India Pesticides Ltd.

140.271.6%

2026-08-21

indiapesticideslimited.comBSE: 543311NSE: IPL
Market Cap₹ 1,577 Cr.
Current Price₹ 138
High / Low₹ 246 / 125
Stock P/E14.7
Book Value₹ 90
Price to Book1.43
Dividend Yield0.55 %
ROCE16.8 %
ROE12.6 %
Face Value₹ 1

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ABOUT

KEY POINTS

PROS

  • Company has consistently been profitable over the last 5 years
  • Company comfortably covers its interest (23.4x coverage)
  • Stock looks reasonably valued - P/E of 14.7 is below its historical median
  • Company has a consistent dividend-paying track record
  • Company maintains a comfortable, low leverage position

CONS

  • Company has a low return on equity of 9.9% over last 3 years
  • Total debt has risen sharply - up 107.1% year on year
  • Company has delivered a poor profit growth of -2.3% over past five years
  • Free cash flow has been persistently negative
  • Operating margins have contracted to 17.7% from 23.4%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

EDIT COLUMNS
S.No.NameCMP Rs.P/EMar Cap Rs.Cr.Div Yld %NP Qtr Rs.Cr.Qtr Profit Var %Sales Qtr Rs.Cr.Qtr Sales Var %ROCE %OPM %
1.UPL568.7023.7748007.911.05-73.0058.5210181.0010.4712.0013.43
2.PIIND2496.0032.5137868.840.60244.20-38.951702.30-10.4316.0021.69
3.SUMICHEM553.6547.6927635.200.23214.5120.451063.350.6223.3921.94
4.BAYERCROP4068.40329.9918284.243.69321.6015.391835.00-4.1630.0820.03
5.SHARDACROP771.8011.126963.221.9488.02-38.361073.779.0331.1017.32
6.DHANUKA995.2014.944436.430.2075.5027.94442.0220.0124.4424.83
7.RALLIS211.9025.104120.801.42-14.15-274.26507.547.7013.23-0.56
8.NACLIND174.00329.494075.830.0020.8459.82383.33-14.506.2010.80
9.BHAGCHEM290.25136.753763.650.05133.293249.841950.191475.554.5515.65
10.GSPCROP595.3528.292769.490.17263.941111.463859.951153.2720.8111.02
11.BHARATRAS1279.9014.852127.330.04372.30838.733381.60796.0316.6315.19
12.IPL136.9514.651577.160.5522.77-34.78251.76-8.5116.7614.09
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023
201
179
Operating Profit
OPM %
Other Income
3
Interest
1
Depreciation
4
21
Tax %
26.76%
Net Profit
0
1
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%
Sep 2023
202
175
Operating Profit
OPM %
Other Income
4
Interest
1
Depreciation
4
27
Tax %
26.47%
Net Profit
0
2
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%
Dec 2023
151
118
Operating Profit
OPM %
Other Income
4
Interest
1
Depreciation
4
32
Tax %
26.16%
Net Profit
0
2
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%
Mar 2024
126
122
Operating Profit
OPM %
Other Income
4
Interest
1
Depreciation
4
2
Tax %
47.26%
Net Profit
0
0
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%
Jun 2024
220
192
Operating Profit
OPM %
Other Income
4
Interest
1
Depreciation
4
27
Tax %
26.93%
Net Profit
19
2
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%
Sep 2024
229
195
Operating Profit
OPM %
Other Income
5
Interest
1
Depreciation
4
34
Tax %
22.89%
Net Profit
26
2
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%
Dec 2024
172
146
Operating Profit
OPM %
Other Income
3
Interest
1
Depreciation
5
23
Tax %
30.76%
Net Profit
16
1
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%
Mar 2025
207
176
Operating Profit
OPM %
Other Income
3
Interest
1
Depreciation
5
29
Tax %
24.57%
Net Profit
22
2
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%
Jun 2025
275
230
Operating Profit
OPM %
Other Income
9
Interest
2
Depreciation
5
47
Tax %
25.85%
Net Profit
35
3
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%
Sep 2025
290
242
Operating Profit
OPM %
Other Income
5
Interest
1
Depreciation
5
47
Tax %
32.74%
Net Profit
32
3
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%
Dec 2025
225
188
Operating Profit
OPM %
Other Income
3
Interest
1
Depreciation
6
34
Tax %
33.07%
Net Profit
23
2
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%
Mar 2026
266
225
Operating Profit
OPM %
Other Income
4
Interest
3
Depreciation
5
38
Tax %
19.17%
Net Profit
31
3
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%
Jun 2026
252
225
Operating Profit
OPM %
Other Income
4
Interest
3
Depreciation
6
31
Tax %
26.19%
Net Profit
23
0
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%
Equity Capital
12
Reserves
0
Promoter Pledge %
0.00%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021
649
466
Operating Profit
190
OPM %
29
Other Income
6
Interest
3
Depreciation
6
180
Tax %
25
Net Profit
135
EPS
12
Dividend Payout %
3
Minority Interest
0
Share of Associates
0
Adjusted EPS
12
Minority Interest
0
Share of Associates
0
Adjusted EPS
12
Mar 2022
716
502
Operating Profit
227
OPM %
32
Other Income
13
Interest
7
Depreciation
9
212
Tax %
25
Net Profit
158
EPS
14
Dividend Payout %
5
Minority Interest
0
Share of Associates
0
Adjusted EPS
14
Minority Interest
0
Share of Associates
0
Adjusted EPS
14
Mar 2023
885
688
Operating Profit
210
OPM %
24
Other Income
13
Interest
7
Depreciation
11
192
Tax %
25
Net Profit
143
EPS
12
Dividend Payout %
6
Minority Interest
0
Share of Associates
0
Adjusted EPS
12
Minority Interest
0
Share of Associates
0
Adjusted EPS
12
Mar 2024
680
594
Operating Profit
102
OPM %
15
Other Income
15
Interest
4
Depreciation
15
82
Tax %
27
Net Profit
60
EPS
5
Dividend Payout %
14
Minority Interest
0
Share of Associates
0
Adjusted EPS
5
Minority Interest
0
Share of Associates
0
Adjusted EPS
5
Mar 2025
829
709
Operating Profit
134
OPM %
16
Other Income
15
Interest
5
Depreciation
18
111
Tax %
26
Net Profit
82
EPS
7
Dividend Payout %
11
Minority Interest
0
Share of Associates
0
Adjusted EPS
7
Minority Interest
0
Share of Associates
0
Adjusted EPS
7
Mar 2026
1,057
884
Operating Profit
194
OPM %
18
Other Income
21
Interest
7
Depreciation
21
166
Tax %
28
Net Profit
120
EPS
10
Dividend Payout %
7
Minority Interest
-0
Share of Associates
0
Adjusted EPS
10
Minority Interest
-0
Share of Associates
0
Adjusted EPS
10
TTM
1,034
879
Operating Profit
OPM %
Other Income
16
Interest
8
Depreciation
22
150
Tax %
28
Net Profit
108
EPS
Dividend Payout %
Minority Interest
0
Share of Associates
0
Adjusted EPS
Minority Interest
0
Share of Associates
0
Adjusted EPS

COMPOUNDED SALES GROWTH

10 Years:
5 Years:
10%
3 Years:
6%

COMPOUNDED PROFIT GROWTH

10 Years:
5 Years:
-2%
3 Years:
-6%

STOCK PRICE CAGR

10 Years:
5 Years:
-15%
3 Years:
-14%
1 Year:
-36%

RETURN ON EQUITY

10 Years:
5 Years:
16%
3 Years:
10%
Last Year:
13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Aug 24

₹ 0.75

Rs.0.7500 per share(75%)Dividend

2025

Aug 12

₹ 0.75

Rs.0.7500 per share(75%)Dividend

2024

Aug 12

₹ 0.75

Rs.0.7500 per share(75%)Final Dividend

2023

Aug 17

₹ 0.75

Rs.0.7500 per share(75%)Final Dividend

2022

Aug 11

₹ 0.75

Rs.0.7500 per share(75%)Final Dividend

Mar 2021
Equity Capital
11
378
23
Trade Payables
74
75
Total Liabilities
561
124
Capital Work in Progress
12
9
70
0
Cash & Bank
44
302
Total Assets
561
Total Debt
30
Net Working Capital
256
Contingent Liabilities
0
Book Value per Share
34.84
Face Value
1.00
Total Debt
30
Net Working Capital
256
Contingent Liabilities
0
Book Value per Share
34.84
Face Value
1.00
Mar 2022
Equity Capital
12
626
11
Trade Payables
95
102
Total Liabilities
845
174
Capital Work in Progress
44
17
140
0
Cash & Bank
107
364
Total Assets
845
Total Debt
14
Net Working Capital
417
Contingent Liabilities
0
Book Value per Share
55.39
Face Value
1.00
Total Debt
14
Net Working Capital
417
Contingent Liabilities
0
Book Value per Share
55.39
Face Value
1.00
Mar 2023
Equity Capital
12
762
2
Trade Payables
103
89
Total Liabilities
967
248
Capital Work in Progress
27
12
225
0
Cash & Bank
61
393
Total Assets
967
Total Debt
4
Net Working Capital
459
Contingent Liabilities
1
Book Value per Share
67.11
Face Value
1.00
Total Debt
4
Net Working Capital
459
Contingent Liabilities
1
Book Value per Share
67.11
Face Value
1.00
Mar 2024
Equity Capital
12
813
15
Trade Payables
95
84
Total Liabilities
1,019
279
Capital Work in Progress
58
12
208
238
Cash & Bank
113
110
Total Assets
1,019
Total Debt
18
Net Working Capital
457
Contingent Liabilities
1
Book Value per Share
71.61
Face Value
1.00
Total Debt
18
Net Working Capital
457
Contingent Liabilities
1
Book Value per Share
71.61
Face Value
1.00
Mar 2025
Equity Capital
12
887
48
Trade Payables
118
122
Total Liabilities
1,187
328
Capital Work in Progress
58
15
243
344
Cash & Bank
101
98
Total Assets
1,187
Total Debt
52
Net Working Capital
508
Contingent Liabilities
1
Book Value per Share
77.99
Face Value
1.00
Total Debt
52
Net Working Capital
508
Contingent Liabilities
1
Book Value per Share
77.99
Face Value
1.00
Mar 2026
Equity Capital
12
998
75
Trade Payables
138
179
Total Liabilities
1,401
388
Capital Work in Progress
68
19
287
360
Cash & Bank
117
162
Total Assets
1,401
Total Debt
107
Net Working Capital
585
Contingent Liabilities
39
Book Value per Share
87.67
Face Value
1.00
Total Debt
107
Net Working Capital
585
Contingent Liabilities
39
Book Value per Share
87.67
Face Value
1.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021
83
Cash from Investing
-83
Cash from Financing
-4
-4
Free Cash Flow
83
OCF / Net Profit
0.62
Cumulative 5-Year FCF
0
OCF / Net Profit
0.62
Cumulative 5-Year FCF
0
Mar 2022
76
Cash from Investing
-133
Cash from Financing
71
14
Free Cash Flow
-14
OCF / Net Profit
0.48
Cumulative 5-Year FCF
0
OCF / Net Profit
0.48
Cumulative 5-Year FCF
0
Mar 2023
45
Cash from Investing
-24
Cash from Financing
-25
-4
Free Cash Flow
-23
OCF / Net Profit
0.32
Cumulative 5-Year FCF
0
OCF / Net Profit
0.32
Cumulative 5-Year FCF
0
Mar 2024
115
Cash from Investing
-120
Cash from Financing
3
-2
Free Cash Flow
39
OCF / Net Profit
1.90
Cumulative 5-Year FCF
0
OCF / Net Profit
1.90
Cumulative 5-Year FCF
0
Mar 2025
3
Cash from Investing
-20
Cash from Financing
19
2
Free Cash Flow
-63
OCF / Net Profit
0.04
Cumulative 5-Year FCF
0
OCF / Net Profit
0.04
Cumulative 5-Year FCF
0
Mar 2026
62
Cash from Investing
-83
Cash from Financing
36
15
Free Cash Flow
-30
OCF / Net Profit
0.51
Cumulative 5-Year FCF
-91
OCF / Net Profit
0.51
Cumulative 5-Year FCF
-91

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021
EPS (₹)
12.03
Book Value (₹)
34.84
Dividend per Share (₹)
0.32
Cash EPS (₹)
12.58
Operating Margin %
28.55%
Net Margin %
20.27%
ROE %
34.54%
ROCE %
43.68%
23.97%
Debtor Days
118
Inventory Days
39
Payable Days
92
64
Debt to Equity (x)
0.08x
Interest Coverage (x)
53.43x
2.65x
Revenue Growth %
0.00%
Operating Profit Growth %
0.00%
Net Profit Growth %
0.00%
0.00%
P/E (x)
0.00x
P/B (x)
0.00x
Dividend Yield %
0.00%
0.00x
Mar 2022
EPS (₹)
13.72
Book Value (₹)
55.39
Dividend per Share (₹)
0.75
Cash EPS (₹)
14.45
Operating Margin %
30.53%
Net Margin %
21.25%
ROE %
30.75%
ROCE %
40.75%
22.46%
Debtor Days
113
Inventory Days
51
Payable Days
98
67
Debt to Equity (x)
0.02x
Interest Coverage (x)
31.87x
3.23x
Revenue Growth %
10.35%
Operating Profit Growth %
19.75%
Net Profit Growth %
17.41%
0.00%
P/E (x)
0.00x
P/B (x)
0.00x
Dividend Yield %
0.00%
0.00x
Mar 2023
EPS (₹)
12.43
Book Value (₹)
67.11
Dividend per Share (₹)
0.75
Cash EPS (₹)
13.42
Operating Margin %
23.37%
Net Margin %
15.93%
ROE %
20.30%
ROCE %
27.82%
15.81%
Debtor Days
103
Inventory Days
74
Payable Days
77
100
Debt to Equity (x)
0.00x
Interest Coverage (x)
27.80x
3.66x
Revenue Growth %
23.57%
Operating Profit Growth %
-7.38%
Net Profit Growth %
-9.31%
0.00%
P/E (x)
0.00x
P/B (x)
0.00x
Dividend Yield %
0.00%
0.00x
Mar 2024
EPS (₹)
5.22
Book Value (₹)
71.61
Dividend per Share (₹)
0.75
Cash EPS (₹)
6.53
Operating Margin %
12.05%
Net Margin %
8.37%
ROE %
7.53%
ROCE %
10.70%
6.06%
Debtor Days
127
Inventory Days
110
Payable Days
96
141
Debt to Equity (x)
0.02x
Interest Coverage (x)
19.79x
3.70x
Revenue Growth %
-23.11%
Operating Profit Growth %
-51.58%
Net Profit Growth %
-57.99%
-57.99%
P/E (x)
38.88x
P/B (x)
2.84x
Dividend Yield %
0.37%
22.07x
Mar 2025
EPS (₹)
7.13
Book Value (₹)
77.99
Dividend per Share (₹)
0.75
Cash EPS (₹)
8.71
Operating Margin %
15.95%
Net Margin %
10.96%
ROE %
9.54%
ROCE %
12.96%
7.45%
Debtor Days
142
Inventory Days
110
Payable Days
90
162
Debt to Equity (x)
0.06x
Interest Coverage (x)
24.01x
2.93x
Revenue Growth %
21.78%
Operating Profit Growth %
32.08%
Net Profit Growth %
36.58%
36.58%
P/E (x)
18.82x
P/B (x)
1.72x
Dividend Yield %
0.56%
11.14x
Mar 2026
EPS (₹)
10.40
Book Value (₹)
87.67
Dividend per Share (₹)
0.75
Cash EPS (₹)
12.25
Operating Margin %
17.73%
Net Margin %
12.25%
ROE %
12.56%
ROCE %
16.76%
9.26%
Debtor Days
131
Inventory Days
99
Payable Days
85
145
Debt to Equity (x)
0.11x
Interest Coverage (x)
23.44x
2.76x
Revenue Growth %
27.61%
Operating Profit Growth %
44.71%
Net Profit Growth %
45.80%
45.76%
P/E (x)
12.04x
P/B (x)
1.43x
Dividend Yield %
0.60%
7.36x

Shareholding Pattern

Numbers in percentages

TRADES
Jun 2024
63.61
0.26
0.04
Government
0.00
36.09
Sep 2024
63.61
0.32
0.05
Government
0.00
36.02
Dec 2024
63.61
1.75
0.06
Government
0.00
34.58
Mar 2025
63.61
1.85
0.00
Government
0.00
34.54
Jun 2025
63.61
2.52
0.00
Government
0.00
33.86
Sep 2025
63.65
2.78
0.01
Government
0.00
33.56
Dec 2025
63.65
1.88
0.01
Government
0.00
34.45
Mar 2026
63.65
1.87
0.01
Government
0.00
34.47
Jun 2026
63.65
0.20
0.01
Government
0.00
36.14

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