### **Overview** India Pesticides Limited (IPL), established in **1984**, is a leading **R&D-driven manufacturer** of **agrochemical technicals**, **active pharmaceutical ingredients (APIs)**, and **branded agrochemical formulations**. Listed on the BSE and NSE (Scrip: 543311), IPL is headquartered in **Lucknow, Uttar Pradesh**, and operates as a key player in the global agrochemicals industry. The company is the **sole Indian manufacturer** and ranks among the **top five global producers** of several **fungicide and herbicide technicals**, including **Captan, Folpet, and Thiocarbamate herbicides**. IPL's mission is centered on innovation, backward integration, sustainability, and **"Make in India"** principles, with a strategic vision to grow into a globally recognized leader in specialty agrochemicals. --- ### **Business Segments & Product Portfolio** IPL’s revenue is derived from the following key business lines: #### **1. Agrochemical Technicals** - Core revenue driver: accounts for **~66%** of FY2024-25 revenue. - Key technicals include: - **Fungicides**: Captan, Folpet, Cymoxanil, Etridiazole - **Herbicides**: Pretilachlor, Prosulfocarb, Flufenacet, Thiocarbamates - **Insecticides**: Thiamethoxam, Diafenthiuron - All key technical products are **not classified as 'red triangle' (highly toxic)** — emphasizing **safety and sustainability**. #### **2. Formulations Business** - Revenue: ₹280 crores in FY2024-25 (growing at ~20% CAGR). - Owns a **strong portfolio of 316 branded formulations** (domestic) and 48 (export), categorized into: - **Herbicides**: *Grip, Pendizet, Penda, Elimminator* - **Fungicides**: *Dollar, Vardhan, Talwar, Captax-50* - **Insecticides**: *Carbo, Frem, Crotax, Immidiator* - **Others**: Acaricides, plant growth regulators - **Formulations capacity**: 10,000 metric tons (expanded from 6,500 MTPA). - Operating at **>95% capacity utilization**, with plans to scale further. #### **3. APIs (Active Pharmaceutical Ingredients)** - Produces APIs used in **anti-fungal and anti-scabies dermatological treatments**. - Offers **2 commercial API products**, with R&D ongoing for expansion. #### **4. Specialty Chemicals & CRDMO Services** - Via **Shalvis Specialities Limited (100% subsidiary)**, IPL is expanding into **intermediates, stabilizers, additives, and fluorocompounds**. - Building a **Contract Research, Development & Manufacturing Organization (CRDMO)** model to assist global clients in scaling compounds from lab to commercial production. --- ### **Manufacturing & Infrastructure** IPL operates **two integrated manufacturing facilities** strategically located in **Uttar Pradesh**: | Facility | Location | Technicals (MTPA) | Formulations (MTPA) | Key Focus | |--------|--------|------------------|---------------------|--------| | Dewa Road Plant | Lucknow | 2,100 | 3,000 | Core manufacturing, domestic supply | | Sandila Plant | Hardoi | 22,100 | 3,500 | Primary export hub, high-volume technical production | | **Total (as of Jun 2025)** | — | **24,200 MTPA** | **6,500 MTPA** | — | | **Post-Expansion (2025-26)** | — | **26,200–28,200 MTPA** | **10,000 MTPA** | Specialty chemicals, backward integration | #### **Expansion Projects (2025)** - **Hamirpur Facility**: A new **multi-product plant** under Shalvis Specialities with **phased commissioning**. - Investment: **₹200–300 crores over 3–4 years**. - Initial revenue expected: **₹50–60 crores in FY26**. - Two new products scheduled for launch in FY26. - **Backward Integration Projects**: - Commissioned **intermediate plant for core fungicide** (2024), reducing import dependency. - Expanding **PEDA intermediate capacity** from 2,000 MT to **8,500 MT** (completion: Q2 FY26). - **Sandila Expansion**: Additional capacity for new technicals and intermediates. --- ### **R&D & Innovation** IPL is built on a strong **in-house R&D foundation**, with **three DSIR-registered R&D centers** in **Tiwariganj (Lucknow), Sandila, and Chinhat**. #### **R&D Strengths** - **Dedicated team** of **50 scientists** (avg. 15+ years’ experience). - **Three R&D modules**: 1. **Gram-scale lab** (method development) 2. **Pilot plant (1–10 kg)** for process validation 3. **Scale-up unit** for commercial transfer - Achieved **backward integration** in process and technology development. - Holds **NABL-accredited QC lab**. #### **Recent Milestones (FY2024-25)** - Launched **14 new products** (3 technicals, 10 formulations, 1 intermediate). - Obtained **21 new product registrations**: - 12 in overseas markets (EU, UK, USA, Australia). - Includes **Technical Equivalence (TEQ)** certification from EU for **3 herbicide technicals**. - Registered **Thiocarbamate herbicide in the U.S. and Canada**, opening $50 crores+ market potential. --- ### **Global Presence & Exports** - **Exports account for ~48% of turnover**. - Serves **over 35 countries** across **Europe, North America, Australia, and South America**. - **Key export markets**: EU, USA, Canada, Australia, Japan, Latin America. - Customer base includes **multinational agrochemical companies**, leveraging IPL for **cost-effective, regulated, off-patent molecule manufacturing**. - **Strategic partnership** with a **major Japanese agrochemical firm** (3-year supply contract) validating technical excellence. IPL is transitioning from **pure contract supply** to **building its own global branded presence**, with active **product registration in multiple countries**. --- ### **Strategic Initiatives** #### **1. Make in India & Atmanirbhar Bharat Alignment** - All expansions fully **funded through internal accruals** — **zero debt**. - Local sourcing of **~65% raw materials** to reduce import dependence. - Reducing reliance on **Chinese supply chains** via **"China plus one" strategy**. - Backward integration in **2,6-DEA, PEDA, fungicide intermediates**. #### **2. Growth Strategy (2025–2030)** - **Vision**: ₹3,000 crores revenue by **2030**. - Expansion roadmap: - Increase **specialty chemical production**. - Scale **formulation business** with new molecules. - Strengthen **CRDMO model** globally. - Focus on **off-patent molecules** — ~19 expected to go off-patent globally (worth **$4.2 billion**). #### **3. Customer & Market Growth** - Long-term contracts with **60+ global customers**, including top MNCs. - Actively broadening customer base to reduce **concentration risk** (top 10 customers contribute ~51% revenue). - **Domestic formulation business** expanding to all 28 Indian states (currently 17–18). - Building **dedicated global marketing venture** for international formulation sales. --- ### **Financial Highlights (FY2024-25)** | Metric | Value | |--------|------| | **Total Revenue** | ₹843 crores (**+21.3% YoY**) | | **Formulations Revenue** | ₹280 crores | | **Technicals & APIs Revenue** | ₹549 crores (66%) | | **Capex (FY26)** | ₹116 crores allocated (Sandila & Hamirpur) | | **EBITDA Margin Guidance** | Slightly above 20% | | **Projected Revenue Growth (FY2026)** | **At least 20%** (standalone & consolidated) | --- ### **Management & Governance** - **Experienced promoters** with deep domain expertise. - **Dr. Kuruba Adeppa** appointed as Whole-time Director (Aug 2024), strengthening R&D leadership. - **Mrs. Madhu Dikshit** appointed as Chairperson (May 2024) to enhance corporate governance. - Leadership team ensures **operational continuity**, **regulatory compliance**, and **strategic execution**. --- ### **Employees & Sustainability** - **~1,040 employees** across manufacturing, R&D, and commercial teams. - Environmentally responsible manufacturing: - Focus on **greener synthetic routes** and **eliminating hazardous chemicals**. - Aims to become a **preferred global partner** for sustainable agrochemical solutions.