Indogulf Cropsciences Ltd.
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ABOUT
AI Sector View
AI GENERATEDChemicals
The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.
PROS
- Institutional investors have been accumulating - FII+DII up 4.5pp
CONS
- Operating cash flow has been negative in recent years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.22x)
- Equity base is being diluted - shares outstanding up 107.4%
- Total debt has risen sharply - up 42.6% year on year
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| UPL | 576.05 | 24.07 | 48628.37 | 1.04 | -73.00 | 58.52 | 10181.00 | 10.47 | 12.00 | 13.43 |
| PIIND | 2390.55 | 31.13 | 36268.97 | 0.63 | 244.20 | -38.95 | 1702.30 | -10.43 | 16.00 | 21.69 |
| SUMICHEM | 505.00 | 43.50 | 25206.86 | 0.26 | 214.51 | 20.45 | 1063.35 | 0.62 | 23.39 | 21.94 |
| BAYERCROP | 3980.70 | 322.87 | 17890.10 | 3.77 | 321.60 | 15.39 | 1835.00 | -4.16 | 30.08 | 20.03 |
| SHARDACROP | 778.45 | 11.22 | 7023.21 | 1.93 | 88.02 | -38.36 | 1073.77 | 9.03 | 31.10 | 17.32 |
| DHANUKA | 994.20 | 14.92 | 4431.98 | 0.20 | 75.50 | 27.94 | 442.02 | 20.01 | 24.44 | 24.83 |
| RALLIS | 209.55 | 24.82 | 4075.10 | 1.43 | -14.15 | -274.26 | 507.54 | 7.70 | 13.23 | -0.56 |
| NACLIND | 167.45 | 317.09 | 3922.40 | 0.00 | 20.84 | 59.82 | 383.33 | -14.50 | 6.20 | 10.80 |
| BHAGCHEM | 267.95 | 126.24 | 3474.48 | 0.06 | 133.29 | 3249.84 | 1950.19 | 1475.55 | 4.55 | 15.65 |
| GSPCROP | 626.60 | 29.78 | 2914.86 | 0.16 | 263.94 | 1111.46 | 3859.95 | 1153.27 | 18.46 | 11.02 |
| BHARATRAS | 1204.30 | 13.97 | 2001.68 | 0.04 | 372.30 | 838.73 | 3381.60 | 796.03 | 16.63 | 15.19 |
| IGCL | 73.95 | 12.12 | 467.54 | 0.00 | 2.41 | -37.57 | 168.55 | -11.00 | 13.40 | 5.67 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 139 | 132 | 233 | 99 | 126 | 189 | 248 | 116 | 151 | 169 | |
| 119 | 126 | 205 | 89 | 105 | 179 | 216 | 104 | 130 | 166 | |
| Operating Profit | 23 | 9 | 28 | 10 | 21 | 10 | 33 | 12 | 20 | 10 |
| OPM % | 16.70% | 6.45% | 11.85% | 10.09% | 16.53% | 5.25% | 13.18% | 10.36% | 13.00% | 5.67% |
| Other Income | 2 | 0 | 1 | 1 | 2 | 1 | 2 | 3 | 2 | 1 |
| Interest | 3 | 3 | 3 | 4 | 4 | 4 | 5 | 4 | 4 | 5 |
| Depreciation | 3 | 2 | 3 | 2 | 3 | 2 | 3 | 3 | 4 | 3 |
| 18 | 2 | 23 | 5 | 15 | 5 | 27 | 7 | 14 | 3 | |
| Tax % | 27.61% | 33.82% | 26.69% | 20.61% | 35.48% | 16.77% | 23.71% | 47.70% | 16.65% | 22.73% |
| Net Profit | 0 | 0 | 0 | 0 | 10 | 4 | 21 | 4 | 12 | 2 |
| 6 | 0 | 4 | 1 | 2 | 1 | 2 | 1 | 2 | 0 | |
| Equity Capital | 24 | 49 | 49 | 49 | 49 | 49 | 63 | 63 | 63 | 63 |
| Reserves | 0 | 196 | 0 | 0 | 0 | 230 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|
| 487 | 550 | 552 | 590 | 684 | |
| 441 | 501 | 494 | 526 | 617 | |
| Operating Profit | 50 | 51 | 63 | 68 | — |
| OPM % | 10 | 9 | 11 | 12 | — |
| Other Income | 4 | 3 | 5 | 4 | 7 |
| Interest | 6 | 12 | 13 | 15 | 18 |
| Depreciation | 9 | 10 | 10 | 11 | 12 |
| 36 | 30 | 36 | 45 | 52 | |
| Tax % | 26 | 26 | 22 | 29 | 25 |
| Net Profit | 26 | 22 | 28 | 31 | 39 |
| EPS | 11 | 9 | 12 | 6 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 6 | 5 | 6 | 6 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 7%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 6%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -32%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 12%
- Last Year:
- 12%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| LIABILITIES | - | - | - | - |
| Equity Capital | 24 | 24 | 24 | 49 |
| 157 | 180 | 208 | 226 | |
| 88 | 167 | 129 | 173 | |
| Trade Payables | 101 | 82 | 110 | 134 |
| 45 | 65 | 72 | 105 | |
| Total Liabilities | 414 | 518 | 542 | 688 |
| ASSETS | - | - | - | - |
| 57 | 69 | 48 | 47 | |
| Capital Work in Progress | 9 | 7 | 22 | 57 |
| 152 | 209 | 195 | 270 | |
| 0 | 0 | 221 | 223 | |
| Cash & Bank | 5 | 4 | 3 | 10 |
| 191 | 228 | 53 | 81 | |
| Total Assets | 414 | 518 | 542 | 688 |
| Total Debt | 101 | 189 | 155 | 220 |
| Net Working Capital | 115 | 140 | 171 | 195 |
| Contingent Liabilities | 54 | 10 | 21 | 60 |
| Book Value per Share | 76.70 | 86.37 | 98.44 | 56.42 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| -7 | -57 | 53 | -15 | |
| Cash from Investing | -10 | -19 | -5 | -40 |
| Cash from Financing | 16 | 75 | -49 | 61 |
| -1 | -1 | -1 | 7 | |
| Free Cash Flow | -7 | -76 | 53 | -60 |
| OCF / Net Profit | -0.27 | -2.54 | 1.89 | -0.47 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| PER SHARE | ||||
| EPS (₹) | 11.21 | 9.53 | 12.00 | 6.45 |
| Book Value (₹) | 76.70 | 86.37 | 98.44 | 56.42 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 7.43 | 6.81 | 8.19 | 8.62 |
| PROFITABILITY | ||||
| Operating Margin % | 9.89% | 9.03% | 10.18% | 10.34% |
| Net Margin % | 5.19% | 3.94% | 4.92% | 5.07% |
| ROE % | 14.61% | 11.69% | 12.99% | 12.42% |
| ROCE % | 14.78% | 12.44% | 12.58% | 13.40% |
| 6.37% | 4.82% | 5.33% | 5.12% | |
| EFFICIENCY | ||||
| Debtor Days | 102 | 102 | 127 | 131 |
| Inventory Days | 109 | 116 | 129 | 137 |
| Payable Days | 111 | 88 | 96 | 117 |
| 100 | 130 | 160 | 150 | |
| FINANCIAL HEALTH | ||||
| Debt to Equity (x) | 0.56x | 0.93x | 0.67x | 0.80x |
| Interest Coverage (x) | 6.91x | 3.60x | 3.78x | 4.07x |
| 1.55x | 1.50x | 1.61x | 1.53x | |
| GROWTH | ||||
| Revenue Growth % | 0.00% | 12.82% | 0.47% | 6.92% |
| Operating Profit Growth % | 0.00% | 2.44% | 22.47% | 8.54% |
| Net Profit Growth % | 0.00% | -14.95% | 25.91% | 11.47% |
| 0.00% | 0.00% | 25.91% | -46.26% | |
| VALUATION | ||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 2.78x | 3.80x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-02 - Indogulf Cropsciences Limited has informed the Exchange about Copy of Newspaper Publication after dispatch of Notice of the 34th AGM of the Company to be held on September 24, 2026.
2026-09-01 - Indogulf Cropsciences Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 24, 2026
2026-08-29 - Indogulf Cropsciences Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-27 - Indogulf Cropsciences Limited has informed the Exchange about Schedule of meet
2026-08-26 - Indogulf Cropsciences Limited has informed the Exchange about Schedule of meet
2026-08-21 - Indogulf Cropsciences Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
2026-08-21 - Indogulf Cropsciences Limited has informed the Exchange about Transcript
2026-08-18 - Indogulf Cropsciences Limited has informed the Exchange about Link of Recording
2026-08-18 - Indogulf Cropsciences Limited has informed the Exchange about Investor Presentation
News
Recent coverage and analyst commentary for IGCL
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Indogulf Cropsciences Ltd.
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