Heranba Industries is a crop-protection company built from a single chemical building block - it started in 1996 making one intermediate for synthetic pyrethroid insecticides, then spent three decades stepping forward into active ingredients, finished formulations, and eventually its own branded products sold through 10,000 village-level dealers. The founders, two first-generation technocrat brothers who bought the company in 1994, turned a small Vapi unit into one of India’s largest domestic pyrethroid producers, now present in over 75 countries. The recurring approach is vertical integration: make the intermediate, consume it to make the technical, formulate it into a finished spray or powder, and increasingly sell it under a proprietary brand - capturing margin at every step rather than handing it to someone else. # Business segments A single integrated engine - crop-protection chemicals built on synthetic pyrethroid chemistry - that spans four commercial verticals and the entire value chain from raw intermediates to branded farm-gate products. ## 1. Crop-protection chemicals: from a single intermediate to the farmer’s shelf **Heranba makes the starting chemical, the active ingredient, and the finished product under one roof - then sells that output through four distinct channels, each with different customers and economics.** - **The value chain starts with intermediates** - the foundational molecule is Cypermethric Acid Chloride (CMAC), first produced in 1996, and the company now makes a family of related intermediates including High CIS CMAC, Bromobenzenes, Metaphenoxy Benzaldehyde (MPBD), and NPBR, most of which are consumed captively to make the next stage rather than sold externally. - **Technicals are the bulk active ingredients** - these are the concentrated insect-killing, fungus-killing, or weed-killing compounds sold in large volumes to other formulators; the portfolio spans insecticides (Cypermethrin, Deltamethrin, Lambda Cyhalothrin, Permethrin and others), fungicides (Dodine, Hexaconazole, Tebuconazole), herbicides (Pendimethalin, Glyphosate, Metribuzin), and a plant growth regulator, with the company already handling five of the ten-to-fourteen pyrethroid molecules in existence. - **Formulations are the ready-to-use products farmers buy** - technicals are mixed with adjuvants into over a dozen physical forms (emulsifiable concentrates, capsule suspensions, wettable powders, water-dispersible granules and more), sold under proprietary brands like PROGRESS PLUS, HAURIS, and HERACLAIM-XP, with more than 400 products commercialised to date. - **Four commercial verticals split the customer base** - Technicals (Domestic) supplies Indian agrochemical companies; Technicals (Exports) ships active ingredients to formulators worldwide; Formulations (Branded) sells own-label products through a network of over 10,000 dealers across 20 states; and Formulations (Exports) manufactures finished products tailored for overseas buyers. - **The mix has tilted decisively toward formulations** - three years ago technicals were roughly 70% of sales; by FY25 branded formulations alone contributed 48% of revenue and formulation exports another 8%, meaning more than half the top line now comes from finished products rather than bulk actives, which improves margins because captive technicals capture the value-add at the formulation stage. ## 2. Manufacturing and backward integration: seven plants that keep more steps in-house **The company has expanded from four factories to seven in three years, adding capacity that both increases scale and pulls more of the chemical chain under its own control.** - **Seven facilities across two states** - Units I, II, and IV are in Vapi, Gujarat, making technicals, CMAC isomers, and bromine derivatives; Unit III in Sarigam is the formulations and packing hub with a rooftop solar plant; the Sarigam expansion (via subsidiary HOPL) added two phases of technical capacity totalling 18,600 MTPA; the Saykha greenfield unit adds 6,000 MTPA of herbicide and intermediate capacity with hydrogenation and nitration capability; and the Tarapur unit in Maharashtra, acquired through the Daikaffil purchase, makes optical brightening agents and textile chemicals. - **Aggregate capacity has roughly doubled** - technicals and intermediates capacity rose from 12,900 MTPA in FY24 to 26,700 MTPA in FY25, while formulations capacity moved from 25,000 to 30,000 MTPA, supported by 384 reactors across all sites. - **Backward integration lowers the reliance on outsiders** - Unit IV was built specifically to recover bromine in-house rather than sending it to external job workers, and the company sources most raw materials indigenously, primarily from within Gujarat, with minimal imports. - **The Daikaffil acquisition opens a new path** - the Tarapur site is being converted into a world-class R&D centre with a 15-reactor pilot plant and 60 scientists in the first phase, laying the foundation for a Contract Research and Manufacturing Services (CRAMS) business that would serve agrochemical, pharmaceutical, and specialty-chemical clients. # Research and development **Three DSIR-recognised labs with 48 scientists do the work that feeds the registration pipeline and keeps the product shelf fresh - process chemistry, new formulations, and the data packages regulators demand.** - **R&D is the engine behind new product registrations** - the team developed five herbicides, four fungicides, and three insecticides in FY25 alone, feeding a cumulative registration count that has grown from 400 in 49 countries in FY22 to 1,084 across 54 countries in FY25, with another 183 in the pipeline. - **The labs are equipped for export-grade analytical work** - the analytical lab holds NABL accreditation under ISO/IEC 17025:2017, and instruments like HPLC, GC, and electron microscopes allow the identification and quantification of impurities down to the levels required by regulated markets such as Europe and the United States. - **A formulation-development pilot plant mimics commercial production** - equipment including a bead mill, air jet mill, extruders, and fluidised bed dryer lets the team test new formulation types at small scale before scaling up to the main factories. - **The planned Daikaffil centre will double the scientific workforce** - the Tarapur R&D hub will add 60 scientists focused on synthetic chemistry, analytical research, formulation development, and pilot-plant operations, supporting the CRAMS entry and expanding the molecule pipeline. # Group structure and partners **A family-run listed company with two operating subsidiaries that house the new manufacturing capacity and the acquired Daikaffil business, plus a web of overseas entities in early stages.** - **Promoter family holds the reins** - brothers Sadashiv K. Shetty (Chairman) and Raghuram K. Shetty (Managing Director) founded the business, and their sons Raunak and Shriraj are now Whole-Time Directors, creating a second-generation succession with the board split evenly between executive and non-executive directors. - **Heranba Organics Pvt Ltd (HOPL) is the manufacturing subsidiary** - incorporated in August 2022, it operates the Sarigam and Saykha plants; in April 2026 the parent converted ₹45 Crores of inter-corporate deposits into optionally fully convertible debentures while retaining 100% equity control. - **Overseas entities are in formation** - the company has announced plans for a Taiwan subsidiary and a China joint venture in the agrochemical space, though these remain at the approval or discussion stage.