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Swing Capital

Insecticides India Ltd

NSE: INSECTICID BSE: 532851Pharma

Insecticides India is into manufacturing of agrochemicals (technicals and formulations) and biological and household products. They cater to Indian market where they directly sell to the end consumer and also sell technicals and formulations to the companies who are in the business of formulation. They also export to 30 countries with more than 100 customers through registrations. IIL has more than 75 registrations so far.[1]

₹715
52W: ₹519 — ₹1098
PE 15.4 · Book ₹411 · +74% vs book
Market Cap₹2,080 Cr
Stock P/E15.4Price to Earnings
ROCE17.2%Return on Capital
ROE13.3%Return on Equity
Div. Yield0.28%Face Value ₹10

Weaknesses

  • −The company has delivered a poor sales growth of 7.99% over past five years.
  • −Company has a low return on equity of 10.5% over last 3 years.
  • −Dividend payout has been low at 8.97% of profits over last 3 years

Shareholding Pattern

Promoters72.3%
FIIs4.5%
DIIs9.27%
Public13.94%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters72.16%72.16%72.3%▲0.172.3%72.3%72.3%72.3%72.3%
FIIs4.36%5.43%▲1.15.13%▼0.34.5%▼0.64.65%▲0.24.51%▼0.14.46%▼0.04.5%▲0.0
DIIs9.08%9.06%▼0.09.24%▲0.29.59%▲0.39.72%▲0.19.5%▼0.29.4%▼0.19.27%▼0.1
Public14.41%13.36%▼1.113.34%▼0.013.63%▲0.313.32%▼0.313.69%▲0.413.85%▲0.213.94%▲0.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales695.99357.94272.5656.69627.21359.23359.15691.37641.25383.56
Expenses613.71331.92263.24584.87537.35330.55330.68607.34556.38358.26
Operating Profit82.2826.029.2671.8289.8628.6828.4784.0384.8725.3
OPM %11.82%7.27%3.4%10.94%14.33%7.98%7.93%12.15%13.24%6.6%
Net Profit53.2412.278.0849.1461.61514.0257.355.318.84
EPS ₹17.994.152.7316.621.175.164.8219.6919.013.04

AI Insights

Revenue Trend

TTM revenue at ₹2,075Cr, up 3.6% YoY. OPM at 11%.

Debt Position

Borrowings at ₹242Cr. Debt-to-equity ratio: 0.21x. Healthy balance sheet.

Capex Cycle

CWIP at ₹81Cr (21% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 9.27% (-1.26pp change). FIIs: 4.5% (-1.52pp change). Promoters hold 72.3%.

Margin & Efficiency

ROCE improving from 16% (Mar 2014) to 17% (Mar 2025). Working capital days: 107.

Valuation

PE 15.4x with 17.2% ROCE. Price is 74% above book value of ₹411. Dividend yield: 0.28%.

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