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India Pesticides Limited

IPL.BO
57
Agricultural Inputs · Basic Materials
Price
₹133.70
-1.95 (-1.44%)
Market Cap
₹15.31B
Exchange
Bombay Stock Exchange
Winston Score
57
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 11, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
Growth
Strong
Cash Flow
Mixed
Stability
Exceptional
Valuation
Good
Dividends
Weak

§Winston Score History

The full picture

India Pesticides Limited, an agrochemical company based in Lucknow, India, commenced operations in 1984. The firm's core business involves the manufacturing, sale, and distribution of a wide array of agrochemical products, such as fungicides, herbicides, and insecticides. Additionally, it produces active pharmaceutical ingredients (APIs) for the pharmaceutical industry. Its specialized products are exported to approximately 29 countries worldwide.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-8.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-35.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

₹0/ year

Declining (-100% vs prior year)

0.0% of revenue

Below sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Cash Position

Cash flow positive

₹1.4B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

India Pesticides Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.8% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 114.3M (2022) → 115.2M (2026)

Score breakdown

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Quality

Profit per sale
Gross Margin
39.4%
Modest — 39.4% gross margin
Profit after running costs
Operating Margin
11.8%
Modest — 11.8% operating margin
Return on the money invested
ROCE
12.7%
Good — 12.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+17.0%
Fast-growing sales (+17.0% YoY)
Profit growth
EPS YoY
+8.9%
Earnings growing (+8.9% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
78%
Modest — 78% of profit becomes cash
Spare cash per sale
FCF Margin
4.2%
Thin free cash flow (4.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.11
Conservative — low debt load (0.11)
Covers its interest
Interest Cover
17.11x
Comfortably covers interest (17.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
14.3x
Attractive valuation — P/E 14.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
0.56%
Small dividend — 0.56% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
N/A
Data not available

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