India Pesticides’ Q2 operating profit falls 13.67% sequentially
Revenue fell 9.16% as expenses declined 8.41%, narrowing operating margin by 0.70 percentage points.
Filed 03 Nov 2026, 19:29 IST · after market close · India Pesticides Ltd (IPL)
Key takeaways
- On a consolidated basis, Q2FY27 operating profit fell 13.67% sequentially as revenue declined 9.16%.
- Expenses fell 8.41%, less than revenue, narrowing operating margin by 0.70 percentage points to 13.39%.
- Other income contributed 10.51% of pre-tax profit, while a 0.67 percentage-point tax-rate decline partly cushioned the profit fall.
Price around the results
Q2FY27 revenue and profit lost sequential momentum
India Pesticides reported consolidated revenue of Rs 228.71 cr in Q2FY27, down 9.16% from Q1FY27. Operating profit fell 13.67% to Rs 30.62 cr, while net profit declined 19.10% to Rs 18.42 cr. EPS fell 19.19% to Rs 1.60.
Slower cost reduction squeezed the operating margin
Expenses declined 8.41% sequentially, less than the 9.16% revenue decline, so operating margin narrowed by 0.70 percentage points to 13.39%. Interest expense fell 11.91%, but depreciation increased 3.07%, limiting the benefit below operating profit. Other income fell 35.32% and still accounted for 10.51% of pre-tax profit, making profit quality an important consideration.
Margin trailed the Commodities peer median
The company’s 13.39% operating margin was 0.79 percentage points below the 14.18% median for 92 Commodities companies that had reported the same quarter. Sequentially, margin moved down from 14.09% in Q1FY27, extending the near-term direction lower. The results were filed after market close on 03 Nov 2026 at 19:29 IST.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹229 cr | ₹252 cr | -9.16% |
| Other income | ₹3 cr | ₹4 cr | -35.32% |
| Expenses | ₹198 cr | ₹216 cr | -8.41% |
| Operating profit | ₹31 cr | ₹35 cr | -13.67% |
| Operating margin (%) | 13.39% | 14.09% | — |
| Interest | ₹2 cr | ₹3 cr | -11.91% |
| Depreciation | ₹6 cr | ₹6 cr | +3.07% |
| Profit before tax | ₹25 cr | ₹31 cr | -19.84% |
| Tax | ₹6 cr | ₹8 cr | -21.91% |
| Net profit | ₹18 cr | ₹23 cr | -19.10% |
| EPS (₹) | ₹1.60 | ₹1.98 | -19.19% |
Operating margin of 13.39% compares with a Commodities sector median of 14.18% across 92 peers that have reported Q2FY27.
What to watch
- Whether revenue recovers from Rs 228.71 cr in the next reported quarter.
- Whether operating margin moves back above the Q1FY27 level of 14.09%.
- Whether other income remains a material contributor after accounting for 10.51% of Q2FY27 pre-tax profit.