Indogulf Cropsciences Limited reported a 27.3% year-on-year rise in consolidated net profit to ₹400.27 crore for the financial year ended March 31, 2026. Revenue from operations for the year grew 19.3% to ₹7,046.33 crore, driven by distribution expansion and export growth. For the quarter ended March 31, 2026, net profit stood at ₹116.12 crore, while revenue was ₹1,508.18 crore. The company’s EBITDA for FY26 increased 15% to ₹740 crore, with margins at 10.4%.

The Board of Directors, in its meeting held on May 28, 2026, approved the audited standalone and consolidated financial results. Devesh Parekh & Co., Chartered Accountants, issued an unmodified opinion on the results. The board recommended the appointment of M/s NJ & Associates as Secretarial Auditors for a term of five years commencing from FY 2026-27, subject to shareholder approval. Additionally, the board appointed M/s Jain Sharma & Associates as Cost Auditors and M/s T Jain and Associates as Internal Auditors for FY 2026-27.

Key Financial Metrics

Strategic Outlook

The company outlined its strategy to evolve from an agrochemical company into an integrated agri-solutions platform. Key focus areas include increasing the contribution of high-margin specialty products, strengthening operational excellence through procurement and supply chain efficiency, and expanding its portfolio of biologicals and sustainable crop solutions. Indogulf aims to accelerate global expansion by entering new markets and significantly growing export revenues, supported by 990 total registrations across various geographies.

Operational Highlights

Indogulf’s manufacturing capabilities are spread across four facilities located in Nathupur (I & II), Barwasni, and Samba, with a total capacity exceeding 44,000 MT/KL/TPA. The company reported a capacity utilization rate of 52% for FY26. Its diversified product portfolio spans crop protection (85% of revenue share), plant nutrients (5%), and biologicals (6%). The company also emphasized its deepening farmer engagement model, which includes product demonstrations, advisory-led consultations, and field trials to drive long-term value creation.

Business Performance

The company expanded its export presence with entry into newer geographies including Venezuela, Taiwan, and Sudan, marking its entry into the Latin American market with a fertilizer shipment to Venezuela. Distribution strength was bolstered by a network of 7,000+ distributors and 192 active institutional business partners. Additionally, Indogulf signed a MoA under the Prime Minister's Fellowship for Doctoral Research with ICAR-IARI to support research-led agricultural innovation.

Sanjay Aggarwal, Managing Director, Indogulf Cropsciences Ltd, stated that the company delivered resilient growth supported by disciplined execution and improving product mix. He highlighted the expansion into Latin America and the scaling of operations by AGPL. Aggarwal noted that while the industry environment remains dynamic due to weather-related uncertainties and raw material volatility, the company is proactively managing procurement and supply chain operations. He added that capacity utilization improved steadily during the year, supported by better operational efficiencies.

Indogulf Cropsciences Limited has filed its Third Monitoring Agency Report and Statement of Deviation or Variation for the quarter and year ended March 31, 2026, with BSE Limited and National Stock Exchange of India Limited. The filing, dated May 12, 2026, was made pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The monitoring report was prepared by Brickwork Ratings India Private Limited, and confirms no deviation or variation in the utilisation of IPO proceeds.

IPO Issue Details

The company raised funds through a Fresh Issue and Offer for Sale of Equity Shares, with allotment completed on July 1, 2025. The issue was open for anchor investors from June 25, 2025 to June 30, 2025, and for other investors from June 25, 2025 to June 26, 2025. The following table summarises the issue details:

The total number of equity shares issued aggregated to 1,80,77,476, comprising 1,44,73,873 shares under the Fresh Issue and 36,03,603 shares under the Offer for Sale. The amount received matched the value as per the Offer Document in both categories.

Fund Utilisation Progress as at March 31, 2026

Brickwork Ratings confirmed that all utilisation is as per the disclosures in the Offer Document, with no material deviation observed. The following table details the progress in utilisation of IPO proceeds across each object:

The above details were verified by M/s Devesh Parekh & Co., Chartered Accountants, vide CA certificate dated May 11, 2026, and company statement dated May 11, 2026. It is noted that out of ₹15.38 Crore utilised towards issue expenses for the quarter ended September 30, 2025, the company took reimbursement of ₹2.40 Crore towards issue-related expenses incurred prior to the date of issue.

Deployment of Unutilised Proceeds

Unutilised IPO proceeds have been deployed across bank accounts and financial instruments as at the end of the quarter. The deployment details are as follows:

Implementation Status and Deviation Statement

The monitoring report confirms that no delay has been observed in the implementation of objects relative to the timelines stated in the Offer Document. Working capital funding has been completed, while repayment of borrowings, capital expenditure for the dry flowable (DF) plant at Barwasni, general corporate purposes, and issue expenses remain ongoing, all within the target of Financial Year 2025-26 as per the Offer Document.

The Statement of Deviation or Variation, filed alongside the monitoring report, confirms that there is no deviation or variation in the use of funds raised. The Audit Committee and auditors have raised no comments. General corporate purpose utilisation during the quarter stood at ₹2.25 Crore as on March 31, 2026, directed towards strategic initiatives, marketing and brand building, and general corporate exigencies, among other board-approved purposes. The report was signed by Sakshi Jain, Company Secretary and Compliance Officer, and is available on the company's website at www.groupindogulf.com .