Indogulf Cropsciences Ltd (NSE: IGCL) Q3 2026 Earnings Call dated Feb. 12, 2026
Corporate Participants:
Sanjay Aggarwal — Managing Director
Manoj Gupta
Analysts:
Maitri Shah — Analyst
Ram — Analyst
Nivendra Shah — Analyst
Arjun Gupta — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Indo Gulf Crop Sciences Limited Q3FY26 earnings conference call. From the management team, we have with us Mr. Sanjay Aggarwal, Managing Director, Mr. Manoj Gupta, Chief Financial Officer and Mr. Vijay Veer Singh, VP Sales and Marketing. Let me draw your attention to the facts on this call. The discussions will include certain forward looking statements which are predictions, projections or other estimates about the future events. These estimates reflect management’s current expectation about the future performance of the company. Please note that these estimates involve several risks and uncertainties that could cause the actual results to differ from materially from what is expressed or implied.
As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sanjay Agarwal. Thank you. And over to you, Mr. Agarwal.
Sanjay Aggarwal — Managing Director
Good afternoon and a very warm welcome to Indo Gulf Crop Sciences Q3FY 2026 earnings conference call. During the quarter, Indogulf delivered a strong. And resilient performance with revenue growth of. 17% year on year along with a healthy growth in in profitability. This growth is particularly meaningful given the backdrop of subdued crop prices, relatively lower agrochemical demands in some regions and on overall challenging operating environment. For the nine months of FY26, we have sustained robust growth momentum through all the quarters supported by healthy traction in. Both our B2C and B2B segments. Our performance has been anchored by disciplined execution in the domestic market and continuous. Strengthening of our distributors platform. Steady demand across key agricultural states enabled us to achieve volume expansion and deeper market penetration. Our focused distribution strategy, calibrated product positioning and sustained field level engagement with farmers and channel partners helped us capitalize on opportunities even as the broader industry faced headwinds. A key highlight has been the healthy progress of Abhi Prakash Globus Private Limited AGPL in its first full year of operations. During nine months FY2026 AGPL achieved a gross sales of rupees 54 crores, reflecting encouraging market acceptance and effective execution of our distribution strategy. AGPL now contributes meaningfully to our overall growth. Operational efficiencies, channel alignment and better product mix have supported margin expansion at AGPL during this period.
Looking ahead, we see significant potential to expand AGPL’s footprint into additional states thereby strengthening our geographic presence and widening our customer base, we are making focused investment in expanding our distribution network, enhancing product capabilities and intensifying farmer engagement incentives with the aim of building a sustainable and scalable platform. From a portfolio standpoint, our diversified presence across crop protection, plant nutrients and biologicals continues to be a key strength. In nine months FY26, all three verticals have delivered healthy growth reinforcing the robustness of our strategy and field execution. While the crop protection segment experienced softer growth in Q3 primarily due to an extended monsoon and lower agrochemical offtake in certain pockets, our plant nutrients and biological business continue to perform well and demonstrates strong farmer trust.
The growing contribution from these segments highlights the increasing acceptance of our differentiated offerings and the success of our farming centric incentives. On the channel side, we have consciously worked through the year to normalize inventory levels. While industry inventories remain somewhat elevated, we believe our own channel inventory is now at a more sustainable level. This positions us to benefit from improving demand trend. On the weather side, EI NINO is expected to run neutral through winters, reducing tail risk from extreme anomalies. IMD guidance points to neutral ENSO and less chances of disruptive extremes. Moreover, the Draft pesticide management bill 2025 and the proposed seed bill 2025 collectively prioritize quality control, mandatory registrations and QR taggings, digital traceability and compliance and stiffer penalties which acts as a structural positive for organized large scale players while creating higher entry barriers for unorganized smaller competitors.
We see good potential for demand in Q4FY26 and Q1FY27 supported by a healthier balance in the supply chain and improving market sentiments. We are also making steady progress on our international growth agenda. During the quarter, we successfully entered and received initial orders from multiple new markets like Venezuela, Taiwan and Sudan which are expected to be executed in Q4FY26. These orders are expected to support export revenue momentum and improve capacity utilization during the quarter. These new market entries reflect our focus on building a broader global footprint, diversifying revenue streams and leveraging our product portfolio in high potential international markets.
Overall, our performance in Q3 and 9 months FY26 underscores the inherent strength of our business model. Our diversified portfolio, strong on ground presence and multi brand strategy has have enabled us to deliver growth and enhance profitability despite sectorial challenges. Our new launches, expansion into additional market and the strong showing by AGPL provide us with a solid platform for growth in the upcoming quarters. Looking ahead, we are positive about the expectations of normal monsoon healthy reservoir levels stabilizing in key crop prices, improving export traction, normalizing inventories and strengthening rural liquidity together creating a supportive backdrop for our sector against this environment.
Our focus will be on deepening our presence in core domestic markets, accelerating the growth of plant nutrients and biologicals, scaling up AGPL across more states and further expanding our international reach. Further with patent expiry of numerous agro technicals between 2024 and 2030 will create significant growth opportunities for the entire Indian agrochemical industry. With these strategic levers in place, we believe Indo Gulf Crop Sciences is well positioned to deliver sustained growth and create long term value for all stakeholders. With that I pass on to Mr. Manoj Gupta to elaborate on financial and operational performance. Thank you, thank you.
Manoj Gupta
Good afternoon. I’m pleased to walk you through our financial performance for the third quarter and nine months of FY26. For the quarter ended at December 31, 2025, revenue from the operation stood at rupees 1.161 million and an increase of 17% YoY. The growth was driven by a strong contribution from both our B2C and B2B segment supported by our focused distribution strategy and disciplined execution. EBITDA for the quarter increased by 16% from 117 million as compared to 101 million in Q3FY20. The improvement in EBITDA reflects sustained operating leverages as we scaled revenue along with the continued focus on the cost discipline and favorable product mix including a strong contribution from the higher margin products and from AGPM.
Profit before tax increased YoY from rupees 74 million as compared to rupees 46 million in Q3FY25 reflecting improved operating performance and better absorption of the fixed cost. Profit after tax for the quarter was 39 million, up by 5.6% YoY from 37 million in Q3FY21. PAT growth in Q3 was impacted by higher tax provision related to earlier years during the year. We have settled certain prior period tax liabilities leading to an increase in tax being provided in the current quarter. This is primarily an accounting enrichment and has a one time impact on the reported tax for the quarter.
For the nine months ended December 31, 2025, revenue from operation was Rupees 553 crores registering a robust growth of 19.3%. Y o y EBITDA from nine months, FY26 increased by 23% from 536 millions as compared to 434 millions in the corresponding period for the previous year. The improved EBITDA underscores the benefits of operating leverages, tighter cost control and richer products and segment mix. Profit before tax for the nine months period at 391 million up 33.2% from the 294 million in nine months. FY25 profit after tax increased by 31% from yoy to rupees 28 crores as compared to 21 crores in the same period last year.
A healthy growth in profitability for the nine months reflects the improved earning quality, better absorption of the fixed asset and strong contribution from agpl. I’m just giving you the business mix and segment highlights from a vertical standpoint. Our performance in the nine months of FY26 has been broad based. Biological registered a growth of 15% YoY. Plant nutrition recorded a strong growth of 23% YoY and crop protection grew by 14% YoY. During the nine months period, the combined revenue of biological and plant Nutrition increased to rupees 56 crores from 47 crores in the corresponding period last year demonstrating increased acceptance of our differential portfolio and the positive impact our engagement initiatives.
These segments are strategically important for us both from a growth and margin standpoints and we are uncraised by their trajectory. Looking at our end user segments, performance has been strong across both B2C and B2B. Our B2C business grew by 16% YoY in the nine months rising from 2.97 million to 2.0.3016 millions. Our B2B business delivered robust growth of 26% YoY increasing from 17.36 million to 21.94 millions. If I will discuss with the regional growth, our UP has grown by three times, Telangana by two times, Maharashtra by two times and Haryana has grown by 30%. The balanced growth profile underscores the strength of our multi channel approach.
The B2C business continues to provide brand strength, better realization and closer farmer connect while the B2B business adds scales, operating leverages and support better utilization of our manufacturing and sourcing capabilities. AGPL has also contributed meaningful to both growth and profitability during the period with improved channel alignment and a favorable product mix supporting margin. As AMD highlighted, we see significant potential for further scale up in the business of agpl. Thank you. We can open for the floor for questions.
Questions and Answers:
operator
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on your touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and Gentlemen, we will wait for a moment for the question queue assembles. The first question comes from the line of Maitrisha with Sapphire Capital. Please go ahead. Yes, you are. Please go ahead.
Maitri Shah
Yeah, good morning. A few questions. Firstly, you mentioned that we have export orders from the three countries. Sorry for interrupting. There is an echo that is coming from your end. Yeah. Is this better?
Manoj Gupta
No, I can still hear it.
Maitri Shah
Hello.
Manoj Gupta
Yeah, please go back. Thank you.
Maitri Shah
Yeah. So could you quantify the export orders we have currently in the hand. Yeah. For these countries almost is around 4 to 5 crores orders we have in hand. And what sort of margins are there on this order? If you could give me the difference between the domestic and the export order margin. Export order margins range from 7% to around 18%. Secondly, what sort of target do we have? FY27 and FY26 on the overall guidance and also from the exports, if you could mention that. Pardon? Can you repeat the question? Yeah, any guidance for FY26 and FY27 on revenue and margin?
Manoj Gupta
Sorry, I cannot commit for any forward looking figures. But definitely we look the opportunities looks better. And. As we have mentioned at last nine months we have grown in all our segments and we have put the desired actions and desired strategies on place. So we look forward for growth in all the sectors. And since our margins are so volatile. Cotton. Cotton. Any sort of steady state number you could give that we are meaningful for this year and maybe next year as well.
Maitri Shah
Your voice is actually breaking. Can you repeat the question please?
Manoj Gupta
Yeah. So quarter on quarter margins have been so volatile because of the seasonality. If there’s a steady state number we can provide for the full year on the margins, if that is possible. Full year margin. You can. The full year margin trends will be approximately on the same lines. But we cannot commit that what will be because you know, we are working hard on these things as we have shown in the nine months. So better margins we are expecting in the next three months. Also. In the same line this quarter two or maybe even higher if that. If you could give like not a number, but maybe just of where we are seeing it. See this full year, definitely our margins will grow. But quarter to quarter. Sometimes it is difficult to say because the quarters to quarter it depends on the lot of variations.
Maitri Shah
But no guidance you can give us quantify. Okay. Yeah, that is it for my time. Thank you.
operator
Thank you. A reminder to all the participants that you may press star and one to ask question. Next question comes from the line of RAM and individual. Mr. Please go ahead.
Ram
Hello. Am I Audible.
Manoj Gupta
Yeah Ram, you are audible.
Ram
Thank you for the opportunity. First sir, the capacity expansions that we are doing, what is the progress on that? Are we on track to complete them by year end?
Manoj Gupta
Due to this grab situation in Delhi NCR two to three months have been impacted. And maybe there will be a little delay in that project by those two to three months. Because maybe by quarter one end of 2027 we will be starting our new facility as well.
Ram
Sir, how much contribution will they have to new facilities in our revenue for the next.
Manoj Gupta
See revenue figures, we cannot comment. But definitely with the expanded infrastructure and with our strategies online, we are looking forward for growth in all the three sectors. Especially our B2C business brand business where we are planning for some new products as well in the coming year also. And we are looking forward for the expansion with the two companies ABHI Prakash and Indo Gulf. So with the product basket enhancement as well as infrastructure enhancement, the growth will be there.
Ram
Okay sir, last one. During the last phone call you mentioned that Q4 is relatively stronger. So given the water level availability in Q3. So how was the solving and how do you see Q4? I do not want numbers but you tell me, do you see it stronger? Y and Y how do you see Q4?
Sanjay Aggarwal
See of course our last three quarters has been consistently growing and we have done some strategic means, strategic planning and strategic execution and the results are before you. All the three quarters have been exemplary, great Q4. Definitely we are looking forward for growth as well and having in the middle of Q4. So I think there the growth will be there.
Ram
Okay sir. And sir, these tax expenses that we have this quarter, can you elaborate more on that and how do you see them in the coming quarters? So can you explain them a little bit more. Which can you repeat please?
Manoj Gupta
Debt tax expense which has dented our bottom line this quarter? The tax expense for the previous year.
Sanjay Aggarwal
Yeah, that actually this was accounting adjustment. And because in the assets and liability side there was a previous year’s tax liabilities were lying. So one time we have a clear date. It will not impact in the forthcoming quarters. So in the forthcoming quarters we will have a steady state tax rate and there will not be any adjustments.
Ram
No, no, no. There no there will be no adjustment. This is the one time adjustment.
Ram
Okay sir, just one suggestion sir. A qualitative guidance would be given. Like you in the first quarter you gave a guidance of 30, 35%. Then there is now we are not seeing any guidance. So we just. We just request you to give us a qualitative guidance. How companies seeing the growth so that some idea can be can be taken about the future growth of the company. So on that front Q4 you have. Sir, you have mentioned that our Q2 and Q4 are strong quarters. Q3 is normal and Q1 is the lowest. Now Q4, how do you see it? Do you see it normal as compared to previous quarter four or do you see it little bit subdued like quarter four of the last year and year before that?
Sanjay Aggarwal
Okay, so Ram, this year had been.
Manoj Gupta
A very unforeseen year for the industry as a whole. You can see the peers as well, the listed peers. And. That’S the reason that we don’t want to give any guidance. But definitely we want to speak by our performance. And last three quarters have been speaking about Indo Gulf towards in which direction we are working, how we are working and where we want to be. So we are more or less now. Consistent and even the quarter three had. Performed quite good and we are happy with the results as well. So the growth will be there. The plans are in place, the products are in place. The network is increasing. ABHI Prakash is doing pretty well. As I had mentioned that we will be opening some more states in ABHI Prakash especially in the central part of India. We had already taken some steps for that. So we are looking forward for the growth. But we don’t want to give any figures or anything. The performance should speak rather than our guidance.
operator
Thank you so much, sir. The management commented that the performance will speak. It’s enough for us. We are wishing you very good luck. Thank you so much.
Ram
Yeah, thank you. Thank you so much.
operator
Yeah, thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Niven Rasha from Alpha Securities.
Nivendra Shah
Yeah. Hi sir. Thank you for the opportunity. My first question is by when is the new plant at Bhadwasani expected to be operational and what is the contribution that you expect from the same plant?
Sanjay Aggarwal
Okay. So as I mentioned to the earlier speaker Ram also that due to grab situation in Delhi this time the grab extension has been there which is beyond our control. And there is a delay of two to three months. And we expect by quarter one end of FY27 the plant shall be operational. So there will be the advantage of this infrastructure expansion will be reflected in our performance. We are looking forward to for good growth in the coming years. And I think that that addresses your quarry.
Nivendra Shah
Understood sir. Thank you. Second question would be there’s a lot of traction in the expansion into new geographies that you’re doing. So are there any more such expansions planned? And if yes, could you highlight some of the regions?
Sanjay Aggarwal
Yeah. As I mentioned that we shall be opening few more states. In ABHI Prakash Globus in central part of India already we have recruited some zonal team and we are in next few months central part of India which was yet not started. In ABHI Prakayat that will be started. And in overseas geographies. As I mentioned, three countries have been added this year. And we are looking for some more opportunities and possibilities in the coming year in overseas geographies as well.
Nivendra Shah
Okay, sir, thank you. That’s it. From my side.
Sanjay Aggarwal
Thank you, Narendra.
operator
Thank you. A reminder to all the participants that you may press Star and one to ask a question. Next question comes from the line of Arjun Gupta with MK Capital. Please go back.
Arjun Gupta
Thanks for the opportunity. My first question is. Sir, what kind of volume growth was achieved in the current quarter? And also if you could highlight the statewide contribution to that. What kind of volume growth? Yes, you want to understand the volume growth.
Manoj Gupta
Yes. Yes. Broadly there were no much price impact. If we compare overall situation, a little dip was there in few of the products. But more or less it was balanced. So whatever growth you can find that is majorly quantitative growth only. So the percentage which our CFO has shared that reflects both value wise growth as well as quantitative growth. Quantitative growth rather will be a little. 1 or 2% more because there is a little average drop in the prices which shows that quantitative incremental growth is higher than the value wise growth. That’s helpful, sir. And my second question. I think we did not see any new product launches in Q3. I think it was 12 in H1 and 9 months FY26. Is there anything planned for Q4. In Q4? Actually the product launches are usually done in Q1 and sometimes in Q2 of the year. Because those are the initial months where we do our statewide launchings and we start the campaigns on those products. So we are prepared for Q1 also this year four to five products already we have shortlisted and we are planning.
Arjun Gupta
So the products which had been launched. In Q1 and Q2 this year continues. To be. Continues to add value to our top line in Q3 and Q4 as well. Understood. Okay, that’s it for my. Yeah, thanks Adil.
operator
Thank you. A reminder to all the participants that you may press Star and one to ask a question. Once again, a reminder to all the participants that you may press Star and one to ask a question. Facebook. Once again, a reminder to all the participants that you may press star and one to ask a question. Thank you ladies and gentlemen. As there are no further questions, we have reached the end of question and answer sessions. I would now like to hand the conference over to the management for closing comments.
Manoj Gupta
So I thank all the investors, all the participants today and we are looking forward for good closing of this year and we have budgeted great for the next year as well. To all investors, I want to acknowledge for your confidence, for your. Trust on. Indo Gulf Crop sciences. Thanks a lot. Have good day.
operator
Thank you on behalf of Indo Gulf Crop Sciences Ltd. That concludes this conference. Thank you for joining us. You may now disconnect your line.