Sharda Cropchem is an intellectual-property company disguised as a chemicals trader - it does not manufacture anything itself but instead owns the regulatory keys to sell generic crop-protection products in the world’s hardest-to-enter markets. Born in 1987 as a dyes-intermediates proprietorship, the business pivoted decisively when it began spending years patiently identifying molecules coming off patent, compiling scientific dossiers, and winning product registrations in its own name across Europe, North America and Latin America. That registration-first, asset-light approach - buy from regular suppliers, sell to regular customers, but own the licence that makes the sale legal - is the recurring logic behind everything the company does. # Business segments Two engines, one registration-driven and one order-driven - an agrochemical marketing platform built on over 3,000 proprietary licences, and a smaller industrial-supply business that runs on procurement relationships rather than intellectual property. ## 1. Agrochemicals: a registration library that sells crop protection **The company owns the regulatory approvals that let generic fungicides, herbicides and insecticides cross borders; it then sources the chemicals from manufacturers and sells them under its own brand through a network of over 525 distributors.** - **Registrations are the product** - the company identifies molecules approaching patent expiry, prepares dossiers with physicochemical and biological data using GLP-certified labs, and secures marketing approvals in its own name; as of March 2026 it held 3,011 registrations with another 1,004 applications in the pipeline. That library is the barrier to entry, because each registration takes years of scientific and regulatory work before a single litre can be sold. - **Made by others, sold by Sharda** - manufacturing of active ingredients and finished formulations is entirely outsourced to third parties, mostly in China (which supplies 90-95% of procurement) and India for raw materials, and to specialist formulators in Europe and the US for finished products. This saves the capital and time of building plants, so the company can offer a wide range of products and flex with demand. - **Factory-to-farmer distribution** - products reach over 80 countries through more than 525 third-party distributors, supported by a dedicated sales force of over 500 people that the company has been building out in Europe, the US, Canada, Mexico, Colombia, South Africa and India to move closer to end-users. Sales to dealers and distributors made up 95% of total sales in FY25. - **Biocides add a second leg** - the portfolio also includes disinfectants and pest-control products for non-agricultural use, marketed in 39 countries with a focus on Europe and a growing set of registrations. ## 2. Non-agrochemicals: an order-based industrial supply desk **A procurement-and-supply business that sources conveyor belts, dyes and general chemicals from manufacturers in China and India and sells them to channel partners in over 30 countries - no registrations, no proprietary moat.** - **Order-book, not IP** - unlike the agrochemical segment, this business does not depend on regulatory approvals; it is a straight procurement-and-supply operation where the company buys on the back of customer orders and earns a margin on the spread. - **Global reach, lean setup** - the division supplies to more than 30 countries across Europe, North America, Latin America, Australia and Asia, using the same sourcing relationships and logistics backbone that the agrochemical business relies on. # Group structure and partners **A single listed Indian company with a family promoter group and a global web of over 40 subsidiaries that hold registrations and facilitate local market access.** - The company is listed on BSE and NSE, with the promoter group - the Bubna family - holding their entire stake free of any encumbrance as of March 2026. - Chairman and Managing Director Ramprakash V. Bubna, an IIT Bombay chemical engineer with over 58 years in the industry, leads the business; his sons Ashish (agrochemical marketing, procurement and registrations) and Manish (conveyor belts, IT and logistics) serve as whole-time directors. - The company holds a ‘Three Star Export House’ certificate from India’s Directorate General of Foreign Trade, and its statutory auditor is B S R & Associates LLP.