Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Sharda Cropchem Limited (NSE: SHARDACROP) Q4 2026 Earnings Call dated May. 14, 2026
Corporate Participants:
R. V. Bubna — Chairman and Managing Director
Shailesh Mahendele — Chief Financial Officer
Analysts:
Riju Dalui — Analyst
Anubhav Mukherjee — Analyst
Unidentified Participant
Deepak Poddar — Analyst
Pratik Patel — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Sharda Crop Chem Limited Q4FY26 earnings conference call hosted by Antique Stock Broking Limited. As a reminder, all participant lines will be in the listen only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need any assistance during this conference, please signal for an operator by pressing STAR and then zero on your touch tone telephones. Participants, please note that this conference call is being recorded.
I now hand the conference over to Mr. Riju Dhalui from Antique Stockbroking Ltd. Thank you and over to you sir.
Riju Dalui — Analyst
Thank you Farah. Welcome to all the participants on Q4 and FY26 earning call of Sharda Propkim. Today we have Mr. Ardi Guptna, Chairman and Managing Director, Mr. CFO and Mr. Ditkin Gutka completed on the call without any delay. I would like to hand over the call to Mr. Bupna for his opening remark. Thank you and over to you Sir.
R. V. Bubna — Chairman and Managing Director
Thank you Mr. Dalvi. Good afternoon and very warm welcome to everyone present on this call. Along with me I have Mr. Sales Mahendele, our CFO and Mr. Jetkind Gutka, our company secretary and SGA, our investor relations advisors. Hope you all have received our investor deck by now. Ladies and gentlemen, I am very pleased to share that FYE 202526 has been by every measure the best year in Sarda Crop Camp’s history as a listed company. Despite the global headwinds from tariffs and recent war. We have delivered our best ever annual pat, our highest ever EBITDA and our strongest ever revenue performance.
And this has been achieved with consistent discipline quarter after quarter through a year that presented both opportunities and challenges for global agrochemical industry. The company expects this growth momentum to continue in the FY 2020. Our performance is the result of years of patient investment in product registrations, a clear and focused business model and the confidence that our customers and suppliers continue to place with Sarda Crop Camp. I thank every each member of our team for their dedication and each of you for this call for your continued interest and trust.
As you are aware, we are engaged in the marketing and distribution of wide range of agrochemical products catering to a 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 the markets. As on 31st March 2026, our total product registration stood at 3,011. Additionally 1,004 applications of product registrations globally are in the pipeline.
Coming to the industry dynamics, A 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 Q4.26, our total revenues have grown by 13% to 262,065 crores with annual volume growth at 4%. We have seen volume growth in Europe and Latam emerging as key contributors. Volume from agrochemical segment grew by 5% and non agrochemical segment degrew by 2%. Year on year basis our gross margins have expanded by 750 basis points to 37.3%.
As guided earlier, we expect the gross margins to be in similar range in FY27. EBITDA for the quarter stood at 513 crores which is a growth of 75% on Y to Y basis. With margins of 24.8% for FY27, we are on track to maintain healthy EBITDA margins in the range of 18 to 20%. PAT for the quarter stood at 319 crores showcasing a growth of 57% year to year basis. Working capital days stood at 98 days as on 31st March 2026 showing an improvement by work 20 days as compared to March 2025. Capex for FY26 stood at 505 crores.
Looking at the performance, the board of directors have recommended a final dividend for Rupees 9 per equity share along with the interim dividend of Rupees 6 per equity share paid in December 2025. The total dividend for 2026 FY26 is aggregates to Rupees 15 per share. With this brief overview, I now like to hand over the call to our CFO Mr. Silesh Mahendele for discussing our financial performance. Thank you everybody. Thank you once again.
Shailesh Mahendele — Chief Financial Officer
Thank you sir. Good afternoon everyone. Coming to quarter 4 FY26, performance revenue stood at rupees 2065 crores in quarter 4 FY26 versus 1829 crores in quarter 4 FY25 with an increase of 13% year on year. Coming to the split, agrochemical business grew by 14% year on year basis to Rs. 1927 crores. Whereas the non agrochemical business degrew by 0.3% year on year to Rs. 138 crores. Gross margin stood at 37.3% in quarter 4 FY26 as against 29.8% in quarter 4 FY25 with an increase of 750 basis points.
EBITDA grew by 75% which stood at Rs. 513 crores with EBITDA margin at 25%. PAT stood at Rupees 319 crores versus Rupees 204 crores last year showing a 57% growth year on year basis. Coming to the full year financial at 26 performance revenue stood at Rs.5268 crores in FY26 versus Rs.4320 crores in FY25 with an increase of 22% year on year basis. Coming to the split, agrochemical business grew by 25% year on year to Rs. 4717 crores. Whereas the non agrochemical business grew by 1% year on year to Rs.
551 crores. Gross margin stood at 35.9% in FY26 as against 29.9% in FY25 increase of 600 basis points. EBITDA for FY26 stood at Rupees 1040 crores with an EBITDA margin at 19.7% showcasing 69% year on year growth. PAT stood at Rs. 681 crores in FY26 versus Rupees 304 crores in FY25 with an increase of 124% on year on year basis. We remain debt free company and have cash bank liquid investment of Rupees 702 crores as on 31st March 2026. We can now open the floor for question and answers. Thank you.
Questions and Answers:
Operator
Thank you very much sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press Star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may enter. Star and 2. Participants are requested to please use only handsets while asking a question. We will wait for a moment while the question queue assembles. The first question is from the line of Anubhav Mukherjee from Presidian Capital. Please go ahead.
Anubhav Mukherjee
Hello sir. Thanks for the opportunity and congrats for the great result. My first question is that for the current quarter the revenue growth was 13% and volume
Unidentified Participant
Growth was 4.3%.
Anubhav Mukherjee
Can you share like what was the contribution of Forex and like realization year on year? For the current quarter
R. V. Bubna
Mr. Mukherjee, your first sentence was clear and loud but second and third sentences have become very so. Can you repeat the second and third sentences of your question once again?
Anubhav Mukherjee
Sir, I was asking that. For the current quarter Q4FY26, the volume growth was 4.3% and revenue growth was 13%. Can you share the contribution of like realization, increase and forex year on year for the current quarter?
R. V. Bubna
Yes, sir. Please don’t confuse the people. Current quarter is April to June, FY27. Sorry,
Anubhav Mukherjee
Last
R. V. Bubna
Quarter. So let us say last quarter and not the current quarter. Anyway, the volume growth for the fourth quarter was 4.3% plus forex impact was plus 11.7%. Price and product mix impact was minus 3.0%. Total growth was plus 12.9%. Thank you.
Anubhav Mukherjee
Thanks sir. And sir, can you please share the same? For the entire financial year?
R. V. Bubna
Yes, please. For the entire financial year, the Volume growth was 13.4%, FX impact was plus 10.3%, price and product mix impact was minus 1.8% and total growth was 21.9%.
Anubhav Mukherjee
Thanks for the information. Thank you. Sir, we have been hearing that prices of agrochemicals from China have been witnessing like a major spike since like the war broke out in Middle East. So are we also witnessing like a major increase in our procurement price from China?
R. V. Bubna
No, sir, I would clarify there is no major increase. There could be a small increase in some products but it’s not an overall trend as on now up to now.
Anubhav Mukherjee
Answer. The realization and product impact was negative as you mentioned for the current quarter. So can you please share what are you witnessing like in terms of price realization in your like major markets like Natan and NAFTA in Europe?
R. V. Bubna
There is nothing to worry. The prices have been stable and there has been a slight increase in the prices.
Anubhav Mukherjee
And sir, can you please share the like guidance for the revenue growth for the like FY27 and also specifically for each of the regions?
R. V. Bubna
Each of the regions. It will be not proper for me to elaborate because it all depends on many factors which are not in anybody’s control, particularly weather and the current war situation and all those things, you know. But I can say for the FY27 we expect the revenue to grow about 10 to 15%, gross margins to stay around 35% plus or minus a few percent and EBITDA will be 18 to 20%.
Anubhav Mukherjee
Thanks sir. Mr.
Operator
Mukherjee, could you return to the question queue? We have participants awaiting their turn.
Anubhav Mukherjee
Sure, I’ll get back in the queue. Thanks. Thank
Operator
You. The next question is from the line of Disha from Sapphire Capital. Please go ahead.
Deepak Poddar
Hello.
R. V. Bubna
Yes.
Deepak Poddar
Am I audible, sir?
R. V. Bubna
Yes, madam.
Deepak Poddar
Yes. Congratulations sir, for a great set of numbers despite the challenging geopolitical environment. So my question was again. So on the margin as guided for gross margins 35% and EBITDA of 18 to 20%. So what is giving us the confidence of being able to sustain the margin in the back of such volatile environment and any raw material price increase. Will we be able to pass this on completely to customers? If you could just elaborate a bit more on that, that’ll be really helpful.
R. V. Bubna
Madam, you have put three questions in. Please ask one by one. I’ll answer you. That will be more precise. Can you repeat your questions one by one?
Deepak Poddar
Firstly sir, if you could just highlight what is giving us this confidence of being able to maintain high margins in such volatile environment?
R. V. Bubna
Madam, our feel of the market, our communications with our customers on a regular basis and the general situation that gives us this confidence.
Deepak Poddar
Okay. And so this raw material price hikes, will we be able to completely pass this on to the customer? What is the situation there?
R. V. Bubna
Normally we are able to pass because the competition is limited. We are not dealing with products which are freely tradable and registration process is very expensive and time consuming and not very interesting to most of the investors. So the competition is also limited for the agrochemical products, particularly in developed markets. And that gives us a confidence that. And so far it has been our experience, 80 to 90% we have been able to pass the price increase of the raw materials and the customers have very gracefully accepted it.
Unless there is a unique situation where there is a lot of product in the pipeline and in the sort of storage, those are only special. But in the normal cases, most of the price increases we are able to pass on to our customers.
Deepak Poddar
Okay, that is great to know, sir. So, and the next thing was on our revenue growth. So in our interview on television we mentioned this year we’re targeting 18 to 20% sort of growth and this. And right now you just mentioned that we are targeting 10 to 15%. So is this. Are we being too conservative? How should we look at that?
R. V. Bubna
If I have said 18 to 20%, then maybe I misstated. You know, I would say it will be 10 to 15%.
Deepak Poddar
Okay. Okay. And I was talking about
R. V. Bubna
EBITDA because 18 to 20% was EBITDA and not the revenue growth.
Deepak Poddar
Okay, so 10 to 15% is what we should work with, right?
R. V. Bubna
Yes.
Deepak Poddar
Yes. Okay. And just the last question. So I was looking at the segmental breakups in the agrochemical sector, particularly in the nata, I think we’re seeing some revenue. So what was the cause for that?
R. V. Bubna
No specific cause. It could be based on the weather conditions and the economic situations in the United States.
Deepak Poddar
Okay. But no major challenge as such. Okay. Okay, that is it. From my side. Thank you so much and all the best.
R. V. Bubna
Thank you. Thank
Operator
You. The next question is from the line of Rajat Setia from. I thought PMS. Please go ahead. Mr. Setia, your line is unmuted. Please ask your question.
Riju Dalui
Yeah, hi, can you hear me?
Operator
Yes, yes. Please go ahead sir.
Riju Dalui
Okay. So sir, my first question is about the gross margins. So if we remove the impact of forex volatility, what would be the gross margins for the company for the whole year?
R. V. Bubna
Sir, I have stated It’ll be around 35%. It could be 36, 37% or it could be 34%.
Riju Dalui
Oh no sir, sorry, I’m. I didn’t mean for the next year guidance. Like this year we have reported 36% gross margins and lot of contribution from Forex exchange movement as well. So I’m just wondering if we strip off the Forex movement from the numbers, what will be the gross margins
R. V. Bubna
That. This will require some calculations which I am not ready during this phone call.
Riju Dalui
Sure, I understand. Is it possible to touch base on this point later on through the investor relations team or by any other means?
R. V. Bubna
Yes, it is possible.
Riju Dalui
Thank you. I will touch base on this later. Later on. And sir, what were the gross margins in Europe in this quarter as well as the full year?
R. V. Bubna
One minute. The gross margins in Europe was 41 in this quarter and the whole year it was also 42.5%.
Riju Dalui
Thank you sir. And sir, what was the volume growth in Europe in FY26 full year?
R. V. Bubna
Volume growth was about 16%.
Riju Dalui
16%. And in terms of the outlook for next year for Europe, do you see similar? Yes or. Okay. Similar. Okay, understood. Sir, one question about the forex losses that we reported in Q4. So if we look at the USD EUR Euro movement during the last quarter, it was pretty much in a very tight range of 1.15 to 1.7. And yet we reported 26 crores of forex losses. So I was just confused or if you can help us understand, despite such a tight movement between USD and Euro, there were still losses on forex side.
R. V. Bubna
I would request Mr. Shailesh Mahendra, our CFO to answer this question.
Shailesh Mahendele
Yeah, so this, on this particular forex loss which is reported in quarter four is mainly on account of unrealized forex loss on the realignment of foreign currency trade payables. Right. So that is the only this is unrealized loss which is accounted the Euro USD movement is not really that moment. There is no. But this is on account of the realignment of USD realignment loss.
R. V. Bubna
Mr. Mr. Rajat, I’ll elaborate here. These losses are calculated for the exchange rate which is there on the last day of the quarter. This does not reflect the total trend the last date. There could be many reasons and that becomes the key factor after two days. The situation may change if the dollar euro exchange rate changes. So all this is unrealized loss. It is not actual loss. Understood?
Riju Dalui
Got it, sir. Thank you. And so what was sales return during full year?
R. V. Bubna
Sales return was not very significant. I’m not ready with this information because it was not so significant.
Riju Dalui
So answer if you can help us understand non agrochemical segment little bit. The whole year we grew by probably 1% or so. So what’s happening in that segment? If you can
R. V. Bubna
To some other speaker. You had many questions for the next round?
Riju Dalui
Sure, sir. Thank you.
Operator
Thank you. The next question is from the line of Raju Dalui Antique Stockbroking. Please go ahead, sir.
Riju Dalui
Yeah. Hi sir. So my question regarding your top line reserve. So we are hiding 10 to 15% of our top line growth. But if you look at some of the technical prices.
R. V. Bubna
Mr. Dalvi, can you please
Riju Dalui
Speak.
R. V. Bubna
Can you speak a little slowly and little more loudly because we are not able to get your questions slowly and loudly.
Riju Dalui
Okay, sir. Is it. Is it audible now?
R. V. Bubna
No, it is more audible. More clearer audible was before also. Thank you sir.
Riju Dalui
So my question regarding the top line growth guidance for FY27 that we are writing 10 to 15% kind of a top line growth. But if you look at in terms of creep prices for the agrochemicals. Prices of agrochemical increase by 10 to 15% on a sequential basis. So are we expecting only price led growth and volume growth will be lower? How we are we are guiding 10 to 15% sub line growth. So that I wanted to understand.
R. V. Bubna
Mr. Dalvi, I am not doing all these detailed calculations. I have given you my impression and the feelings that we have about the financial year 2027. All these are just impressions. They can change. And this is just my impression as on today.
Riju Dalui
Understood. And one question for how much tax rate you can work for 27 and 28. Because if I look at last two years tax rate as a as part of the pvt that was started 20%. So now how much we can work with?
Shailesh Mahendele
Yeah, so the. The effective tax rate could be between 18 to 20%.
Riju Dalui
20%. Okay, 18 to
Shailesh Mahendele
20%. Because globally we are having different tax rates applied. Yeah,
Riju Dalui
Yeah. Okay. Okay, thank you sir. Thanks. That’s all from my end.
Operator
Thank you. The next question is from the line of Vivek Gautam from GS Investment. Please go ahead.
Unidentified Participant
Yeah, congratulations on a very good set of numbers. My question is ours is an IP LED motor business with registration. Not getting registration is not that easy but still sort of trading we are getting being treated like a trading company and how to counter that? And it has been a very hard work of your for the last so many years so that we have been able to reach to this level. So how, how can you counter that depression? That is not a trading company, it’s an IP LED motor business, sir. And the second thing was.
Yeah, first question is this answer. Yeah
R. V. Bubna
Sir, who has said that we are treating ourselves a trading company?
Unidentified Participant
My always
R. V. Bubna
Statement that we are a marketing company. And for this marketing registration is the most important and very strong requirement to market the production. And we are not doing trading that buying a few kilograms here and there and selling and all that. We are only selling. We are buying from our regular suppliers and selling to our regular customers.
Unidentified Participant
Yeah, yeah, yeah, very I agree with that sir. And the numbers also show that ours is a zero debt company. Good cash, good Roc. But somehow perception is there. So I just wanted to say ask about the person how to change the perception, sir, that is most important. And second thing, the
R. V. Bubna
People who are having the perceptions we are not having that perception
Unidentified Participant
About this inventory risk write off which we had in 2022. So any what have been the learning from that and how are we able to. How can we be able to counter it? So because ours is an asset light model. So inventory which we will have to carry on or sort of this time we have learned the lessons and it will not be that CVS in 2022
R. V. Bubna
Mr. Vivek, I don’t know whether you heard us, that inventory situation was not created or caused by any states by Sharda Crop Game. This was created by a lot of players in the market who had seen a big scarcity of products during the Corona and Covid times. So when that the hunger for the sourcing the product renewed and it got extended very long. So every everybody wanted to buy whatever was available and the manufacturers had also increased their capacity so they were able to deliver and supply as much as the people wanted.
It was only after some quarters or months. The market realized that there’s a lot of in the pipeline and in warehouses. So it was not any step done by an individual company like Sarda Cross came. We were only facing the situation but we were not having any contribution to the cause of this situation. Understood?
Unidentified Participant
Got it, sir. And that is the future is looking quite good for us. And I believe our numbers are quite good. And future is also all the best for the same. Sir. Thank you very much.
R. V. Bubna
Thank you, sir.
Operator
Thank you. The next question is from the line of Madhu Agrawal from Agrawal family office. Please go ahead.
Unidentified Participant
Hi Mr. Bugna. So I have a couple of questions. One is on the inventory increase or the inventory normalization that we have seen. Do we have a sense of whether this is restocking or it is sell through demand to the end market?
R. V. Bubna
Madam, I would only comment that today the inventory situation is absolutely under control and very well managed.
Unidentified Participant
Okay. And my other one is we have about 1,000 molecules currently under application. Are there any that we are expecting to come through in this financial year?
R. V. Bubna
Your question is very general and my reply is yes, we are expecting many registrations to come in this financial year. But I have been repeating that the process of registration is full of uncertainties. Nobody can plan and calculate that I am going to get this registration in this month or this year. Because the requirements of the authorities keep on changing. And the process of registration also requires lot of field trials. And field trials have to be repeated. So these are all dependent upon the weather conditions and controlled by the bureaucracies in every country that we want to reduce the product.
And the bureaucracies are really bureaucratic. Sometimes they meet. I mean if they are supposed to be meet once in a quarter sometimes they don’t meet for two, three quarters. So that is affecting the space and speed of the registration which for which we have no control. And that is not the highest priority thing for the bureaucrats. Am I clear?
Unidentified Participant
I understand that. So then the 10 to 15% top line growth that we are guiding is not assuming any new molecules. Right? It’s assuming our current product portfolio only.
R. V. Bubna
No, your statement is not correct. I have not said that we do not expect any registrations in the current year. I have said I cannot tell you precisely how many. But we are definitely going to get registrations during this year. And we are very optimistic about getting good amount of registrations in the current financial year for financial year 2027.
Unidentified Participant
Understood. Okay. So the top line growth then assumes a certain number of registrations will come through. We don’t know how Many. But it assumes current portfolio and new registrations. My understanding is correct now. Yeah, one
R. V. Bubna
Minute. The top line growth is not fully dependent upon the registrations that we get. This only changes the needs and requirements and other economic factors, but not the growth. Because the agriculture remains the same and agricultural needs agrochemicals as well as fertilizers, you understand? And they keep on increasing because the increase in the population of the world and need of agricultural products. Understood?
Unidentified Participant
Sure. I think that’s all for now. Thank you.
R. V. Bubna
Thank you. Thank
Operator
You. The next question is from the line of Riju Dalui from Antique. Please go ahead. Mr. Dalui. You can ask your question. Okay, we’ll move on to the next question. It’s from the line of Rohit Nagraj from 361 Capital. Please go ahead.
Unidentified Participant
Thanks for the opportunity and congrats on a very strong set of numbers. So first question is on China sourcing. So post the war have we seen any challenges in terms of availability of material in China and that, I mean in the last say two, two and a half months. Thank you.
R. V. Bubna
No, sir, there is not. No challenges in the sourcing of the products in view of this war or the current situation. Only thing is there’s a. There’s an uncertainty in the minds of the people and that what will happen if this happens or that happens. But that has not impacted the supplies till date. And nobody can predict what turn the war will take after one week or after one month or after six months. Nobody can predict. Lot of uncertainties there about the war. And I am very positive that there will always be a solution rather than things going so much out of control.
Unidentified Participant
Got that, sir. The second question is in terms of logistic availability, have we seen any delays of shipments from China to any geography and the higher logistic cost, will we be completely, you know, transferring that to our product incrementally? Thank you.
R. V. Bubna
You had again two, two or three questions in this thing. Now I would say that we have not seen any. What was your first question, Mr. Rohit?
Unidentified Participant
Yeah, sir. In terms of logistics, have we seen any delays or non availability of ship ships from transportation perspective from China to any geographies?
R. V. Bubna
See, I would not. I mean I would say that the delays have been there but very insignificant. Not impacting or geopolitizing or sourcing or transport. Similarly, there have been a slight increase in the traffic cost. But that is very insignificant and none of particularly for our business and for Sarda crop camp. None of the transportation is going through the Sarmos and Iran and Iraq area. They are going through south of Africa. So there’s an increase in the time of the transportation. But otherwise things are under control and very normal.
Unidentified Participant
You got that, sir. Thanks for answering all the questions. And all the best, sir.
R. V. Bubna
Thank you.
Operator
Thank you. The next question is from the line of Vedant from Mass Investments. Please go ahead.
Anubhav Mukherjee
Hi Sir. In the Q3 call you gave guidance for FY27 where you mentioned that 15% volume growth is achievable. So the current guidance you have given 10 to 15%. Is it the volume growth that you have given?
R. V. Bubna
I have not said that volume will be 15%. And this I said the business will grow by 10 to 15%. Revenue will go by 10 to 15%.
Anubhav Mukherjee
Okay. So this includes volume plus price. Both. Yes. Okay. Because I was recollecting from the Q3 call where you mentioned 15% volume growth is achievable. So subject to clarify on that.
R. V. Bubna
Okay. I’m very happy that you are remembering these questions. I’m very happy. Thank you.
Anubhav Mukherjee
Thank you.
Operator
Thank you. The next question is from the line of Kush Bhavna from Bhavna Brothers. Please go ahead.
Riju Dalui
And congratulations on a great set of numbers. Sorry, I’m coming back to this point. But I attended the previous con call after quarter three and one. Mr. Anubhav Mukherjee, if I remember the name right had asked guidance for FY27 revenue. And you had mentioned 15 to 20% that time. I just rechecked the transcript and I saw that. So that guidance is being changed now to 10 to 15%. Right. I just wanted to confirm that.
R. V. Bubna
I don’t remember when I. I mean maybe last time I say 15 to 20%. But today for the coming year my hum, hum feeling is that will be about 10 to 15%. It could go up. And we will not stop if it goes up.
Riju Dalui
Yes, sir. Right, sir. Thank you, sir. Thank you. All the best.
Operator
Thank you. The next question is from the line of Vijay Yadav. Please go ahead.
Unidentified Participant
Sir. What will be. What would be the volume growth for FY27? Sir,
R. V. Bubna
I can only project. I don’t have detailed calculations to tell you what will be. It would be. It should be around 15%
Unidentified Participant
Volume growth.
R. V. Bubna
Volume growth? Yes.
Unidentified Participant
So that means when the revenue grows by 10 to 15% and the volume is going by 15% that means there is a drop in realization.
R. V. Bubna
I cannot comment on that. I’ve just given you an impression.
Unidentified Participant
So you are not expecting any forex impacts in the next year?
R. V. Bubna
I have never said so. This forest impact is not under my control. We only have to face the situation and handle it as and when the situation unfolds in front of us.
Unidentified Participant
But this 10 to 15% is on the lower side or that is our best chance.
R. V. Bubna
I have said 10 to 15% but I have also said it can go up and it can also go down depend upon lot of factors which we cannot foresee today.
Unidentified Participant
Okay sir, thank you so much.
Operator
Thank you. The next question is from the line of Anubhav Mukherjee, Presian Capital. Please go ahead
Anubhav Mukherjee
Sir. Thanks for the follow up opportunity. Sir, the strong revenue growth that the company has shown in the last two years. Have we benefited from like launch of like any generic for any agrochemical that has gone off patent in the last two years in North America or Europe?
R. V. Bubna
See I think there are, there are some products which have gone off. You should call patent.
Anubhav Mukherjee
Yeah. Mr.
R. V. Bubna
This is a normal trend in the market. Some products go off patent and some products go even banned and new products come in with the new registrations. So this is a normal process. There is nothing very specific or very sort of controlling that I can point out to you. This is absolutely normal process.
Anubhav Mukherjee
Okay sir. Anthra, will it be possible to share the contribution of like top 5 or 10 products to our revenue?
R. V. Bubna
I think it would be possible. Give me a few minutes. See, I would say top five the contribution is about 2236. Sir, the top five the contribution is about. He says it’s 22% but I think it could be more.
Anubhav Mukherjee
Okay. The contribution has remained in the same range over last two, three years or have we seen like some particular molecule like contributing a lot of growing?
R. V. Bubna
Mr. Mukherjee, this is a business so the contribution keep on going up and down from product to product depending upon supply and demand and many other factors. So I cannot say specifically that this is because of this factor.
Anubhav Mukherjee
Thanks sir, I’ll get back in the Q.
R. V. Bubna
Thank you.
Operator
Thank you. Next question is from the line of Rajat Setia. I thought bms. Please go ahead.
Riju Dalui
Thanks. Sir, what would be the revenue from new products that we would have launched in the last three years?
R. V. Bubna
What did you say? New products in the last three years?
Riju Dalui
Yes sir, the revenue from those products, let’s say last three, four years.
R. V. Bubna
I can make a guess it could be about 30%.
Riju Dalui
Okay, sure. Sir, answer. If you can also share the region wise you have shared Europe gross margins in Europe. If you can also share gross margins in other geographies for the quarter as well as for the whole year.
R. V. Bubna
Yes sir. Now I have given you the figures for Europe gross margin in NAFTA region was 28% in the quarter quarter four and 25% for the year 2526. For LATAM it was 28% and 25%. Rest of the world it was 46% and 43%.
Riju Dalui
And say Europe for the full year.
R. V. Bubna
Europe for the full year was 42%. 42.5%. Approximately 42%.
Riju Dalui
You can also talk about the known agrochemical segment little bit. How are you seeing the outlook now? Last year was pretty flat. In terms of our volume growth or the overall revenue growth? Business growth.
R. V. Bubna
Yes. I would say we should be able to grow about 5 to 10%.
Riju Dalui
Okay. And sir, how is the pricing scenario there or the margin overall? How are you seeing the
R. V. Bubna
Margins have improved in the last year compared to previous years?
Riju Dalui
Okay. And the reason would be our product mix or the pricing scenario has changed.
R. V. Bubna
Reason for which you mean Agro margin
Riju Dalui
Improvement. Non agro margin improvement.
R. V. Bubna
See, non agro is a special kind of business. I mean, we are not stocking and selling and you can. So every time the customer gives us a requirement, it’s a specific requirement for every customer. You know, depending upon the specification, width, length and content of the conveyor belts. So after we receive an order, we conclude the order, we get quotations and then we start manufacturing goods are manufactured.
Riju Dalui
Sorry sir, I was not able to hear your last line.
R. V. Bubna
What I’m saying, like unlike agrochemicals, the conveyor belt business is goods getting manufactured to the specific requirement of the customers. You understand? After the specifications are concluded and finalized.
Riju Dalui
Sure. So you mean it’s a customized product.
R. V. Bubna
It’s a. It’s a made to order, not already made and then supplied.
Riju Dalui
Sure. So sir, what led to margin improvement? I was not able to understand that part.
R. V. Bubna
See. What did you say? Margin improvement?
Riju Dalui
Yeah. What is driving the improvement in margin?
R. V. Bubna
Because now we are seeing the trend. We are having very good demands. More requirements. And we are able to improve the margins because the demand is also improving.
Riju Dalui
Got it? Got it, sir. And sir, over the next two, three years, what is the kind of opportunity that exists from. From new. From the products which are going off patent and have. Are we registering for such products? Yeah.
R. V. Bubna
Mr. Sejiya, this process is not done by us. We are only seeing our innovators, our gurus who invented the products. They are planning much ahead in advance. So they are doing all the R D and developing the products. And then they also have an exposure of selling those products under patent. For the first 10 years, our role comes only thereafter. So we choose from what is available. To us and what is presented to us by the innovators.
Riju Dalui
Right, right. Yes, sir. That is what my question was like. What is the opportunity you see from these products going off patent in the next two, three years?
R. V. Bubna
Some products will continue to go off patent because as the technology is developing, some products which were having used in the past, they also have some weaknesses, some side effects on the health or climate and so many things. So, you know, let us try to find out the products similar to them but without those weaknesses.
Riju Dalui
Sure, sure. Tariq it last.
Operator
Please return to the question queue.
Riju Dalui
So,
Operator
Thank you. The next question is from the line of Vivek Gautam from GS Investments. Please go ahead.
Unidentified Participant
Are the tailwinds for the agriculture and agriculture sector back as much better than past? And so it’s helping us and companies like us for example and Ukraine war any impact hasn’t because Ukraine used to be the grandery of the world and the Europe. Sir,
R. V. Bubna
You will be very much surprised. Mr. Vivek, we continued. We have been supplying our goods to Ukraine for the last five years. Even now they are buying from us, their ports have been destroyed that the goods are getting transported to European ports and from European ports that trucks come from Ukraine and pick up the goods. We are paying for the cost and then we are able to pass it on to our customers. But our business in Ukraine is going on. We are able. We are getting orders on time and we are getting payments on time.
This is a very big surprise to the world. But this is what is happening in agrochemical business.
Anubhav Mukherjee
People need food.
R. V. Bubna
They need food and they need also agrochemicals. And I have not heard in the war that some fields, agricultural fields haven’t got destroyed or damaged in. They damage a lot of other things, but not the agricultural fields
Unidentified Participant
Other than Ukraine. Also the same situation is prevailing in Western Europe and US market in Naphta and Brazil. We are also supplying
R. V. Bubna
Our goods to Israel. To give you an insight, we are also selling to Israel.
Unidentified Participant
Okay, so tailwinds are quite strong for our sector for agriculture and for agrochem as such worldwide.
R. V. Bubna
Yes, sir.
Unidentified Participant
Yeah, that is the key reason. As
R. V. Bubna
The world population is increasing, the demand of agrochemical. Agrochemical products is also agricultural products is also increasing.
Unidentified Participant
Correct? Correct. Okay, sir, thanks. Thank you.
Operator
Thank you. The next question is from the line of Samir Deshpande from Fair Deal Investments. Please go ahead.
Unidentified Participant
Hello. Thank you. This is really. I would like to congratulate you for the stupendous success and for the first time we cost 5000 crores that has been a big achievement for the company. And the consistency is also really appreciable. And as you mentioned, we are really surprised to understand that we have been supplying to Ukraine, Israel and almost. So how many countries do we supply? Any rough idea?
R. V. Bubna
Beg your pardon?
Unidentified Participant
Our exports are happening to what total number of countries? Any idea?
R. V. Bubna
About 70 to 75 countries around the globe.
Unidentified Participant
Really good. And the niche we have developed with the new product registration set for which last year also we have I think secured some 40, 50 registrations from 2950 to 3000 plus. And as you mentioned, the pace is unpredictable. But it is good that slowly if we are in a position to grab more, it is going to benefit us more because of the limited competition which our registered product face in the countries. And it is nice to hear the Middle east crisis is not affecting our exports. Because we were fearing that maybe the state of Hormuz is likely to affect our export to Europe.
But I think you mentioned that it is not at all affecting us. And our freight costs are also in the similar range or so not affecting our gross margins. So our gross margin guidance is around 35%.
R. V. Bubna
Yes.
Unidentified Participant
Next year.
R. V. Bubna
Good. Yes, sir.
Unidentified Participant
Okay. And congratulations. And we’ll be happy to see the company growing at this brisk pace. Thank you. Thank
R. V. Bubna
You, sir. We need your good wishes. Yes,
Unidentified Participant
Surely. Thank you. Thank you. Thank
Operator
You. The next question is from the line of Madhurati from Countercyclical Investments. Please go ahead.
Pratik Patel
So thank you for the opportunity. Sir. If I look at our registration pipeline as well as the products that are registering as well as pipeline. So the amount of intensity for incremental registration that we receive IOI as well as the registration for the past three, four years. So how should we look at our business going forward? Because we say that the competition approval by authorities as stretched. So how should we look at our competition going forward?
R. V. Bubna
There was a echoing in your voice and the question. I’ll repeat my
Pratik Patel
Question. I’ll repeat my question. So I wanted to understand. Yes, sir. Yeah. Yes, sir. So I was trying to understand, sir. The registration that we have, sir, in yoy incremental. What, Whatever. So they were like 2700 during FY22. Right now they are 3000. So there has not been a lot of jump over this five years. At the same time our pipeline has been closer to thousand or eleven hundred registration that we are planning to add. So the incremental addition has got very slowed down versus what it was earlier.
So how should we look at our business going forward? Because on one side we Mentioned that because of authorities stretching the registration timeline, competition is limited. But also our own registration pipeline is getting impacted. So how do we look at our business going forward from this perspective?
R. V. Bubna
Mr. Mazur? No, it’s just like when you go to have you have your meals or food, sometimes you are able to get some sweets, sometimes you get a special dish, sometimes special dish. So all those foods are capable of filling your stomach and satisfying your hunger. So these products that are new products are coming. They are more sophisticated, more safer to use and more effective. But if they don’t come, that does not mean the agricultural stops. Agricultural still continues with the older products.
So this has nothing to do with the growth of our business. You understand there were some products which were being used, I know for last 20 years or 25 years for all, all of a sudden banned, that they say they are carcinogenic but they’re still being used for a lot of times, a lot of period in the history. So. Yes,
Pratik Patel
Please go. Sorry.
R. V. Bubna
No, I’m listening.
Pratik Patel
Yes, sir. So I was trying to understand that going forward, should we look at our realizations improving because of limited competition, because due to the lower approvals by these authorities or how should I look at like that, Whatever new registration will come, they’ll come. Their value as well as volume growth would be much higher for us going forward. So how should I look at our business? I was trying to understand on that front,
R. V. Bubna
Mr. Madhur Raji. We are having not more than 5% of that market share globally, you understand. So we have a lot of scope to improve market share. If it goes from 5 to 6%, it’s almost 20% increase in Sarda Kokyan’s business. And these are not dependent upon a particular product or particular registration. It is mainly dependent dependent on our contacts, market share and the confidence that the customers are having in Sarda Croque M’s ability to supply the promised product in promised time and at promise value.
The new registration is not dictating the growth in the volume of the business. Is it clear?
Pratik Patel
Yes, sir. Sir, that was from end. Thank you so much.
R. V. Bubna
Thank you.
Operator
Thank you, ladies and gentlemen. That was the last question. I now hand the floor over to the management for closing remarks.
R. V. Bubna
Okay. I would like to thank everyone who have joined us and for having spared their time to take part into this conference call. I hope we have been able to answer all your queries. We look forward to such interactions in the future. We hope to meet your expectations in the future. Also, in case you require any further details, you may contact us or our strategic growth advisors, Mrs. SGA, our investment relations partners. Thank you very much. Have a nice day.
Operator
Thank you very much, sir. On behalf of Antique Stock Broking limited, that concludes this conference call. Thank you all for joining us. And you may now disconnect your lines. Thank you.