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Swing Capital

India Pesticides Ltd

NSE: IPL BSE: 543311Chemicals

India Pesticides Limited is one of the globally operating agro-chemical manufactures in India, since 1984. The company is the sole Indian manufacturer and among the top five manufacturers globally for several Technicals, such as Folpet, Thiocarbamate Herbicide, and several other products [1]

₹164
52W: ₹125 — ₹246
PE 16.7 · Book ₹83.6 · +96% vs book
Market Cap₹1,889 Cr
Stock P/E16.7Price to Earnings
ROCE13%Return on Capital
ROE9.73%Return on Equity
Div. Yield0.45%Face Value ₹1

Strengths

  • +Company is almost debt free.
  • +Company is expected to give good quarter

Weaknesses

  • −The company has delivered a poor sales growth of 11.6% over past five years.
  • −Company has a low return on equity of 12.2% over last 3 years.
  • −Dividend payout has been low at 10.1% of profits over last 3 years
  • −Company has high debtors of 152 days.
  • −Promoter holding has decreased over last 3 years: -3.55%

Shareholding Pattern

Promoters63.65%
FIIs1.87%
DIIs0.02%
Public34.46%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters63.61%63.61%63.61%63.62%▲0.063.62%63.65%▲0.063.65%63.65%
FIIs0.26%0.32%▲0.11.75%▲1.41.84%▲0.12.52%▲0.72.78%▲0.31.88%▼0.91.87%▼0.0
DIIs0.04%0.05%▲0.00.06%▲0.00%▼0.10%0.02%▲0.00.03%▲0.00.02%▼0.0
Public36.1%36.01%▼0.134.59%▼1.434.55%▼0.033.85%▼0.733.54%▼0.334.43%▲0.934.46%▲0.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales202151127220229172208275290226
Expenses175118123192195145176230241188
Operating Profit2733429342732464938
OPM %13%22%3%13%15%16%15%17%17%17%
Net Profit2024120261722353223
EPS ₹1.722.120.091.742.31.511.943.072.782.01

AI Insights

Revenue Trend

TTM revenue at ₹999Cr, up 20.5% YoY. OPM at 17%.

Debt Position

Borrowings at ₹31Cr. Debt-to-equity ratio: 0.03x. Healthy balance sheet.

Capex Cycle

CWIP at ₹27Cr (8% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.02% (-1.79pp change). FIIs: 1.87% (+1.48pp change). Promoters hold 63.65%.

Margin & Efficiency

ROCE improving from 0% (Mar 2017) to 13% (Mar 2025). Working capital days: 179.

Valuation

PE 16.7x with 13% ROCE. Price is 96% above book value of ₹83.6. Dividend yield: 0.45%.

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