India Pesticides Limited (NSE: IPL, BSE: 543311) reported strong growth in revenue and profit for the quarter ended Dec. 31, 2025, driven by higher volumes across export and domestic markets, according to the company’s Q3 & 9M FY26 investor presentation.
Q3 FY26 financial performance
For the December quarter, total income rose 31% year on year to ₹229 crore. EBITDA increased 40% to ₹41 crore, with the EBITDA margin improving to 17.9% from 16.7% a year earlier. Profit after tax rose 41% to ₹23 crore, and the PAT margin improved to 9.9%.
The company reported overall volume growth of about 32%, supported by improved capacity utilisation and strong order execution. While realizations were slightly lower due to price softening in certain molecules, higher volumes helped offset the impact on margins.
Export and domestic demand trends
Export revenue increased to ₹96 crore from ₹75 crore in the year-ago quarter, led by stronger demand from the European Union and Australia. Exports accounted for 42% of Q3 FY26 revenue, while domestic sales contributed 58%.
Domestic revenue rose to ₹129 crore from ₹97 crore, driven by higher demand for herbicides and intermediates. Technicals and APIs continued to dominate the revenue mix, accounting for 73% of Q3 FY26 revenue, while formulations contributed 27%.
Nine-month FY26 performance
For the nine months ended Dec. 31, 2025, total income increased 28% year on year to ₹808 crore. EBITDA rose 48% to ₹149 crore, with the EBITDA margin expanding to 18.4%. Profit after tax grew 44% to ₹89 crore, and the PAT margin improved to 11.0%.
Gross profit for the nine-month period rose to ₹372 crore from ₹285 crore, reflecting operating leverage and sustained demand across geographies.
Capacity expansion and registrations
The company said capacity expansion initiatives at its Sandila and Hamirpur facilities are progressing as planned, aimed at strengthening supply chain independence and supporting future margin expansion. The company is also expanding backward integration through an intermediate plant commissioned at Sandila.
During Q3 FY26, India Pesticides received five CIB registrations for new products, including technicals and formulations. It also secured six overseas registrations across Europe, Australia and New Zealand, taking total global registrations to 54. Management said the registrations expand the addressable market for key molecules.
Business profile and ESG initiatives
India Pesticides is an R&D-driven manufacturer of agrochemical technicals, APIs and formulations, with installed capacity of 28,200 MTPA for technicals and 10,000 MTPA for formulations as of Dec. 31, 2025. The company exports to more than 35 countries, with exports accounting for about 41% of turnover.
As part of its sustainability initiatives, the company began receiving 6 MW of solar power at its Sandila unit from Oct. 1, 2025, aimed at reducing reliance on conventional power sources and lowering energy costs over time.
Outlook
Management said it remains confident of sustaining growth, supported by steady export demand, gradual recovery in domestic markets and the ongoing benefits of capacity expansions. The company expects improved supply chain resilience and operational efficiencies to support margins in the coming quarters.
Summary
India Pesticides delivered strong growth in Q3 FY26, with double-digit increases in revenue, EBITDA and profit, driven by volume growth across export and domestic markets. Capacity expansions, new product registrations and sustainability initiatives are expected to support medium-term growth and margin resilience.