Sharda Cropchem Limited (NSE: SHARDACROP) Q3 2026 Earnings Call dated Jan. 30, 2026
Corporate Participants:
R. V. Bubna — Chairman and Managing Director
Analysts:
Unidentified Participant
Manish Mahawar — Analyst
Ansh Shah — Analyst
Giriraj Daga — Analyst
Anubhav Mukherjee — Analyst
Ankur Kumar — Analyst
Deepak Poddar — Analyst
Vignesh Iyer — Analyst
Hitaindra Pradhan — Analyst
Dhruv Muchhal — Analyst
Sonal Minhas — Analyst
Sachin Kasera — Analyst
Pratik Patel — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Sharda Crop Camp Limited Q3 and 9 months FY26 post results conference hosted by Antique Stock Broking Limited. As a reminder, all participant lines will be in the listen only mode. And there there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this 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. Manish Mahavar from Antique Stockbroking Limited. Thank you.
And over to you sir.
Manish Mahawar — Analyst
Thank you. Bhumi. Warm welcome to all the participants. On the 3 FY26 earnings call of Sharda top 10 we have Mr. Arvi Bubna, Chairman and Managing Director. Mr. Shailesh Mandalay, CFO and Mr. Jaidkin Vutka, Company Secretary. On the call. Without any delay I would like to hand over the call to Mr. Bhubna for opening remarks. Thank you. And over to Bhubnaji.
R. V. Bubna — Chairman and Managing Director
Thank you Manishji. Good afternoon and a very warm welcome to everyone present on this call. Along with me I have Mr. Sahlay Mahendale, our CFO. Mr. Jatkin Gutka, company secretary and SGA Mr. Deven, our investor Relations advisor. Hope you have all received our investor deck by now. We are pleased to report a robust performance driven by strong volume growth and an improved product mix supported by accelerated product registrations. This has helped us achieve our highest ever path for any year. Even though our strongest quarter Q4 is still ahead. The company expects this growth momentum to continue in Q4 FY26 and remain strong through FY27.
As you are aware, we are engaged in the marketing and distribution of wide range of agrochemical products catering to diverse global customer base. We develop comprehensive dossiers and obtain product registrations in our own name. We continue to allocate substantial resources towards securing registrations which strengthens our market presence and helps establish a sustainable foothold across key markets. As of 31st December 2025, our total product registration stood at 3004. 3004. Additionally, 1076 applications, 4 product registrations globally are in the approval stage. Coming to industry dynamics, Global agrochemical market is showing signs of recovery driven by revival in demand complemented by gradual recovery in the pricing.
Inventories have come to normal levels across distribution channels. In Q3FY26, our total revenues have grown by 39% to 1289 crores with overall volume growth at 14%. We have seen volume growth in Europe and Latin America emerging as contributor. Volumes from agrochemical segment grew by approximately 15% and non agrochemical segment grew by approximately 14% on year to year basis. With input cost stabilizing, our gross margins have expanded by 220 basis points to 34.9%. As guided earlier, we expect gross margins to be in the similar range. In FY26. EBITDA for the quarter stood at 246 crores, a growth of 59% on year to year basis with EBITDA margins at 19.1%.
For FY26 we are on track to maintain healthy EBITDA margins in the range of 18 to 20%. PAD for the quarter stood at rupees 145 crores showcasing a growth of 366% on year to year basis. Working capital days stood at 70 days as on 31st December 2025 showing an improvement by 48 days as compared to March 2025. Capex for nine months FY26 stood at rupees 399 crores. Cash and Bank Liquid Investment stood at rupees 826 crores as on 31st December 2025. For FY26 our planned capital expenditure stands at rupees 500 crores supported by strong project pipeline that underscores our resilience and continued focus on growth.
With this brief overview I would now like to hand over the call to our CFO Mr. Sales Mahendele for discussing our financial performance. Thank you everybody. Thank you sir. Good afternoon everyone. Coming to the quarter three financial FY26 performance revenue stood at rupees 1289 crores in Q3 FY26 versus rupees 929 crores in Q3 FY25 with an increase of 39% year on year. Coming to the split, Agrochemical business grew by 48% year on year to Rs. 1,141 crores whereas the non agrochemical business due grew by 8.1% year on year to rupees 148 crores. Gross margin stood at 34.9% in Q3FY26 as against 32.7% in Q3FY25 increase of 220 basis points.
EBITDA grew by 59% which stood at Rs. 245.5 crores with EBITDA margin at 19.1%. PAT stood at rupees 145.1 crores versus rupees 31 crores last year showing 366% growth year on year basis. Coming to the nine months FY26 performance, revenue stood at Rs. 3,203 crores in nine months FY26 versus 2,491 crores in nine months FY25 with an increase of 29% year on year. Coming to the split, agrochemical business grew by 34% year on year to Rupees 2,790 crores. Whereas the non agrochemical business grew by 1% year on year to Rs.413 crores. Gross margin stood at 35% in nine months FY26 as against 30% in nine months FY25 with an increase of 500 basis points.
EBITDA for nine months period stood at 526.7 crores with EBITDA margin at 16.4% showcasing 64% year on year growth. PAT stood at Rupees 362 crores in nine months FY26 versus Rupees 101 crores in nine months FY25 with an Increase of 259% year on year basis. The company has already achieved Highest ever annual PAT in nine months of FY26. We remain net debt free company and have cash bank liquid investment of Rupees 826crores as on 31st December 2025. Looking at the performance, the board of directors declared an interim dividend of Rupees six per share. We can now open the floor for question and 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 star and one 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. Our first question comes from the line of Ansh Shah from Smart Invest. Please go ahead.
Ansh Shah
Hello.
R. V. Bubna
Hello.
Ansh Shah
So congratulations for these good numbers. So my question is on a long term basis for the QTEX line. So with a strong global registration of pipeline of 1070 products we are planning to get registrations. So can you just give an idea about typical approval timelines and particularly in Europe, what time frame over which these registrations are expected to be active and contributing to the revenues?
R. V. Bubna
Mr. Ansh, your many words Were not understood, I would request you to kindly speak slowly and loudly repeat your question once again.
Ansh Shah
My question was. So as we are planning to do a capex of 400 crores on increasing our registration pipelines of around 1070 products. So can you give us the idea about what time frame should we expect Particularly in Europe in which our registration will be expected to be active and contributing to the revenues.
R. V. Bubna
Mr. Ansh, I don’t know whether you have tracked the company’s record and performance so far. I have repeatedly mentioned in every conference that registration process is full of uncertainties and nobody can predict how much time will it take. To give you an example, a registration may be obtained in one year or two years and the same registration can take six to seven years. Because of the uncertainties, the government authorities keep on getting new requirements which is keeping adding to the process of registration and also the cost of registrations. So I have no answer to your question as to how much time we will get these registrations.
Thank you.
operator
Thank you. Our next question comes from the line of Giraj Daga from Visaria Family trust. Please go ahead.
Giriraj Daga
Hello sir. Congratulations on good numbers.
R. V. Bubna
Yes, thank you.
Giriraj Daga
My question is. My question is related to our FY27 next year. Let’s say what would your thought would be that we’ll be able to see something like a 15% kind of a volume growth next year?
R. V. Bubna
Hopefully yes, we are very confident that 15% is achievable.
Giriraj Daga
Okay. And second question we have been mentioning that 35% gross margin is very much sustainable for FY26. Will it be sustainable for FY27 also?
R. V. Bubna
Yes sir. Maybe it’ll go goes up still further.
Giriraj Daga
Okay. And last two sir. One CapEx guidance for FY27. If you can help us.
R. V. Bubna
Sir, again as I’ve told the previous speaker the CAPEX and the registration process is full of lot of uncertainties. I would say it will be in the range of 450 to 500 crores. It can be still more, I cannot say in the same range.
Giriraj Daga
Okay, One last industry sir, have we seen some pricing uptick happening across our portfolio now?
R. V. Bubna
Yes sir. As we have stated we have passed through very bad time. About two years back when there was excess liquidity and abundance of stocks in the pipeline. Those are all dried up and as the things are getting normalized the prices are also moving. The speed is less but it is moving up.
Giriraj Daga
Okay sir. Thank you. And all the best.
R. V. Bubna
Thank you.
operator
Thank you. Our next question comes from the line of Anubhav Mukherjee from Prescient capital, please go ahead.
Anubhav Mukherjee
Hello, Am I audible? Sir, yes.
R. V. Bubna
Mr. Mukherjee.
Anubhav Mukherjee
Sir, the agrochemical segment volume growth was roughly 15% and revenue growth was 48%. So how much was the realization increase year on year and how much was forex gain?
R. V. Bubna
One second. See this. Total growth was 38.7%. Out of its volume growth contributed to 14.4%. Foreign exchange impact was 12.6%. Price and product mix impact was 11.6%. Total 38.7%.
Anubhav Mukherjee
Sir, will it be possible to share same for specifically the agrochemical segment?
R. V. Bubna
No, this is total. This is total, both agro and non agro.
Anubhav Mukherjee
And for the realization growth that you mentioned, is it a function of actually prices moving up or is it a impact of product mixtures?
R. V. Bubna
Mr. Mukherjee, your last sentence was very low. I would like to repeat the question once again.
Anubhav Mukherjee
Sure, sir, is it better now?
R. V. Bubna
Yeah.
Anubhav Mukherjee
Sir, I was asking the realization growth year on year that you mentioned, is it driven by actual prices moving up of products or is it more product mix change driven?
R. V. Bubna
Mr. Mukherjee, I think you are new into the system. It is driven by both product mix as well as the prices realized.
Anubhav Mukherjee
Get that? So since you also mentioned that prices are now moving up, so do you see like scope for significant improvement from current levels?
R. V. Bubna
Also see, significant is a very ambiguous word. It is. It will be growing and nobody can predict how much. But it is on the way up and we accept, we expect the growth in our total revenue to be around 15 to 15 to 20% in the year FY27.
Anubhav Mukherjee
Get that answer? This quarter as well as for nine months, FY26, Europe has shown a very good growth, specifically this quarter, it’s almost doubled year on year. So can you provide some color on how Europe is doing so well? Yeah.
R. V. Bubna
See, I’ll say there are three, four factors. One is good climate, good atmosphere for agriculture and good demand for the products.
Anubhav Mukherjee
Okay, so.
R. V. Bubna
And our ability to meet the demands of the customers on time.
Anubhav Mukherjee
Okay, is there any element of one off restocking happening in Europe or it’s like more demand driven?
R. V. Bubna
I didn’t understand this one off point, but I have. I would say it is demand driven.
Anubhav Mukherjee
Get that answer. On the other hand, like NAFTA region witnessed a decline year on year in this quarter. So is this any impact of tariff or anything?
R. V. Bubna
Mr. Mukherjee, I have repeated on various platforms and I’m repeating again. Agrochemical products are not impacted by tariff, as you know, they are not freely tradable products. They require to be registered first involving a huge investment and very Few companies or people believe in this huge investment on registrations which is an intangible asset. So saying that fortunately for agrochemicals, the tariff is not, I mean affecting at all, particularly to the suppliers. We are able to pass on all the tariff smoothly to our customers. And customers have no other choice to buy from anywhere or anywhere.
They have to source the products only from registered sources. And registered sources are very limited for every product. And the product has to be sourced from an approved manufacturer approved factory. It cannot be manufactured anywhere as you like. So the customer knows this and he accepts the adding of the tariff and he smoothly and gracefully makes the payment. And the payments are also on time.
Anubhav Mukherjee
Thank you. That’s great to know. Yes sir, very clear. Thanks. Just last question from my side.
operator
Sorry to interrupt you. Mr. Mukherjee, please rejoin the queue for a follow up question.
Anubhav Mukherjee
Sure, I’ll do that. Thanks.
operator
Thank you. In order to ensure that management is able to address questions from all the participants, I request you to limit your questions to two per participant. Our next question comes from the line of Nilabja Day from ESMO Research. Please go ahead.
Unidentified Participant
Congratulations sir, for actually for sticking to whatever guidance you gave for the last few months. YouTube. Sir, actually first of all just like to confirm that you have increased. Earlier you are feeling your margin is from 15 to 18. Now you are putting it in on 18 to 20. Am I right? Just to correct on from.
R. V. Bubna
Yes sir.
Unidentified Participant
Yes sir. And this particular margin guidance is valid for FY27 also.
R. V. Bubna
Yes please.
Unidentified Participant
Okay. And in terms of the. Sir, in terms of the demand you have clearly mentioned demanding improving. So can you just give some quality that from what has changed from the last six months apart from the inventory you mentioned that inventory has gone down significantly at the whatever people are holding. So can you just give some color? That’s my only question.
R. V. Bubna
Sir. I can only say answer your question in very general way. The demand goes up when you are able to supply the goods in time to the customers. They are seasonal products and seasonal demands. So if you cannot supply the products on time, then it’s a nuisance and hassle for the customer as well as the supplier. So we have been able to deliver the goods on time. And second is the quality. If you can supply goods and good quality and on right time, the demands has a natural tendency to go up.
Unidentified Participant
Okay, thanks. Thank you.
R. V. Bubna
Thank you.
operator
Thank you. Our next question comes from the line of Uncle Kumar from Alpha Capital. Please go ahead.
Ankur Kumar
Hello sir. Congrats for a very strong set of numbers. Sir, given you said and it is already known that Q4 is our best quarter. So given such strong demand outlook, can we expect to close this year at say 5400 Karva type.
R. V. Bubna
Maybe or in the in the nearby range. Could be less, could be more.
Ankur Kumar
But because our last Q4 was 1800 which was very good year on year. So we expect demand growth to improve on that more than that, right in Q4.
R. V. Bubna
Yes sir. Our Q4 is the best quarter. And because of the seasonality of the business, Q4 is always the best. And this year also the same trend continues.
Ankur Kumar
Got it, sir. And sir, on volume growth you said 14% growth came. So we expect this type of volume growth to continue in Q4 as well as next year.
R. V. Bubna
Yes sir.
Ankur Kumar
Audit, sir. And sir, given how USD and Euro are behaving in January, I think we can have some FX gain also. Do you like to comment?
R. V. Bubna
Yes sir. You understood our business more minutely and good in detail. Thank you.
Ankur Kumar
Yes, thank you sir. Thank you. And all the best.
operator
Yes, thank you. Our next question comes from the line of Deepak Padar from Sapphire Capital. Please go ahead.
Deepak Poddar
Yeah, hi. Thank you very much for this opportunity. So just wanted to understand. So what’s the forex gain in third quarter?
R. V. Bubna
Forex gain? It should be quite good. Let me see. I’ll ask Mr. Sales to reply this question. Yeah. So see in the quarter quarter three, this quarter we are having a loss of 4.53 crores forex loss. And that is mainly on account of the our forex payable trade payable realignment.
Deepak Poddar
Okay, okay, understood, understood. And I mean in terms of tax rate also I think our tax rate is lower. So. So what should one look at going ahead in terms of tax rate?
R. V. Bubna
Yeah, I think if you look at on annual basis probably it is in the range of 18 to 20%.
Deepak Poddar
Okay. And why our tax rate is lower?
R. V. Bubna
See if you look at on. On consolidated basis the there are certain geography where there is a tax, no tax. So if you look at overall basket, There is a 18 to 20% tax for company on consolidated basis.
Deepak Poddar
Okay, understood. And on the growth part, I mean nine months we have grown by about 29%. And we had I think earlier guided of 20% growth for the entire year. So how should one look at going forward? I mean given your fourth quarter is the strongest. So you expect this 20%. I mean you want to revise it upwards.
R. V. Bubna
Mr. Deepak, you must also see what is the base. The base has been always already high in the fourth quarter. So we are talking about increasing from the good growth which we Achieved last year.
Deepak Poddar
So we maintain 20% growth, right? FY26.
R. V. Bubna
Yes. Yes, sir.
Deepak Poddar
And just one last thing from my side. Any new region we are targeting. I mean just one small thing last. I mean the last one. In terms of export, I think we are very strong in Europe, NAFTA and latam. Right. Any new region we are trying to. Build, our presence,
R. V. Bubna
these three regions constitutes almost 80% of the world or 90% of the world.
Deepak Poddar
Okay. Okay. So.
R. V. Bubna
So you for agriculture. For agriculture and agrochemicals.
Deepak Poddar
Correct. And you want to penetrate deeper in this region only. That’s what.
R. V. Bubna
Yes.
Deepak Poddar
Okay. Okay. Fair point. That would be from my side. Vishu. All the way. Thank you so much.
R. V. Bubna
Thank you, sir.
operator
Thank you. Our next question comes from the line of Vignesh Iyer from Sequent Investments. Please go ahead.
Vignesh Iyer
Hello sir. Congratulations on great set of numbers. So my first question is on the gross margin side. So can you help me with the data of gross margin geography wise again.
R. V. Bubna
Mr. What is your good name, sir?
Vignesh Iyer
Vignesh.
R. V. Bubna
Vignesh. Again you have to be a little more specific. Loud and slow rate of speaking. So that I can understand your question very well.
Vignesh Iyer
My question is on gross margin part of the business. I wanted to understand if you could share gross margins geography wise for quarter three, FY26.
R. V. Bubna
Yes sir. Gross margin has been 43% in Europe region, 23.5% in NAFTA region, 29.2% in LATAM and 37% overall. In the rest of the world overall 35.9%.
Vignesh Iyer
Okay, sir. Thank you, sir. And my second question is on the registration part of it. I wanted to understand the geographical breakup in terms of registration and upcoming.
R. V. Bubna
Can you repeat your question once again? Sir?
Vignesh Iyer
Yes, sir. So my question is on the registrations. Total registrations that we have done wanted the registration breakup, geography wise, Europe, naftalatam and also wanted to know the registration data upcoming that if you could give geographical breakup for the same.
R. V. Bubna
One minute. Give me one or two minutes. Yeah. Registration wise, European region 1675. NAFTA 321. LATAM 760 row 248 total 3004.
Vignesh Iyer
Okay. And for the upcoming registrations.
R. V. Bubna
Oh, in the pipeline.
Vignesh Iyer
Yeah, pipeline. Yeah.
R. V. Bubna
Pipeline is Europe 698. NAFTA 100. LATAM 153. And rest of the world 1, 2, 5. Total 1076.
Vignesh Iyer
Okay, sir. Got it sir. That’s all from my side. Thank you.
R. V. Bubna
Thank you.
operator
Thank you. Our next question comes from the line of Hitendra from Maximal Capital. Please Go ahead.
Hitaindra Pradhan
Hi sir. I hope I’m audible somebody. I’m new to the sector so please bear with me. My question is related to the China export rebate policy. They are rolling back the incentives from April this year and the incentives on the formulation will continue. So I would like your reading on the impact of this policy on the prices on technicals and on formulations and on. On your business as well. Thank you.
R. V. Bubna
Mr. Hitendra, again your question is very long and voice is low and. No, what do you call energy?
Hitaindra Pradhan
I can. I can repeat. Sorry, sorry. There is a big.
R. V. Bubna
Put some energy in your words.
Hitaindra Pradhan
Yeah, yeah, yeah. So it is related to the China export rebate policy. They are.
R. V. Bubna
Policy. What is China export policy?
Hitaindra Pradhan
Yes sir. So. So they are rolling back the incentives on. From the. From April of this year on the technicals like they used to provide the export incentives to their technical suppliers which they are rolling back from this year. From April of this year. So we are expecting that, you know, that will have some impact on the prices.
R. V. Bubna
If you have understood China and the style of working of Chinese government, you will have to understand that they are not very transparent.
Hitaindra Pradhan
Right sir.
R. V. Bubna
These formations are not made available to the public, particularly foreigners. So it’s very difficult for me to comment on this. The only thing I can say that China does give some incentives to the Chinese citizens for export. Now how much and what is their policy and what is the variation? It’s very difficult to gather and it doesn’t affect us.
Hitaindra Pradhan
Right sir. Right, sir. Okay.
R. V. Bubna
You understand?
Hitaindra Pradhan
Yeah. Because we are on the inside mostly. Yeah.
operator
Thank you. Our next question comes from the line of Dhruv Machal from HDFC amc. Please go ahead.
Dhruv Muchhal
Yes, thank you so much. The Europe for us has. Europe has done very well for us this quarter and even for nine months, even for last few quarters also. So sir, is the growth driven by getting new dealers or probably entering new geographies or adjacent regions in the European market or a mix of both or what’s driving this?
R. V. Bubna
Sir, it’s a mix of both new dealers and getting better access to the market.
Dhruv Muchhal
So we have also expanded the geography. Say for example, if you’re operating in one part of the country, we have also started operating in another part of the. So is that also driving growth?
R. V. Bubna
Yes, that is also there and I.
Dhruv Muchhal
Understand you probably will not have this, but is it possible to share how much is probably coming from existing dealers which is driving growth and new dealers which are driving growth. If it some. Some degree which can give us some more comfort in terms of the growth.
R. V. Bubna
Mr. Dhruv, I think I know you for last 10 years and I know you are very intelligent. So you already answered the question. You know more than me on this part of the question.
Dhruv Muchhal
Sure, sir. And just to. And just to understand a bit on the Europe thing. Is it a few molecules which are driving growth or it is across molecules which is that we are seeing growth?
R. V. Bubna
It is across molecules. There would be some molecules you are drawing more but then it’s very difficult to differentiate.
Dhruv Muchhal
Sure. Great. That’s all. Thank you so much and all the best. Thank you.
R. V. Bubna
Thank you.
operator
Thank you. Our next question comes from the line of Sonal from Prescient Capital. Please go ahead.
Sonal Minhas
Hi sir, this is Sonal Minas. I hope I’m audible.
R. V. Bubna
Yes please.
Sonal Minhas
Sir, I had a small question to ask on the working capital. We see that your working capital days have reduced from 98 days in December 24 to 70 days now. Just wanted a subjective commentary on what is it that is company has done to reduce the inventory days. If you could give us a subjective feedback on it, that will be helpful.
R. V. Bubna
Sir, I would say consistent increase in the demand and confidence of the suppliers on the credibility of Sharda Cross Came limited they are giving us very comfortably extended credits. And again the demands are increasing. So the customers are also paying in time. And European region is known to be the most disciplined region for the question of payments. They are very punctual. Sometimes they pay before time.
Sonal Minhas
Got it sir. Got it sir. This is helpful. Sir, second question. This quarter the NAFTA region has degrown for the Agrichem segment. If you could give any subjective commentary on what is it, is it a one off or if you could give us any guidance on what has happened in that region as far as demand is concerned that will be helpful.
R. V. Bubna
There is nothing that is available to us and which is open and transparent. For this reason it has degrown could be I think partly responsible for the climate. There’s been very heavy, unpredictable and unusual climate conditions that has affected the demand.
Sonal Minhas
Got it sir. That’s it for my team. Thank you sir.
R. V. Bubna
Thank you.
operator
Thank you. Our next question comes from the line of Rochelle Salarka from Pink Wealth. Please go ahead.
Unidentified Participant
Hello.
R. V. Bubna
Hello.
Unidentified Participant
Yes sir. Am I audible?
R. V. Bubna
Yes, please.
Unidentified Participant
Yeah. So my question is that you know, regarding. Just wanted your thought process, you know on the recently India we have signed fta but you know India EU trade deal has happened. So how. How this can, you know benefit to our company or the sector. If you can just give some, you know, your view on it.
R. V. Bubna
Sir, what I have seen about this treaty. There is no mention of agrochemicals anywhere. They are talking about cars and they say import of cars into India and all those things which are totally unconnected with our business model. As far agrochemicals are concerned, I don’t think there is any mention or any impact on the either tariffs or any other things, you know. So our business remains as usual and it’s growing.
Unidentified Participant
Okay sir, got it. Thank you sir.
R. V. Bubna
Thank you.
operator
Thank you. Next we have a follow up question from Anubhav Mukherjee from Prescient Capital. Please go ahead.
Anubhav Mukherjee
Hello sir, am I audible? Yes please sir, just one question sir. Compared to like pre Covid levels currently like price realizations, how much are they still down compared to those levels?
R. V. Bubna
If you could share something, there are quite down. There are quite down compared to the pre Covid level.
Anubhav Mukherjee
And is it like some geographies are more effect related or is it like similar across geographies?
R. V. Bubna
You are asking a very difficult question and we don’t go into so many details. We just face the situation as it comes but we don’t sit down and then analyze what geography and all that. In general the price levels are low. Pre Covid level prices were very high. But again the cost have also. Our sourcing costs have also gone down considerably. So in terms of percentage we are better off than pre Covid level. Yes, it is margins.
Anubhav Mukherjee
Sharda Ankar on the procurement cost from China that you are seeing at stable levels or is there some inflation happening there as well?
R. V. Bubna
No, there is a. There is a slight. I mean improvement time to time the prices are going up. Sourcing as well as selling prices and margins are improving as far as Sarda is concerned.
Anubhav Mukherjee
Thanks. That’s also.
R. V. Bubna
Thank you.
operator
Thank you. A reminder to all the participants. Whoever wishes to ask a question may press star and one our next question comes from the line of Ankur Kumar from Alpha Capital. Please go ahead.
Ankur Kumar
Hello sir. Thank you for the follow. Recently there was a news article that China is looking to tighten agriculture chemical exports. So are we able to source effectively easily from China or is there any issue on that?
R. V. Bubna
Sir, I am hearing for the first time from you that they’re trying to tighten their agrichemical resources. As far as we are concerned we are not impacted at all.
Ankur Kumar
Nice to know that sir. On as in. As in again harping on the same question. Q4 may things are looking like 1820 growth can come in Q4 also or how are we thinking and pricing? Sebi, if you can comment how much is it improving? Maybe Year on year on trend.
R. V. Bubna
You have put the question first and then also answer. I am again repeating. We expect the Same growth in Q4 also.
Ankur Kumar
Both in volume and pricing.
R. V. Bubna
Yes.
Ankur Kumar
Thank you. And all those.
R. V. Bubna
Thank you.
operator
Thank you. Our next question comes from the line of Vivek Ratty, an individual investor. Please go ahead.
Unidentified Participant
Hello sir. Congratulations on the set of numbers. So I have a simple follow up question on the. I think the previous part of the.
operator
Sorry to interrupt. Mr. RT, can you please speak a little louder?
Unidentified Participant
Okay.
operator
Yes. This is better.
R. V. Bubna
You are audible but you are speaking very fast. You have to also speak slowly and put more energy into your words. Slowly and loudly.
Unidentified Participant
Okay? Sure. Okay, sure. So my question was in continuation to previous participants who asked on the European discount that it is not going to impact your answer. So just wanted to understand because from previous calls I remember you said we still sold maximum or almost 100% of our different supplies from China. So are we looking at anything, I mean anything changing with this or. No. So hedging our resources and getting something. Some supplies from India or some other country or still we are completely reliant on China.
R. V. Bubna
Mr. Rathi, I have not understood your question very clearly. But what I have understood, you are probably asking whether we are sourcing. We are also looking for sourcing from India and China and all that. Am I right?
Unidentified Participant
Yes. Yeah. Multiple countries. Because I thought the maximum was from China.
R. V. Bubna
Now Mr. RT, again I think you are not exposed to the agrochemical business very well and in detail. I have explained many times that registration is very critical. And when the authority register the product, they not only register the product but also the manufacturing plant from where we are sourcing. It is a condition that resistant can source it only from the plant which has been exposed. For the purpose of registration. We cannot change the manufacturer. So we have to buy it only from the same source. We are given a freedom to add another supporting manufacturer.
So as far as Sharda is concerned, we are having at least three or four manufacturers for the same product and for the same registrations which gives us a flexibility and we are not exploited by the manufacturer. But I cannot have a choice that I can source one product from India and next time I from China and all that. And we have very little sources, registered sources from India. Majority of our sources are from China. Have I answered your question, sir?
Unidentified Participant
Yeah. Yeah, you did it. Thanks a lot. And yeah, sorry for confusing. Thank you.
R. V. Bubna
Thank you.
operator
Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and one. Now. Our next question comes from the line of Sachin Katera from Swan Investment Managers. Please go ahead.
Sachin Kasera
Good afternoon sir, and congratulations on delivering a very strong set of numbers. I had just one question. We are already sitting on a very good amount of cash on hand. And going by the strong outlook we are talking of, I think the cash in the balance sheet is going to increase further. So are we looking at some acquisitions or. We will look at increasing the dividend payout because the very high cash on the balance sheet is then going to start impacting our return on capital employed.
R. V. Bubna
Sir, we have already started looking into the line that you suggested. We are looking into increasing the dividend, but we are not looking into the acquisitions. We have declared a very good dividend for this quarter yesterday.
Sachin Kasera
Okay, sir, thank you very much.
R. V. Bubna
Thank you.
operator
Thank you. Our next question comes from the line of Pratik Patel from Countercyclical Investments. Please go ahead.
Pratik Patel
Hi sir. Our sales from top 10 dealers the last year was something around 16 to 17%. So is that significant? Similar to that number this year as well.
R. V. Bubna
Mr. Pradeep, again, I’m sorry, I have not understand your question. Again, I request you to speak slowly and loudly.
Pratik Patel
So my question was last year our top revenue from top 10 dealers and distributions was something around 16 to 17%. So that number in current year also it’s near about that percentage.
R. V. Bubna
Yeah, it will be more or less near about that.
Pratik Patel
Okay. And so can you show some highlights on the top 10 products revenue share means what will be the top 10 products share in our revenue?
R. V. Bubna
One minute. Our top 10 products share in revenue is about 43%.
Pratik Patel
For this year. Okay. And 4, 3. 43%. Okay.
R. V. Bubna
Yes.
Pratik Patel
Great. And sir, you have said that you know, for the current quarter the product registration for Europe is 698 which last quarter was something around 710. So this quarter we have got approval of something around 12 products in Europe. So is that correct? My understanding is correct.
R. V. Bubna
No, 698 is what you call. I’ll ask Mr. Salis to reply this question.
Pratik Patel
Yeah.
R. V. Bubna
So can you repeat your question about the Europe registration?
Pratik Patel
So last quarter the number for registration in Europe was something around 710, which has been reduced to this porter at 698 if I’m not mistaken. So my understanding is correct that 12 products have no. We have received approvals in this quarter for the registration.
R. V. Bubna
Correct. You’re right.
Pratik Patel
Okay, okay, okay. Sure, sure. Thank you. That’s from my side. Thank you.
operator
Thank you. As there are no further questions, I would now like to hand the conference over to management for closing comments.
R. V. Bubna
Yeah. Thank you, everyone, for joining us. I hope we have been able to answer all your queries. We look forward to such interaction in the future. We hope to meet your expectations in the future, too. In case you require any further details, you may contact us or HJ, our investor relationship partner. Thank you.
operator
Thank you on behalf of Antique Stockbroking limited. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.