Insecticid.India Q1 FY27 Results (NSE: INSECTICID)
Signal: Revenue declined
The read
The key inflection is sequential rather than YoY: consolidated EBITDA margin recovered to 11.9% from the recent Q4FY26 level of 6%, and PAT rose to 43.87 from 11.71, but revenue still fell 11.5% YoY, EBITDA fell 17.4% and PAT fell 24.5%, extending the earnings weakness seen in Q3FY26 and Q4FY26.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹611.52 Cr | -11.5% | +43.5% |
| EBIT | ₹63.24 Cr | -21.9% | |
| Net profit | ₹43.87 Cr | -24.5% | |
| EPS | ₹15.08 | -24.5% | |
| EBIT margin | 11.9% |
P&L walk
Consolidated revenue declined 11.5% YoY to 611.52, EBITDA fell 17.4% to 72.95 and margin was 11.9%; higher trading purchases and weaker operating scale kept EBIT and PAT declines at 21.9% and 24.5%, respectively.
Segments
The company reports one Agro-Chemicals business segment, so no segment-level momentum split is available; subsidiaries contributed 5,708.52 lakh of revenue and 288.93 lakh of profit, modestly cushioning standalone performance.
Key positives
- Consolidated EBITDA margin recovered to 11.9% sequentially from 6% in Q4FY26, while PAT rose 274.7% sequentially to 43.87 from 11.71.
- Subsidiaries contributed 288.93 lakh of quarterly profit, cushioning the standalone PAT decline of 27.0% to 41.83 versus the consolidated decline of 24.5% to 43.87.
- EPS declined 24.5% YoY in line with PAT, with no evidence of dilution in the reported share base.
Key concerns
- Revenue declined 11.5% YoY to 611.52 and EBITDA declined 17.4% to 72.95, indicating that the sequential recovery has not yet translated into a YoY growth recovery.
- Raw material consumption increased to approximately 58.6% of revenue from 54.0% a year earlier, while gross margin compressed by approximately 75bps.
- Employee costs rose 14.0% YoY to 4,733.65 lakh despite the 11.5% revenue decline, indicating negative fixed-cost absorption.
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