Headline Numbers
During Q3 FY26, consolidated revenue stood at ₹13,757 million, compared with ₹19,008 million in Q3 FY25, reflecting a 28% year-on-year decline. EBITDA for the quarter was ₹3,027 million, with a margin of 22%, versus ₹5,122 million and a margin of 27% in the prior year period. Net profit for Q3 FY26 was ₹3,113 million, down 16% year on year, compared with ₹3,727 million in Q3 FY25. Gross margin improved to 59% from 53% in Q3 FY25.
For 9MFY26, consolidated revenue amounted to ₹51,485 million, compared with ₹61,907 million in 9MFY25, a decline of 17% year on year. EBITDA stood at ₹13,680 million with a margin of 27%, versus ₹17,264 million and a 28% margin in the corresponding prior period. Net profit for 9MFY26 was ₹11,206 million, down 16% year on year from ₹13,297 million. Gross margin improved to 58% from 52% in 9MFY25.
Performance Overview
Q3 FY26 performance was impacted by customer delivery phasing and market conditions. Agchem Exports declined approximately 32% year on year, with volumes down around 29% in line with customer delivery schedules. Domestic revenue declined approximately 8% year on year, with volumes down around 2%, attributed to lower farmer demand for high-value products, erratic monsoon conditions, softer commodity realizations in key crops, and regulatory transitions in biologicals. Pharma revenue declined 6% year on year in Q3 due to deferment of supply schedules to Q4 FY26 and contributed approximately 5% of exports revenue.
Net profit for Q3 FY26 and 9MFY26 includes exceptional income from writeback of contingent consideration of ₹1,260 million, partially offset by additional provisioning of ₹209 million for retirement benefits under the new labor code.
Forward-Looking Commentary
The presentation indicates that the company is on track for sequential growth in Q4 FY26, supported by committed customer offtake plans. It also references continued commercialization of new products, capacity creation through targeted capex, and expansion of GMP and non-GMP sites.
Other Reported Financial Details
Total capex during 9MFY26 stood at ₹7,225 million compared with ₹6,485 million in 9MFY25. Surplus cash net of debt was reported at ₹35,066 million. Working capital days stood at 139 days in Q3 FY26 versus 115 days in Q2 FY26. The Board approved an interim dividend of ₹5.00 per share for FY25–26. The Debt-to-Equity ratio was reported at 0.02 as of December 2025, and ROCE (excluding cash, bank, and investments) stood at 20.3%.