Indogulf Cropsciences Ltd

NSE: IGCL BSE: 544432Agri

Incorporated in 1993, Indogulf Cropsciences Limited is engaged in manufacturing crop protection products, plant nutrients, and biologicals in India.[1]

₹61

52W: ₹49.5 — ₹122

PE 10.8 · Book ₹69.4 · -12% vs book

Market Cap₹386 Cr

Stock P/E10.8Price to Earnings

ROCE13.2%Return on Capital

ROE12.2%Return on Equity

Div. Yield0%Face Value ₹10

Strengths

+Stock is trading at 0.88 times its book value

Weaknesses

−Though the company is reporting repeated profits, it is not paying out dividend
−The company has delivered a poor sales growth of 3.78% over past five years.
−Company has a low return on equity of 12.8% over last 3 years.

Shareholding Pattern

Promoters69.05%

FIIs0.24%

DIIs4.36%

Public26.35%

Category	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	96.86%	69.05%▼27.8	69.05%	69.05%
FIIs	0%	0.41%▲0.4	0.21%▼0.2	0.24%▲0.0
DIIs	0%	6.23%▲6.2	4.39%▼1.8	4.36%▼0.0
Public	3.14%	24.32%▲21.2	26.36%▲2.0	26.35%▼0.0

Financial Statements

Metric	Mar 2024	Jun 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	138.83	132.13	98.37	122.92	185.14	246.29	108.58
Expenses	118.49	126.06	88.22	102.66	176.49	216.34	97.18
Operating Profit	20.34	6.07	10.15	20.26	8.65	29.95	11.4
OPM %	14.65%	4.59%	10.32%	16.48%	4.67%	12.16%	10.5%
Net Profit	13.12	1.37	3.69	9.7	2.95	19.46	4.11
EPS ₹	5.58	0.28	0.76	1.99	0.6	3.08	0.65

AI Insights

Revenue Trend

TTM revenue at ₹663Cr, up 12% YoY. OPM at 11%.

Debt Position

Borrowings at ₹204Cr. Debt-to-equity ratio: 0.54x. Moderate leverage.

Capex Cycle

CWIP at ₹67Cr (143% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 4.36% (+4.36pp change). FIIs: 0.24% (+0.24pp change). Promoters hold 69.05%.

Margin & Efficiency

ROCE improving from 0% (Mar 2020) to 13% (Mar 2025). Working capital days: 114.

Valuation

PE 10.8x with 13.2% ROCE. Price is -12% above book value of ₹69.4. Dividend yield: 0%.