Sharda Cropchem Limited (NSE: SHARDACROP) Q1 2026 Earnings Call dated Jul. 25, 2025
Corporate Participants:
Unidentified Speaker
Ramprakash V. Bubna — Chairman and Managing Director, Executive Director
Shailesh Anant Mehendale — Chief Financial Officer
Analysts:
Unidentified Participant
Manish Mahawar — Analyst
Bhavya Gandhi — Analyst
Rudraksh Raheja — Analyst
Viraj Kacharia — Analyst
Rajat Setiya — Analyst
Rohit Nagraj — Analyst
Himanshu Binani — Analyst
Riju Dalui — Analyst
Archit Joshi — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Sharda Crop Game Limited Q1FY26 earnings conference call hosted by Antec Stockbroking Limited. 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 then zero on your touchstone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Manish Mahawar. Thank you. And over to you sir.
Manish Mahawar — Analyst
Yeah. Thank you, Anushka. On behalf of Antique Stockbroking, warm welcome to all the participants. On the 1QFY26 earnings call of Sharda Crockettian we have Mr. R.V. bhubna, Chairman and Managing Director. Mr. Sadesh Mahendade, CFO. And Mr. Jaitkin Gutka, Company Secretary from the management. Without any delay I would like to hand over the call to Mr. Bubna for opening remark post which we will open the floor for Q and A. Thank you. And over to Mr. Bumna.
Ramprakash V. Bubna — Chairman and Managing Director, Executive Director
Thank you Manishi. Ladies and gentlemen, my name is Ram Prakash Bhutna. Good evening and very warm welcome to everyone present on the call. Along with me I have Mr. Shailed Mahendale, our CFO. Mr. Jaitkin Gutka, company secretary and SGA, our investor relations advisors. Hope you all have received our investor deck by now. As you are aware, we are engaged in marketing and distribution of wide range of agrochemical products. And that is herbicides, insecticides, fungicides, biocides etc. Catering to diverse global customer base. We prepare comprehensive dossiers and seek registrations. In our own name. We allocate substantial resources for securing registrations of our products and thus establish our foothold in the market. Our total product registration stood at 2981 as on 30th of June 2025. Additionally, 1021 applications for product registrations are at the approval stage. Coming to industry dynamics, the global agrochemical market is showing signs of recovery driven by revival of demand complemented by gradual recovery in prices. Inventories have come to normal levels across distribution channels. In Q1FY26 our total revenue have grown by 25% to Rupees 985 crores. With overall volume growth of 13%. This performance is attributable to global revival in demand and recovery in pricing.
Europe remains major contributor to the overall growth. Volume from agrochemical segment grew by 11% and non agricultural segment grew by 59% on year to year basis. With input cost stabilizing. Our gross margins have expanded by 630 basis points to 35.5%. We expect gross margins to be in the similar range. In the financial year 2026, EBITDA for the quarter stood at rupees 142 crores which is a growth of 67% on year to year basis. PAT for the quarter has stood at 143 crores showcasing a growth of 424% on year to year basis. Working capital days stood at 100 days as on 30th of June 2025 showing an improvement by 18 days as compared to March 2025.
Capex for the quarter stood at Rupees 114 crores. Cash and bank and Liquid Investment stood at Rupees 791 crores as on 30th of June 2025. As we step into 2026, we aim to increase the product registrations with a planned capex of rupees 400 to 450 crores backed by strong pipeline that reflects our resilience and growth. We maintain our stance for FY26 revenue to grow by 15% with a healthy EBITDA margins in the range of 15 to 18%. With this brief overview, I would now like to hand over the call to our CFO Mr. Shailesh Mahendale for discussing our financial performance during this period.
Thank you so much. Over to Mr. Shailesh Mahendele.
Shailesh Anant Mehendale — Chief Financial Officer
Yeah. Thank you sir. Good evening everyone. Coming to the quarter one financial year 26 performance revenue stood at 985 crores in Q1FY 26 versus 785 crores in Q1FY 25 with an increase of 25% year on year. Coming to the split, agrochemical business increased by 25% year on year to Rs. 846 crores whereas the non agrochemical business increased by 31% year on year to Rs. 139 crores. Gross margin stood at 35.5% in Q1FY 26 as against 29.2% in Q1FY 25. EBITDA grew by 67% which stood at 142 crores with EBITDA margin at 14.4%. PAC stood at Rs.
143 crores versus 27 crores during last year showing 424% growth on year on year basis. Working capital days stood at 100 days as on 30th June 25th with an improvement by 18 days as compared to 31st March 25th. We remain debt free company and have cash bank liquid investment of rupees 791 crores as of 31st 30th June 25th. We can now open the floor for the question answers. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press L1 on their touch tone telephone. If you wish to remove yourself from the question queue you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Bhavya Gandhi from Dallaland Brochure Stockbroking Private limited. Please proceed.
Bhavya Gandhi
Yeah, hi. Thanks for the opportunity. Is it possible to share the gross margin geography wise region wise gross margins for each region?
Ramprakash V. Bubna
One minute. Just give me a second please.
Bhavya Gandhi
Yeah.
Ramprakash V. Bubna
Yeah. The gross margin was Europe region was 43%, NASCAR region was over 26%, LATAM 28% and rest of the world 26.5%. Total 35.5%.
Bhavya Gandhi
Got it. Sir. Sir. And what has led to this substantial growth in the European region where our revenues have grown 43%. Yoy if you can throw some light on that.
Ramprakash V. Bubna
So growth on the agrichemical sector and good demand and good weather conditions to promote the agrochemical business, agricultural business which is supported by agrochemicals.
Bhavya Gandhi
Okay. And on the revenue front is it possible to break down in terms of product mix forex and volume value growth? What is the broad bifurcation if you can provide volume value?
Ramprakash V. Bubna
Yes, let me see now. Volume in European region it was 6,600,565,000. NAFTA 3,870,000, LATAM 805,000, rest of the world 417,000 totals 11,000 657,000. Here is about 13.2% growth.
Bhavya Gandhi
Right. And sir, can you just throw some light on the Forex gain that that has been substantial for this quarter, almost 70 crores plus. So if you can just. So is it because of the euro appreciation? And how do we see this going forward?
Ramprakash V. Bubna
See it is mainly dependent upon the cross currency exchange rates. Our business model is that we source from China and all the sourcing is done in US dollars and about 45% of our sales is in European region which is in Euro currency or some of the countries local currencies like Polish, Lotte or Czech Kroner and other things. So whenever the euro dollar exchange currency improves, then we stand benefited and profited. Last year or about six months back, the eurodollar exchange rate was 1.04 $1.03 to a euro. Currently the same exchange rate is 1.17 to a euro.
So this is more than 12% increase in the exchange rate which is a straight benefit to start that business.
Bhavya Gandhi
Very nice. Thank you so much. That’s, that’s all from mine.
operator
Thank you. The next question is from the line of Rudraksh Raheeja from I thought Financial Consulting. Please proceed.
Rudraksh Raheja
Thank you for the opportunity. Sir, my first question is could, could you elaborate more on this Q1 growth? 25% sales growth and was there any upfronting of sales in anticipation of tariff hike and can we assume this kind of growth to be sustainable?
Ramprakash V. Bubna
Sir, your second part of the question was not very audible. The words got mixed up. Can you please repeat this question once again?
Rudraksh Raheja
Yeah. This 25% sales growth in quarter one, was there any upfronting of sales in anticipation of was there any what.
Ramprakash V. Bubna
Up fronting? What does that mean.
Rudraksh Raheja
That the customers were assuming that tariffs may hike so they pre ordered a lot of materials?
Ramprakash V. Bubna
No, it was very normal. The customers were buying their normal requirement in some cases, of course, the tariff matter which is being discussed by the current US President. This has been exciting and also depressing some people. But that is not very much. Our customers are about their normal requirements and not very excited to buy more.
Rudraksh Raheja
So sir, we should assume that this can sustain over the coming.
Ramprakash V. Bubna
Yes please. Yes please.
Rudraksh Raheja
Good to know that. Sir, second question is regarding the gross margin expansion which is the highest in the last few years. So can we assume this number to be sustainable as well?
Ramprakash V. Bubna
More or less, yes.
Rudraksh Raheja
And so did it have any inventory gains or something like that? And if. Yes, how much?
Ramprakash V. Bubna
No, there’s not been any substantial or remarkable inventory gain at all.
Rudraksh Raheja
Understood. Sir, tariffs for China are already declared. And sir, what’s the impact on our business that we expect going forward?
Ramprakash V. Bubna
Very little. Because today China is considered to be a factory to the world. So even US does not have much of an alternative sources to source from. And we are able to pass on all the tariff increase to the customers in US and they gracefully accept it, knowing what is the situation.
Rudraksh Raheja
Yes, thank you sir. If I can squeeze in one last question, how do you see the pricing situation?
operator
So could you please go back in the queue as there are several participants waiting for their turn?
Rudraksh Raheja
Yeah, sure. Thank you.
operator
Thank you. The next question is from the line of Viraj from Simpl. Please proceed.
Viraj Kacharia
Yeah hi. Thanks for the question. Just two questions. One is on the non ac camp business if you see for last three quarters our volume growth is much higher than value growth so there’s a negative realization which is playing out for last three quarters in a row and last two quarters the realization drop is even sharper. So just trying to understand you know what is causing this sharp drop in realization. Especially you know in Q1 you would have a tariff higher tariff on imports from China. So one would think the realization growth would be there to some extent.
But even in Q1 we have seen a negative realization. So what is driving the negative realization and what is driving the higher volume growth?
Ramprakash V. Bubna
Have we noticed any negative realization? Mr. Giraj, we have not noticed any negative realization. So I do not understand what do you mean by that?
Viraj Kacharia
So if you look at our volume and value numbers which we report for the non adcam business you know we have seen overall sales growth of 31% and we talked about a value volume growth of 59% there is a negative realization or negative price growth of 28%. Similarly was the case in last quarter and the quarter before.
Ramprakash V. Bubna
No, we have not looked at it from this angle and it has not drawn our attention in the past. I’m not able to comment. I’m not able to make any comment instantly.
Viraj Kacharia
Okay, so can you give some perspective on the non actam business especially to us, you know how you know on the post the tariff what are we seeing in terms of the demand and similarly in terms of the pricing there.
Ramprakash V. Bubna
See we had gone through one short period of time when The President of USA had increased the tariff rate to 125% over and above the existing tariffs. So people were not very much encouraged, they were in fact discouraged. Then suddenly he brought it down from 125 to about 30%. That excited the customers and they rushed to buy as much as they could. I mean fearing that it may go up to again 100% or so. So that was a short period of time when people bought in a very good quantity.
Viraj Kacharia
Okay and was there any element of pre buy or given that there’s still an uncertainty on tariff what can play out for the rest of the year? Was there any element of pre buy in the non ACM business?
Ramprakash V. Bubna
No sir. Normally if you understood on non ag business our non ag business does not have much of a emphasis on the stock keeping and then using it. People buy as per the requirement and it is just like a tailor made Business every customer has a specific requirement, specific sizes and different qualities. It’s not very common. So we are applying to them as per their requirement. And that requirement may not repeat. Normally doesn’t repeat with the next customer.
Viraj Kacharia
Okay sir, second question is on the ACEM business. You know the gross margin region wise which we gave for Europe and nafta we have seen a very sharp jump in gross margins say from 36 to 43 for Europe and 26 as against 22 for NAFTA. What explains this jump in gross margin for us?
Ramprakash V. Bubna
See, we have gone through a very difficult period in our business in the last two years. Particularly about one and a half years back when there was a lot of inventory in the channel and the prices had taken a very severe beating. That had also affected our gross margins substantially. Now the gross margins have got back to the normal and what we are comparing is with the period which was abnormal.
Viraj Kacharia
Okay, you understand. So if I look at the rest of the year, what factors you are looking internally which gives you confidence that this margin will sustain.
Ramprakash V. Bubna
Because there’s a much more and very good stability in the business today. Last one and a half years we had gone through a very adverse turmoil. That turmoil does not exist anymore.
Viraj Kacharia
Okay, just one request and I’ll come back to Q. Any thoughts on surplus cash? Because I think we were around 550600 crores and in Q1 alone we are close to 800 crores. So any thoughts on how we want to use surplus cash? Because even with the capex of 4450 crore this cash level will just build up further. So any thoughts on how we want to use this surplus cash?
Ramprakash V. Bubna
We want to run our business very comfortably and peacefully. So we are ready for any adverse situations and still be able to maintain our business.
Viraj Kacharia
Any thoughts on increasing payout, sir?
Ramprakash V. Bubna
Yes, we have. We have declared two times dividend in this last quarter. So we will be more liberal in giving payout dividends or any such things. Rewarding the shareholders who have stayed with us for so long.
Viraj Kacharia
Thank you again.
Ramprakash V. Bubna
Thank you.
operator
Thank you. The next question is from the line of Rajat Setia from. I thought pms. Please proceed. I would request Rajat sir to please unmute yourself and then ask a question.
Rajat Setiya
Hi, can you hear me now?
Ramprakash V. Bubna
Yes.
Rajat Setiya
Am I audible? Okay, thanks. Thanks for the opportunity. Sir, just want to check in the ICAM business what has been the change in pricing situation in Q1?
Ramprakash V. Bubna
The pricing situation has improved over the previous previous quarter and it is. The rate of increase is very slow. But it is Very steady.
Rajat Setiya
Okay. Sir, our sales grew by 25%. Volume was 11%. So are you saying that 14% price is increased by 14%.
Ramprakash V. Bubna
One minute, let me look at the figures. Sir, this has increased. This is a revenue increase I am talking about. Volume growth has contributed to over 13% and foreign exchange impact has been another 13%. Price and product mix has been negative 1% totally 25%, 25.4% strong also similarly.
Rajat Setiya
Non agro volume growth is 59, but revenue is 31. So prices have not declined. Is what you have mentioned in the previous participants answer. So is it because of the change in product mix that value growth is lower than volume growth?
Ramprakash V. Bubna
No, I feel it is more. Contributed more to the freight ration. The freight rates have increased substantially and that has contributed to the increase in the revenue.
Rajat Setiya
Okay, and we also. I heard that volumes have increased the 59% or so, is that correct?
Ramprakash V. Bubna
The increase of 59% is in the revenue. If I’m correct. I’m sorry, it is 59% in the volume. You are right.
Rajat Setiya
Yeah, but. But sales is 31% increase the difference. Does that not mean that prices have fallen or how will you help us understand this?
Ramprakash V. Bubna
Sir, it is a product mix.
Rajat Setiya
Product mix. So lower value products we have sold more in this quarter. Is that how it is?
Ramprakash V. Bubna
Yes.
Rajat Setiya
And sir, our gross margins which you have said that they will probably maintain invest of the year as well around 35%. So what is the reason that our gross margins have increased so much given price increases? Not much.
Ramprakash V. Bubna
Mainly foreign exchange.
Rajat Setiya
But foreign exchange is reflecting below gross margin. If I’m not wrong in the P L statement.
Ramprakash V. Bubna
There’s also increase in the volumes. As I explained, volume has contributed about 13% and forex impact is also about 13%.
Rajat Setiya
Sure. I. I want to understand the gross margin which is sales minus cost of goods sold. Yeah.
operator
I would request you to please go back in the.
Rajat Setiya
Actually, ma’, am, this last question, I think it was not well understood or I maybe I couldn’t explain. Well, I’m still at the last question.
operator
All right, thank you so much.
Rajat Setiya
So sir, I was saying the sales minus cost of goods sold gross margin. So that number 35% which is the highest in the last many quarters. And you are saying it will sustain. So what led to this increase? Yes, sir. So what are the factors that drove.
Ramprakash V. Bubna
This Is because of the stability in the business. No impact of excess inventories and no extent. No, no adverse situation of people canceling their orders at the last moment or returning the cargo.
Rajat Setiya
Thank you so much.
operator
Thank you. The next question is from the line of Rohit Nagraj from BNK Securities. Please proceed.
Rohit Nagraj
Yeah, thanks for the opportunity and congrats on first question is in terms of the margins for Q1. So our gross margins have improved. There is a benefit of Forex but excluding the Forex our EBITDA margins are closer to 15%. And you mentioned in your commentary that gross margins for the entire year will power at similar levels and our guidance is about 15 to 18%. So incrementally will the EBITDA margins be more towards 15% or they will tend more towards 18% excluding the forex part which we have benefited substantially during Q1 and it may not recur in the subsequent quarters.
So just your perspective on the same. Thank you.
Ramprakash V. Bubna
Sir. I feel that the foreign exchange levels will remain at the same level and our EBITDA margins will also continue in the range of 1515-18%.
Rohit Nagraj
Sure. But if the pricing tend to improve from here on, is it possible that we will stick more towards 18% than on the lower range?
Ramprakash V. Bubna
Yes, we feel that the prices are on the way of improvement but the progress is slow. But they are in the on, they are on the increase.
Rohit Nagraj
Right. And second question is in terms of the freight cost, you mentioned that the freight costs have been higher. So during the last one month, I mean post quarter and towards the end of last quarter, how has been the trend? Is it still continuing to be higher? And probably that will have its repercussions on the overall logistic cost for us.
Ramprakash V. Bubna
It is on the trend of getting higher because of all these worldwide conflicts, particularly Iran, Israel, this Red Sea disturbances. It is that one is uncertainty and they are leading to the increase in the freights and also increase in the time of travel.
Rohit Nagraj
Right. That’s all from my side. Thanks a lot and all the best.
operator
Thank you. The next question is from the line of Himanshu Binani from Anandra. Please proceed.
Himanshu Binani
Sir. Hi and congratulations for an excellent set of numbers sir. So my first, my first question is largely on the gross margin or the guidance side? Basically so what we have been guiding in the last on call we are guiding for somewhere around the 30, 31% sort of like gross margin while 15 to 18% sort of like EBITDA margins. Now after the 1Q results we have been like increased our gross margin guidance and expect the margins to sustain at least 35, 36% sort of like number. However we have been like maintaining our EBITDA margin guidance of 15 to 18%.
So what is it that is like Stopping us in terms of like increasing the EBITDA margin guidance.
Ramprakash V. Bubna
Also it may go towards 18 or little more than 18. I mean there’s no precise calculations for this. This is our gut feeling and impression.
Himanshu Binani
Because sir, the gross margin guidance have been like increased by almost on 3 to 400 basis points. However, we have been maintaining the EBITDA margin guidance in that range. So ideally that should like typically flow to the EBITDA is what?
Ramprakash V. Bubna
No EBITDA margin estimates earlier were on the lower side of 15%. Now it is on the higher side of 15%.
Himanshu Binani
Got it sir. And the second question is largely on the agrochemical cycle side. So as you alluded in your commentary as well as on the answers for the previous participants that there has been like no sort of like pre stocking. So is it like more of a cycle which is turning positive now? So from a destocking phase, are we like entering into the restocking phase?
Ramprakash V. Bubna
No, it’s not restocking or restocking. The people are buying as per their normal requirements with the normal level of inventories, if at all, which happens prior to the season in agrochemical business. And it gets reduced at the end of the season.
Himanshu Binani
Right. Because why I say that is we typically Q4 happens to be the heaviest basically for us. However we have like posted this sort of like numbers at the start of the year basically. So just wanted to have a sense in terms of like is it like really the demand on ground or is it like more of a restocking?
Ramprakash V. Bubna
I feel it is demand on the ground.
Himanshu Binani
Got it sir, Got it. That. That’s all from my. Thank you.
Ramprakash V. Bubna
Thank you. Thank you sir.
operator
Thank you. The next question is from the line of Reju from Antique Stockbroking. Please proceed.
Riju Dalui
Thanks for the opportunity, sir. If I look at your margin, so gross margin basically improved by 630bps on a y OI basis while the EBITDA margin only improved by 360bps on a y basis. So there is a sharp jump in the other other extreme side. So if you could you know, give some lives or different thoughts on the same. Because we have seen a strong volume growth despite that we have a higher other other expenses. So if you could give some light on that.
Ramprakash V. Bubna
It is very difficult to answer this question. I am facing this question for the third time in this conference. I mean offhand I am not not able to comment. We’ll need have to go into the detail and then make an answer. You can write to us.
Riju Dalui
Sure, sir. And few bookkeeping questions. So if you could provide the registration breakup for the geography. Like geography was breakup.
Ramprakash V. Bubna
One minute. Yes. We have 2981 registrations as on 30th of June, European region is having 1660 registrations. NAFTA region about 315. LATAM 760 and rest of the world about 248. Total 2981.
Riju Dalui
And so in terms of the volume that you have said like the region was volume. So you have said Total volume was 11,657. Correct? Total volume, yes. Right. So you said like that is a. 13 kind of a growth. But if I look at your last year number, the total volume was 10,861. Which is, which is probably, you know, 7% kind of a volume growth. So if you could explain this math, like if I’m wrong in the last year volume data or this year so they could explain me this thing.
Ramprakash V. Bubna
I have not understood the question.
Riju Dalui
Yes, yes, yes, yes sir. So this year our total agrochemical volume was 1160657 metric tons. Right.
Ramprakash V. Bubna
One minute. This is 11,657 is the total. Yeah.
Riju Dalui
Total, total volume.
Ramprakash V. Bubna
Yeah.
Riju Dalui
And sorry, last year this was roughly around 10,861. Is that correct?
Ramprakash V. Bubna
Last year. Last year I have what I have. This is for the quarter one. Yeah.
Riju Dalui
So quarter one. So last year Q1 this was 10,861.
Ramprakash V. Bubna
Last year Q1, the table, table I have shows that the total aggro and non agro the volume was 10,301,000. And this year it is 11,657,000. And there’s a growth of 31.13.2%.
Riju Dalui
Okay, okay, understood. If you could give me the data for the last year data it will be very much helpful. Last year Q1 data. Last year Q1 volume data.
Ramprakash V. Bubna
Yeah. Europe was 5,144,000. NAFTA was 4,126,000. LATAM was 623,000. Rest of the world 408,000. Total 10,301,000, sir.
Riju Dalui
Row. How much the number. Rest of the world.
Ramprakash V. Bubna
Pardon? RS of the world, 408,000.
Riju Dalui
Okay, understood. Thank you.
Ramprakash V. Bubna
Thank you.
operator
Thank you. The next question is from the line of Rudraksh Raheja from I thought financial consulting. Please proceed.
Rudraksh Raheja
Yeah, I think this may be a repeat of the last questions. But I still want to check. Historically we have seen like gross margins in the range of 30 to 32% mostly. And this quarter it’s 35%. So any elaborations on that.
Ramprakash V. Bubna
See this is mainly because of a good margin in European region.
Rudraksh Raheja
Okay, so.
Ramprakash V. Bubna
And Europe is having also a good share of the total revenues and the margins in European region was about 43%.
Rudraksh Raheja
Okay. And specifically for in European region did we see any price increases?
Ramprakash V. Bubna
There has been some improvement in the prices and it has been better than the previous quarter.
Rudraksh Raheja
Okay, so any ballpark percentage around that, any percentage that you can give us, quantify it. European price increases.
Ramprakash V. Bubna
No, I don’t have that figure. This is a general statement that I’m making.
Rudraksh Raheja
Okay, Understood sir. Thank you.
operator
Thank you. The next question is from the line of Archit Joshi from Nirvama. Please proceed.
Archit Joshi
Hi, good evening team and firstly congrats on a solid set of numbers. Sir, my question was lastly related to our CapEx. We have heard you say that the CAPEX or rather the registration costs have gone up significantly and yet we continue to have a very solid registration pipeline. Given that the total number of registrations that we do, do we get economic benefits from all the registrations? I wanted to understand for how long these registrations that we do continue to contribute to our top line and profitability and how many over a period of time become obsolete in terms of sales.
Because given that we have 2,000 plus registrations, I was just curious to find out how much of this actually gets converted into economic benefits or rather sales.
Ramprakash V. Bubna
See Mr. Archit, the newer registration that we get, they give us a better margins and the registrations which have been old, there’s more competition in those registrations and the margins get distributed. So as and when the registration becomes older and older, the profit margins are going down and the newer registrations are coming with better profit margins. This is a general statement I can make.
Archit Joshi
Understood sir. Over a period of time since we have seen increase in cost of registration, do we continue to register these thousand odd products that we have in the pipeline or have we become more selective with regards to having, let’s say go to market strategy or something like that which can we are very targeted play towards certain geographies with certain products. Have we experienced any sort of such strategic changes in our registration pipeline?
Ramprakash V. Bubna
Not anything significant that I can make a reply to you. Very rarely once we pick up a product for registration we pursue it till we get the registration. Unless all of a sudden the product gets banned because of environmental reasons or other reasons.
Archit Joshi
Understood sir. So one last thing, one last question from me. Generally over the last few years, or maybe if you can speak about this year also, how would be the concentration of, let’s say the top 10, maybe 20 products to our top line. Will it be like more than 50%? Less than 50%. Any ballpark number that you can provide?
Ramprakash V. Bubna
Yes, I can. Just give me a few minutes. You see, top 10 molecules have contributed to 36% of the total revenue in the first quarter of 2026. And the top 10Amolecules in last year in the same period was about 38%. Top five molecules have contributed to 21% this year and 23.5% last year. Top three molecules have contributed 14% this year and 16% last year.
Archit Joshi
That really elaborates. Thanks a lot for all these answers and wishing you all the best.
Ramprakash V. Bubna
Thank you. I’m happy that my team was prepared for these kind of questions.
operator
Thank you. The next question is from the line of Viraj from ismpl. Please proceed.
Viraj Kacharia
Yeah, thanks for the opportunity. Just one follow up question. You know you said that the reason for drop in realization of non agrochemical business is product mix. But if you look at the margins in non agricultural business they have been quite stable around 21 to 23%. So just trying to understand, you know, how does it. How does it to add up.
Ramprakash V. Bubna
Can you. I have not understood your question, sir. Can you repeat it once again?
Viraj Kacharia
So we the answer to previous participant, one of the previous participants to non agrochemical business you said the realization drop was product mix being adverse. But if you look at our operating margin in non.
Ramprakash V. Bubna
You should realization drop.
Viraj Kacharia
I don’t understood that.
Ramprakash V. Bubna
I don’t think I have made any such statement.
Viraj Kacharia
So the non agrochemical business, if you see we have seen a realization drop price regrowth for last couple of quarters. And the answer to that question to one of the participants, you said that product mixes adverse. But if I look at our margin in non macroechemical business they’ve been quite stable around 21% to 23%.
Ramprakash V. Bubna
Mr. Viras, your question is not making much of a. I’m not able to understand the exact question, please.
Viraj Kacharia
So exact question. If I look at operating margin in non agrochemical business, they have been very stable around 21 to 23% in non hydrochemical business. But if I look at the realization there’s an adverse. So while margins are stable, the realization is negative for us.
Ramprakash V. Bubna
We will have to look into that. I’m not able to comment right now.
Viraj Kacharia
Okay, that’s all. Thank you.
operator
Thank you. As there are no further questions from the participants, I would now like to hand the conference over to the management for closing comments.
Ramprakash V. Bubna
I would like to thank everyone for joining us for this conference call. I hope we have been able to answer all your queries. We look forward to such interactions in future. We hope to meet your expectations in future too. In case you require any further details, you may contact us or. Mr. David Dhruvar of Strategic Growth Advisors over Investor Relations Partner. Thank you once again.
operator
Thank you on behalf of Antique Stroke Broking Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.
Ramprakash V. Bubna
Thank you.