### **Overview** Heranba Industries Limited (HIL) is a leading Indian agrochemical company with fully integrated operations across the synthetic pyrethroid and broader agrochemical value chain. Founded in 1992 (note: alternate references cite 1994) by technocrats Sadashiv K. Shetty and Raghuram K. Shetty in Vapi, Gujarat, the company has evolved from an intermediate manufacturer into a vertically integrated player producing **intermediates, technical-grade agrochemicals, branded formulations, and public health products**. HIL operates seven manufacturing and packaging facilities across Gujarat (Vapi, Saykha, Sarigam) and Maharashtra (Boisar), serving over 225 international customers and maintaining a strong domestic presence via a network of 10,000+ dealers across 20 Indian states and UTs. --- ### **Core Business Segments & Product Portfolio** Heranba operates across three primary business verticals: 1. **Domestic Sales of Technicals** 2. **Export Sales of Technicals** 3. **Branded Formulations (Domestic)** #### **Key Products:** - **Insecticides:** Synthetic pyrethroids (e.g., Cypermethrin, Deltamethrin, Alpha Cypermethrin, Lambda Cyhalothrin, Permethrin), Neonicotinoids, Organophosphorus - **Herbicides:** Glyphosate, Metribuzin, Bispyribac Sodium, and new off-patent molecules - **Fungicides:** Tricyclazole, Hexaconazole, and developing products for rice, fruits, and vegetables - **Public Health Products:** Larvicides and insecticides marketed under brands like *Alpha Shakti-5WP*, *Temper EC*, and *Deltaflow* The company is recognized as **one of India’s largest producers of synthetic pyrethroids**, known for their eco-friendly profile compared to older chemical classes. --- ### **Operational Strength & Manufacturing Capabilities** - **Manufacturing Footprint:** 7 integrated facilities (as of Nov 2025) across Vapi, Saykha, and Sarigam (Gujarat), with a combined area of 124,970 sq. m. and ~72,000 sq. m. available for expansion. - **Production Capacity (FY25):** - **Intermediates & Technicals:** 26,700 MTPA (more than doubled since FY21) - **Formulations:** 30,000 MTPA - **Reactor Base:** Over 384 reactors across facilities, enabling advanced processes like hydrogenation, halogenation, esterification, and diastereoselective synthesis. - **Backward Integration:** In-house production of key intermediates such as CMAC, MPBAL, and Bromobenzene, enabling cost control and supply chain security. - **Recent Expansions (FY25):** - Phase I of Saykha Unit commissioned in April 2025 - Phase II of Sarigam Unit commissioned in July 2025 - These projects significantly boosted AI capacity and supported diversification into herbicides and fungicides. --- ### **Revenue Mix & Market Diversification (FY25)** - **48%** of revenue from **domestic branded formulations** - **8%** from **formulation exports** - **29%** from **technicals exports** - The formulations business (domestic + export) now contributes **>56% of total revenue**, indicating a strategic shift toward higher-margin products. - **41–42% of revenue** comes from exports (as of FY22–FY24), with a long-term target of **60% export mix**. - Top 10 customers account for ~15% of revenue (FY24), indicating a diversified customer base. --- ### **R&D, Innovation & Regulatory Edge** - **R&D Investment:** ₹6.45 crore in FY25 - **R&D Infrastructure:** 3 in-house centers recognized by DSIR; labs certified under ISO 9001, ISO 14001, and NABL (ISO/IEC 17025) - **Key Instruments:** HPLC, GC, UV-Vis, electron microscopes, bead mills, air jet mills, fluidized bed dryers - **Recent R&D Output (FY25):** - 5 new herbicides (3 launched) - 4 fungicides (3 launched) - 3 insecticides (2 piloted and launched in select markets) - **Product Registrations:** - **1,084 cumulative registrations** across **54+ countries** (up from 892 in FY23) - **183 products in pipeline**, with focus on regulated markets - **Strategic Priority:** Securing registrations in **regulated markets (USA, Europe, Brazil)**, with early approvals received in the U.S. and additional filings underway. --- ### **Global Expansion & Market Access** - **Geographic Presence:** Operates in **>75 countries**, including developed markets (U.S., Europe), emerging Asia (Bangladesh, Indonesia, Vietnam, China), CIS, Middle East, Africa, and Latin America. - **Strategic Entry into Developed Markets:** - Successfully launched first insecticide in U.S. in Oct 2021. - Plans to generate **$25 million in U.S. sales** in the coming years. - Targeting $50 million long-term opportunity in U.S. market. - Developing molecules tailored for the U.S., Europe, and Brazil. - **Distribution Model:** - **Exports:** Sold via international partners who register and brand products locally (B2B technicals and formulations). - **Domestic:** Direct-to-farmer via 10,000+ dealers and 31 stock depots. --- ### **Key Strategic Initiatives (FY25–FY27)** 1. **Entry into CRAMS/CRO/CDMO Space:** - Achieved through the **acquisition of Daikaffil Chemicals India Limited** (Tarapur, Maharashtra), providing land, infrastructure, and capabilities. - A new **R&D and pilot plant center** with **15 reactors** is under development; Phase I scheduled for **completion by Q1 FY27**. - Investment: ₹50 crore allocated for Phase I. - Will offer end-to-end services in **agrochemicals, pharmaceuticals, biopharmaceuticals, plant nutrition, and specialty chemicals**. - Plans to hire **60 new scientists** in synthetic chemistry, analytical R&D, and formulation development. 2. **Capacity Expansion & CAPEX:** - Over ₹1,200 crore invested in CAPEX since FY22. - Expansion at Sarigam and Saykha facilities has more than doubled AI capacity. - Future CAPEX planned for fermentation technology, performance chemicals, and GLP-certified facilities (Phase II). 3. **Diversification Beyond Pyrethroids:** - Historically ~70–75% insecticide-focused, but now shifting toward **50:50 split between pyrethroids and non-pyrethroids**, expected to become **40:60** in favor of other agrochemicals within 2 years. - New capacity supports fungicides and herbicides commercialization. 4. **Focus on Regulated Markets:** - Actively commercializing off-patent agrochemicals in the U.S. and Europe. - Regulatory dossiers prepared internally or through partners. - Multiple pyrethroid (lambda cyhalothrin, deltamethrin) and herbicide registrations obtained or in pipeline in U.S. and EU. --- ### **Management & Leadership Updates (Nov 2025)** - Appointed a **new Vice President of Sales & Marketing** based in Mumbai with **25+ years of experience** in the agri-industry. - New incumbent holds **MBA in Marketing** and **B.Sc. in Agriculture (Hons.)**. - Core expertise: **Go-to-market strategies, new product launches, commercial leadership** in crop protection and nutrition. - This appointment signals a renewed focus on scaling domestic branded formulations and enhancing commercial execution.