India Pesticides Limited

IPL.NS

Agricultural Inputs · Basic Materials

Price

₹140.27

+2.21 (+1.60%)

Market Cap

₹16.15B

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Mixed

Stability

Exceptional

Valuation

Mixed

Dividends

Weak

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Winston Score History

The full picture

India Pesticides Limited (IPL) is an Indian company that makes chemicals used to protect crops from insects, weeds, and diseases. Its main products are active pharmaceutical ingredients (APIs) for agrochemicals — the core chemical compounds that make pesticides work — which it sells to large agrochemical companies in India and around the world. IPL operates in the agricultural inputs industry, and it is one of India's leading manufacturers of technical-grade agrochemical ingredients.

IPL earns money by selling these chemical ingredients in bulk to other companies, who then turn them into finished pesticide products. The company operates primarily from manufacturing facilities in India and exports a significant share of its output to customers in Europe, North America, and Asia. Its competitive edge comes from low-cost Indian manufacturing and proprietary production processes for certain molecules. The key growth driver is rising global demand for crop protection chemicals, but the main risk is customer concentration and pricing pressure from competing manufacturers in China and elsewhere.

Growth Profile

For growth stock investors

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

Revenue Growth

+28.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+40.0% YoY

YoY Growth Rate

Strong earnings growth

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

Insider Activity

78.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹0 cash & investments

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

Revenue accelerating

India Pesticides Limited grew revenue 29% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

Every number that matters to educated investors.

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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)

15.0x

Fair value — P/E 15.0

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

0.54%

Small dividend — 0.54% 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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