Super Crop Safe reported a 17.05% year-on-year increase in revenue from operations for FY26, reaching ₹531.3 crore, driven by higher sales volumes. However, the company’s profitability contracted as cost pressures and finance expenses weighed on margins.

The Ahmedabad-based agrochemical manufacturer posted a profit after tax (PAT) of ₹20.0 crore for the fiscal year ended March 31, 2026, down 7.47% from ₹21.6 crore in FY25. The decline in bottom-line earnings occurred despite top-line growth, signaling operational headwinds that management attributed to market dynamics and input costs.

Financial Performance

Revenue from operations grew from ₹453.9 crore in FY25 to ₹531.3 crore in FY26. This growth was accompanied by a sharper rise in operating costs, leading to a contraction in earnings before interest, tax, depreciation, and amortization (EBITDA).

EBITDA fell by 9.53% to ₹40.0 crore, primarily due to a 23.22% increase in the cost of materials consumed, which rose to ₹430.6 crore from ₹349.4 crore. While employee benefits expense grew moderately by 15.41% to ₹31.8 crore, other expenses declined by 10.75% to ₹29.9 crore, offering some offset.

Finance costs decreased by 15.27% to ₹15.4 crore, helping stabilize profit before tax (PBT), which dipped marginally by 2.91% to ₹19.9 crore. The company benefited from a deferred tax credit of ₹1.5 crore, compared to ₹11.7 crore in the previous year, resulting in the final PAT figure.

What the Numbers Show

A critical divergence exists between revenue growth and margin performance. While sales expanded by over 17%, EBITDA contracted by nearly 10%. This indicates that the company did not retain the incremental revenue as operating profit, likely due to rising raw material inflation or pricing pressure. Additionally, other income rose 54.11% to ₹0.6 crore, but this constituted less than 0.1% of total income, meaning the core operational decline drove the overall profit drop rather than non-operating factors.

Auditor Observations and Risks

Statutory auditors Parimal S. Shah & Co. highlighted significant concerns regarding the company’s liquidity and compliance. The audit report notes a material uncertainty related to going concern due to delayed payments of statutory dues, including GST, provident fund, and income tax, totaling ₹412.3 lakh as of March 31, 2026.

Furthermore, auditors observed that the company accepted deposits deemed to be in contravention of RBI directives and Companies Act provisions, with outstanding balances of ₹102.7 lakh from Voltrix Inc and ₹189.4 lakh from Wherrelzit Solutions Pvt Ltd. These regulatory and liquidity issues pose potential risks to future operations.

Corporate Actions

The board did not recommend any dividend for FY26, opting to plough back profits to strengthen the capital base. The 39th Annual General Meeting is scheduled for September 30, 2026, where shareholders will vote on the re-appointment of directors and approval of related-party transactions.

Super Crop Safe Limited reported a standalone net profit of ₹131.30 lakh for the quarter ended June 30, 2026 (Q1FY27), marking a significant turnaround from the net loss of ₹15.74 lakh recorded in the preceding quarter ended March 31, 2026. The company’s income from operations surged to ₹1,865.33 lakh, up 96% year-on-year from ₹949.33 lakh in Q1FY26.

The Board of Directors approved the unaudited financial results during its meeting held on August 14, 2026, at the registered office in Ahmedabad. The statutory auditors, Parimal S. Shah & Co., issued a qualified review report citing material uncertainties regarding the company’s ability to continue as a going concern due to outstanding statutory dues and overdue trade receivables.

Financial Performance

The company’s operational performance showed improvement in Q1FY27 compared to the previous quarter and year. Key financial metrics are detailed below:

Revenue growth was driven by higher sales, which increased from ₹949.33 lakh in Q1FY26 to ₹1,865.33 lakh in Q1FY27. Total expenses rose to ₹1,734.65 lakh from ₹897.64 lakh in the corresponding period last year, primarily due to higher cost of materials consumed at ₹1,554.67 lakh.

Auditor’s Qualified Report

Parimal S. Shah & Co., the independent auditors, qualified their conclusion on the financial results. They highlighted significant amounts of unpaid statutory dues, including Provident Fund, Professional Tax, and Tax Deducted at Source, aggregating to ₹416.30 lakh as of June 30, 2026.

Additionally, the auditors noted:

• Overdue trade receivables of ₹1,171 lakh out of total trade receivables of ₹3,504 lakh.
• Overdue trade payables of ₹551 lakh out of total trade payables of ₹1,172 lakh.
• Delays in payment of employee salaries.

These conditions cast significant doubt on the company’s ability to continue as a going concern. The auditors stated that the financial results did not adequately disclose these material uncertainties or management’s mitigation plans.

Capital Raise via Preferential Allotment

During the quarter, Super Crop Safe allotted 1,17,44,722 equity shares of face value ₹2 each at an issue price of ₹13 per share on a preferential basis. This transaction, valued at ₹15.27 crore, was executed towards the conversion of outstanding unsecured loans. The allotment was made to Wherrelz IT Solutions Limited and Voltrix Inc.

While the company has received in-principle approval from BSE Limited, final listing approval and procedural formalities with the stock exchange and SEBI remain pending. Consequently, paid-up capital increased to ₹1,039.18 lakh from ₹804.29 lakh in the preceding period.

AGM Schedule

The Board finalized the schedule for the 39th Annual General Meeting (AGM). Shareholders eligible to vote must be on the register of members as of the cut-off date. Key details include:

• Date: Wednesday, September 30, 2026
• Mode: Video Conferencing / Other Audio Visual Means (OAVM)
• Deemed Venue: Registered Office in Ahmedabad
• Remote e-voting Cut-off: Wednesday, September 23, 2026
• Book Closure Period: Thursday, September 24, 2026, to Wednesday, September 30, 2026

What the Numbers Show

The return to profitability in Q1FY27, with a net profit of ₹131.30 lakh compared to a loss of ₹15.74 lakh in Q4FY26, indicates improved operational efficiency despite rising input costs. However, the auditor’s qualification highlights persistent liquidity pressures, with nearly one-third of trade receivables (₹1,171 lakh out of ₹3,504 lakh) being overdue. The recent equity infusion of ₹15.27 crore through debt conversion aims to strengthen the balance sheet, but its impact will depend on the completion of regulatory approvals and improvement in working capital cycles.