Sharda Cropchem LimitedQ1 FY27 Results & Financial Update
Sharda Cropchem Limited: Q1 FY27 consolidated results and company financials – revenue ₹1,073.77 Cr, PAT ₹88.02 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Sharda Cropchem Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Profit before tax (PBT) for the quarter stood at Rs. 118.43 crore after accounting for total expenses of Rs. 1,665.26 crore, which included inventory changes of negative Rs. 170.16 crore and depreciation and amortisation expenses of Rs. 100.27 crore. Net profit after tax (PAT) reached Rs. 88.02 crore, delivering basic and diluted earnings per share of Rs. 9.76 for the period.
The company's asset-light structure remained evident in its capital allocation, with property, plant, and equipment remaining minimal while intangible assets and dossiers formed the backbone of non-current assets. Working capital days improved over the preceding quarter as inventory and receivable cycles were actively managed across international markets.
Tax expenses for the quarter aggregated to Rs. 30.41 crore, comprising current tax of Rs. 32.47 crore offset by deferred tax credits and adjustments for earlier years. Total comprehensive income for the period settled at Rs. 107.83 crore after accounting for foreign currency translation adjustments within other comprehensive income.
Profit after tax was ₹88.02 Cr for the reported quarter. EPS was ₹9.76 for the reported quarter.
01 · Business model
What does Sharda Cropchem do?
Sharda Cropchem Limited is a global, intellectual property (IP)-driven agrochemical enterprise engaged in the marketing and distribution of crop protection formulations and generic active ingredients. The company builds a robust portfolio of regulatory dossiers and registrations, enabling access to high-barrier agricultural markets across Europe, North America, Latin America, Africa, and other international jurisdictions.
Operating on an asset-light, registration-led business model, Sharda Cropchem outsources manufacturing to specialized partners in regions such as China while retaining full ownership of its intellectual property, regulatory dossiers, and customer relationships. This configuration insulates the balance sheet from heavy capital expenditure in production facilities while preserving operational agility across diverse geographies.
Beyond its core agrochemicals business—which spans herbicides, fungicides, insecticides, and biocides—the company operates a non-agrochemical segment encompassing rubber conveyor belts, general chemicals, and dyes and dye intermediates. This secondary division leverages the same global sourcing, logistics, and distribution architecture to broaden its addressable industrial markets.
The economic model depends heavily on seasonal cropping patterns, weather conditions, and regulatory compliance across more than 80 countries. A widespread network of over 525 distributors and a sales force exceeding 500 professionals facilitate market penetration and commercialization on a global scale.
02 · Historical context
What shaped the business before this quarter
Historically, the company built an extensive registration library comprising over 3,016 active registrations across more than 80 countries, establishing high regulatory barriers to entry.
Prior years reflected cyclical fluctuations in raw material costs and freight rates, prompting management to transition toward tighter working capital discipline and localized distribution partnerships.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹1,073.77 Cr |
| Total income | ₹1,108.29 Cr |
| Profit before tax | ₹118.43 Cr |
| Profit after tax | ₹88.02 Cr |
| EPS | ₹9.76 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Agrochemicals delivered Rs. 914.86 crore during Q1 FY27, representing the primary revenue engine driven by herbicide, fungicide, and insecticide sales across regulated markets.
Non-agrochemical operations, encompassing rubber conveyor belts, dyes, and general chemicals, contributed Rs. 158.91 crore to consolidated revenue.
European markets, NAFTA, LATAM, and Rest of World (ROW) served as the primary geographic channels for commercializing formulations and active ingredients through local distributors.
What drove margins
Cost of materials consumed stood at Rs. 373.52 crore alongside purchases of stock-in-trade of Rs. 476.41 crore, while changes in inventories of finished goods and stock-in-trade resulted in a positive inventory adjustment of Rs. 170.16 crore.
Net foreign exchange gain of Rs. 7.53 crore contributed to profitability, though lower than foreign exchange tailwinds seen in prior comparative quarters.
Depreciation and amortisation expenses of Rs. 100.27 crore and other expenses of Rs. 197.91 crore reflected ongoing amortization of registration dossiers and global logistics overhead.
05 · Demand, customers & order book
Where demand is coming from
Commercialization is executed through a network of over 525 third-party distributors and supported by more than 500 sales professionals worldwide.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Generated segment revenue of Rs. 914.86 crore and segment results (profit before unallocable items and finance cost) of Rs. 82.32 crore, with segment assets standing at Rs. 4,582.55 crore.
Delivered segment revenue of Rs. 158.91 crore and segment results of Rs. 36.09 crore, with segment assets totaling Rs. 120.79 crore.
Geography and market mix
The group's operations span over 80 countries, with commercial execution supported by localized sales teams and regulatory filings tailored to Europe, NAFTA, and Latin America.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The company maintains no heavy manufacturing plants of its own, relying instead on specialized external manufacturers for active ingredients and formulations while retaining ownership of regulatory dossiers.
Projects, capex and execution
Capital expenditure is principally channeled toward acquiring and developing registration dossiers, intellectual property rights, and intangible assets under development rather than physical plants.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Strategy centers on identifying off-patent molecules, developing technical dossiers, and securing registrations in the company's own name to expand addressable crop protection markets.
09 · Reported developments
What changed operationally
Statutory auditors B S R & Co. LLP issued an unmodified review conclusion on both standalone and consolidated financial results for Q1 FY27.
10 · Pressure points & risks
What is not going smoothly
Net foreign exchange gains moderated significantly compared to certain prior quarters, exerting downward pressure on reported pre-tax and net margins.
11 · Items worth noticing
The line items that can distort a quick read
Other expenses/income for the quarter included a net gain of Rs. 3.67 crore (Rs. 367.48 lakhs) on the fair valuation of investments.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Management maintained active oversight over inventory cycles and trade receivables across international operating subsidiaries to optimize cash conversion.
Capital allocation & funding
Finance costs for the quarter were restricted to Rs. 1.81 crore, reflecting minimal reliance on external borrowings and a robust capital structure.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Subsidiary Network
The consolidated financial statements encompass 36 subsidiaries, including 9 step-down subsidiaries, reflecting an extensive global operating footprint.
14 · Key Q&A
The quarter, answered directly
What does Sharda Cropchem do?
Sharda Cropchem Limited is a global, intellectual property (IP)-driven agrochemical enterprise engaged in the marketing and distribution of crop protection formulations and generic active ingredients. The company builds a robust portfolio of regulatory dossiers and registrations, enabling access to high-barrier agricultural markets across Europe, North America, Latin America, Africa, and other international jurisdictions.
What is the clearest takeaway from Q1 FY27?
Profit before tax (PBT) for the quarter stood at Rs. 118.43 crore after accounting for total expenses of Rs. 1,665.26 crore, which included inventory changes of negative Rs. 170.16 crore and depreciation and amortisation expenses of Rs. 100.27 crore. Net profit after tax (PAT) reached Rs. 88.02 crore, delivering basic and diluted earnings per share of Rs. 9.76 for the period.
What drove revenue or demand?
Agrochemicals delivered Rs. 914.86 crore during Q1 FY27, representing the primary revenue engine driven by herbicide, fungicide, and insecticide sales across regulated markets.
What mattered most for margins or profitability?
Cost of materials consumed stood at Rs. 373.52 crore alongside purchases of stock-in-trade of Rs. 476.41 crore, while changes in inventories of finished goods and stock-in-trade resulted in a positive inventory adjustment of Rs. 170.16 crore.
What changed operationally beyond the headline numbers?
The company maintains no heavy manufacturing plants of its own, relying instead on specialized external manufacturers for active ingredients and formulations while retaining ownership of regulatory dossiers.
What are the main pressure points disclosed for the quarter?
Net foreign exchange gains moderated significantly compared to certain prior quarters, exerting downward pressure on reported pre-tax and net margins.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Seasonal Cropping Impact: Monitor the progression of global cropping patterns and weather conditions in subsequent quarters, given the seasonal nature of the agrochemical business.
- 02
Regulatory Approvals: Track the pace of new dossier approvals and patent expirations across key regulated geographies including Europe and North America.
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