Competitive advantages

Folpet, Thiocarbamate, and Herbicide Technicals are among the top 5 global players.

Product portfolio offers a variety of specialised goods.

Market presence on both the domestic and international levels.

Financial performance that has been consistent throughout time.

Research and development (R&D) capabilities are strong.

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India Pesticides Financial Information

India Pesticides’ financial performance has been strong in recent years, as revenues and profitability have increased. From FY2019 to FY2021, revenue increased by 38 percent, from INR 346 crores to INR 655.4 crores. During the same time period, its EBITDA margins increased from 20.7 percent to 29.2 percent.

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Simultaneously, its net margins increased from 12.7 percent to 20.6 percent as comprehensive income tripled to 134.9 crore in FY2021. India Pesticides is a net debt-free company, which has contributed to increased profitability and margins.

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In FY2021, India Pesticides’ earnings per share (EPS) were INR12.07. The price band of 290-296 per share in the offer values the company at a Price/Earnings (PE ratio) of 24.0 – 24.5. When compared to competitors, this is quite reasonably priced.

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Financial Performance (in crore)

	FY2019	FY2020	FY2021
Revenue	346.0	489.7	655.4
Expenses	284.9	396.4	475.4
Comprehensive income	43.9	70.6	134.9
Margin (%)	12.7	14.4	20.6

Conclusion

Because the overall appearance is excellent, we have assigned a Subscribe rating for Short/Long term based on financial and growth performance.