong revenue and profit growth. Continued government support for agriculture and growing farmer awareness would further bolster demand.

Bear Case: Adverse monsoon conditions leading to poor harvests, intense pricing pressure from competitors, sudden regulatory bans on key products, or significant volatility in raw material costs could impact profitability and growth. The company also faces the challenge of continually investing in R&D to stay ahead of pest resistance and competitive offerings. Overall, IIL is positioned to benefit from structural growth in Indian agriculture, but its performance remains susceptible to inherent agricultural and regulatory uncertainties.

Insecticides India Share Price

Live · BSE / NSE · Inception: 1996
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Insecticides India Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 273 657 627 358 359 691 638 385 426 612
Other Income 5 2 2 0 3 4 3 1 5 5
Total Income 277 659 628 358 362 695 640 386 431 617
Total Expenditure 264 585 537 327 330 607 548 358 401 544
Operating Profit 13 75 91 31 31 88 92 28 30 73
Interest 2 2 2 1 2 4 4 5 4 5
Depreciation 8 7 7 8 7 7 9 9 9 10
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 4 66 82 22 22 77 79 14 17 59
Provision for Tax -4 17 21 5 8 19 20 4 4 15
Profit After Tax 8 49 61 17 14 58 59 10 12 44
Adjustments -0 0 0 0 0 0 0 0 -1 0
Profit After Adjustments 8 49 61 17 14 58 59 10 12 44
Adjusted Earnings Per Share 2.5 16.7 20.7 6 4.8 20 20.3 3.6 4 15.1

Insecticides India Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 988 994 1073 1194 1363 1420 1504 1801 1966 2000 2140 2061
Other Income 1 7 3 1 3 8 4 1 9 7 12 14
Total Income 989 1001 1076 1194 1366 1428 1508 1803 1976 2007 2152 2074
Total Expenditure 896 883 925 1006 1207 1268 1334 1679 1804 1779 1913 1851
Operating Profit 93 118 151 188 158 160 174 123 172 228 239 223
Interest 26 20 16 15 24 7 7 13 11 7 17 18
Depreciation 16 16 17 20 24 25 26 26 29 29 35 37
Exceptional Income / Expenses 0 0 0 0 0 -10 0 0 0 0 0 0
Profit Before Tax 50 82 118 153 110 120 141 84 132 193 187 169
Provision for Tax 11 23 34 31 24 26 34 21 30 51 47 43
Profit After Tax 40 59 84 122 86 94 107 63 102 142 139 125
Adjustments 0 0 0 0 1 0 0 0 0 0 0 -1
Profit After Adjustments 40 60 84 123 87 94 107 63 102 142 139 125
Adjusted Earnings Per Share 12.8 19.3 27.2 39.6 28 30.3 36.3 21.4 34.5 48.8 47.9 43

Insecticides India Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 409 464 548 662 732 820 870 918 1012 1085 1220
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 28 15 8 1 2 2 2 2 29 23 19
Other Non-Current Liabilities 24 26 45 52 44 50 53 38 47 66 64
Total Current Liabilities 475 489 425 674 539 585 508 760 664 831 784
Total Liabilities 936 995 1026 1388 1317 1457 1432 1718 1752 2005 2088
Fixed Assets 198 185 232 240 239 239 253 262 283 279 366
Other Non-Current Assets 62 96 75 86 100 133 176 224 217 247 230
Total Current Assets 675 715 719 1062 978 1086 1003 1232 1252 1478 1492
Total Assets 936 995 1026 1388 1317 1457 1432 1718 1752 2005 2088

Insecticides India Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 9 7 7 20 9 68 6 36 19 61 56
Cash Flow from Operating Activities 86 4 182 -133 242 155 135 -11 187 93 100
Cash Flow from Investing Activities -19 -14 -26 -49 -24 -113 9 -86 -46 -38 -86
Cash Flow from Financing Activities -64 9 -143 172 -159 -104 -115 80 -98 -61 18
Net Cash Inflow / Outflow 4 -0 13 -11 59 -61 30 -17 42 -5 31
Closing Cash & Cash Equivalent 12 7 20 9 68 6 36 19 61 56 87

Insecticides India Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 12.77 19.26 27.19 39.62 28.03 30.29 36.3 21.36 34.49 48.81 47.91
CEPS(Rs) 18.08 24.32 32.59 45.83 35.52 38.25 45.2 30.18 44.37 58.83 60.11
DPS(Rs) 2 2 2 2 6 2 3 3 3 2 2
Book NAV/Share(Rs) 131.38 149.83 176.71 213.54 236.03 264.62 293.81 310.26 341.82 372.74 419.42
Core EBITDA Margin(%) 8.78 10.35 12.13 14.31 10.31 9.6 10.28 6.14 7.39 9.91 9.6
EBIT Margin(%) 7.28 9.5 10.99 12.86 8.89 7.95 8.96 4.9 6.5 8.95 8.61
Pre Tax Margin(%) 4.8 7.62 9.69 11.7 7.31 7.53 8.56 4.22 6.01 8.64 7.89
PAT Margin (%) 3.78 5.52 6.89 9.36 5.69 5.92 6.51 3.18 4.65 6.37 5.89
Cash Profit Margin (%) 5.35 7.01 8.29 10.87 7.29 7.47 8.1 4.5 5.98 7.67 7.39
ROA(%) 4.26 6.15 8.31 10.14 6.36 6.77 7.44 4.01 5.88 7.56 6.81
ROE(%) 11.38 13.63 16.59 20.24 12.35 12.1 12.71 7.07 10.58 13.55 12.1
ROCE(%) 12.46 15.55 19.66 20.65 14.24 13.74 16.13 9.75 13.15 17.52 15.97
Receivable days 65.22 71.11 66.83 66.86 68.11 66.07 60.07 53.79 49.29 55.78 67.3
Inventory Days 129.21 131.65 124.71 155.24 147.84 135.75 142.71 137.14 138.76 138.53 128.58
Payable days 126.29 111.63 116.21 131.55 102.55 114.01 124.25 110.52 118.58 140.28 130.75
PER(x) 16.27 18.39 16.88 11.1 7.45 10.43 11.27 21.88 14.17 12.13 11.09
Price/Book(x) 1.58 2.36 2.6 2.06 0.88 1.19 1.39 1.51 1.43 1.59 1.27
Dividend Yield(%) 0.64 0.38 0.29 0.3 1.92 0.42 0.49 0.64 0.61 0.34 0.38
EV/Net Sales(x) 0.85 1.33 1.41 1.39 0.56 0.7 0.81 0.85 0.75 0.88 0.75
EV/Core EBITDA(x) 9.04 11.21 10.04 8.83 4.8 6.2 7.04 12.36 8.55 7.73 6.72
Net Sales Growth(%) 2.39 0.6 7.95 11.21 14.22 4.18 5.9 19.77 9.16 1.71 7
EBIT Growth(%) -21.4 33.97 31.13 25.53 -20.14 -6.1 17.32 -34.27 46.77 39.82 1.97
PAT Growth(%) -27.82 50.06 41.37 45.77 -29.71 9.14 14.4 -41.16 61.48 39.13 -1.84
EPS Growth(%) -33.56 50.82 41.19 45.7 -29.23 8.04 19.83 -41.16 61.48 41.52 -1.84
Debt/Equity(x) 0.51 0.51 0.21 0.46 0.26 0.12 0.06 0.17 0.08 0.09 0.12
Current Ratio(x) 1.42 1.46 1.69 1.58 1.81 1.86 1.97 1.62 1.89 1.78 1.9
Quick Ratio(x) 0.68 0.59 0.73 0.53 0.85 0.73 0.73 0.49 0.67 0.71 0.91
Interest Cover(x) 2.94 5.05 8.42 11.05 5.62 18.97 22.31 7.23 13.11 29.08 12.06
Total Debt/Mcap(x) 0.32 0.22 0.08 0.22 0.29 0.1 0.04 0.12 0.06 0.06 0.09

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +7% +6% +9% +8%
Operating Profit CAGR +5% +25% +8% +10%
PAT CAGR -2% +30% +8% +13%
Share Price CAGR -22% +5% +5% +7%
ROE Average +12% +12% +11% +13%
ROCE Average +16% +16% +15% +15%

Insecticides India Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 72.3 %
FII 4.4 %
DII (MF + Insurance) 9.24 %
Public (retail) 14.06 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 72.1672.1672.1672.372.372.372.372.372.372.3
FII 4.324.365.435.134.494.664.514.464.54.4
DII 9.149.079.069.229.589.79.489.389.259.24
Public 14.3914.4113.3613.3513.6313.3413.7113.8713.9614.06
Others 0000000000
Total 100100100100100100100100100100

Insecticides India Peer Comparison

Pesticides & Agrochemicals Edit Columns

Insecticides India Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Insecticides India Pros & Cons

Pros

  • Debtor days have improved from 140.28 to 130.75days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 12% over the last 3 years.
  • The company has delivered a poor profit growth of 8% over past five years.
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