# Pesticides/Agrochemicals — company-by-company sector analysis

> Pesticides/Agrochemicals: UPL Ltd owns the largest revenue base; Titan Biotech Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 5 of 22 covered companies currently have positive Mansfield relative strength versus NIFTY 500. UPL Ltd leads with revenue of ₹51,839 crore, based on 24 of 24 comparable companies through Mar 2026. Titan Biotech Ltd has the fastest current revenue growth at 31.8%, across 24 of 24 comparable companies.

### Is the Pesticides/Agrochemicals sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 5 of 22 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Pesticides/Agrochemicals company is largest by revenue?

UPL Ltd leads with revenue of ₹51,839 crore, based on 24 of 24 comparable companies through Mar 2026.

### Which Pesticides/Agrochemicals company is growing fastest?

Titan Biotech Ltd has the fastest current revenue growth at 31.8%, across 24 of 24 comparable companies.

### Which Pesticides/Agrochemicals company has the strongest 4-Factor Sector Score?

Sharda Cropchem Ltd ranks first at 79.1/100 with 92.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Pesticides/Agrochemicals company reports the most CAPEX?

GSP Crop Science Ltd reports the largest latest CAPEX at ₹17 crore, with 1 of 24 companies comparable.

### Which Pesticides/Agrochemicals company has the least gross debt?

Sharda Cropchem Ltd has the lowest comparable gross debt at ₹0 crore. UPL Ltd has the highest at ₹23,576 crore.

### Which Pesticides/Agrochemicals company has the lowest comparable PEG?

Sharda Cropchem Ltd has the lowest comparable Guarded PEG at 0.26, among 10 of 24 companies that pass the metric’s comparability rules.

### How much history does this Pesticides/Agrochemicals comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Pesticides/Agrochemicals against NIFTY 500 is not available from the current market series. 5 of 22 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Titan Biotech Ltd is the strongest against the sector itself at +53.9%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 5/22
Stocks leading sector: 6/22

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 24
Combined market value: ₹2.0 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Sharda Cropchem Ltd (SHARDACROP): 79/100 — Favorable setup; evidence 93%
   - Growth & earnings 29.4/35 | Capital efficiency 21.9/25 | Valuation 19.2/20 | Relative strength 8.6/20
   - Exact sum: 29.4 + 21.9 + 19.2 + 8.6 = 79.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Titan Biotech Ltd (524717): 69/100 — Favorable setup; evidence 79%
   - Growth & earnings 29.1/35 | Capital efficiency 20.1/25 | Valuation 5.6/20 | Relative strength 14.0/20
   - Exact sum: 29.1 + 20.1 + 5.6 + 14 = 68.8
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3. India Pesticides Ltd (IPL): 63/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 25.9/35 | Capital efficiency 16.2/25 | Valuation 14.4/20 | Relative strength 6.2/20
   - Exact sum: 25.9 + 16.2 + 14.4 + 6.2 = 62.7
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -11.9% and the one-year return is -29.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
4. Bayer CropScience Ltd (BAYERCROP): 62/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 21.4/35 | Capital efficiency 18.9/25 | Valuation 8.5/20 | Relative strength 12.7/20
   - Exact sum: 21.4 + 18.9 + 8.5 + 12.7 = 61.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Punjab Chemicals & Crop Protection Ltd (PUNJABCHEM): 61/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 22.8/35 | Capital efficiency 17.0/25 | Valuation 12.3/20 | Relative strength 8.8/20
   - Exact sum: 22.8 + 17 + 12.3 + 8.8 = 60.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Dharmaj Crop Guard Ltd (DHARMAJ): 61/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 23.8/35 | Capital efficiency 13.3/25 | Valuation 10.5/20 | Relative strength 12.9/20
   - Exact sum: 23.8 + 13.3 + 10.5 + 12.9 = 60.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Advance Agrolife Ltd (ADVANCE): 56/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 21.2/35 | Capital efficiency 14.4/25 | Valuation 10.4/20 | Relative strength 10.0/20
   - Exact sum: 21.2 + 14.4 + 10.4 + 10 = 56
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. UPL Ltd (UPL): 56/100 — Mixed-positive evidence; evidence 87%
   - Growth & earnings 20.0/35 | Capital efficiency 10.8/25 | Valuation 12.6/20 | Relative strength 12.3/20
   - Exact sum: 20 + 10.8 + 12.6 + 12.3 = 55.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Bharat Rasayan Ltd (BHARATRAS): 53/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 17.3/35 | Capital efficiency 18.1/25 | Valuation 14.5/20 | Relative strength 3.3/20
   - Exact sum: 17.3 + 18.1 + 14.5 + 3.3 = 53.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Bhagiradha Chemicals & Industries Ltd (BHAGCHEM): 53/100 — Mixed-positive evidence; evidence 88%
   - Growth & earnings 23.6/35 | Capital efficiency 7.9/25 | Valuation 1.7/20 | Relative strength 19.3/20
   - Exact sum: 23.6 + 7.9 + 1.7 + 19.3 = 52.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Jubilant Ingrevia Ltd (JUBLINGREA): 52/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 17.4/35 | Capital efficiency 11.4/25 | Valuation 6.7/20 | Relative strength 16.5/20
   - Exact sum: 17.4 + 11.4 + 6.7 + 16.5 = 52
   - Decision use: Price leads the evidence: RS versus the benchmark is 8.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
12. NACL Industries Ltd (NACLIND): 50/100 — Mixed-positive evidence; evidence 87%
   - Growth & earnings 27.9/35 | Capital efficiency 5.9/25 | Valuation 7.2/20 | Relative strength 9.2/20
   - Exact sum: 27.9 + 5.9 + 7.2 + 9.2 = 50.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. GSP Crop Science Ltd (GSPCROP): 50/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 16.1/35 | Capital efficiency 13.8/25 | Valuation 10.1/20 | Relative strength 10.0/20
   - Exact sum: 16.1 + 13.8 + 10.1 + 10 = 50
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. Dhanuka Agritech Ltd (DHANUKA): 49/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 8.3/35 | Capital efficiency 21.5/25 | Valuation 11.7/20 | Relative strength 7.6/20
   - Exact sum: 8.3 + 21.5 + 11.7 + 7.6 = 49.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Rallis India Ltd (RALLIS): 48/100 — Mixed-negative evidence; evidence 91%
   - Growth & earnings 15.9/35 | Capital efficiency 11.7/25 | Valuation 11.3/20 | Relative strength 9.0/20
   - Exact sum: 15.9 + 11.7 + 11.3 + 9 = 47.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Sumitomo Chemical India Ltd (SUMICHEM): 48/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 14.5/35 | Capital efficiency 18.9/25 | Valuation 4.0/20 | Relative strength 10.2/20
   - Exact sum: 14.5 + 18.9 + 4 + 10.2 = 47.6
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
17. Insecticides India Ltd (INSECTICID): 45/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 11.9/35 | Capital efficiency 14.1/25 | Valuation 11.6/20 | Relative strength 7.1/20
   - Exact sum: 11.9 + 14.1 + 11.6 + 7.1 = 44.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. Excel Industries Ltd (EXCELINDUS): 44/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 13.7/35 | Capital efficiency 11.9/25 | Valuation 10.7/20 | Relative strength 7.6/20
   - Exact sum: 13.7 + 11.9 + 10.7 + 7.6 = 43.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19. Astec Lifesciences Ltd (ASTEC): 44/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 21.8/35 | Capital efficiency 3.0/25 | Valuation 10.0/20 | Relative strength 9.1/20
   - Exact sum: 21.8 + 3 + 10 + 9.1 = 43.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
20. P I Industries Ltd (PIIND): 42/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 6.5/35 | Capital efficiency 16.3/25 | Valuation 11.1/20 | Relative strength 7.9/20
   - Exact sum: 6.5 + 16.3 + 11.1 + 7.9 = 41.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21. Epigral Ltd (EPIGRAL): 42/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 6.6/35 | Capital efficiency 14.1/25 | Valuation 16.8/20 | Relative strength 4.2/20
   - Exact sum: 6.6 + 14.1 + 16.8 + 4.2 = 41.7
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
22. Meghmani Organics Ltd (MOL): 37/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 16.1/35 | Capital efficiency 7.6/25 | Valuation 9.4/20 | Relative strength 3.5/20
   - Exact sum: 16.1 + 7.6 + 9.4 + 3.5 = 36.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
23. Heranba Industries Ltd (HERANBA): 27/100 — Adverse evidence; evidence 65%
   - Growth & earnings 11.7/35 | Capital efficiency 2.5/25 | Valuation 10.0/20 | Relative strength 2.8/20
   - Exact sum: 11.7 + 2.5 + 10 + 2.8 = 27
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
24. Best Agrolife Ltd (BESTAGRO): 23/100 — Adverse evidence; evidence 69%
   - Growth & earnings 7.1/35 | Capital efficiency 6.2/25 | Valuation 5.9/20 | Relative strength 4.1/20
   - Exact sum: 7.1 + 6.2 + 5.9 + 4.1 = 23.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: UPL Ltd is the scale leader at ₹51,839 crore, 672.2% ahead of P I Industries Ltd. Titan Biotech Ltd's growth is 31.8% from a ₹206 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: UPL Ltd is the scale benchmark; Titan Biotech Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: UPL Ltd's growth falls below Titan Biotech Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: UPL Ltd · ₹51,839 crore | 672.2% versus #2 · P I Industries Ltd | 8/8 recent comparable periods | 24/24 companies · 376 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. UPL Ltd (UPL): ₹51.8K Cr
2. P I Industries Ltd (PIIND): ₹6.7K Cr
3. Bayer CropScience Ltd (BAYERCROP): ₹5.7K Cr
4. Sharda Cropchem Ltd (SHARDACROP): ₹5.3K Cr
5. Jubilant Ingrevia Ltd (JUBLINGREA): ₹4.7K Cr

### Revenue growth — fastest growers
1. Titan Biotech Ltd (524717): 32%
2. India Pesticides Ltd (IPL): 28%
3. Advance Agrolife Ltd (ADVANCE): 27%
4. Sharda Cropchem Ltd (SHARDACROP): 22%
5. Bhagiradha Chemicals & Industries Ltd (BHAGCHEM): 22%

### 20-quarter Revenue history
- 524717: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹30 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹43 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹57 Cr | Mar 2026 ₹49 Cr | Jun 2026 —
- UPL: Sep 2021 ₹10.6K Cr | Dec 2021 ₹11.3K Cr | Mar 2022 ₹15.9K Cr | Jun 2022 ₹10.8K Cr | Sep 2022 ₹12.5K Cr | Dec 2022 ₹13.7K Cr | Mar 2023 ₹16.6K Cr | Jun 2023 ₹9.0K Cr | Sep 2023 ₹10.2K Cr | Dec 2023 ₹9.9K Cr | Mar 2024 ₹14.1K Cr | Jun 2024 ₹9.1K Cr | Sep 2024 ₹11.1K Cr | Dec 2024 ₹10.9K Cr | Mar 2025 ₹15.6K Cr | Jun 2025 ₹9.2K Cr | Sep 2025 ₹12.0K Cr | Dec 2025 ₹12.3K Cr | Mar 2026 ₹18.3K Cr | Jun 2026 —
- PIIND: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- SUMICHEM: Sep 2021 ₹910 Cr | Dec 2021 ₹707 Cr | Mar 2022 ₹662 Cr | Jun 2022 ₹986 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹753 Cr | Mar 2023 ₹652 Cr | Jun 2023 ₹724 Cr | Sep 2023 ₹903 Cr | Dec 2023 ₹542 Cr | Mar 2024 ₹674 Cr | Jun 2024 ₹839 Cr | Sep 2024 ₹988 Cr | Dec 2024 ₹642 Cr | Mar 2025 ₹679 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹930 Cr | Dec 2025 ₹568 Cr | Mar 2026 ₹684 Cr | Jun 2026 —
- BAYERCROP: Sep 2021 ₹1.4K Cr | Dec 2021 ₹990 Cr | Mar 2022 ₹963 Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹983 Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹955 Cr | Mar 2024 ₹795 Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- JUBLINGREA: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹966 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.3K Cr
- SHARDACROP: Sep 2021 ₹643 Cr | Dec 2021 ₹880 Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹845 Cr | Sep 2022 ₹722 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹638 Cr | Sep 2023 ₹581 Cr | Dec 2023 ₹632 Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹785 Cr | Sep 2024 ₹777 Cr | Dec 2024 ₹929 Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹985 Cr | Sep 2025 ₹929 Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- EPIGRAL: Sep 2021 ₹340 Cr | Dec 2021 ₹422 Cr | Mar 2022 ₹499 Cr | Jun 2022 ₹533 Cr | Sep 2022 ₹556 Cr | Dec 2022 ₹538 Cr | Mar 2023 ₹562 Cr | Jun 2023 ₹455 Cr | Sep 2023 ₹478 Cr | Dec 2023 ₹472 Cr | Mar 2024 ₹525 Cr | Jun 2024 ₹651 Cr | Sep 2024 ₹626 Cr | Dec 2024 ₹645 Cr | Mar 2025 ₹628 Cr | Jun 2025 ₹607 Cr | Sep 2025 ₹587 Cr | Dec 2025 ₹597 Cr | Mar 2026 ₹736 Cr | Jun 2026 —
- NACLIND: Sep 2021 ₹443 Cr | Dec 2021 ₹400 Cr | Mar 2022 ₹466 Cr | Jun 2022 ₹475 Cr | Sep 2022 ₹565 Cr | Dec 2022 ₹480 Cr | Mar 2023 ₹599 Cr | Jun 2023 ₹376 Cr | Sep 2023 ₹580 Cr | Dec 2023 ₹365 Cr | Mar 2024 ₹457 Cr | Jun 2024 ₹325 Cr | Sep 2024 ₹440 Cr | Dec 2024 ₹268 Cr | Mar 2025 ₹201 Cr | Jun 2025 ₹448 Cr | Sep 2025 ₹457 Cr | Dec 2025 ₹318 Cr | Mar 2026 ₹361 Cr | Jun 2026 ₹383 Cr
- DHANUKA: Sep 2021 ₹439 Cr | Dec 2021 ₹357 Cr | Mar 2022 ₹318 Cr | Jun 2022 ₹393 Cr | Sep 2022 ₹543 Cr | Dec 2022 ₹393 Cr | Mar 2023 ₹371 Cr | Jun 2023 ₹369 Cr | Sep 2023 ₹618 Cr | Dec 2023 ₹403 Cr | Mar 2024 ₹368 Cr | Jun 2024 ₹494 Cr | Sep 2024 ₹654 Cr | Dec 2024 ₹445 Cr | Mar 2025 ₹442 Cr | Jun 2025 ₹528 Cr | Sep 2025 ₹598 Cr | Dec 2025 ₹410 Cr | Mar 2026 ₹483 Cr | Jun 2026 —
- RALLIS: Sep 2021 ₹728 Cr | Dec 2021 ₹628 Cr | Mar 2022 ₹508 Cr | Jun 2022 ₹863 Cr | Sep 2022 ₹951 Cr | Dec 2022 ₹630 Cr | Mar 2023 ₹523 Cr | Jun 2023 ₹782 Cr | Sep 2023 ₹832 Cr | Dec 2023 ₹598 Cr | Mar 2024 ₹436 Cr | Jun 2024 ₹783 Cr | Sep 2024 ₹928 Cr | Dec 2024 ₹522 Cr | Mar 2025 ₹430 Cr | Jun 2025 ₹957 Cr | Sep 2025 ₹861 Cr | Dec 2025 ₹623 Cr | Mar 2026 ₹456 Cr | Jun 2026 ₹1.0K Cr
- BHAGCHEM: Sep 2021 ₹99 Cr | Dec 2021 ₹100 Cr | Mar 2022 ₹138 Cr | Jun 2022 ₹122 Cr | Sep 2022 ₹132 Cr | Dec 2022 ₹126 Cr | Mar 2023 ₹123 Cr | Jun 2023 ₹100 Cr | Sep 2023 ₹122 Cr | Dec 2023 ₹74 Cr | Mar 2024 ₹111 Cr | Jun 2024 ₹111 Cr | Sep 2024 ₹104 Cr | Dec 2024 ₹103 Cr | Mar 2025 ₹123 Cr | Jun 2025 ₹124 Cr | Sep 2025 ₹140 Cr | Dec 2025 ₹114 Cr | Mar 2026 ₹158 Cr | Jun 2026 —
- GSPCROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹352 Cr | Sep 2024 ₹352 Cr | Dec 2024 ₹276 Cr | Mar 2025 ₹308 Cr | Jun 2025 ₹422 Cr | Sep 2025 ₹467 Cr | Dec 2025 ₹270 Cr | Mar 2026 ₹402 Cr | Jun 2026 —
- BHARATRAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹309 Cr | Mar 2023 ₹306 Cr | Jun 2023 ₹239 Cr | Sep 2023 ₹263 Cr | Dec 2023 ₹233 Cr | Mar 2024 ₹310 Cr | Jun 2024 ₹282 Cr | Sep 2024 ₹328 Cr | Dec 2024 ₹256 Cr | Mar 2025 ₹307 Cr | Jun 2025 ₹377 Cr | Sep 2025 ₹286 Cr | Dec 2025 ₹270 Cr | Mar 2026 ₹308 Cr | Jun 2026 —
- INSECTICID: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹357 Cr | Mar 2023 ₹302 Cr | Jun 2023 ₹640 Cr | Sep 2023 ₹696 Cr | Dec 2023 ₹358 Cr | Mar 2024 ₹272 Cr | Jun 2024 ₹657 Cr | Sep 2024 ₹627 Cr | Dec 2024 ₹358 Cr | Mar 2025 ₹359 Cr | Jun 2025 ₹691 Cr | Sep 2025 ₹638 Cr | Dec 2025 ₹385 Cr | Mar 2026 ₹426 Cr | Jun 2026 —
- IPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹218 Cr | Mar 2023 ₹198 Cr | Jun 2023 ₹201 Cr | Sep 2023 ₹202 Cr | Dec 2023 ₹151 Cr | Mar 2024 ₹126 Cr | Jun 2024 ₹220 Cr | Sep 2024 ₹229 Cr | Dec 2024 ₹172 Cr | Mar 2025 ₹207 Cr | Jun 2025 ₹275 Cr | Sep 2025 ₹290 Cr | Dec 2025 ₹225 Cr | Mar 2026 ₹266 Cr | Jun 2026 —
- ASTEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹117 Cr | Mar 2023 ₹127 Cr | Jun 2023 ₹143 Cr | Sep 2023 ₹111 Cr | Dec 2023 ₹51 Cr | Mar 2024 ₹154 Cr | Jun 2024 ₹69 Cr | Sep 2024 ₹99 Cr | Dec 2024 ₹94 Cr | Mar 2025 ₹120 Cr | Jun 2025 ₹91 Cr | Sep 2025 ₹74 Cr | Dec 2025 ₹125 Cr | Mar 2026 ₹159 Cr | Jun 2026 —
- MOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹549 Cr | Mar 2023 ₹574 Cr | Jun 2023 ₹426 Cr | Sep 2023 ₹379 Cr | Dec 2023 ₹352 Cr | Mar 2024 ₹410 Cr | Jun 2024 ₹414 Cr | Sep 2024 ₹544 Cr | Dec 2024 ₹569 Cr | Mar 2025 ₹553 Cr | Jun 2025 ₹614 Cr | Sep 2025 ₹577 Cr | Dec 2025 ₹509 Cr | Mar 2026 ₹474 Cr | Jun 2026 —
- PUNJABCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹260 Cr | Mar 2023 ₹195 Cr | Jun 2023 ₹281 Cr | Sep 2023 ₹242 Cr | Dec 2023 ₹214 Cr | Mar 2024 ₹197 Cr | Jun 2024 ₹242 Cr | Sep 2024 ₹242 Cr | Dec 2024 ₹214 Cr | Mar 2025 ₹202 Cr | Jun 2025 ₹320 Cr | Sep 2025 ₹255 Cr | Dec 2025 ₹247 Cr | Mar 2026 ₹209 Cr | Jun 2026 —
- EXCELINDUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹223 Cr | Mar 2023 ₹226 Cr | Jun 2023 ₹214 Cr | Sep 2023 ₹198 Cr | Dec 2023 ₹180 Cr | Mar 2024 ₹234 Cr | Jun 2024 ₹265 Cr | Sep 2024 ₹269 Cr | Dec 2024 ₹196 Cr | Mar 2025 ₹248 Cr | Jun 2025 ₹310 Cr | Sep 2025 ₹270 Cr | Dec 2025 ₹234 Cr | Mar 2026 ₹281 Cr | Jun 2026 —
- DHARMAJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹255 Cr | Sep 2024 ₹311 Cr | Dec 2024 ₹175 Cr | Mar 2025 ₹210 Cr | Jun 2025 ₹367 Cr | Sep 2025 ₹347 Cr | Dec 2025 ₹190 Cr | Mar 2026 ₹234 Cr | Jun 2026 —
- ADVANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹132 Cr | Sep 2024 ₹167 Cr | Dec 2024 ₹113 Cr | Mar 2025 ₹90 Cr | Jun 2025 ₹169 Cr | Sep 2025 ₹213 Cr | Dec 2025 ₹133 Cr | Mar 2026 ₹124 Cr | Jun 2026 —
- HERANBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹276 Cr | Mar 2023 ₹260 Cr | Jun 2023 ₹275 Cr | Sep 2023 ₹424 Cr | Dec 2023 ₹300 Cr | Mar 2024 ₹258 Cr | Jun 2024 ₹296 Cr | Sep 2024 ₹437 Cr | Dec 2024 ₹341 Cr | Mar 2025 ₹335 Cr | Jun 2025 ₹452 Cr | Sep 2025 ₹522 Cr | Dec 2025 ₹301 Cr | Mar 2026 ₹319 Cr | Jun 2026 —
- BESTAGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹328 Cr | Mar 2023 ₹254 Cr | Jun 2023 ₹612 Cr | Sep 2023 ₹811 Cr | Dec 2023 ₹314 Cr | Mar 2024 ₹135 Cr | Jun 2024 ₹519 Cr | Sep 2024 ₹747 Cr | Dec 2024 ₹274 Cr | Mar 2025 ₹274 Cr | Jun 2025 ₹381 Cr | Sep 2025 ₹517 Cr | Dec 2025 ₹203 Cr | Mar 2026 ₹156 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- 524717: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 52% | Mar 2024 8.4% | Jun 2024 24% | Sep 2024 -8.2% | Dec 2024 -17% | Mar 2025 -12% | Jun 2025 7.9% | Sep 2025 36% | Dec 2025 48% | Mar 2026 39% | Jun 2026 —
- UPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 18% | Dec 2022 21% | Mar 2023 4.5% | Jun 2023 -17% | Sep 2023 -19% | Dec 2023 -28% | Mar 2024 -15% | Jun 2024 1.2% | Sep 2024 9.1% | Dec 2024 10% | Mar 2025 11% | Jun 2025 1.6% | Sep 2025 8.4% | Dec 2025 12% | Mar 2026 18% | Jun 2026 —
- PIIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 31% | Dec 2022 19% | Mar 2023 12% | Jun 2023 24% | Sep 2023 20% | Dec 2023 18% | Mar 2024 11% | Jun 2024 8.3% | Sep 2024 4.9% | Dec 2024 0.2% | Mar 2025 2.6% | Jun 2025 -8.2% | Sep 2025 -16% | Dec 2025 -28% | Mar 2026 -12% | Jun 2026 —
- SUMICHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 23% | Dec 2022 6.5% | Mar 2023 -1.5% | Jun 2023 -27% | Sep 2023 -20% | Dec 2023 -28% | Mar 2024 3.4% | Jun 2024 16% | Sep 2024 9.4% | Dec 2024 18% | Mar 2025 0.7% | Jun 2025 26% | Sep 2025 -5.9% | Dec 2025 -12% | Mar 2026 0.7% | Jun 2026 —
- BAYERCROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 6.4% | Dec 2022 4.9% | Mar 2023 2.1% | Jun 2023 4.4% | Sep 2023 11% | Dec 2023 -8.0% | Mar 2024 -19% | Jun 2024 -6.3% | Sep 2024 7.5% | Dec 2024 11% | Mar 2025 32% | Jun 2025 17% | Sep 2025 -11% | Dec 2025 4.6% | Mar 2026 5.1% | Jun 2026 —
- JUBLINGREA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 6.6% | Dec 2022 -10.0% | Mar 2023 -12% | Jun 2023 -7.8% | Sep 2023 -22% | Dec 2023 -17% | Mar 2024 -6.2% | Jun 2024 -4.7% | Sep 2024 2.5% | Dec 2024 9.4% | Mar 2025 -2.1% | Jun 2025 1.4% | Sep 2025 7.3% | Dec 2025 -0.6% | Mar 2026 12% | Jun 2026 25%
- SHARDACROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 12% | Dec 2022 16% | Mar 2023 3.4% | Jun 2023 -25% | Sep 2023 -20% | Dec 2023 -38% | Mar 2024 -11% | Jun 2024 23% | Sep 2024 34% | Dec 2024 47% | Mar 2025 39% | Jun 2025 25% | Sep 2025 20% | Dec 2025 39% | Mar 2026 13% | Jun 2026 —
- EPIGRAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 84% | Sep 2022 64% | Dec 2022 27% | Mar 2023 13% | Jun 2023 -15% | Sep 2023 -14% | Dec 2023 -12% | Mar 2024 -6.6% | Jun 2024 43% | Sep 2024 31% | Dec 2024 37% | Mar 2025 20% | Jun 2025 -6.8% | Sep 2025 -6.2% | Dec 2025 -7.4% | Mar 2026 17% | Jun 2026 —
- NACLIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 46% | Sep 2022 28% | Dec 2022 20% | Mar 2023 28% | Jun 2023 -21% | Sep 2023 2.7% | Dec 2023 -24% | Mar 2024 -24% | Jun 2024 -14% | Sep 2024 -24% | Dec 2024 -27% | Mar 2025 -56% | Jun 2025 38% | Sep 2025 3.9% | Dec 2025 19% | Mar 2026 80% | Jun 2026 -15%
- DHANUKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.0% | Sep 2022 24% | Dec 2022 10% | Mar 2023 17% | Jun 2023 -6.1% | Sep 2023 14% | Dec 2023 2.5% | Mar 2024 -0.8% | Jun 2024 34% | Sep 2024 5.8% | Dec 2024 10% | Mar 2025 20% | Jun 2025 6.9% | Sep 2025 -8.6% | Dec 2025 -7.9% | Mar 2026 9.3% | Jun 2026 —
- RALLIS: Sep 2021 0.4% | Dec 2021 10% | Mar 2022 7.9% | Jun 2022 16% | Sep 2022 31% | Dec 2022 0.3% | Mar 2023 3.0% | Jun 2023 -9.4% | Sep 2023 -13% | Dec 2023 -5.1% | Mar 2024 -17% | Jun 2024 0.1% | Sep 2024 12% | Dec 2024 -13% | Mar 2025 -1.4% | Jun 2025 22% | Sep 2025 -7.2% | Dec 2025 19% | Mar 2026 6.1% | Jun 2026 6.8%
- BHAGCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 24% | Sep 2022 33% | Dec 2022 26% | Mar 2023 -11% | Jun 2023 -18% | Sep 2023 -7.6% | Dec 2023 -41% | Mar 2024 -9.2% | Jun 2024 11% | Sep 2024 -15% | Dec 2024 38% | Mar 2025 10% | Jun 2025 11% | Sep 2025 35% | Dec 2025 11% | Mar 2026 29% | Jun 2026 —
- GSPCROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 20% | Sep 2025 33% | Dec 2025 -2.2% | Mar 2026 31% | Jun 2026 —
- BHARATRAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -25% | Mar 2024 1.3% | Jun 2024 18% | Sep 2024 25% | Dec 2024 9.9% | Mar 2025 -1.0% | Jun 2025 34% | Sep 2025 -13% | Dec 2025 5.5% | Mar 2026 0.3% | Jun 2026 —
- INSECTICID: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.3% | Mar 2024 -9.9% | Jun 2024 2.7% | Sep 2024 -9.9% | Dec 2024 0.0% | Mar 2025 32% | Jun 2025 5.2% | Sep 2025 1.8% | Dec 2025 7.5% | Mar 2026 19% | Jun 2026 —
- IPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -31% | Mar 2024 -36% | Jun 2024 9.5% | Sep 2024 13% | Dec 2024 14% | Mar 2025 64% | Jun 2025 25% | Sep 2025 27% | Dec 2025 31% | Mar 2026 29% | Jun 2026 —
- ASTEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -57% | Mar 2024 21% | Jun 2024 -51% | Sep 2024 -11% | Dec 2024 85% | Mar 2025 -22% | Jun 2025 31% | Sep 2025 -25% | Dec 2025 33% | Mar 2026 33% | Jun 2026 —
- MOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -36% | Mar 2024 -29% | Jun 2024 -2.8% | Sep 2024 44% | Dec 2024 62% | Mar 2025 35% | Jun 2025 48% | Sep 2025 6.1% | Dec 2025 -11% | Mar 2026 -14% | Jun 2026 —
- PUNJABCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -18% | Mar 2024 1.0% | Jun 2024 -14% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 2.5% | Jun 2025 32% | Sep 2025 5.4% | Dec 2025 15% | Mar 2026 3.5% | Jun 2026 —
- EXCELINDUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -19% | Mar 2024 3.5% | Jun 2024 24% | Sep 2024 36% | Dec 2024 8.9% | Mar 2025 6.0% | Jun 2025 17% | Sep 2025 0.4% | Dec 2025 19% | Mar 2026 13% | Jun 2026 —
- DHARMAJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 44% | Sep 2025 12% | Dec 2025 8.6% | Mar 2026 11% | Jun 2026 —
- ADVANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 28% | Sep 2025 27% | Dec 2025 17% | Mar 2026 38% | Jun 2026 —
- HERANBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 8.7% | Mar 2024 -0.8% | Jun 2024 7.6% | Sep 2024 3.1% | Dec 2024 14% | Mar 2025 30% | Jun 2025 53% | Sep 2025 19% | Dec 2025 -12% | Mar 2026 -4.8% | Jun 2026 —
- BESTAGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -4.3% | Mar 2024 -47% | Jun 2024 -15% | Sep 2024 -7.9% | Dec 2024 -13% | Mar 2025 103% | Jun 2025 -27% | Sep 2025 -31% | Dec 2025 -26% | Mar 2026 -43% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Sharda Cropchem Ltd leads opm at 24%; Bhagiradha Chemicals & Industries Ltd leads margin change at +7.3 percentage points.

Investor read: Sharda Cropchem Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Sharda Cropchem Ltd · 24% | 4.3% versus #2 · Epigral Ltd | 7/8 recent comparable periods | 24/24 companies · 436 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Sharda Cropchem Ltd (SHARDACROP): 24%
2. Epigral Ltd (EPIGRAL): 23%
3. Dhanuka Agritech Ltd (DHANUKA): 23%
4. P I Industries Ltd (PIIND): 22%
5. Sumitomo Chemical India Ltd (SUMICHEM): 20%

### Margin change — fastest expanders
1. Bhagiradha Chemicals & Industries Ltd (BHAGCHEM): +7.3 pp
2. Sharda Cropchem Ltd (SHARDACROP): +7.0 pp
3. Titan Biotech Ltd (524717): +6.9 pp
4. Advance Agrolife Ltd (ADVANCE): +4.3 pp
5. Bharat Rasayan Ltd (BHARATRAS): +4.0 pp

### 20-quarter OPM history
- 524717: Sep 2021 26% | Dec 2021 24% | Mar 2022 23% | Jun 2022 23% | Sep 2022 25% | Dec 2022 14% | Mar 2023 19% | Jun 2023 23% | Sep 2023 20% | Dec 2023 23% | Mar 2024 18% | Jun 2024 19% | Sep 2024 19% | Dec 2024 13% | Mar 2025 13% | Jun 2025 19% | Sep 2025 17% | Dec 2025 19% | Mar 2026 20% | Jun 2026 —
- UPL: Sep 2021 18% | Dec 2021 22% | Mar 2022 21% | Jun 2022 20% | Sep 2022 19% | Dec 2022 21% | Mar 2023 16% | Jun 2023 14% | Sep 2023 11% | Dec 2023 1.0% | Mar 2024 13% | Jun 2024 12% | Sep 2024 11% | Dec 2024 15% | Mar 2025 20% | Jun 2025 15% | Sep 2025 16% | Dec 2025 18% | Mar 2026 19% | Jun 2026 —
- PIIND: Sep 2021 22% | Dec 2021 22% | Mar 2022 22% | Jun 2022 22% | Sep 2022 24% | Dec 2022 26% | Mar 2023 22% | Jun 2023 24% | Sep 2023 26% | Dec 2023 29% | Mar 2024 25% | Jun 2024 28% | Sep 2024 28% | Dec 2024 27% | Mar 2025 25% | Jun 2025 27% | Sep 2025 29% | Dec 2025 22% | Mar 2026 22% | Jun 2026 —
- SUMICHEM: Sep 2021 24% | Dec 2021 18% | Mar 2022 16% | Jun 2022 19% | Sep 2022 25% | Dec 2022 16% | Mar 2023 12% | Jun 2023 11% | Sep 2023 21% | Dec 2023 12% | Mar 2024 21% | Jun 2024 19% | Sep 2024 25% | Dec 2024 17% | Mar 2025 18% | Jun 2025 21% | Sep 2025 23% | Dec 2025 18% | Mar 2026 20% | Jun 2026 —
- BAYERCROP: Sep 2021 16% | Dec 2021 6.7% | Mar 2022 21% | Jun 2022 24% | Sep 2022 16% | Dec 2022 8.2% | Mar 2023 21% | Jun 2023 24% | Sep 2023 19% | Dec 2023 13% | Mar 2024 12% | Jun 2024 19% | Sep 2024 11% | Dec 2024 1.9% | Mar 2025 16% | Jun 2025 18% | Sep 2025 13% | Dec 2025 11% | Mar 2026 18% | Jun 2026 —
- JUBLINGREA: Sep 2021 16% | Dec 2021 17% | Mar 2022 11% | Jun 2022 12% | Sep 2022 12% | Dec 2022 13% | Mar 2023 9.0% | Jun 2023 11% | Sep 2023 12% | Dec 2023 10% | Mar 2024 8.0% | Jun 2024 11% | Sep 2024 12% | Dec 2024 13% | Mar 2025 14% | Jun 2025 14% | Sep 2025 12% | Dec 2025 12% | Mar 2026 14% | Jun 2026 15%
- SHARDACROP: Sep 2021 14% | Dec 2021 21% | Mar 2022 20% | Jun 2022 6.4% | Sep 2022 9.0% | Dec 2022 20% | Mar 2023 21% | Jun 2023 -9.0% | Sep 2023 4.0% | Dec 2023 11% | Mar 2024 19% | Jun 2024 10% | Sep 2024 12% | Dec 2024 12% | Mar 2025 17% | Jun 2025 22% | Sep 2025 14% | Dec 2025 19% | Mar 2026 24% | Jun 2026 —
- EPIGRAL: Sep 2021 30% | Dec 2021 33% | Mar 2022 35% | Jun 2022 35% | Sep 2022 32% | Dec 2022 31% | Mar 2023 28% | Jun 2023 21% | Sep 2023 23% | Dec 2023 26% | Mar 2024 30% | Jun 2024 27% | Sep 2024 28% | Dec 2024 28% | Mar 2025 28% | Jun 2025 27% | Sep 2025 22% | Dec 2025 17% | Mar 2026 23% | Jun 2026 —
- NACLIND: Sep 2021 9.2% | Dec 2021 7.4% | Mar 2022 8.4% | Jun 2022 7.0% | Sep 2022 9.6% | Dec 2022 8.0% | Mar 2023 11% | Jun 2023 -8.0% | Sep 2023 5.0% | Dec 2023 1.0% | Mar 2024 2.0% | Jun 2024 -1.0% | Sep 2024 9.0% | Dec 2024 -10% | Mar 2025 -37% | Jun 2025 8.0% | Sep 2025 10% | Dec 2025 2.0% | Mar 2026 4.0% | Jun 2026 11%
- DHANUKA: Sep 2021 19% | Dec 2021 15% | Mar 2022 20% | Jun 2022 13% | Sep 2022 18% | Dec 2022 13% | Mar 2023 21% | Jun 2023 12% | Sep 2023 23% | Dec 2023 15% | Mar 2024 22% | Jun 2024 15% | Sep 2024 24% | Dec 2024 17% | Mar 2025 25% | Jun 2025 16% | Sep 2025 23% | Dec 2025 14% | Mar 2026 23% | Jun 2026 —
- RALLIS: Sep 2021 12% | Dec 2021 11% | Mar 2022 -1.0% | Jun 2022 10% | Sep 2022 10% | Dec 2022 5.0% | Mar 2023 -7.8% | Jun 2023 11% | Sep 2023 13% | Dec 2023 5.4% | Mar 2024 -3.4% | Jun 2024 8.3% | Sep 2024 15% | Dec 2024 2.9% | Mar 2025 -9.0% | Jun 2025 13% | Sep 2025 14% | Dec 2025 4.7% | Mar 2026 -6.2% | Jun 2026 15%
- BHAGCHEM: Sep 2021 17% | Dec 2021 16% | Mar 2022 15% | Jun 2022 16% | Sep 2022 15% | Dec 2022 15% | Mar 2023 15% | Jun 2023 7.1% | Sep 2023 11% | Dec 2023 11% | Mar 2024 13% | Jun 2024 11% | Sep 2024 9.4% | Dec 2024 8.9% | Mar 2025 5.0% | Jun 2025 7.3% | Sep 2025 11% | Dec 2025 12% | Mar 2026 12% | Jun 2026 —
- GSPCROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 14% | Sep 2024 15% | Dec 2024 1.0% | Mar 2025 13% | Jun 2025 14% | Sep 2025 20% | Dec 2025 5.0% | Mar 2026 9.0% | Jun 2026 —
- BHARATRAS: Sep 2021 15% | Dec 2021 21% | Mar 2022 19% | Jun 2022 16% | Sep 2022 12% | Dec 2022 16% | Mar 2023 18% | Jun 2023 2.0% | Sep 2023 5.0% | Dec 2023 11% | Mar 2024 22% | Jun 2024 14% | Sep 2024 14% | Dec 2024 16% | Mar 2025 12% | Jun 2025 18% | Sep 2025 12% | Dec 2025 16% | Mar 2026 16% | Jun 2026 —
- INSECTICID: Sep 2021 14% | Dec 2021 5.9% | Mar 2022 12% | Jun 2022 10% | Sep 2022 12% | Dec 2022 7.0% | Mar 2023 -9.0% | Jun 2023 7.0% | Sep 2023 12% | Dec 2023 7.0% | Mar 2024 3.0% | Jun 2024 11% | Sep 2024 14% | Dec 2024 9.0% | Mar 2025 8.0% | Jun 2025 12% | Sep 2025 14% | Dec 2025 7.0% | Mar 2026 6.0% | Jun 2026 —
- IPL: Sep 2021 31% | Dec 2021 32% | Mar 2022 24% | Jun 2022 26% | Sep 2022 21% | Dec 2022 21% | Mar 2023 21% | Jun 2023 11% | Sep 2023 13% | Dec 2023 22% | Mar 2024 3.0% | Jun 2024 13% | Sep 2024 15% | Dec 2024 15% | Mar 2025 15% | Jun 2025 16% | Sep 2025 17% | Dec 2025 17% | Mar 2026 16% | Jun 2026 —
- ASTEC: Sep 2021 21% | Dec 2021 25% | Mar 2022 24% | Jun 2022 14% | Sep 2022 17% | Dec 2022 10% | Mar 2023 4.3% | Jun 2023 2.2% | Sep 2023 -3.1% | Dec 2023 -36% | Mar 2024 8.3% | Jun 2024 -67% | Sep 2024 -20% | Dec 2024 -6.1% | Mar 2025 4.6% | Jun 2025 -12% | Sep 2025 -9.1% | Dec 2025 3.2% | Mar 2026 5.8% | Jun 2026 —
- MOL: Sep 2021 14% | Dec 2021 12% | Mar 2022 16% | Jun 2022 17% | Sep 2022 12% | Dec 2022 9.6% | Mar 2023 14% | Jun 2023 -5.2% | Sep 2023 2.0% | Dec 2023 -2.2% | Mar 2024 0.5% | Jun 2024 1.4% | Sep 2024 5.6% | Dec 2024 7.2% | Mar 2025 12% | Jun 2025 11% | Sep 2025 9.0% | Dec 2025 7.4% | Mar 2026 4.2% | Jun 2026 —
- PUNJABCHEM: Sep 2021 15% | Dec 2021 14% | Mar 2022 13% | Jun 2022 13% | Sep 2022 11% | Dec 2022 13% | Mar 2023 11% | Jun 2023 13% | Sep 2023 15% | Dec 2023 12% | Mar 2024 7.0% | Jun 2024 11% | Sep 2024 11% | Dec 2024 9.0% | Mar 2025 13% | Jun 2025 11% | Sep 2025 10% | Dec 2025 12% | Mar 2026 13% | Jun 2026 —
- EXCELINDUS: Sep 2021 12% | Dec 2021 29% | Mar 2022 18% | Jun 2022 17% | Sep 2022 10% | Dec 2022 13% | Mar 2023 5.0% | Jun 2023 4.0% | Sep 2023 1.0% | Dec 2023 1.0% | Mar 2024 5.0% | Jun 2024 15% | Sep 2024 18% | Dec 2024 6.0% | Mar 2025 8.0% | Jun 2025 14% | Sep 2025 11% | Dec 2025 7.0% | Mar 2026 8.0% | Jun 2026 —
- DHARMAJ: Sep 2021 — | Dec 2021 12% | Mar 2022 4.4% | Jun 2022 11% | Sep 2022 10% | Dec 2022 8.6% | Mar 2023 0.8% | Jun 2023 12% | Sep 2023 12% | Dec 2023 8.7% | Mar 2024 -0.0% | Jun 2024 11% | Sep 2024 11% | Dec 2024 5.4% | Mar 2025 1.8% | Jun 2025 14% | Sep 2025 9.2% | Dec 2025 3.9% | Mar 2026 4.5% | Jun 2026 —
- ADVANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 9.5% | Sep 2024 14% | Dec 2024 5.6% | Mar 2025 6.6% | Jun 2025 10% | Sep 2025 12% | Dec 2025 5.5% | Mar 2026 11% | Jun 2026 —
- HERANBA: Sep 2021 17% | Dec 2021 18% | Mar 2022 18% | Jun 2022 13% | Sep 2022 16% | Dec 2022 9.0% | Mar 2023 8.0% | Jun 2023 -1.0% | Sep 2023 10% | Dec 2023 8.0% | Mar 2024 5.0% | Jun 2024 14% | Sep 2024 14% | Dec 2024 4.0% | Mar 2025 -4.0% | Jun 2025 7.0% | Sep 2025 9.0% | Dec 2025 4.0% | Mar 2026 -7.0% | Jun 2026 —
- BESTAGRO: Sep 2021 11% | Dec 2021 14% | Mar 2022 20% | Jun 2022 14% | Sep 2022 26% | Dec 2022 18% | Mar 2023 3.0% | Jun 2023 21% | Sep 2023 18% | Dec 2023 6.0% | Mar 2024 -50% | Jun 2024 11% | Sep 2024 20% | Dec 2024 -2.0% | Mar 2025 2.0% | Jun 2025 12% | Sep 2025 15% | Dec 2025 2.0% | Mar 2026 -17% | Jun 2026 —

### 20-quarter Margin change history
- 524717: Sep 2021 −7.8 pp | Dec 2021 −4.4 pp | Mar 2022 +2.1 pp | Jun 2022 −11.7 pp | Sep 2022 −0.6 pp | Dec 2022 −10.2 pp | Mar 2023 −4.0 pp | Jun 2023 −0.4 pp | Sep 2023 −5.0 pp | Dec 2023 +9.4 pp | Mar 2024 −0.9 pp | Jun 2024 −3.6 pp | Sep 2024 −0.6 pp | Dec 2024 −10.4 pp | Mar 2025 −4.7 pp | Jun 2025 −0.3 pp | Sep 2025 −2.3 pp | Dec 2025 +6.5 pp | Mar 2026 +6.9 pp | Jun 2026 —
- UPL: Sep 2021 −0.3 pp | Dec 2021 −2.4 pp | Mar 2022 +0.6 pp | Jun 2022 −1.0 pp | Sep 2022 +1.1 pp | Dec 2022 −0.6 pp | Mar 2023 −5.3 pp | Jun 2023 −5.8 pp | Sep 2023 −8.3 pp | Dec 2023 −20.0 pp | Mar 2024 −3.0 pp | Jun 2024 −2.0 pp | Sep 2024 0.0 pp | Dec 2024 +14.0 pp | Mar 2025 +7.0 pp | Jun 2025 +3.0 pp | Sep 2025 +5.0 pp | Dec 2025 +3.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- PIIND: Sep 2021 −2.7 pp | Dec 2021 −1.8 pp | Mar 2022 +2.9 pp | Jun 2022 +1.6 pp | Sep 2022 +2.9 pp | Dec 2022 +4.1 pp | Mar 2023 +0.1 pp | Jun 2023 +1.6 pp | Sep 2023 +1.6 pp | Dec 2023 +3.0 pp | Mar 2024 +3.0 pp | Jun 2024 +4.0 pp | Sep 2024 +2.0 pp | Dec 2024 −2.0 pp | Mar 2025 0.0 pp | Jun 2025 −1.0 pp | Sep 2025 +1.0 pp | Dec 2025 −5.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- SUMICHEM: Sep 2021 −0.7 pp | Dec 2021 +4.0 pp | Mar 2022 +3.0 pp | Jun 2022 −0.1 pp | Sep 2022 +1.2 pp | Dec 2022 −1.9 pp | Mar 2023 −4.4 pp | Jun 2023 −8.0 pp | Sep 2023 −3.8 pp | Dec 2023 −4.0 pp | Mar 2024 +9.0 pp | Jun 2024 +8.0 pp | Sep 2024 +4.0 pp | Dec 2024 +5.0 pp | Mar 2025 −3.0 pp | Jun 2025 +2.0 pp | Sep 2025 −2.0 pp | Dec 2025 +1.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- BAYERCROP: Sep 2021 −5.3 pp | Dec 2021 −4.8 pp | Mar 2022 +9.6 pp | Jun 2022 +0.9 pp | Sep 2022 +0.1 pp | Dec 2022 +1.5 pp | Mar 2023 +0.1 pp | Jun 2023 +0.7 pp | Sep 2023 +2.5 pp | Dec 2023 +5.2 pp | Mar 2024 −8.7 pp | Jun 2024 −5.2 pp | Sep 2024 −8.3 pp | Dec 2024 −11.5 pp | Mar 2025 +4.0 pp | Jun 2025 −1.1 pp | Sep 2025 +2.6 pp | Dec 2025 +8.7 pp | Mar 2026 +2.1 pp | Jun 2026 —
- JUBLINGREA: Sep 2021 — | Dec 2021 — | Mar 2022 −6.1 pp | Jun 2022 −12.5 pp | Sep 2022 −4.2 pp | Dec 2022 −3.5 pp | Mar 2023 −2.0 pp | Jun 2023 −1.1 pp | Sep 2023 +0.3 pp | Dec 2023 −3.0 pp | Mar 2024 −1.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 +3.0 pp | Mar 2025 +6.0 pp | Jun 2025 +3.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.0 pp | Mar 2026 0.0 pp | Jun 2026 +1.0 pp
- SHARDACROP: Sep 2021 −1.1 pp | Dec 2021 −0.6 pp | Mar 2022 +1.6 pp | Jun 2022 −12.0 pp | Sep 2022 −4.9 pp | Dec 2022 −1.4 pp | Mar 2023 +0.8 pp | Jun 2023 −15.4 pp | Sep 2023 −5.0 pp | Dec 2023 −9.0 pp | Mar 2024 −2.0 pp | Jun 2024 +19.0 pp | Sep 2024 +8.0 pp | Dec 2024 +1.0 pp | Mar 2025 −2.0 pp | Jun 2025 +12.0 pp | Sep 2025 +2.0 pp | Dec 2025 +7.0 pp | Mar 2026 +7.0 pp | Jun 2026 —
- EPIGRAL: Sep 2021 −4.3 pp | Dec 2021 +2.6 pp | Mar 2022 +4.1 pp | Jun 2022 +3.3 pp | Sep 2022 +2.9 pp | Dec 2022 −2.5 pp | Mar 2023 −7.1 pp | Jun 2023 −14.2 pp | Sep 2023 −9.5 pp | Dec 2023 −5.0 pp | Mar 2024 +2.0 pp | Jun 2024 +6.0 pp | Sep 2024 +5.0 pp | Dec 2024 +2.0 pp | Mar 2025 −2.0 pp | Jun 2025 0.0 pp | Sep 2025 −6.0 pp | Dec 2025 −11.0 pp | Mar 2026 −5.0 pp | Jun 2026 —
- NACLIND: Sep 2021 −2.4 pp | Dec 2021 −2.4 pp | Mar 2022 −0.3 pp | Jun 2022 −1.7 pp | Sep 2022 +0.4 pp | Dec 2022 +0.6 pp | Mar 2023 +2.9 pp | Jun 2023 −15.0 pp | Sep 2023 −4.6 pp | Dec 2023 −7.0 pp | Mar 2024 −9.3 pp | Jun 2024 +7.0 pp | Sep 2024 +4.0 pp | Dec 2024 −11.0 pp | Mar 2025 −39.0 pp | Jun 2025 +9.0 pp | Sep 2025 +1.0 pp | Dec 2025 +12.0 pp | Mar 2026 +41.0 pp | Jun 2026 +3.0 pp
- DHANUKA: Sep 2021 −1.4 pp | Dec 2021 −1.6 pp | Mar 2022 −3.5 pp | Jun 2022 −3.8 pp | Sep 2022 −0.7 pp | Dec 2022 −2.4 pp | Mar 2023 +1.0 pp | Jun 2023 −1.0 pp | Sep 2023 +5.0 pp | Dec 2023 +2.0 pp | Mar 2024 +1.0 pp | Jun 2024 +3.0 pp | Sep 2024 +1.0 pp | Dec 2024 +2.0 pp | Mar 2025 +3.0 pp | Jun 2025 +1.0 pp | Sep 2025 −1.0 pp | Dec 2025 −3.0 pp | Mar 2026 −2.5 pp | Jun 2026 —
- RALLIS: Sep 2021 −4.0 pp | Dec 2021 0.0 pp | Mar 2022 −5.0 pp | Jun 2022 −5.8 pp | Sep 2022 −2.0 pp | Dec 2022 −6.0 pp | Mar 2023 −6.8 pp | Jun 2023 +0.7 pp | Sep 2023 +2.9 pp | Dec 2023 +0.4 pp | Mar 2024 +4.4 pp | Jun 2024 −2.6 pp | Sep 2024 +1.8 pp | Dec 2024 −2.5 pp | Mar 2025 −5.6 pp | Jun 2025 +4.3 pp | Sep 2025 −0.3 pp | Dec 2025 +1.8 pp | Mar 2026 +2.8 pp | Jun 2026 +2.6 pp
- BHAGCHEM: Sep 2021 +1.5 pp | Dec 2021 −0.9 pp | Mar 2022 −0.3 pp | Jun 2022 +0.8 pp | Sep 2022 −1.2 pp | Dec 2022 −1.0 pp | Mar 2023 0.0 pp | Jun 2023 −9.0 pp | Sep 2023 −4.3 pp | Dec 2023 −4.2 pp | Mar 2024 −2.2 pp | Jun 2024 +3.7 pp | Sep 2024 −1.7 pp | Dec 2024 −2.2 pp | Mar 2025 −7.7 pp | Jun 2025 −3.5 pp | Sep 2025 +1.4 pp | Dec 2025 +3.1 pp | Mar 2026 +7.3 pp | Jun 2026 —
- GSPCROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +0.5 pp | Sep 2025 +4.7 pp | Dec 2025 +4.0 pp | Mar 2026 −4.0 pp | Jun 2026 —
- BHARATRAS: Sep 2021 −3.3 pp | Dec 2021 −2.0 pp | Mar 2022 −4.9 pp | Jun 2022 −7.3 pp | Sep 2022 −2.6 pp | Dec 2022 −4.9 pp | Mar 2023 −1.3 pp | Jun 2023 −13.6 pp | Sep 2023 −7.2 pp | Dec 2023 −5.0 pp | Mar 2024 +4.0 pp | Jun 2024 +12.0 pp | Sep 2024 +9.0 pp | Dec 2024 +5.0 pp | Mar 2025 −10.0 pp | Jun 2025 +4.0 pp | Sep 2025 −2.0 pp | Dec 2025 0.0 pp | Mar 2026 +4.0 pp | Jun 2026 —
- INSECTICID: Sep 2021 +1.8 pp | Dec 2021 +0.9 pp | Mar 2022 +1.0 pp | Jun 2022 −0.9 pp | Sep 2022 −2.7 pp | Dec 2022 +1.1 pp | Mar 2023 −21.2 pp | Jun 2023 −3.4 pp | Sep 2023 +0.2 pp | Dec 2023 0.0 pp | Mar 2024 +12.0 pp | Jun 2024 +4.0 pp | Sep 2024 +2.0 pp | Dec 2024 +2.0 pp | Mar 2025 +5.0 pp | Jun 2025 +1.0 pp | Sep 2025 0.0 pp | Dec 2025 −2.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- IPL: Sep 2021 +0.5 pp | Dec 2021 +6.2 pp | Mar 2022 −3.3 pp | Jun 2022 −6.9 pp | Sep 2022 −9.7 pp | Dec 2022 −11.2 pp | Mar 2023 −3.0 pp | Jun 2023 −14.5 pp | Sep 2023 −8.0 pp | Dec 2023 +1.0 pp | Mar 2024 −18.0 pp | Jun 2024 +2.0 pp | Sep 2024 +2.0 pp | Dec 2024 −7.0 pp | Mar 2025 +12.0 pp | Jun 2025 +3.0 pp | Sep 2025 +2.0 pp | Dec 2025 +2.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- ASTEC: Sep 2021 +1.5 pp | Dec 2021 +11.3 pp | Mar 2022 +1.9 pp | Jun 2022 −5.4 pp | Sep 2022 −3.9 pp | Dec 2022 −14.7 pp | Mar 2023 −19.8 pp | Jun 2023 −11.6 pp | Sep 2023 −19.8 pp | Dec 2023 −46.1 pp | Mar 2024 +4.0 pp | Jun 2024 −68.9 pp | Sep 2024 −16.9 pp | Dec 2024 +30.0 pp | Mar 2025 −3.6 pp | Jun 2025 +54.6 pp | Sep 2025 +11.0 pp | Dec 2025 +9.3 pp | Mar 2026 +1.1 pp | Jun 2026 —
- MOL: Sep 2021 −9.5 pp | Dec 2021 −8.0 pp | Mar 2022 +9.0 pp | Jun 2022 −0.9 pp | Sep 2022 −2.1 pp | Dec 2022 −2.6 pp | Mar 2023 −2.9 pp | Jun 2023 −22.0 pp | Sep 2023 −10.1 pp | Dec 2023 −11.9 pp | Mar 2024 −13.1 pp | Jun 2024 +6.6 pp | Sep 2024 +3.6 pp | Dec 2024 +9.4 pp | Mar 2025 +11.3 pp | Jun 2025 +9.5 pp | Sep 2025 +3.4 pp | Dec 2025 +0.2 pp | Mar 2026 −7.7 pp | Jun 2026 —
- PUNJABCHEM: Sep 2021 +1.0 pp | Dec 2021 −1.5 pp | Mar 2022 +2.1 pp | Jun 2022 −4.5 pp | Sep 2022 −3.7 pp | Dec 2022 −1.4 pp | Mar 2023 −2.2 pp | Jun 2023 −0.0 pp | Sep 2023 +3.9 pp | Dec 2023 −1.0 pp | Mar 2024 −4.0 pp | Jun 2024 −2.0 pp | Sep 2024 −4.0 pp | Dec 2024 −3.0 pp | Mar 2025 +6.0 pp | Jun 2025 0.0 pp | Sep 2025 −1.0 pp | Dec 2025 +3.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- EXCELINDUS: Sep 2021 −3.3 pp | Dec 2021 +10.7 pp | Mar 2022 +0.6 pp | Jun 2022 +2.8 pp | Sep 2022 −1.9 pp | Dec 2022 −16.8 pp | Mar 2023 −13.3 pp | Jun 2023 −12.8 pp | Sep 2023 −9.4 pp | Dec 2023 −11.6 pp | Mar 2024 0.0 pp | Jun 2024 +11.0 pp | Sep 2024 +17.0 pp | Dec 2024 +5.0 pp | Mar 2025 +3.0 pp | Jun 2025 −1.0 pp | Sep 2025 −7.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- DHARMAJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −3.5 pp | Mar 2023 −3.6 pp | Jun 2023 +0.6 pp | Sep 2023 +1.9 pp | Dec 2023 +0.1 pp | Mar 2024 −0.8 pp | Jun 2024 −1.2 pp | Sep 2024 −1.1 pp | Dec 2024 −3.3 pp | Mar 2025 +1.8 pp | Jun 2025 +3.3 pp | Sep 2025 −1.9 pp | Dec 2025 −1.6 pp | Mar 2026 +2.7 pp | Jun 2026 —
- ADVANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +0.7 pp | Sep 2025 −1.6 pp | Dec 2025 −0.1 pp | Mar 2026 +4.3 pp | Jun 2026 —
- HERANBA: Sep 2021 +1.3 pp | Dec 2021 −1.4 pp | Mar 2022 −3.7 pp | Jun 2022 −5.7 pp | Sep 2022 −1.7 pp | Dec 2022 −9.0 pp | Mar 2023 −9.9 pp | Jun 2023 −13.7 pp | Sep 2023 −5.6 pp | Dec 2023 −1.0 pp | Mar 2024 −3.0 pp | Jun 2024 +15.0 pp | Sep 2024 +4.0 pp | Dec 2024 −4.0 pp | Mar 2025 −9.0 pp | Jun 2025 −7.0 pp | Sep 2025 −5.0 pp | Dec 2025 0.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- BESTAGRO: Sep 2021 — | Dec 2021 +4.7 pp | Mar 2022 +2.3 pp | Jun 2022 +3.7 pp | Sep 2022 +15.2 pp | Dec 2022 +4.1 pp | Mar 2023 −17.1 pp | Jun 2023 +6.8 pp | Sep 2023 −8.1 pp | Dec 2023 −12.0 pp | Mar 2024 −53.0 pp | Jun 2024 −10.0 pp | Sep 2024 +2.0 pp | Dec 2024 −8.0 pp | Mar 2025 +52.0 pp | Jun 2025 +1.0 pp | Sep 2025 −5.0 pp | Dec 2025 +4.0 pp | Mar 2026 −19.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: UPL Ltd leads with ₹2,220 crore of TTM profit, 68.2% above P I Industries Ltd. Meghmani Organics Ltd shows ≥100% on the scoring scale growth from a ₹29 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: UPL Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: UPL Ltd · ₹2,220 crore | 68.2% versus #2 · P I Industries Ltd | 1/8 recent comparable periods | 24/24 companies · 376 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. UPL Ltd (UPL): ₹2.2K Cr
2. P I Industries Ltd (PIIND): ₹1.3K Cr
3. Bayer CropScience Ltd (BAYERCROP): ₹690 Cr
4. Sharda Cropchem Ltd (SHARDACROP): ₹681 Cr
5. Sumitomo Chemical India Ltd (SUMICHEM): ₹543 Cr

### Profit growth — fastest growers
1. Meghmani Organics Ltd (MOL): 100%
2. NACL Industries Ltd (NACLIND): 100%
3. Sharda Cropchem Ltd (SHARDACROP): 100%
4. UPL Ltd (UPL): 100%
5. Punjab Chemicals & Crop Protection Ltd (PUNJABCHEM): 71%

### 20-quarter Net profit history
- 524717: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- UPL: Sep 2021 ₹774 Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹969 Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹102 Cr | Sep 2023 ₹-293 Cr | Dec 2023 ₹-1.6K Cr | Mar 2024 ₹-80 Cr | Jun 2024 ₹-527 Cr | Sep 2024 ₹-585 Cr | Dec 2024 ₹853 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹-176 Cr | Sep 2025 ₹612 Cr | Dec 2025 ₹490 Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- PIIND: Sep 2021 ₹230 Cr | Dec 2021 ₹223 Cr | Mar 2022 ₹204 Cr | Jun 2022 ₹262 Cr | Sep 2022 ₹335 Cr | Dec 2022 ₹352 Cr | Mar 2023 ₹281 Cr | Jun 2023 ₹383 Cr | Sep 2023 ₹480 Cr | Dec 2023 ₹449 Cr | Mar 2024 ₹370 Cr | Jun 2024 ₹449 Cr | Sep 2024 ₹508 Cr | Dec 2024 ₹373 Cr | Mar 2025 ₹330 Cr | Jun 2025 ₹400 Cr | Sep 2025 ₹409 Cr | Dec 2025 ₹311 Cr | Mar 2026 ₹200 Cr | Jun 2026 —
- SUMICHEM: Sep 2021 ₹154 Cr | Dec 2021 ₹89 Cr | Mar 2022 ₹75 Cr | Jun 2022 ₹138 Cr | Sep 2022 ₹201 Cr | Dec 2022 ₹90 Cr | Mar 2023 ₹72 Cr | Jun 2023 ₹62 Cr | Sep 2023 ₹143 Cr | Dec 2023 ₹55 Cr | Mar 2024 ₹110 Cr | Jun 2024 ₹127 Cr | Sep 2024 ₹193 Cr | Dec 2024 ₹87 Cr | Mar 2025 ₹100 Cr | Jun 2025 ₹178 Cr | Sep 2025 ₹178 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹111 Cr | Jun 2026 —
- BAYERCROP: Sep 2021 ₹154 Cr | Dec 2021 ₹85 Cr | Mar 2022 ₹153 Cr | Jun 2022 ₹303 Cr | Sep 2022 ₹163 Cr | Dec 2022 ₹135 Cr | Mar 2023 ₹159 Cr | Jun 2023 ₹329 Cr | Sep 2023 ₹223 Cr | Dec 2023 ₹93 Cr | Mar 2024 ₹96 Cr | Jun 2024 ₹254 Cr | Sep 2024 ₹136 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹143 Cr | Jun 2025 ₹279 Cr | Sep 2025 ₹153 Cr | Dec 2025 ₹96 Cr | Mar 2026 ₹162 Cr | Jun 2026 —
- JUBLINGREA: Sep 2021 ₹111 Cr | Dec 2021 ₹129 Cr | Mar 2022 ₹69 Cr | Jun 2022 ₹79 Cr | Sep 2022 ₹84 Cr | Dec 2022 ₹92 Cr | Mar 2023 ₹52 Cr | Jun 2023 ₹58 Cr | Sep 2023 ₹57 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹59 Cr | Dec 2024 ₹69 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹75 Cr | Sep 2025 ₹69 Cr | Dec 2025 ₹47 Cr | Mar 2026 ₹86 Cr | Jun 2026 ₹106 Cr
- SHARDACROP: Sep 2021 ₹32 Cr | Dec 2021 ₹102 Cr | Mar 2022 ₹177 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹108 Cr | Mar 2023 ₹199 Cr | Jun 2023 ₹-89 Cr | Sep 2023 ₹-28 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹143 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹204 Cr | Jun 2025 ₹143 Cr | Sep 2025 ₹74 Cr | Dec 2025 ₹145 Cr | Mar 2026 ₹319 Cr | Jun 2026 —
- EPIGRAL: Sep 2021 ₹47 Cr | Dec 2021 ₹70 Cr | Mar 2022 ₹99 Cr | Jun 2022 ₹108 Cr | Sep 2022 ₹92 Cr | Dec 2022 ₹77 Cr | Mar 2023 ₹77 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹77 Cr | Jun 2024 ₹86 Cr | Sep 2024 ₹81 Cr | Dec 2024 ₹104 Cr | Mar 2025 ₹87 Cr | Jun 2025 ₹161 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹81 Cr | Jun 2026 —
- NACLIND: Sep 2021 ₹24 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹-38 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹-16 Cr | Mar 2024 ₹-9 Cr | Jun 2024 ₹-21 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹-36 Cr | Mar 2025 ₹-50 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹-10 Cr | Mar 2026 ₹-1 Cr | Jun 2026 ₹21 Cr
- DHANUKA: Sep 2021 ₹63 Cr | Dec 2021 ₹43 Cr | Mar 2022 ₹54 Cr | Jun 2022 ₹49 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹102 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹59 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹118 Cr | Dec 2024 ₹55 Cr | Mar 2025 ₹76 Cr | Jun 2025 ₹56 Cr | Sep 2025 ₹94 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹98 Cr | Jun 2026 —
- RALLIS: Sep 2021 ₹56 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹-14 Cr | Jun 2022 ₹67 Cr | Sep 2022 ₹71 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹-69 Cr | Jun 2023 ₹63 Cr | Sep 2023 ₹82 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹-21 Cr | Jun 2024 ₹48 Cr | Sep 2024 ₹98 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹-32 Cr | Jun 2025 ₹95 Cr | Sep 2025 ₹102 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹-15 Cr | Jun 2026 ₹125 Cr
- BHAGCHEM: Sep 2021 ₹8 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- GSPCROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹33 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹-6 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹58 Cr | Dec 2025 ₹-6 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- BHARATRAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹34 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹67 Cr | Jun 2024 ₹43 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹38 Cr | Jun 2026 —
- INSECTICID: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹9 Cr | Mar 2023 ₹-29 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹61 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹59 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- IPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹35 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹31 Cr | Jun 2026 —
- ASTEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 ₹-5 Cr | Jun 2023 ₹-8 Cr | Sep 2023 ₹-13 Cr | Dec 2023 ₹-24 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-40 Cr | Sep 2024 ₹-39 Cr | Dec 2024 ₹-40 Cr | Mar 2025 ₹-16 Cr | Jun 2025 ₹-33 Cr | Sep 2025 ₹-24 Cr | Dec 2025 ₹-16 Cr | Mar 2026 ₹-8 Cr | Jun 2026 —
- MOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹8 Cr | Mar 2023 ₹54 Cr | Jun 2023 ₹-35 Cr | Sep 2023 ₹-15 Cr | Dec 2023 ₹-38 Cr | Mar 2024 ₹-18 Cr | Jun 2024 ₹-17 Cr | Sep 2024 ₹-9 Cr | Dec 2024 ₹-4 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹-4 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- PUNJABCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹20 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- EXCELINDUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹19 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- DHARMAJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹15 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- ADVANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹7 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- HERANBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹13 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹-6 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹-10 Cr | Mar 2025 ₹-42 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹-23 Cr | Mar 2026 ₹-58 Cr | Jun 2026 —
- BESTAGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹31 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹90 Cr | Sep 2023 ₹95 Cr | Dec 2023 ₹-7 Cr | Mar 2024 ₹-72 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹95 Cr | Dec 2024 ₹-24 Cr | Mar 2025 ₹-22 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹-13 Cr | Mar 2026 ₹-37 Cr | Jun 2026 —

### 20-quarter Profit growth history
- 524717: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 120% | Mar 2024 1.0% | Jun 2024 3.9% | Sep 2024 2.8% | Dec 2024 -39% | Mar 2025 -19% | Jun 2025 7.2% | Sep 2025 16% | Dec 2025 94% | Mar 2026 66% | Jun 2026 —
- UPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34% | Sep 2022 25% | Dec 2022 15% | Mar 2023 -38% | Jun 2023 -90% | Sep 2023 -130% | Dec 2023 -218% | Mar 2024 -107% | Jun 2024 -617% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -43% | Mar 2026 20% | Jun 2026 —
- PIIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 46% | Dec 2022 58% | Mar 2023 38% | Jun 2023 46% | Sep 2023 43% | Dec 2023 28% | Mar 2024 32% | Jun 2024 17% | Sep 2024 5.8% | Dec 2024 -17% | Mar 2025 -11% | Jun 2025 -11% | Sep 2025 -19% | Dec 2025 -17% | Mar 2026 -39% | Jun 2026 —
- SUMICHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 31% | Dec 2022 1.1% | Mar 2023 -4.0% | Jun 2023 -55% | Sep 2023 -29% | Dec 2023 -39% | Mar 2024 53% | Jun 2024 105% | Sep 2024 35% | Dec 2024 58% | Mar 2025 -9.1% | Jun 2025 40% | Sep 2025 -7.8% | Dec 2025 -13% | Mar 2026 11% | Jun 2026 —
- BAYERCROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 5.8% | Dec 2022 59% | Mar 2023 3.9% | Jun 2023 8.6% | Sep 2023 37% | Dec 2023 -31% | Mar 2024 -40% | Jun 2024 -23% | Sep 2024 -39% | Dec 2024 -63% | Mar 2025 49% | Jun 2025 9.8% | Sep 2025 13% | Dec 2025 182% | Mar 2026 13% | Jun 2026 —
- JUBLINGREA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -24% | Dec 2022 -29% | Mar 2023 -25% | Jun 2023 -27% | Sep 2023 -32% | Dec 2023 -58% | Mar 2024 -44% | Jun 2024 -16% | Sep 2024 3.5% | Dec 2024 77% | Mar 2025 155% | Jun 2025 53% | Sep 2025 17% | Dec 2025 -32% | Mar 2026 16% | Jun 2026 41%
- SHARDACROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -39% | Sep 2022 -63% | Dec 2022 5.9% | Mar 2023 12% | Jun 2023 -487% | Sep 2023 -333% | Dec 2023 -95% | Mar 2024 -28% | Jun 2024 — | Sep 2024 — | Dec 2024 520% | Mar 2025 43% | Jun 2025 430% | Sep 2025 76% | Dec 2025 368% | Mar 2026 56% | Jun 2026 —
- EPIGRAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 192% | Sep 2022 96% | Dec 2022 10% | Mar 2023 -22% | Jun 2023 -70% | Sep 2023 -59% | Dec 2023 -36% | Mar 2024 0.0% | Jun 2024 169% | Sep 2024 113% | Dec 2024 112% | Mar 2025 13% | Jun 2025 87% | Sep 2025 -37% | Dec 2025 -63% | Mar 2026 -6.9% | Jun 2026 —
- NACLIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.1% | Sep 2022 25% | Dec 2022 21% | Mar 2023 68% | Jun 2023 -353% | Sep 2023 -87% | Dec 2023 -194% | Mar 2024 -127% | Jun 2024 — | Sep 2024 275% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -80% | Dec 2025 — | Mar 2026 — | Jun 2026 62%
- DHANUKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 16% | Dec 2022 7.0% | Mar 2023 20% | Jun 2023 -33% | Sep 2023 40% | Dec 2023 -2.2% | Mar 2024 -9.2% | Jun 2024 48% | Sep 2024 16% | Dec 2024 22% | Mar 2025 29% | Jun 2025 14% | Sep 2025 -20% | Dec 2025 -27% | Mar 2026 29% | Jun 2026 —
- RALLIS: Sep 2021 -33% | Dec 2021 -13% | Mar 2022 -275% | Jun 2022 -18% | Sep 2022 27% | Dec 2022 -43% | Mar 2023 — | Jun 2023 -6.0% | Sep 2023 15% | Dec 2023 4.4% | Mar 2024 — | Jun 2024 -24% | Sep 2024 20% | Dec 2024 -54% | Mar 2025 — | Jun 2025 98% | Sep 2025 4.1% | Dec 2025 -82% | Mar 2026 — | Jun 2026 32%
- BHAGCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50% | Sep 2022 50% | Dec 2022 29% | Mar 2023 -15% | Jun 2023 -84% | Sep 2023 -52% | Dec 2023 -72% | Mar 2024 -23% | Jun 2024 190% | Sep 2024 -4.9% | Dec 2024 8.1% | Mar 2025 -112% | Jun 2025 -30% | Sep 2025 1.1% | Dec 2025 29% | Mar 2026 — | Jun 2026 —
- GSPCROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 24% | Sep 2025 76% | Dec 2025 — | Mar 2026 -9.1% | Jun 2026 —
- BHARATRAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -56% | Mar 2024 123% | Jun 2024 514% | Sep 2024 433% | Dec 2024 173% | Mar 2025 -63% | Jun 2025 -7.0% | Sep 2025 -13% | Dec 2025 -2.4% | Mar 2026 52% | Jun 2026 —
- INSECTICID: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 33% | Mar 2024 — | Jun 2024 69% | Sep 2024 15% | Dec 2024 42% | Mar 2025 75% | Jun 2025 18% | Sep 2025 -3.3% | Dec 2025 -41% | Mar 2026 -14% | Jun 2026 —
- IPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -31% | Mar 2024 -97% | Jun 2024 19% | Sep 2024 30% | Dec 2024 -33% | Mar 2025 2,100% | Jun 2025 84% | Sep 2025 23% | Dec 2025 44% | Mar 2026 41% | Jun 2026 —
- ASTEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -2,532% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -558% | Mar 2024 -133% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -59% | Jun 2026 —
- PUNJABCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -45% | Mar 2024 -33% | Jun 2024 -41% | Sep 2024 -33% | Dec 2024 -45% | Mar 2025 250% | Jun 2025 62% | Sep 2025 58% | Dec 2025 133% | Mar 2026 57% | Jun 2026 —
- EXCELINDUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -84% | Mar 2024 250% | Jun 2024 417% | Sep 2024 1,700% | Dec 2024 100% | Mar 2025 71% | Jun 2025 9.7% | Sep 2025 -42% | Dec 2025 33% | Mar 2026 0.0% | Jun 2026 —
- DHARMAJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 116% | Sep 2025 -18% | Dec 2025 -36% | Mar 2026 — | Jun 2026 —
- ADVANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 24% | Sep 2025 12% | Dec 2025 8.3% | Mar 2026 422% | Jun 2026 —
- HERANBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.7% | Mar 2024 -109% | Jun 2024 — | Sep 2024 41% | Dec 2024 -171% | Mar 2025 — | Jun 2025 -65% | Sep 2025 -105% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BESTAGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -123% | Mar 2024 — | Jun 2024 -77% | Sep 2024 0.0% | Dec 2024 — | Mar 2025 — | Jun 2025 -4.8% | Sep 2025 -59% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: GSP Crop Science Ltd reports ₹17 crore of CAPEX; GSP Crop Science Ltd has the highest covered intensity at 3.6%. Coverage is only 1 of 24 companies and 4 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: GSP Crop Science Ltd · ₹17 crore | Not enough peers | 4/4 recent comparable periods | 1/24 companies · 4 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. GSP Crop Science Ltd (GSPCROP): ₹17 Cr

### CAPEX intensity — highest reinvestment intensity
1. GSP Crop Science Ltd (GSPCROP): 3.6%

### 20-quarter CAPEX history
- GSPCROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹21 Cr | Sep 2024 ₹21 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹17 Cr | Sep 2025 ₹17 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- GSPCROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 6.0% | Sep 2024 6.0% | Dec 2024 — | Mar 2025 — | Jun 2025 4.0% | Sep 2025 3.6% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: P I Industries Ltd has the clearest covered balance-sheet capacity with ₹3,167 crore net cash and gross debt of ₹342 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Sharda Cropchem Ltd · ₹0 crore | 100% versus #2 · Bharat Rasayan Ltd | 8/8 recent comparable periods | 24/24 companies · 409 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Sharda Cropchem Ltd (SHARDACROP): ₹0 Cr
2. Bharat Rasayan Ltd (BHARATRAS): ₹1 Cr
3. Titan Biotech Ltd (524717): ₹6 Cr
4. Excel Industries Ltd (EXCELINDUS): ₹8 Cr
5. Dhanuka Agritech Ltd (DHANUKA): ₹31 Cr

### Net debt — lowest net debt
1. P I Industries Ltd (PIIND): ₹-3.2K Cr
2. Bayer CropScience Ltd (BAYERCROP): ₹-1.4K Cr
3. Sumitomo Chemical India Ltd (SUMICHEM): ₹-1.2K Cr
4. Sharda Cropchem Ltd (SHARDACROP): ₹-699 Cr
5. Rallis India Ltd (RALLIS): ₹-483 Cr

### 20-quarter Gross debt history
- 524717: Sep 2021 — | Dec 2021 — | Mar 2022 ₹9 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹9 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹8 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹3 Cr | Jun 2025 — | Sep 2025 ₹9 Cr | Dec 2025 — | Mar 2026 ₹6 Cr | Jun 2026 —
- UPL: Sep 2021 ₹27.9K Cr | Dec 2021 ₹27.9K Cr | Mar 2022 ₹26.7K Cr | Jun 2022 ₹26.7K Cr | Sep 2022 ₹33.4K Cr | Dec 2022 ₹33.4K Cr | Mar 2023 ₹23.9K Cr | Jun 2023 ₹23.9K Cr | Sep 2023 ₹34.9K Cr | Dec 2023 ₹34.9K Cr | Mar 2024 ₹29.8K Cr | Jun 2024 ₹29.8K Cr | Sep 2024 ₹33.2K Cr | Dec 2024 ₹33.2K Cr | Mar 2025 ₹25.1K Cr | Jun 2025 ₹25.1K Cr | Sep 2025 ₹30.0K Cr | Dec 2025 ₹30.0K Cr | Mar 2026 ₹23.6K Cr | Jun 2026 —
- PIIND: Sep 2021 ₹348 Cr | Dec 2021 ₹348 Cr | Mar 2022 ₹316 Cr | Jun 2022 ₹316 Cr | Sep 2022 ₹281 Cr | Dec 2022 ₹281 Cr | Mar 2023 ₹46 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹181 Cr | Dec 2023 ₹181 Cr | Mar 2024 ₹191 Cr | Jun 2024 ₹191 Cr | Sep 2024 ₹174 Cr | Dec 2024 ₹174 Cr | Mar 2025 ₹184 Cr | Jun 2025 ₹184 Cr | Sep 2025 ₹242 Cr | Dec 2025 ₹242 Cr | Mar 2026 ₹342 Cr | Jun 2026 —
- SUMICHEM: Sep 2021 ₹43 Cr | Dec 2021 ₹43 Cr | Mar 2022 ₹38 Cr | Jun 2022 ₹38 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹58 Cr | Dec 2025 ₹58 Cr | Mar 2026 ₹63 Cr | Jun 2026 —
- BAYERCROP: Sep 2021 ₹32 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹86 Cr | Jun 2022 ₹86 Cr | Sep 2022 ₹83 Cr | Dec 2022 ₹83 Cr | Mar 2023 ₹74 Cr | Jun 2023 ₹74 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹64 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹47 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹105 Cr | Jun 2025 ₹105 Cr | Sep 2025 ₹102 Cr | Dec 2025 ₹102 Cr | Mar 2026 ₹82 Cr | Jun 2026 —
- JUBLINGREA: Sep 2021 ₹273 Cr | Dec 2021 ₹273 Cr | Mar 2022 ₹238 Cr | Jun 2022 ₹238 Cr | Sep 2022 ₹393 Cr | Dec 2022 ₹393 Cr | Mar 2023 ₹407 Cr | Jun 2023 ₹407 Cr | Sep 2023 ₹765 Cr | Dec 2023 ₹765 Cr | Mar 2024 ₹740 Cr | Jun 2024 ₹740 Cr | Sep 2024 ₹720 Cr | Dec 2024 ₹720 Cr | Mar 2025 ₹764 Cr | Jun 2025 ₹764 Cr | Sep 2025 ₹806 Cr | Dec 2025 ₹806 Cr | Mar 2026 ₹792 Cr | Jun 2026 ₹792 Cr
- SHARDACROP: Sep 2021 ₹40 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹47 Cr | Jun 2022 ₹48 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- EPIGRAL: Sep 2021 ₹859 Cr | Dec 2021 ₹859 Cr | Mar 2022 ₹993 Cr | Jun 2022 ₹993 Cr | Sep 2022 ₹942 Cr | Dec 2022 ₹942 Cr | Mar 2023 ₹879 Cr | Jun 2023 ₹880 Cr | Sep 2023 ₹971 Cr | Dec 2023 ₹971 Cr | Mar 2024 ₹964 Cr | Jun 2024 ₹964 Cr | Sep 2024 ₹896 Cr | Dec 2024 ₹896 Cr | Mar 2025 ₹593 Cr | Jun 2025 ₹593 Cr | Sep 2025 ₹537 Cr | Dec 2025 ₹537 Cr | Mar 2026 ₹572 Cr | Jun 2026 —
- NACLIND: Sep 2021 ₹320 Cr | Dec 2021 ₹320 Cr | Mar 2022 ₹531 Cr | Jun 2022 ₹530 Cr | Sep 2022 ₹664 Cr | Dec 2022 ₹664 Cr | Mar 2023 ₹724 Cr | Jun 2023 ₹724 Cr | Sep 2023 ₹775 Cr | Dec 2023 ₹775 Cr | Mar 2024 ₹789 Cr | Jun 2024 ₹789 Cr | Sep 2024 ₹522 Cr | Dec 2024 ₹522 Cr | Mar 2025 ₹399 Cr | Jun 2025 ₹399 Cr | Sep 2025 ₹502 Cr | Dec 2025 ₹502 Cr | Mar 2026 ₹312 Cr | Jun 2026 —
- DHANUKA: Sep 2021 ₹37 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹84 Cr | Dec 2024 ₹84 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹74 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹31 Cr | Jun 2026 —
- RALLIS: Sep 2021 ₹96 Cr | Dec 2021 ₹96 Cr | Mar 2022 ₹93 Cr | Jun 2022 — | Sep 2022 ₹175 Cr | Dec 2022 ₹175 Cr | Mar 2023 ₹137 Cr | Jun 2023 ₹137 Cr | Sep 2023 ₹129 Cr | Dec 2023 ₹129 Cr | Mar 2024 ₹134 Cr | Jun 2024 ₹134 Cr | Sep 2024 ₹68 Cr | Dec 2024 ₹68 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹61 Cr | Mar 2026 ₹61 Cr | Jun 2026 ₹61 Cr
- BHAGCHEM: Sep 2021 ₹74 Cr | Dec 2021 ₹74 Cr | Mar 2022 ₹81 Cr | Jun 2022 ₹81 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹50 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹62 Cr | Jun 2024 ₹61 Cr | Sep 2024 ₹88 Cr | Dec 2024 ₹88 Cr | Mar 2025 ₹89 Cr | Jun 2025 ₹89 Cr | Sep 2025 ₹189 Cr | Dec 2025 ₹189 Cr | Mar 2026 ₹235 Cr | Jun 2026 —
- GSPCROP: Sep 2021 — | Dec 2021 — | Mar 2022 ₹320 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹324 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹235 Cr | Jun 2024 ₹290 Cr | Sep 2024 ₹290 Cr | Dec 2024 ₹290 Cr | Mar 2025 ₹296 Cr | Jun 2025 ₹344 Cr | Sep 2025 ₹344 Cr | Dec 2025 ₹344 Cr | Mar 2026 ₹262 Cr | Jun 2026 —
- BHARATRAS: Sep 2021 ₹123 Cr | Dec 2021 ₹123 Cr | Mar 2022 ₹174 Cr | Jun 2022 ₹174 Cr | Sep 2022 ₹114 Cr | Dec 2022 ₹114 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹70 Cr | Mar 2024 ₹80 Cr | Jun 2024 ₹80 Cr | Sep 2024 ₹63 Cr | Dec 2024 ₹63 Cr | Mar 2025 ₹85 Cr | Jun 2025 ₹85 Cr | Sep 2025 ₹90 Cr | Dec 2025 ₹90 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- INSECTICID: Sep 2021 ₹198 Cr | Dec 2021 ₹198 Cr | Mar 2022 ₹54 Cr | Jun 2022 ₹54 Cr | Sep 2022 ₹278 Cr | Dec 2022 ₹278 Cr | Mar 2023 ₹163 Cr | Jun 2023 ₹163 Cr | Sep 2023 ₹183 Cr | Dec 2023 ₹183 Cr | Mar 2024 ₹87 Cr | Jun 2024 ₹87 Cr | Sep 2024 ₹66 Cr | Dec 2024 ₹66 Cr | Mar 2025 ₹105 Cr | Jun 2025 ₹105 Cr | Sep 2025 ₹246 Cr | Dec 2025 ₹246 Cr | Mar 2026 ₹157 Cr | Jun 2026 —
- IPL: Sep 2021 ₹8 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹109 Cr | Jun 2026 —
- ASTEC: Sep 2021 ₹188 Cr | Dec 2021 ₹188 Cr | Mar 2022 ₹279 Cr | Jun 2022 ₹279 Cr | Sep 2022 ₹321 Cr | Dec 2022 ₹321 Cr | Mar 2023 ₹341 Cr | Jun 2023 ₹341 Cr | Sep 2023 ₹431 Cr | Dec 2023 ₹431 Cr | Mar 2024 ₹494 Cr | Jun 2024 ₹494 Cr | Sep 2024 ₹500 Cr | Dec 2024 ₹500 Cr | Mar 2025 ₹555 Cr | Jun 2025 ₹555 Cr | Sep 2025 ₹367 Cr | Dec 2025 ₹367 Cr | Mar 2026 ₹449 Cr | Jun 2026 —
- MOL: Sep 2021 ₹419 Cr | Dec 2021 ₹419 Cr | Mar 2022 ₹499 Cr | Jun 2022 ₹499 Cr | Sep 2022 ₹665 Cr | Dec 2022 ₹665 Cr | Mar 2023 ₹824 Cr | Jun 2023 ₹824 Cr | Sep 2023 ₹854 Cr | Dec 2023 ₹854 Cr | Mar 2024 ₹837 Cr | Jun 2024 ₹837 Cr | Sep 2024 ₹798 Cr | Dec 2024 ₹798 Cr | Mar 2025 ₹829 Cr | Jun 2025 ₹829 Cr | Sep 2025 ₹841 Cr | Dec 2025 ₹841 Cr | Mar 2026 ₹726 Cr | Jun 2026 —
- PUNJABCHEM: Sep 2021 ₹89 Cr | Dec 2021 ₹89 Cr | Mar 2022 ₹93 Cr | Jun 2022 ₹93 Cr | Sep 2022 ₹106 Cr | Dec 2022 ₹106 Cr | Mar 2023 ₹94 Cr | Jun 2023 ₹94 Cr | Sep 2023 ₹102 Cr | Dec 2023 ₹102 Cr | Mar 2024 ₹123 Cr | Jun 2024 ₹123 Cr | Sep 2024 ₹123 Cr | Dec 2024 ₹123 Cr | Mar 2025 ₹168 Cr | Jun 2025 ₹168 Cr | Sep 2025 ₹124 Cr | Dec 2025 ₹124 Cr | Mar 2026 ₹154 Cr | Jun 2026 —
- EXCELINDUS: Sep 2021 ₹12 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- DHARMAJ: Sep 2021 — | Dec 2021 — | Mar 2022 ₹37 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹52 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹73 Cr | Dec 2023 ₹73 Cr | Mar 2024 ₹112 Cr | Jun 2024 ₹112 Cr | Sep 2024 ₹137 Cr | Dec 2024 ₹137 Cr | Mar 2025 ₹116 Cr | Jun 2025 ₹116 Cr | Sep 2025 ₹139 Cr | Dec 2025 ₹139 Cr | Mar 2026 ₹132 Cr | Jun 2026 —
- ADVANCE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹21 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹25 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹45 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹46 Cr | Dec 2024 — | Mar 2025 ₹80 Cr | Jun 2025 ₹80 Cr | Sep 2025 ₹85 Cr | Dec 2025 ₹85 Cr | Mar 2026 ₹98 Cr | Jun 2026 —
- HERANBA: Sep 2021 ₹47 Cr | Dec 2021 ₹47 Cr | Mar 2022 ₹61 Cr | Jun 2022 ₹61 Cr | Sep 2022 ₹97 Cr | Dec 2022 ₹97 Cr | Mar 2023 ₹93 Cr | Jun 2023 ₹93 Cr | Sep 2023 ₹88 Cr | Dec 2023 ₹88 Cr | Mar 2024 ₹165 Cr | Jun 2024 ₹165 Cr | Sep 2024 ₹237 Cr | Dec 2024 ₹237 Cr | Mar 2025 ₹349 Cr | Jun 2025 ₹349 Cr | Sep 2025 ₹513 Cr | Dec 2025 ₹513 Cr | Mar 2026 ₹576 Cr | Jun 2026 —
- BESTAGRO: Sep 2021 — | Dec 2021 — | Mar 2022 ₹270 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹568 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹637 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹478 Cr | Jun 2025 — | Sep 2025 ₹436 Cr | Dec 2025 — | Mar 2026 ₹442 Cr | Jun 2026 —

### 20-quarter Net debt history
- UPL: Sep 2021 ₹25.0K Cr | Dec 2021 ₹25.0K Cr | Mar 2022 ₹19.8K Cr | Jun 2022 ₹19.8K Cr | Sep 2022 ₹29.4K Cr | Dec 2022 ₹29.4K Cr | Mar 2023 ₹17.8K Cr | Jun 2023 ₹17.8K Cr | Sep 2023 ₹31.6K Cr | Dec 2023 ₹31.6K Cr | Mar 2024 ₹23.5K Cr | Jun 2024 ₹23.5K Cr | Sep 2024 ₹28.9K Cr | Dec 2024 ₹28.9K Cr | Mar 2025 ₹15.3K Cr | Jun 2025 ₹15.3K Cr | Sep 2025 ₹25.3K Cr | Dec 2025 ₹25.3K Cr | Mar 2026 ₹16.9K Cr | Jun 2026 —
- PIIND: Sep 2021 ₹-2.0K Cr | Dec 2021 ₹-2.0K Cr | Mar 2022 ₹-1.9K Cr | Jun 2022 ₹-1.9K Cr | Sep 2022 ₹-2.3K Cr | Dec 2022 ₹-2.3K Cr | Mar 2023 ₹-3.2K Cr | Jun 2023 ₹-3.2K Cr | Sep 2023 ₹-2.8K Cr | Dec 2023 ₹-2.8K Cr | Mar 2024 ₹-3.8K Cr | Jun 2024 ₹-3.8K Cr | Sep 2024 ₹-3.7K Cr | Dec 2024 ₹-3.7K Cr | Mar 2025 ₹-3.6K Cr | Jun 2025 ₹-3.6K Cr | Sep 2025 ₹-3.7K Cr | Dec 2025 ₹-3.7K Cr | Mar 2026 ₹-3.2K Cr | Jun 2026 —
- SUMICHEM: Sep 2021 ₹-732 Cr | Dec 2021 ₹-732 Cr | Mar 2022 ₹-537 Cr | Jun 2022 ₹-537 Cr | Sep 2022 ₹-693 Cr | Dec 2022 ₹-693 Cr | Mar 2023 ₹-529 Cr | Jun 2023 ₹-765 Cr | Sep 2023 ₹-1.4K Cr | Dec 2023 ₹-1.4K Cr | Mar 2024 ₹-997 Cr | Jun 2024 ₹-997 Cr | Sep 2024 ₹-1.3K Cr | Dec 2024 ₹-1.3K Cr | Mar 2025 ₹-1.2K Cr | Jun 2025 ₹-1.2K Cr | Sep 2025 ₹-1.6K Cr | Dec 2025 ₹-1.6K Cr | Mar 2026 ₹-1.2K Cr | Jun 2026 —
- BAYERCROP: Sep 2021 ₹-890 Cr | Dec 2021 ₹-890 Cr | Mar 2022 ₹-733 Cr | Jun 2022 ₹-733 Cr | Sep 2022 ₹-537 Cr | Dec 2022 ₹-537 Cr | Mar 2023 ₹-828 Cr | Jun 2023 ₹-828 Cr | Sep 2023 ₹-490 Cr | Dec 2023 ₹-490 Cr | Mar 2024 ₹-1.2K Cr | Jun 2024 ₹-1.2K Cr | Sep 2024 ₹-947 Cr | Dec 2024 ₹-947 Cr | Mar 2025 ₹-816 Cr | Jun 2025 ₹-816 Cr | Sep 2025 ₹-605 Cr | Dec 2025 ₹-605 Cr | Mar 2026 ₹-1.4K Cr | Jun 2026 —
- JUBLINGREA: Sep 2021 ₹203 Cr | Dec 2021 ₹203 Cr | Mar 2022 ₹192 Cr | Jun 2022 ₹189 Cr | Sep 2022 ₹291 Cr | Dec 2022 ₹291 Cr | Mar 2023 ₹334 Cr | Jun 2023 ₹322 Cr | Sep 2023 ₹709 Cr | Dec 2023 ₹709 Cr | Mar 2024 ₹661 Cr | Jun 2024 ₹660 Cr | Sep 2024 ₹657 Cr | Dec 2024 ₹657 Cr | Mar 2025 ₹678 Cr | Jun 2025 ₹649 Cr | Sep 2025 ₹759 Cr | Dec 2025 ₹759 Cr | Mar 2026 ₹602 Cr | Jun 2026 ₹602 Cr
- SHARDACROP: Sep 2021 ₹-359 Cr | Dec 2021 ₹-359 Cr | Mar 2022 ₹-148 Cr | Jun 2022 ₹-148 Cr | Sep 2022 ₹-260 Cr | Dec 2022 ₹-260 Cr | Mar 2023 ₹-202 Cr | Jun 2023 ₹-202 Cr | Sep 2023 ₹-244 Cr | Dec 2023 ₹-244 Cr | Mar 2024 ₹-352 Cr | Jun 2024 ₹-352 Cr | Sep 2024 ₹-647 Cr | Dec 2024 ₹-647 Cr | Mar 2025 ₹-545 Cr | Jun 2025 ₹-545 Cr | Sep 2025 ₹-779 Cr | Dec 2025 ₹-779 Cr | Mar 2026 ₹-699 Cr | Jun 2026 —
- EPIGRAL: Sep 2021 ₹858 Cr | Dec 2021 ₹858 Cr | Mar 2022 ₹968 Cr | Jun 2022 ₹968 Cr | Sep 2022 ₹919 Cr | Dec 2022 ₹919 Cr | Mar 2023 ₹866 Cr | Jun 2023 ₹866 Cr | Sep 2023 ₹959 Cr | Dec 2023 ₹959 Cr | Mar 2024 ₹961 Cr | Jun 2024 ₹961 Cr | Sep 2024 ₹890 Cr | Dec 2024 ₹890 Cr | Mar 2025 ₹498 Cr | Jun 2025 ₹498 Cr | Sep 2025 ₹500 Cr | Dec 2025 ₹500 Cr | Mar 2026 ₹567 Cr | Jun 2026 —
- NACLIND: Sep 2021 ₹277 Cr | Dec 2021 ₹277 Cr | Mar 2022 ₹459 Cr | Jun 2022 ₹428 Cr | Sep 2022 ₹597 Cr | Dec 2022 ₹597 Cr | Mar 2023 ₹683 Cr | Jun 2023 ₹651 Cr | Sep 2023 ₹688 Cr | Dec 2023 ₹688 Cr | Mar 2024 ₹757 Cr | Jun 2024 ₹723 Cr | Sep 2024 ₹467 Cr | Dec 2024 ₹467 Cr | Mar 2025 ₹342 Cr | Jun 2025 ₹340 Cr | Sep 2025 ₹472 Cr | Dec 2025 ₹472 Cr | Mar 2026 ₹309 Cr | Jun 2026 —
- DHANUKA: Sep 2021 ₹-132 Cr | Dec 2021 ₹-132 Cr | Mar 2022 ₹-166 Cr | Jun 2022 ₹-166 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹-65 Cr | Jun 2023 ₹-65 Cr | Sep 2023 ₹-30 Cr | Dec 2023 ₹-30 Cr | Mar 2024 ₹-45 Cr | Jun 2024 ₹-45 Cr | Sep 2024 ₹65 Cr | Dec 2024 ₹65 Cr | Mar 2025 ₹-50 Cr | Jun 2025 ₹-50 Cr | Sep 2025 ₹-103 Cr | Dec 2025 ₹-103 Cr | Mar 2026 ₹-266 Cr | Jun 2026 —
- RALLIS: Sep 2021 ₹-193 Cr | Dec 2021 ₹-193 Cr | Mar 2022 ₹-174 Cr | Jun 2022 — | Sep 2022 ₹116 Cr | Dec 2022 ₹116 Cr | Mar 2023 ₹-127 Cr | Jun 2023 ₹-127 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹-140 Cr | Jun 2024 ₹-140 Cr | Sep 2024 ₹-161 Cr | Dec 2024 ₹-161 Cr | Mar 2025 ₹-374 Cr | Jun 2025 ₹-374 Cr | Sep 2025 ₹-393 Cr | Dec 2025 ₹-393 Cr | Mar 2026 ₹-483 Cr | Jun 2026 ₹-483 Cr
- BHAGCHEM: Sep 2021 ₹68 Cr | Dec 2021 ₹68 Cr | Mar 2022 ₹79 Cr | Jun 2022 ₹79 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹47 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹80 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹-77 Cr | Dec 2024 ₹-77 Cr | Mar 2025 ₹61 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹175 Cr | Dec 2025 ₹175 Cr | Mar 2026 ₹218 Cr | Jun 2026 —
- GSPCROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹236 Cr | Sep 2024 ₹236 Cr | Dec 2024 ₹236 Cr | Mar 2025 ₹263 Cr | Jun 2025 ₹313 Cr | Sep 2025 ₹313 Cr | Dec 2025 ₹313 Cr | Mar 2026 ₹78 Cr | Jun 2026 —
- BHARATRAS: Sep 2021 ₹-190 Cr | Dec 2021 ₹-190 Cr | Mar 2022 ₹174 Cr | Jun 2022 ₹174 Cr | Sep 2022 ₹81 Cr | Dec 2022 ₹81 Cr | Mar 2023 ₹-21 Cr | Jun 2023 ₹-21 Cr | Sep 2023 ₹-41 Cr | Dec 2023 ₹-41 Cr | Mar 2024 ₹-45 Cr | Jun 2024 ₹-61 Cr | Sep 2024 ₹-103 Cr | Dec 2024 ₹-103 Cr | Mar 2025 ₹-201 Cr | Jun 2025 ₹-201 Cr | Sep 2025 ₹-189 Cr | Dec 2025 ₹-189 Cr | Mar 2026 ₹-272 Cr | Jun 2026 —
- INSECTICID: Sep 2021 ₹186 Cr | Dec 2021 ₹186 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹257 Cr | Dec 2022 ₹257 Cr | Mar 2023 ₹143 Cr | Jun 2023 ₹143 Cr | Sep 2023 ₹165 Cr | Dec 2023 ₹165 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹-6 Cr | Dec 2024 ₹-6 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹211 Cr | Dec 2025 ₹211 Cr | Mar 2026 ₹65 Cr | Jun 2026 —
- IPL: Sep 2021 ₹-126 Cr | Dec 2021 ₹-126 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹-62 Cr | Dec 2022 ₹-62 Cr | Mar 2023 ₹-18 Cr | Jun 2023 ₹-48 Cr | Sep 2023 ₹-40 Cr | Dec 2023 ₹-40 Cr | Mar 2024 ₹-64 Cr | Jun 2024 ₹-64 Cr | Sep 2024 ₹-59 Cr | Dec 2024 ₹-59 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹-10 Cr | Sep 2025 ₹-72 Cr | Dec 2025 ₹-72 Cr | Mar 2026 ₹-7 Cr | Jun 2026 —
- ASTEC: Sep 2021 ₹186 Cr | Dec 2021 ₹186 Cr | Mar 2022 ₹278 Cr | Jun 2022 ₹278 Cr | Sep 2022 ₹246 Cr | Dec 2022 ₹246 Cr | Mar 2023 ₹341 Cr | Jun 2023 ₹341 Cr | Sep 2023 ₹428 Cr | Dec 2023 ₹428 Cr | Mar 2024 ₹494 Cr | Jun 2024 ₹494 Cr | Sep 2024 ₹498 Cr | Dec 2024 ₹498 Cr | Mar 2025 ₹554 Cr | Jun 2025 ₹554 Cr | Sep 2025 ₹357 Cr | Dec 2025 ₹357 Cr | Mar 2026 ₹439 Cr | Jun 2026 —
- MOL: Sep 2021 ₹205 Cr | Dec 2021 ₹205 Cr | Mar 2022 ₹489 Cr | Jun 2022 ₹489 Cr | Sep 2022 ₹604 Cr | Dec 2022 ₹604 Cr | Mar 2023 ₹763 Cr | Jun 2023 ₹763 Cr | Sep 2023 ₹822 Cr | Dec 2023 ₹822 Cr | Mar 2024 ₹804 Cr | Jun 2024 ₹804 Cr | Sep 2024 ₹765 Cr | Dec 2024 ₹765 Cr | Mar 2025 ₹806 Cr | Jun 2025 ₹806 Cr | Sep 2025 ₹800 Cr | Dec 2025 ₹800 Cr | Mar 2026 ₹700 Cr | Jun 2026 —
- PUNJABCHEM: Sep 2021 ₹68 Cr | Dec 2021 ₹68 Cr | Mar 2022 ₹84 Cr | Jun 2022 ₹84 Cr | Sep 2022 ₹91 Cr | Dec 2022 ₹91 Cr | Mar 2023 ₹83 Cr | Jun 2023 ₹83 Cr | Sep 2023 ₹86 Cr | Dec 2023 ₹86 Cr | Mar 2024 ₹109 Cr | Jun 2024 ₹109 Cr | Sep 2024 ₹103 Cr | Dec 2024 ₹103 Cr | Mar 2025 ₹152 Cr | Jun 2025 ₹152 Cr | Sep 2025 ₹95 Cr | Dec 2025 ₹95 Cr | Mar 2026 ₹144 Cr | Jun 2026 —
- EXCELINDUS: Sep 2021 ₹-52 Cr | Dec 2021 ₹-52 Cr | Mar 2022 ₹-70 Cr | Jun 2022 ₹-73 Cr | Sep 2022 ₹-174 Cr | Dec 2022 ₹-174 Cr | Mar 2023 ₹-140 Cr | Jun 2023 ₹-140 Cr | Sep 2023 ₹-201 Cr | Dec 2023 ₹-201 Cr | Mar 2024 ₹-205 Cr | Jun 2024 ₹-187 Cr | Sep 2024 ₹-226 Cr | Dec 2024 ₹-226 Cr | Mar 2025 ₹-210 Cr | Jun 2025 ₹-210 Cr | Sep 2025 ₹-191 Cr | Dec 2025 ₹-191 Cr | Mar 2026 ₹-137 Cr | Jun 2026 —
- DHARMAJ: Sep 2021 — | Dec 2021 — | Mar 2022 ₹36 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-73 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹73 Cr | Dec 2023 ₹73 Cr | Mar 2024 ₹109 Cr | Jun 2024 ₹109 Cr | Sep 2024 ₹136 Cr | Dec 2024 ₹136 Cr | Mar 2025 ₹116 Cr | Jun 2025 ₹113 Cr | Sep 2025 ₹132 Cr | Dec 2025 ₹132 Cr | Mar 2026 ₹126 Cr | Jun 2026 —
- ADVANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹44 Cr | Sep 2024 ₹43 Cr | Dec 2024 — | Mar 2025 ₹78 Cr | Jun 2025 ₹78 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹23 Cr | Jun 2026 —
- HERANBA: Sep 2021 ₹-12 Cr | Dec 2021 ₹-12 Cr | Mar 2022 ₹-44 Cr | Jun 2022 ₹-44 Cr | Sep 2022 ₹-26 Cr | Dec 2022 ₹-26 Cr | Mar 2023 ₹-14 Cr | Jun 2023 ₹-19 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹43 Cr | Mar 2024 ₹136 Cr | Jun 2024 ₹125 Cr | Sep 2024 ₹198 Cr | Dec 2024 ₹198 Cr | Mar 2025 ₹306 Cr | Jun 2025 ₹294 Cr | Sep 2025 ₹473 Cr | Dec 2025 ₹473 Cr | Mar 2026 ₹543 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Sharda Cropchem Ltd leads ROCE at 30.2%, 1.9 percentage points above Dhanuka Agritech Ltd. NACL Industries Ltd has the strongest latest improvement at +26.4 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Sharda Cropchem Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Sharda Cropchem Ltd · 30.2% | 6.7% versus #2 · Dhanuka Agritech Ltd | 7/8 recent comparable periods | 24/24 companies · 301 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Sharda Cropchem Ltd (SHARDACROP): 30%
2. Dhanuka Agritech Ltd (DHANUKA): 28%
3. Titan Biotech Ltd (524717): 23%
4. Sumitomo Chemical India Ltd (SUMICHEM): 22%
5. Bayer CropScience Ltd (BAYERCROP): 20%

### ROCE change — fastest improvers
1. NACL Industries Ltd (NACLIND): +26.4 pp
2. Astec Lifesciences Ltd (ASTEC): +10.1 pp
3. Sharda Cropchem Ltd (SHARDACROP): +7.2 pp
4. Titan Biotech Ltd (524717): +6.0 pp
5. Bayer CropScience Ltd (BAYERCROP): +4.8 pp

### 20-quarter ROCE history
- UPL: Sep 2021 13% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 11% | Dec 2023 5.0% | Mar 2024 4.5% | Jun 2024 2.6% | Sep 2024 3.9% | Dec 2024 5.6% | Mar 2025 9.1% | Jun 2025 8.0% | Sep 2025 10% | Dec 2025 11% | Mar 2026 11% | Jun 2026 —
- PIIND: Sep 2021 14% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 18% | Dec 2023 24% | Mar 2024 19% | Jun 2024 25% | Sep 2024 19% | Dec 2024 24% | Mar 2025 17% | Jun 2025 22% | Sep 2025 15% | Dec 2025 17% | Mar 2026 11% | Jun 2026 —
- SUMICHEM: Sep 2021 26% | Dec 2021 — | Mar 2022 28% | Jun 2022 — | Sep 2022 29% | Dec 2022 — | Mar 2023 25% | Jun 2023 — | Sep 2023 16% | Dec 2023 18% | Mar 2024 16% | Jun 2024 24% | Sep 2024 20% | Dec 2024 26% | Mar 2025 19% | Jun 2025 28% | Sep 2025 18% | Dec 2025 24% | Mar 2026 17% | Jun 2026 —
- BAYERCROP: Sep 2021 23% | Dec 2021 — | Mar 2022 28% | Jun 2022 — | Sep 2022 28% | Dec 2022 — | Mar 2023 29% | Jun 2023 — | Sep 2023 29% | Dec 2023 — | Mar 2024 30% | Jun 2024 — | Sep 2024 21% | Dec 2024 — | Mar 2025 20% | Jun 2025 — | Sep 2025 20% | Dec 2025 — | Mar 2026 25% | Jun 2026 —
- JUBLINGREA: Sep 2021 16% | Dec 2021 — | Mar 2022 27% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 12% | Dec 2023 11% | Mar 2024 8.6% | Jun 2024 9.4% | Sep 2024 8.1% | Dec 2024 10% | Mar 2025 10% | Jun 2025 12% | Sep 2025 11% | Dec 2025 11% | Mar 2026 10% | Jun 2026 12%
- SHARDACROP: Sep 2021 20% | Dec 2021 — | Mar 2022 24% | Jun 2022 — | Sep 2022 25% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 6.5% | Dec 2023 6.4% | Mar 2024 2.6% | Jun 2024 8.8% | Sep 2024 11% | Dec 2024 13% | Mar 2025 15% | Jun 2025 20% | Sep 2025 18% | Dec 2025 25% | Mar 2026 22% | Jun 2026 —
- EPIGRAL: Sep 2021 16% | Dec 2021 — | Mar 2022 27% | Jun 2022 — | Sep 2022 35% | Dec 2022 — | Mar 2023 33% | Jun 2023 — | Sep 2023 22% | Dec 2023 20% | Mar 2024 18% | Jun 2024 23% | Sep 2024 24% | Dec 2024 29% | Mar 2025 22% | Jun 2025 25% | Sep 2025 18% | Dec 2025 18% | Mar 2026 14% | Jun 2026 —
- NACLIND: Sep 2021 19% | Dec 2021 — | Mar 2022 17% | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 21% | Jun 2023 — | Sep 2023 11% | Dec 2023 7.3% | Mar 2024 -1.5% | Jun 2024 3.3% | Sep 2024 4.0% | Dec 2024 0.6% | Mar 2025 -17% | Jun 2025 -2.5% | Sep 2025 -8.1% | Dec 2025 -0.5% | Mar 2026 9.9% | Jun 2026 —
- DHANUKA: Sep 2021 25% | Dec 2021 — | Mar 2022 25% | Jun 2022 — | Sep 2022 23% | Dec 2022 29% | Mar 2023 24% | Jun 2023 27% | Sep 2023 24% | Dec 2023 28% | Mar 2024 22% | Jun 2024 29% | Sep 2024 25% | Dec 2024 30% | Mar 2025 25% | Jun 2025 30% | Sep 2025 22% | Dec 2025 25% | Mar 2026 20% | Jun 2026 —
- RALLIS: Sep 2021 13% | Dec 2021 14% | Mar 2022 12% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 9.6% | Jun 2023 — | Sep 2023 9.2% | Dec 2023 — | Mar 2024 11% | Jun 2024 — | Sep 2024 11% | Dec 2024 — | Mar 2025 8.8% | Jun 2025 — | Sep 2025 10% | Dec 2025 — | Mar 2026 12% | Jun 2026 —
- BHAGCHEM: Sep 2021 26% | Dec 2021 — | Mar 2022 28% | Jun 2022 — | Sep 2022 22% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 13% | Dec 2023 11% | Mar 2024 7.1% | Jun 2024 10% | Sep 2024 4.7% | Dec 2024 8.0% | Mar 2025 3.1% | Jun 2025 4.6% | Sep 2025 2.9% | Dec 2025 4.0% | Mar 2026 4.1% | Jun 2026 —
- GSPCROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 9.6% | Sep 2024 19% | Dec 2024 — | Mar 2025 24% | Jun 2025 23% | Sep 2025 25% | Dec 2025 — | Mar 2026 19% | Jun 2026 —
- BHARATRAS: Sep 2021 29% | Dec 2021 — | Mar 2022 29% | Jun 2022 — | Sep 2022 26% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 11% | Dec 2023 10% | Mar 2024 9.3% | Jun 2024 18% | Sep 2024 15% | Dec 2024 24% | Mar 2025 13% | Jun 2025 18% | Sep 2025 14% | Dec 2025 16% | Mar 2026 13% | Jun 2026 —
- INSECTICID: Sep 2021 16% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 10% | Dec 2023 10% | Mar 2024 13% | Jun 2024 17% | Sep 2024 14% | Dec 2024 16% | Mar 2025 17% | Jun 2025 20% | Sep 2025 16% | Dec 2025 17% | Mar 2026 17% | Jun 2026 —
- IPL: Sep 2021 32% | Dec 2021 — | Mar 2022 31% | Jun 2022 — | Sep 2022 28% | Dec 2022 — | Mar 2023 23% | Jun 2023 — | Sep 2023 15% | Dec 2023 16% | Mar 2024 8.4% | Jun 2024 11% | Sep 2024 9.2% | Dec 2024 11% | Mar 2025 11% | Jun 2025 16% | Sep 2025 13% | Dec 2025 17% | Mar 2026 14% | Jun 2026 —
- ASTEC: Sep 2021 23% | Dec 2021 — | Mar 2022 30% | Jun 2022 — | Sep 2022 28% | Dec 2022 — | Mar 2023 9.6% | Jun 2023 — | Sep 2023 -3.2% | Dec 2023 -8.3% | Mar 2024 -7.2% | Jun 2024 -17% | Sep 2024 -22% | Dec 2024 -18% | Mar 2025 -21% | Jun 2025 -13% | Sep 2025 -12% | Dec 2025 -9.9% | Mar 2026 -11% | Jun 2026 —
- MOL: Sep 2021 15% | Dec 2021 — | Mar 2022 18% | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 1.4% | Dec 2023 1.0% | Mar 2024 -5.6% | Jun 2024 -2.2% | Sep 2024 -3.3% | Dec 2024 0.8% | Mar 2025 1.9% | Jun 2025 7.3% | Sep 2025 5.8% | Dec 2025 9.4% | Mar 2026 3.2% | Jun 2026 —
- PUNJABCHEM: Sep 2021 38% | Dec 2021 — | Mar 2022 40% | Jun 2022 — | Sep 2022 34% | Dec 2022 — | Mar 2023 28% | Jun 2023 — | Sep 2023 27% | Dec 2023 27% | Mar 2024 23% | Jun 2024 22% | Sep 2024 17% | Dec 2024 16% | Mar 2025 16% | Jun 2025 19% | Sep 2025 17% | Dec 2025 22% | Mar 2026 18% | Jun 2026 —
- EXCELINDUS: Sep 2021 9.7% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 7.3% | Jun 2023 — | Sep 2023 1.4% | Dec 2023 1.5% | Mar 2024 -0.3% | Jun 2024 3.9% | Sep 2024 4.1% | Dec 2024 6.5% | Mar 2025 5.1% | Jun 2025 7.0% | Sep 2025 3.6% | Dec 2025 5.3% | Mar 2026 3.9% | Jun 2026 —
- DHARMAJ: Sep 2021 — | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 12% | Dec 2023 — | Mar 2024 13% | Jun 2024 — | Sep 2024 13% | Dec 2024 — | Mar 2025 12% | Jun 2025 18% | Sep 2025 15% | Dec 2025 16% | Mar 2026 16% | Jun 2026 —
- ADVANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 29% | Dec 2024 — | Mar 2025 35% | Jun 2025 38% | Sep 2025 23% | Dec 2025 31% | Mar 2026 17% | Jun 2026 —
- HERANBA: Sep 2021 37% | Dec 2021 — | Mar 2022 33% | Jun 2022 — | Sep 2022 28% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 7.5% | Dec 2023 9.0% | Mar 2024 6.4% | Jun 2024 12% | Sep 2024 11% | Dec 2024 9.6% | Mar 2025 4.4% | Jun 2025 4.8% | Sep 2025 0.2% | Dec 2025 0.6% | Mar 2026 -3.3% | Jun 2026 —

### 20-quarter ROCE change history
- UPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.6 pp | Dec 2022 — | Mar 2023 +0.2 pp | Jun 2023 — | Sep 2023 −4.6 pp | Dec 2023 — | Mar 2024 −10.0 pp | Jun 2024 — | Sep 2024 −7.1 pp | Dec 2024 +0.6 pp | Mar 2025 +4.6 pp | Jun 2025 +5.4 pp | Sep 2025 +6.4 pp | Dec 2025 +5.0 pp | Mar 2026 +1.4 pp | Jun 2026 —
- PIIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.9 pp | Dec 2022 — | Mar 2023 +3.3 pp | Jun 2023 — | Sep 2023 +1.3 pp | Dec 2023 — | Mar 2024 +0.9 pp | Jun 2024 — | Sep 2024 +0.7 pp | Dec 2024 −0.6 pp | Mar 2025 −1.5 pp | Jun 2025 −3.6 pp | Sep 2025 −4.5 pp | Dec 2025 −6.3 pp | Mar 2026 −6.2 pp | Jun 2026 —
- SUMICHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.1 pp | Dec 2022 — | Mar 2023 −2.8 pp | Jun 2023 — | Sep 2023 −12.8 pp | Dec 2023 — | Mar 2024 −8.8 pp | Jun 2024 — | Sep 2024 +3.5 pp | Dec 2024 +7.9 pp | Mar 2025 +2.5 pp | Jun 2025 +3.4 pp | Sep 2025 −1.6 pp | Dec 2025 −2.4 pp | Mar 2026 −1.6 pp | Jun 2026 —
- BAYERCROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.9 pp | Dec 2022 — | Mar 2023 +1.3 pp | Jun 2023 — | Sep 2023 +1.2 pp | Dec 2023 — | Mar 2024 +1.0 pp | Jun 2024 — | Sep 2024 −7.5 pp | Dec 2024 — | Mar 2025 −10.1 pp | Jun 2025 — | Sep 2025 −1.1 pp | Dec 2025 — | Mar 2026 +4.8 pp | Jun 2026 —
- JUBLINGREA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.8 pp | Dec 2022 — | Mar 2023 −12.3 pp | Jun 2023 — | Sep 2023 −8.1 pp | Dec 2023 — | Mar 2024 −5.8 pp | Jun 2024 — | Sep 2024 −3.5 pp | Dec 2024 −0.8 pp | Mar 2025 +1.5 pp | Jun 2025 +2.8 pp | Sep 2025 +2.6 pp | Dec 2025 +0.9 pp | Mar 2026 0.0 pp | Jun 2026 +0.1 pp
- SHARDACROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.0 pp | Dec 2022 — | Mar 2023 −5.0 pp | Jun 2023 — | Sep 2023 −18.3 pp | Dec 2023 — | Mar 2024 −16.0 pp | Jun 2024 — | Sep 2024 +4.2 pp | Dec 2024 +7.0 pp | Mar 2025 +12.3 pp | Jun 2025 +11.1 pp | Sep 2025 +6.8 pp | Dec 2025 +12.0 pp | Mar 2026 +7.2 pp | Jun 2026 —
- EPIGRAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +18.6 pp | Dec 2022 — | Mar 2023 +6.0 pp | Jun 2023 — | Sep 2023 −12.9 pp | Dec 2023 — | Mar 2024 −14.8 pp | Jun 2024 — | Sep 2024 +2.1 pp | Dec 2024 +8.6 pp | Mar 2025 +4.0 pp | Jun 2025 +1.5 pp | Sep 2025 −5.5 pp | Dec 2025 −11.3 pp | Mar 2026 −7.5 pp | Jun 2026 —
- NACLIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.1 pp | Dec 2022 — | Mar 2023 +3.6 pp | Jun 2023 — | Sep 2023 −6.1 pp | Dec 2023 — | Mar 2024 −22.1 pp | Jun 2024 — | Sep 2024 −6.9 pp | Dec 2024 −6.7 pp | Mar 2025 −15.0 pp | Jun 2025 −5.8 pp | Sep 2025 −12.1 pp | Dec 2025 −1.1 pp | Mar 2026 +26.4 pp | Jun 2026 —
- DHANUKA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.3 pp | Dec 2022 — | Mar 2023 −0.5 pp | Jun 2023 — | Sep 2023 +1.0 pp | Dec 2023 −0.3 pp | Mar 2024 −2.1 pp | Jun 2024 +1.4 pp | Sep 2024 +0.5 pp | Dec 2024 +1.3 pp | Mar 2025 +2.8 pp | Jun 2025 +1.0 pp | Sep 2025 −3.0 pp | Dec 2025 −4.9 pp | Mar 2026 −5.3 pp | Jun 2026 —
- RALLIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 — | Mar 2023 −2.7 pp | Jun 2023 — | Sep 2023 −3.1 pp | Dec 2023 — | Mar 2024 +0.9 pp | Jun 2024 — | Sep 2024 +1.6 pp | Dec 2024 — | Mar 2025 −1.7 pp | Jun 2025 — | Sep 2025 −0.5 pp | Dec 2025 — | Mar 2026 +2.8 pp | Jun 2026 —
- BHAGCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.0 pp | Dec 2022 — | Mar 2023 −8.9 pp | Jun 2023 — | Sep 2023 −8.5 pp | Dec 2023 — | Mar 2024 −12.4 pp | Jun 2024 — | Sep 2024 −8.7 pp | Dec 2024 −3.4 pp | Mar 2025 −4.0 pp | Jun 2025 −5.7 pp | Sep 2025 −1.8 pp | Dec 2025 −4.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- GSPCROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +13.8 pp | Sep 2025 +6.3 pp | Dec 2025 — | Mar 2026 −4.7 pp | Jun 2026 —
- BHARATRAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.6 pp | Dec 2022 — | Mar 2023 −10.2 pp | Jun 2023 — | Sep 2023 −14.7 pp | Dec 2023 — | Mar 2024 −9.7 pp | Jun 2024 — | Sep 2024 +4.1 pp | Dec 2024 +13.8 pp | Mar 2025 +3.9 pp | Jun 2025 −0.4 pp | Sep 2025 −1.8 pp | Dec 2025 −8.1 pp | Mar 2026 +0.1 pp | Jun 2026 —
- INSECTICID: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 — | Mar 2023 −4.9 pp | Jun 2023 — | Sep 2023 −5.8 pp | Dec 2023 — | Mar 2024 +1.2 pp | Jun 2024 — | Sep 2024 +4.2 pp | Dec 2024 +6.2 pp | Mar 2025 +4.5 pp | Jun 2025 +2.5 pp | Sep 2025 +2.0 pp | Dec 2025 +0.8 pp | Mar 2026 −0.3 pp | Jun 2026 —
- IPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.4 pp | Dec 2022 — | Mar 2023 −7.9 pp | Jun 2023 — | Sep 2023 −12.6 pp | Dec 2023 — | Mar 2024 −14.9 pp | Jun 2024 — | Sep 2024 −6.0 pp | Dec 2024 −5.6 pp | Mar 2025 +2.5 pp | Jun 2025 +4.3 pp | Sep 2025 +4.0 pp | Dec 2025 +6.7 pp | Mar 2026 +3.3 pp | Jun 2026 —
- ASTEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.1 pp | Dec 2022 — | Mar 2023 −20.0 pp | Jun 2023 — | Sep 2023 −30.9 pp | Dec 2023 — | Mar 2024 −16.8 pp | Jun 2024 — | Sep 2024 −18.4 pp | Dec 2024 −9.6 pp | Mar 2025 −14.1 pp | Jun 2025 +3.7 pp | Sep 2025 +9.8 pp | Dec 2025 +8.0 pp | Mar 2026 +10.1 pp | Jun 2026 —
- MOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.5 pp | Dec 2022 — | Mar 2023 −5.8 pp | Jun 2023 — | Sep 2023 −16.0 pp | Dec 2023 — | Mar 2024 −17.8 pp | Jun 2024 — | Sep 2024 −4.7 pp | Dec 2024 −0.2 pp | Mar 2025 +7.5 pp | Jun 2025 +9.5 pp | Sep 2025 +9.1 pp | Dec 2025 +8.6 pp | Mar 2026 +1.3 pp | Jun 2026 —
- PUNJABCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.3 pp | Dec 2022 — | Mar 2023 −11.9 pp | Jun 2023 — | Sep 2023 −7.1 pp | Dec 2023 — | Mar 2024 −5.4 pp | Jun 2024 — | Sep 2024 −10.5 pp | Dec 2024 −11.9 pp | Mar 2025 −6.4 pp | Jun 2025 −2.8 pp | Sep 2025 +0.6 pp | Dec 2025 +6.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- EXCELINDUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.4 pp | Dec 2022 — | Mar 2023 −8.4 pp | Jun 2023 — | Sep 2023 −15.7 pp | Dec 2023 — | Mar 2024 −7.6 pp | Jun 2024 — | Sep 2024 +2.7 pp | Dec 2024 +5.0 pp | Mar 2025 +5.4 pp | Jun 2025 +3.1 pp | Sep 2025 −0.5 pp | Dec 2025 −1.2 pp | Mar 2026 −1.2 pp | Jun 2026 —
- DHARMAJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −2.5 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +2.6 pp | Jun 2024 — | Sep 2024 +1.1 pp | Dec 2024 — | Mar 2025 −1.0 pp | Jun 2025 — | Sep 2025 +2.0 pp | Dec 2025 — | Mar 2026 +3.8 pp | Jun 2026 —
- ADVANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −5.9 pp | Dec 2025 — | Mar 2026 −17.8 pp | Jun 2026 —
- HERANBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.0 pp | Dec 2022 — | Mar 2023 −16.4 pp | Jun 2023 — | Sep 2023 −20.3 pp | Dec 2023 — | Mar 2024 −10.1 pp | Jun 2024 — | Sep 2024 +3.0 pp | Dec 2024 +0.6 pp | Mar 2025 −2.0 pp | Jun 2025 −6.7 pp | Sep 2025 −10.3 pp | Dec 2025 −9.0 pp | Mar 2026 −7.7 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Sharda Cropchem Ltd has the lowest comparable Guarded PEG at 0.26×, 39.5% below Epigral Ltd. Only 10 of 24 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Sharda Cropchem Ltd · 0.26× | 39.5% versus #2 · Epigral Ltd | 0/8 recent comparable periods | 10/24 companies · 71 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Sharda Cropchem Ltd (SHARDACROP): 0.3
2. Epigral Ltd (EPIGRAL): 0.4
3. UPL Ltd (UPL): 0.5
4. Rallis India Ltd (RALLIS): 0.9
5. P I Industries Ltd (PIIND): 1.7

### P/E — lowest P/E
1. Sharda Cropchem Ltd (SHARDACROP): 12.1
2. Insecticides India Ltd (INSECTICID): 12.9
3. Bharat Rasayan Ltd (BHARATRAS): 13.1
4. India Pesticides Ltd (IPL): 14.4
5. Epigral Ltd (EPIGRAL): 15.2

### 20-quarter Guarded PEG history
- UPL: Sep 2021 0.5 | Dec 2021 1.8 | Mar 2022 0.5 | Jun 2022 0.5 | Sep 2022 0.5 | Dec 2022 0.8 | Mar 2023 0.5 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PIIND: Sep 2021 1.5 | Dec 2021 4.0 | Mar 2022 2.9 | Jun 2022 3.8 | Sep 2022 2.8 | Dec 2022 0.9 | Mar 2023 1.0 | Jun 2023 1.1 | Sep 2023 0.8 | Dec 2023 0.8 | Mar 2024 1.2 | Jun 2024 0.9 | Sep 2024 1.4 | Dec 2024 1.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SUMICHEM: Sep 2021 — | Dec 2021 — | Mar 2022 1.3 | Jun 2022 1.6 | Sep 2022 2.4 | Dec 2022 — | Mar 2023 — | Jun 2023 2.2 | Sep 2023 — | Dec 2023 — | Mar 2024 1.0 | Jun 2024 — | Sep 2024 — | Dec 2024 0.9 | Mar 2025 1.0 | Jun 2025 1.4 | Sep 2025 1.7 | Dec 2025 3.5 | Mar 2026 6.5 | Jun 2026 —
- JUBLINGREA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.3 | Sep 2025 0.6 | Dec 2025 — | Mar 2026 1.0 | Jun 2026 2.4
- SHARDACROP: Sep 2021 0.4 | Dec 2021 0.4 | Mar 2022 0.5 | Jun 2022 — | Sep 2022 0.3 | Dec 2022 2.5 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.3 | Jun 2026 —
- EPIGRAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.9 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.4 | Mar 2026 — | Jun 2026 —
- NACLIND: Sep 2021 — | Dec 2021 0.6 | Mar 2022 1.7 | Jun 2022 — | Sep 2022 0.9 | Dec 2022 2.0 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DHANUKA: Sep 2021 1.1 | Dec 2021 2.8 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.7 | Mar 2023 0.6 | Jun 2023 1.3 | Sep 2023 — | Dec 2023 1.4 | Mar 2024 — | Jun 2024 — | Sep 2024 1.8 | Dec 2024 2.3 | Mar 2025 0.7 | Jun 2025 1.7 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RALLIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.0 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.6 | Dec 2023 4.0 | Mar 2024 — | Jun 2024 — | Sep 2024 2.1 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 0.9
- BHAGCHEM: Sep 2021 0.7 | Dec 2021 — | Mar 2022 — | Jun 2022 0.5 | Sep 2022 0.8 | Dec 2022 — | Mar 2023 0.6 | Jun 2023 1.4 | Sep 2023 3.0 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- 524717: Sep 2021 10.1 | Dec 2021 9.5 | Mar 2022 9.6 | Jun 2022 7.0 | Sep 2022 9.4 | Dec 2022 9.2 | Mar 2023 6.5 | Jun 2023 8.8 | Sep 2023 12.3 | Dec 2023 16.2 | Mar 2024 17.6 | Jun 2024 20.3 | Sep 2024 22.0 | Dec 2024 23.9 | Mar 2025 15.5 | Jun 2025 15.4 | Sep 2025 33.9 | Dec 2025 38.6 | Mar 2026 66.2 | Jun 2026 —
- UPL: Sep 2021 18.8 | Dec 2021 19.1 | Mar 2022 19.0 | Jun 2022 13.8 | Sep 2022 13.7 | Dec 2022 13.9 | Mar 2023 13.5 | Jun 2023 15.2 | Sep 2023 17.9 | Dec 2023 26.9 | Mar 2024 24.6 | Jun 2024 — | Sep 2024 — | Dec 2024 -445.1 | Mar 2025 70.8 | Jun 2025 46.4 | Sep 2025 37.8 | Dec 2025 27.6 | Mar 2026 26.5 | Jun 2026 —
- PIIND: Sep 2021 62.3 | Dec 2021 58.1 | Mar 2022 51.8 | Jun 2022 45.8 | Sep 2022 49.5 | Dec 2022 50.7 | Mar 2023 39.9 | Jun 2023 48.4 | Sep 2023 38.8 | Dec 2023 35.7 | Mar 2024 36.8 | Jun 2024 34.3 | Sep 2024 40.4 | Dec 2024 32.0 | Mar 2025 30.6 | Jun 2025 38.0 | Sep 2025 32.8 | Dec 2025 32.5 | Mar 2026 31.2 | Jun 2026 —
- SUMICHEM: Sep 2021 53.5 | Dec 2021 52.3 | Mar 2022 50.4 | Jun 2022 49.5 | Sep 2022 55.1 | Dec 2022 48.4 | Mar 2023 42.1 | Jun 2023 43.4 | Sep 2023 49.5 | Dec 2023 54.8 | Mar 2024 52.3 | Jun 2024 64.9 | Sep 2024 64.3 | Dec 2024 53.6 | Mar 2025 54.1 | Jun 2025 51.6 | Sep 2025 48.0 | Dec 2025 42.5 | Mar 2026 34.4 | Jun 2026 —
- BAYERCROP: Sep 2021 56.1 | Dec 2021 40.0 | Mar 2022 34.7 | Jun 2022 32.3 | Sep 2022 31.3 | Dec 2022 29.5 | Mar 2023 24.0 | Jun 2023 25.1 | Sep 2023 28.4 | Dec 2023 31.0 | Mar 2024 31.8 | Jun 2024 45.5 | Sep 2024 49.7 | Dec 2024 48.0 | Mar 2025 39.0 | Jun 2025 47.7 | Sep 2025 35.5 | Dec 2025 30.6 | Mar 2026 30.3 | Jun 2026 —
- JUBLINGREA: Sep 2021 191.7 | Dec 2021 144.2 | Mar 2022 15.9 | Jun 2022 16.5 | Sep 2022 21.2 | Dec 2022 23.3 | Mar 2023 17.7 | Jun 2023 22.1 | Sep 2023 26.7 | Dec 2023 31.3 | Mar 2024 35.0 | Jun 2024 45.2 | Sep 2024 68.0 | Dec 2024 72.7 | Mar 2025 50.1 | Jun 2025 47.5 | Sep 2025 37.3 | Dec 2025 39.3 | Mar 2026 32.3 | Jun 2026 34.4
- SHARDACROP: Sep 2021 12.3 | Dec 2021 12.7 | Mar 2022 15.9 | Jun 2022 15.5 | Sep 2022 12.0 | Dec 2022 14.8 | Mar 2023 13.8 | Jun 2023 14.6 | Sep 2023 16.4 | Dec 2023 21.4 | Mar 2024 33.2 | Jun 2024 37.8 | Sep 2024 34.2 | Dec 2024 32.4 | Mar 2025 21.1 | Jun 2025 23.4 | Sep 2025 17.8 | Dec 2025 17.1 | Mar 2026 14.6 | Jun 2026 —
- EPIGRAL: Sep 2021 28.9 | Dec 2021 30.9 | Mar 2022 21.4 | Jun 2022 20.3 | Sep 2022 18.2 | Dec 2022 14.1 | Mar 2023 10.4 | Jun 2023 13.1 | Sep 2023 14.8 | Dec 2023 18.1 | Mar 2024 23.3 | Jun 2024 28.2 | Sep 2024 37.0 | Dec 2024 26.7 | Mar 2025 22.9 | Jun 2025 21.8 | Sep 2025 16.4 | Dec 2025 13.7 | Mar 2026 10.7 | Jun 2026 —
- NACLIND: Sep 2021 26.5 | Dec 2021 30.1 | Mar 2022 24.6 | Jun 2022 21.1 | Sep 2022 20.9 | Dec 2022 27.7 | Mar 2023 21.1 | Jun 2023 21.1 | Sep 2023 40.6 | Dec 2023 96.7 | Mar 2024 104.9 | Jun 2024 — | Sep 2024 -36.0 | Dec 2024 — | Mar 2025 — | Jun 2025 -75.5 | Sep 2025 -56.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DHANUKA: Sep 2021 18.7 | Dec 2021 19.4 | Mar 2022 16.2 | Jun 2022 15.5 | Sep 2022 14.5 | Dec 2022 15.2 | Mar 2023 12.8 | Jun 2023 15.9 | Sep 2023 17.9 | Dec 2023 19.7 | Mar 2024 19.1 | Jun 2024 32.1 | Sep 2024 27.4 | Dec 2024 25.2 | Mar 2025 20.9 | Jun 2025 25.3 | Sep 2025 23.2 | Dec 2025 18.7 | Mar 2026 14.5 | Jun 2026 —
- RALLIS: Sep 2021 26.3 | Dec 2021 28.5 | Mar 2022 25.0 | Jun 2022 23.3 | Sep 2022 25.9 | Dec 2022 29.9 | Mar 2023 23.8 | Jun 2023 24.3 | Sep 2023 25.8 | Dec 2023 30.8 | Mar 2024 30.9 | Jun 2024 38.4 | Sep 2024 40.4 | Dec 2024 36.4 | Mar 2025 26.4 | Jun 2025 40.1 | Sep 2025 38.0 | Dec 2025 34.0 | Mar 2026 28.3 | Jun 2026 28.0
- BHAGCHEM: Sep 2021 21.6 | Dec 2021 29.6 | Mar 2022 28.1 | Jun 2022 26.6 | Sep 2022 33.5 | Dec 2022 30.7 | Mar 2023 26.6 | Jun 2023 35.2 | Sep 2023 36.0 | Dec 2023 55.5 | Mar 2024 82.2 | Jun 2024 142.6 | Sep 2024 168.6 | Dec 2024 155.4 | Mar 2025 147.9 | Jun 2025 267.0 | Sep 2025 259.9 | Dec 2025 240.7 | Mar 2026 185.3 | Jun 2026 —
- GSPCROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 16.2 | Jun 2026 —
- BHARATRAS: Sep 2021 32.6 | Dec 2021 33.1 | Mar 2022 31.9 | Jun 2022 25.5 | Sep 2022 26.8 | Dec 2022 23.7 | Mar 2023 23.5 | Jun 2023 31.0 | Sep 2023 39.0 | Dec 2023 46.6 | Mar 2024 57.3 | Jun 2024 50.5 | Sep 2024 35.2 | Dec 2024 26.9 | Mar 2025 24.0 | Jun 2025 30.3 | Sep 2025 27.9 | Dec 2025 26.6 | Mar 2026 14.7 | Jun 2026 —
- INSECTICID: Sep 2021 13.7 | Dec 2021 13.5 | Mar 2022 11.4 | Jun 2022 15.4 | Sep 2022 19.2 | Dec 2022 19.4 | Mar 2023 12.0 | Jun 2023 20.9 | Sep 2023 27.4 | Dec 2023 32.1 | Mar 2024 22.0 | Jun 2024 20.0 | Sep 2024 20.9 | Dec 2024 15.7 | Mar 2025 12.7 | Jun 2025 20.7 | Sep 2025 15.6 | Dec 2025 14.6 | Mar 2026 11.4 | Jun 2026 —
- IPL: Sep 2021 25.8 | Dec 2021 26.1 | Mar 2022 20.8 | Jun 2022 17.1 | Sep 2022 20.9 | Dec 2022 19.1 | Mar 2023 16.6 | Jun 2023 17.6 | Sep 2023 29.0 | Dec 2023 42.0 | Mar 2024 26.3 | Jun 2024 44.5 | Sep 2024 37.3 | Dec 2024 29.5 | Mar 2025 24.7 | Jun 2025 30.6 | Sep 2025 24.3 | Dec 2025 19.1 | Mar 2026 13.5 | Jun 2026 —
- ASTEC: Sep 2021 47.1 | Dec 2021 60.0 | Mar 2022 52.9 | Jun 2022 45.9 | Sep 2022 46.6 | Dec 2022 39.9 | Mar 2023 41.8 | Jun 2023 115.4 | Sep 2023 110.6 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MOL: Sep 2021 13.9 | Dec 2021 0.0 | Mar 2022 0.0 | Jun 2022 10.0 | Sep 2022 8.9 | Dec 2022 8.2 | Mar 2023 6.9 | Jun 2023 10.2 | Sep 2023 25.8 | Dec 2023 24.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -147.3 | Jun 2025 133.6 | Sep 2025 109.3 | Dec 2025 41.2 | Mar 2026 24.8 | Jun 2026 —
- PUNJABCHEM: Sep 2021 32.2 | Dec 2021 26.2 | Mar 2022 23.0 | Jun 2022 17.5 | Sep 2022 18.9 | Dec 2022 17.6 | Mar 2023 13.1 | Jun 2023 18.4 | Sep 2023 21.6 | Dec 2023 25.6 | Mar 2024 22.4 | Jun 2024 32.5 | Sep 2024 34.2 | Dec 2024 30.9 | Mar 2025 33.1 | Jun 2025 36.9 | Sep 2025 32.1 | Dec 2025 26.8 | Mar 2026 17.4 | Jun 2026 —
- EXCELINDUS: Sep 2021 15.0 | Dec 2021 13.2 | Mar 2022 14.5 | Jun 2022 9.4 | Sep 2022 8.9 | Dec 2022 7.9 | Mar 2023 8.2 | Jun 2023 15.5 | Sep 2023 22.8 | Dec 2023 40.0 | Mar 2024 71.1 | Jun 2024 86.6 | Sep 2024 46.2 | Dec 2024 21.0 | Mar 2025 15.3 | Jun 2025 18.5 | Sep 2025 16.4 | Dec 2025 16.0 | Mar 2026 14.0 | Jun 2026 —
- DHARMAJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 19.7 | Mar 2023 — | Jun 2023 18.7 | Sep 2023 18.7 | Dec 2023 23.1 | Mar 2024 17.1 | Jun 2024 18.8 | Sep 2024 26.8 | Dec 2024 22.6 | Mar 2025 — | Jun 2025 31.0 | Sep 2025 20.0 | Dec 2025 16.6 | Mar 2026 16.1 | Jun 2026 —
- ADVANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 21.5 | Mar 2026 13.5 | Jun 2026 —
- HERANBA: Sep 2021 17.6 | Dec 2021 14.2 | Mar 2022 12.8 | Jun 2022 12.6 | Sep 2022 12.3 | Dec 2022 14.7 | Mar 2023 10.7 | Jun 2023 14.7 | Sep 2023 22.1 | Dec 2023 35.3 | Mar 2024 24.5 | Jun 2024 40.3 | Sep 2024 33.6 | Dec 2024 24.2 | Mar 2025 19.3 | Jun 2025 24.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BESTAGRO: Sep 2021 46.5 | Dec 2021 27.6 | Mar 2022 21.7 | Jun 2022 18.1 | Sep 2022 24.8 | Dec 2022 16.1 | Mar 2023 10.2 | Jun 2023 14.2 | Sep 2023 11.0 | Dec 2023 9.6 | Mar 2024 6.4 | Jun 2024 15.1 | Sep 2024 36.0 | Dec 2024 39.5 | Mar 2025 31.8 | Jun 2025 10.9 | Sep 2025 12.5 | Dec 2025 71.0 | Mar 2026 19.1 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Best Agrolife Ltd leads ev/ebitda at 6.1×; Excel Industries Ltd leads p/bv at 0.69×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Best Agrolife Ltd · 6.1× | 0% versus #2 · Meghmani Organics Ltd | 0/8 recent comparable periods | 23/24 companies · 408 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Best Agrolife Ltd (BESTAGRO): 6.1
2. Meghmani Organics Ltd (MOL): 6.1
3. Epigral Ltd (EPIGRAL): 7.0
4. Excel Industries Ltd (EXCELINDUS): 7.5
5. India Pesticides Ltd (IPL): 7.8

### P/BV — lowest P/BV
1. Excel Industries Ltd (EXCELINDUS): 0.7
2. Best Agrolife Ltd (BESTAGRO): 0.7
3. Meghmani Organics Ltd (MOL): 0.9
4. Heranba Industries Ltd (HERANBA): 0.9
5. UPL Ltd (UPL): 1.5

### 20-quarter EV/EBITDA history
- 524717: Sep 2021 6.5 | Dec 2021 6.1 | Mar 2022 6.0 | Jun 2022 4.5 | Sep 2022 6.4 | Dec 2022 6.8 | Mar 2023 5.2 | Jun 2023 7.0 | Sep 2023 9.3 | Dec 2023 11.7 | Mar 2024 12.3 | Jun 2024 14.1 | Sep 2024 15.2 | Dec 2024 16.8 | Mar 2025 11.0 | Jun 2025 11.5 | Sep 2025 24.8 | Dec 2025 27.6 | Mar 2026 47.4 | Jun 2026 —
- UPL: Sep 2021 9.2 | Dec 2021 9.2 | Mar 2022 9.4 | Jun 2022 7.2 | Sep 2022 8.1 | Dec 2022 8.1 | Mar 2023 6.9 | Jun 2023 7.0 | Sep 2023 6.8 | Dec 2023 9.2 | Mar 2024 11.8 | Jun 2024 13.4 | Sep 2024 15.8 | Dec 2024 15.2 | Mar 2025 13.1 | Jun 2025 10.3 | Sep 2025 8.8 | Dec 2025 10.3 | Mar 2026 8.1 | Jun 2026 —
- PIIND: Sep 2021 40.3 | Dec 2021 37.8 | Mar 2022 34.4 | Jun 2022 30.1 | Sep 2022 32.9 | Dec 2022 34.0 | Mar 2023 27.5 | Jun 2023 34.4 | Sep 2023 27.2 | Dec 2023 26.1 | Mar 2024 26.9 | Jun 2024 24.8 | Sep 2024 28.7 | Dec 2024 21.5 | Mar 2025 19.7 | Jun 2025 24.0 | Sep 2025 20.4 | Dec 2025 19.9 | Mar 2026 18.9 | Jun 2026 —
- SUMICHEM: Sep 2021 36.5 | Dec 2021 35.3 | Mar 2022 34.1 | Jun 2022 33.1 | Sep 2022 37.4 | Dec 2022 33.0 | Mar 2023 29.1 | Jun 2023 30.6 | Sep 2023 33.7 | Dec 2023 36.8 | Mar 2024 34.2 | Jun 2024 41.5 | Sep 2024 42.2 | Dec 2024 35.0 | Mar 2025 35.6 | Jun 2025 34.5 | Sep 2025 32.5 | Dec 2025 28.7 | Mar 2026 23.3 | Jun 2026 —
- BAYERCROP: Sep 2021 31.6 | Dec 2021 31.6 | Mar 2022 27.0 | Jun 2022 25.2 | Sep 2022 24.2 | Dec 2022 24.1 | Mar 2023 19.7 | Jun 2023 20.6 | Sep 2023 23.4 | Dec 2023 23.6 | Mar 2024 24.2 | Jun 2024 34.1 | Sep 2024 38.0 | Dec 2024 38.8 | Mar 2025 32.5 | Jun 2025 40.3 | Sep 2025 29.5 | Dec 2025 24.8 | Mar 2026 24.1 | Jun 2026 —
- JUBLINGREA: Sep 2021 97.3 | Dec 2021 78.0 | Mar 2022 9.3 | Jun 2022 9.6 | Sep 2022 11.7 | Dec 2022 12.7 | Mar 2023 9.5 | Jun 2023 12.0 | Sep 2023 14.3 | Dec 2023 16.9 | Mar 2024 17.0 | Jun 2024 18.8 | Sep 2024 27.8 | Dec 2024 29.2 | Mar 2025 21.9 | Jun 2025 22.6 | Sep 2025 18.6 | Dec 2025 20.1 | Mar 2026 16.3 | Jun 2026 17.3
- SHARDACROP: Sep 2021 5.2 | Dec 2021 5.3 | Mar 2022 7.3 | Jun 2022 7.3 | Sep 2022 5.7 | Dec 2022 7.0 | Mar 2023 6.6 | Jun 2023 7.1 | Sep 2023 6.3 | Dec 2023 7.1 | Mar 2024 6.4 | Jun 2024 11.1 | Sep 2024 10.5 | Dec 2024 12.5 | Mar 2025 8.5 | Jun 2025 10.8 | Sep 2025 9.0 | Dec 2025 8.8 | Mar 2026 8.0 | Jun 2026 —
- EPIGRAL: Sep 2021 14.0 | Dec 2021 15.2 | Mar 2022 11.6 | Jun 2022 11.9 | Sep 2022 11.2 | Dec 2022 8.8 | Mar 2023 6.7 | Jun 2023 7.9 | Sep 2023 8.2 | Dec 2023 9.5 | Mar 2024 11.3 | Jun 2024 13.3 | Sep 2024 17.9 | Dec 2024 14.0 | Mar 2025 12.8 | Jun 2025 11.5 | Sep 2025 10.7 | Dec 2025 9.0 | Mar 2026 7.0 | Jun 2026 —
- NACLIND: Sep 2021 12.6 | Dec 2021 16.0 | Mar 2022 13.9 | Jun 2022 11.1 | Sep 2022 13.8 | Dec 2022 16.8 | Mar 2023 12.4 | Jun 2023 11.9 | Sep 2023 16.5 | Dec 2023 19.1 | Mar 2024 22.6 | Jun 2024 25.0 | Sep 2024 37.0 | Dec 2024 29.5 | Mar 2025 73.6 | Jun 2025 — | Sep 2025 — | Dec 2025 283.3 | Mar 2026 34.3 | Jun 2026 48.8
- DHANUKA: Sep 2021 13.1 | Dec 2021 13.5 | Mar 2022 11.3 | Jun 2022 11.0 | Sep 2022 10.4 | Dec 2022 10.8 | Mar 2023 9.1 | Jun 2023 11.4 | Sep 2023 12.7 | Dec 2023 13.9 | Mar 2024 13.1 | Jun 2024 21.3 | Sep 2024 17.7 | Dec 2024 16.6 | Mar 2025 13.8 | Jun 2025 16.6 | Sep 2025 15.3 | Dec 2025 12.4 | Mar 2026 9.6 | Jun 2026 —
- RALLIS: Sep 2021 15.9 | Dec 2021 16.9 | Mar 2022 14.4 | Jun 2022 12.6 | Sep 2022 14.0 | Dec 2022 16.1 | Mar 2023 12.8 | Jun 2023 13.1 | Sep 2023 13.9 | Dec 2023 16.6 | Mar 2024 16.6 | Jun 2024 20.7 | Sep 2024 21.8 | Dec 2024 19.6 | Mar 2025 14.2 | Jun 2025 21.6 | Sep 2025 20.4 | Dec 2025 18.3 | Mar 2026 15.3 | Jun 2026 15.1
- BHAGCHEM: Sep 2021 11.7 | Dec 2021 16.1 | Mar 2022 15.4 | Jun 2022 14.8 | Sep 2022 18.6 | Dec 2022 17.6 | Mar 2023 16.4 | Jun 2023 21.2 | Sep 2023 19.8 | Dec 2023 28.2 | Mar 2024 36.2 | Jun 2024 69.1 | Sep 2024 81.8 | Dec 2024 71.8 | Mar 2025 66.8 | Jun 2025 85.0 | Sep 2025 79.2 | Dec 2025 71.1 | Mar 2026 56.1 | Jun 2026 —
- GSPCROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 11.4 | Jun 2026 —
- BHARATRAS: Sep 2021 21.4 | Dec 2021 22.2 | Mar 2022 21.3 | Jun 2022 17.0 | Sep 2022 18.2 | Dec 2022 16.0 | Mar 2023 15.9 | Jun 2023 19.6 | Sep 2023 22.9 | Dec 2023 26.5 | Mar 2024 30.3 | Jun 2024 31.7 | Sep 2024 23.5 | Dec 2024 18.2 | Mar 2025 16.6 | Jun 2025 19.9 | Sep 2025 17.9 | Dec 2025 17.3 | Mar 2026 9.6 | Jun 2026 —
- INSECTICID: Sep 2021 8.5 | Dec 2021 9.5 | Mar 2022 8.2 | Jun 2022 9.6 | Sep 2022 13.4 | Dec 2022 13.4 | Mar 2023 7.5 | Jun 2023 10.8 | Sep 2023 14.2 | Dec 2023 17.0 | Mar 2024 12.3 | Jun 2024 12.7 | Sep 2024 13.1 | Dec 2024 9.8 | Mar 2025 8.1 | Jun 2025 13.4 | Sep 2025 9.9 | Dec 2025 10.0 | Mar 2026 8.0 | Jun 2026 —
- IPL: Sep 2021 18.8 | Dec 2021 18.4 | Mar 2022 14.3 | Jun 2022 12.0 | Sep 2022 14.2 | Dec 2022 12.7 | Mar 2023 10.9 | Jun 2023 11.6 | Sep 2023 19.0 | Dec 2023 27.0 | Mar 2024 16.5 | Jun 2024 25.9 | Sep 2024 21.4 | Dec 2024 17.4 | Mar 2025 13.8 | Jun 2025 18.2 | Sep 2025 15.0 | Dec 2025 11.2 | Mar 2026 7.8 | Jun 2026 —
- ASTEC: Sep 2021 26.9 | Dec 2021 31.8 | Mar 2022 29.8 | Jun 2022 26.2 | Sep 2022 26.1 | Dec 2022 22.7 | Mar 2023 21.9 | Jun 2023 36.1 | Sep 2023 49.7 | Dec 2023 108.9 | Mar 2024 102.7 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MOL: Sep 2021 11.0 | Dec 2021 8.7 | Mar 2022 8.3 | Jun 2022 7.3 | Sep 2022 7.0 | Dec 2022 6.4 | Mar 2023 4.8 | Jun 2023 7.0 | Sep 2023 11.2 | Dec 2023 16.8 | Mar 2024 30.7 | Jun 2024 31.5 | Sep 2024 71.4 | Dec 2024 39.1 | Mar 2025 19.7 | Jun 2025 17.4 | Sep 2025 11.2 | Dec 2025 8.3 | Mar 2026 6.1 | Jun 2026 —
- PUNJABCHEM: Sep 2021 18.5 | Dec 2021 15.5 | Mar 2022 13.8 | Jun 2022 10.9 | Sep 2022 11.6 | Dec 2022 10.6 | Mar 2023 8.0 | Jun 2023 9.6 | Sep 2023 11.2 | Dec 2023 12.9 | Mar 2024 10.6 | Jun 2024 15.7 | Sep 2024 15.7 | Dec 2024 13.8 | Mar 2025 14.1 | Jun 2025 16.3 | Sep 2025 15.5 | Dec 2025 13.6 | Mar 2026 9.5 | Jun 2026 —
- EXCELINDUS: Sep 2021 8.2 | Dec 2021 7.2 | Mar 2022 9.0 | Jun 2022 6.0 | Sep 2022 5.4 | Dec 2022 4.8 | Mar 2023 4.8 | Jun 2023 8.5 | Sep 2023 10.4 | Dec 2023 16.2 | Mar 2024 16.7 | Jun 2024 24.5 | Sep 2024 21.6 | Dec 2024 11.7 | Mar 2025 8.7 | Jun 2025 10.5 | Sep 2025 9.4 | Dec 2025 8.6 | Mar 2026 7.5 | Jun 2026 —
- DHARMAJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 14.0 | Mar 2023 — | Jun 2023 13.9 | Sep 2023 14.1 | Dec 2023 17.7 | Mar 2024 13.4 | Jun 2024 14.2 | Sep 2024 18.0 | Dec 2024 14.9 | Mar 2025 11.0 | Jun 2025 15.5 | Sep 2025 11.5 | Dec 2025 9.6 | Mar 2026 9.2 | Jun 2026 —
- ADVANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 16.3 | Mar 2026 9.9 | Jun 2026 —
- HERANBA: Sep 2021 12.9 | Dec 2021 10.6 | Mar 2022 9.4 | Jun 2022 9.0 | Sep 2022 8.8 | Dec 2022 10.2 | Mar 2023 7.1 | Jun 2023 9.0 | Sep 2023 11.8 | Dec 2023 17.0 | Mar 2024 12.1 | Jun 2024 15.2 | Sep 2024 15.7 | Dec 2024 12.6 | Mar 2025 7.9 | Jun 2025 12.7 | Sep 2025 13.8 | Dec 2025 16.1 | Mar 2026 12.1 | Jun 2026 —
- BESTAGRO: Sep 2021 29.4 | Dec 2021 20.7 | Mar 2022 15.3 | Jun 2022 11.7 | Sep 2022 16.8 | Dec 2022 11.4 | Mar 2023 7.1 | Jun 2023 9.3 | Sep 2023 8.2 | Dec 2023 7.4 | Mar 2024 5.4 | Jun 2024 9.1 | Sep 2024 12.6 | Dec 2024 12.1 | Mar 2025 8.0 | Jun 2025 6.6 | Sep 2025 6.3 | Dec 2025 10.2 | Mar 2026 6.1 | Jun 2026 —

### 20-quarter P/BV history
- 524717: Sep 2021 3.5 | Dec 2021 2.8 | Mar 2022 2.7 | Jun 2022 2.6 | Sep 2022 2.2 | Dec 2022 2.4 | Mar 2023 1.9 | Jun 2023 2.5 | Sep 2023 3.4 | Dec 2023 2.8 | Mar 2024 3.6 | Jun 2024 4.6 | Sep 2024 4.1 | Dec 2024 4.2 | Mar 2025 2.4 | Jun 2025 2.5 | Sep 2025 4.9 | Dec 2025 5.3 | Mar 2026 10.8 | Jun 2026 —
- UPL: Sep 2021 2.8 | Dec 2021 3.0 | Mar 2022 3.1 | Jun 2022 2.5 | Sep 2022 2.2 | Dec 2022 2.3 | Mar 2023 2.4 | Jun 2023 2.3 | Sep 2023 1.9 | Dec 2023 1.6 | Mar 2024 1.3 | Jun 2024 1.7 | Sep 2024 2.0 | Dec 2024 1.6 | Mar 2025 2.0 | Jun 2025 2.2 | Sep 2025 1.9 | Dec 2025 2.0 | Mar 2026 1.6 | Jun 2026 —
- PIIND: Sep 2021 9.1 | Dec 2021 8.0 | Mar 2022 7.4 | Jun 2022 7.2 | Sep 2022 6.9 | Dec 2022 7.8 | Mar 2023 7.5 | Jun 2023 9.7 | Sep 2023 7.3 | Dec 2023 6.7 | Mar 2024 7.3 | Jun 2024 8.0 | Sep 2024 8.1 | Dec 2024 6.0 | Mar 2025 5.5 | Jun 2025 7.2 | Sep 2025 5.2 | Dec 2025 4.5 | Mar 2026 3.9 | Jun 2026 —
- SUMICHEM: Sep 2021 12.9 | Dec 2021 10.9 | Mar 2022 11.5 | Jun 2022 13.6 | Sep 2022 11.3 | Dec 2022 11.0 | Mar 2023 11.0 | Jun 2023 11.3 | Sep 2023 8.8 | Dec 2023 8.0 | Mar 2024 6.9 | Jun 2024 10.1 | Sep 2024 11.4 | Dec 2024 9.5 | Mar 2025 10.3 | Jun 2025 10.7 | Sep 2025 9.2 | Dec 2025 7.2 | Mar 2026 5.8 | Jun 2026 —
- BAYERCROP: Sep 2021 8.4 | Dec 2021 7.8 | Mar 2022 8.9 | Jun 2022 8.9 | Sep 2022 7.7 | Dec 2022 7.7 | Mar 2023 6.7 | Jun 2023 7.3 | Sep 2023 7.7 | Dec 2023 7.9 | Mar 2024 8.3 | Jun 2024 10.6 | Sep 2024 9.3 | Dec 2024 8.1 | Mar 2025 7.8 | Jun 2025 9.9 | Sep 2025 6.9 | Dec 2025 6.6 | Mar 2026 7.1 | Jun 2026 —
- JUBLINGREA: Sep 2021 6.3 | Dec 2021 4.0 | Mar 2022 3.3 | Jun 2022 4.1 | Sep 2022 3.2 | Dec 2022 3.3 | Mar 2023 2.4 | Jun 2023 2.8 | Sep 2023 2.9 | Dec 2023 3.0 | Mar 2024 2.7 | Jun 2024 3.1 | Sep 2024 4.3 | Dec 2024 4.5 | Mar 2025 3.7 | Jun 2025 4.4 | Sep 2025 3.5 | Dec 2025 3.7 | Mar 2026 2.9 | Jun 2026 3.2
- SHARDACROP: Sep 2021 1.8 | Dec 2021 1.9 | Mar 2022 2.9 | Jun 2022 3.4 | Sep 2022 2.1 | Dec 2022 2.4 | Mar 2023 2.3 | Jun 2023 2.6 | Sep 2023 1.7 | Dec 2023 2.0 | Mar 2024 1.4 | Jun 2024 1.8 | Sep 2024 2.3 | Dec 2024 3.1 | Mar 2025 2.2 | Jun 2025 3.2 | Sep 2025 3.0 | Dec 2025 2.9 | Mar 2026 3.1 | Jun 2026 —
- EPIGRAL: Sep 2021 5.8 | Dec 2021 5.6 | Mar 2022 7.2 | Jun 2022 7.1 | Sep 2022 6.4 | Dec 2022 5.6 | Mar 2023 5.4 | Jun 2023 4.3 | Sep 2023 3.9 | Dec 2023 3.6 | Mar 2024 4.0 | Jun 2024 4.4 | Sep 2024 7.4 | Dec 2024 5.6 | Mar 2025 5.8 | Jun 2025 4.1 | Sep 2025 3.8 | Dec 2025 2.6 | Mar 2026 1.7 | Jun 2026 —
- NACLIND: Sep 2021 3.8 | Dec 2021 4.3 | Mar 2022 3.8 | Jun 2022 3.6 | Sep 2022 2.9 | Dec 2022 4.2 | Mar 2023 3.5 | Jun 2023 4.1 | Sep 2023 3.0 | Dec 2023 2.9 | Mar 2024 2.2 | Jun 2024 2.7 | Sep 2024 2.3 | Dec 2024 2.8 | Mar 2025 4.3 | Jun 2025 8.6 | Sep 2025 11.0 | Dec 2025 8.8 | Mar 2026 6.8 | Jun 2026 11.1
- DHANUKA: Sep 2021 4.8 | Dec 2021 4.3 | Mar 2022 3.7 | Jun 2022 4.1 | Sep 2022 2.9 | Dec 2022 3.1 | Mar 2023 3.0 | Jun 2023 3.9 | Sep 2023 3.6 | Dec 2023 4.1 | Mar 2024 3.9 | Jun 2024 7.2 | Sep 2024 5.5 | Dec 2024 5.3 | Mar 2025 4.6 | Jun 2025 6.0 | Sep 2025 4.8 | Dec 2025 3.9 | Mar 2026 3.0 | Jun 2026 —
- RALLIS: Sep 2021 3.5 | Dec 2021 3.2 | Mar 2022 2.8 | Jun 2022 2.2 | Sep 2022 2.4 | Dec 2022 2.8 | Mar 2023 2.2 | Jun 2023 2.3 | Sep 2023 2.4 | Dec 2023 2.9 | Mar 2024 2.9 | Jun 2024 3.6 | Sep 2024 3.8 | Dec 2024 3.4 | Mar 2025 2.5 | Jun 2025 3.7 | Sep 2025 3.5 | Dec 2025 3.2 | Mar 2026 2.6 | Jun 2026 2.6
- BHAGCHEM: Sep 2021 3.8 | Dec 2021 5.1 | Mar 2022 5.3 | Jun 2022 6.1 | Sep 2022 4.6 | Dec 2022 4.6 | Mar 2023 6.4 | Jun 2023 8.2 | Sep 2023 4.0 | Dec 2023 5.0 | Mar 2024 5.3 | Jun 2024 8.3 | Sep 2024 8.6 | Dec 2024 5.9 | Mar 2025 5.5 | Jun 2025 7.5 | Sep 2025 4.7 | Dec 2025 4.3 | Mar 2026 3.5 | Jun 2026 —
- GSPCROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.0 | Jun 2026 —
- BHARATRAS: Sep 2021 7.2 | Dec 2021 7.3 | Mar 2022 7.7 | Jun 2022 6.4 | Sep 2022 5.7 | Dec 2022 5.0 | Mar 2023 4.9 | Jun 2023 5.2 | Sep 2023 4.3 | Dec 2023 4.1 | Mar 2024 3.9 | Jun 2024 5.4 | Sep 2024 4.7 | Dec 2024 4.0 | Mar 2025 4.1 | Jun 2025 4.3 | Sep 2025 3.6 | Dec 2025 3.2 | Mar 2026 1.8 | Jun 2026 —
- INSECTICID: Sep 2021 1.8 | Dec 2021 1.7 | Mar 2022 1.4 | Jun 2022 2.1 | Sep 2022 2.2 | Dec 2022 2.3 | Mar 2023 1.6 | Jun 2023 1.5 | Sep 2023 1.6 | Dec 2023 2.0 | Mar 2024 1.4 | Jun 2024 2.2 | Sep 2024 2.5 | Dec 2024 1.8 | Mar 2025 1.5 | Jun 2025 2.8 | Sep 2025 2.0 | Dec 2025 1.7 | Mar 2026 1.4 | Jun 2026 —
- IPL: Sep 2021 6.3 | Dec 2021 6.4 | Mar 2022 5.8 | Jun 2022 4.3 | Sep 2022 4.6 | Dec 2022 4.1 | Mar 2023 3.7 | Jun 2023 4.0 | Sep 2023 4.4 | Dec 2023 5.2 | Mar 2024 2.9 | Jun 2024 3.5 | Sep 2024 2.9 | Dec 2024 2.4 | Mar 2025 1.8 | Jun 2025 3.1 | Sep 2025 2.7 | Dec 2025 2.1 | Mar 2026 1.6 | Jun 2026 —
- ASTEC: Sep 2021 9.4 | Dec 2021 9.7 | Mar 2022 11.4 | Jun 2022 13.3 | Sep 2022 9.7 | Dec 2022 9.2 | Mar 2023 7.8 | Jun 2023 7.4 | Sep 2023 7.0 | Dec 2023 6.2 | Mar 2024 6.0 | Jun 2024 6.9 | Sep 2024 7.1 | Dec 2024 7.9 | Mar 2025 5.2 | Jun 2025 5.6 | Sep 2025 7.8 | Dec 2025 3.8 | Mar 2026 3.1 | Jun 2026 —
- MOL: Sep 2021 2.5 | Dec 2021 2.2 | Mar 2022 2.2 | Jun 2022 2.0 | Sep 2022 1.9 | Dec 2022 1.8 | Mar 2023 1.4 | Jun 2023 1.4 | Sep 2023 1.2 | Dec 2023 1.2 | Mar 2024 1.3 | Jun 2024 1.4 | Sep 2024 1.7 | Dec 2024 1.3 | Mar 2025 1.0 | Jun 2025 1.6 | Sep 2025 1.4 | Dec 2025 1.1 | Mar 2026 0.7 | Jun 2026 —
- PUNJABCHEM: Sep 2021 13.8 | Dec 2021 9.7 | Mar 2022 9.3 | Jun 2022 10.1 | Sep 2022 5.8 | Dec 2022 5.3 | Mar 2023 4.5 | Jun 2023 5.0 | Sep 2023 4.8 | Dec 2023 5.1 | Mar 2024 3.8 | Jun 2024 6.2 | Sep 2024 4.7 | Dec 2024 3.5 | Mar 2025 3.2 | Jun 2025 4.6 | Sep 2025 4.3 | Dec 2025 3.7 | Mar 2026 2.8 | Jun 2026 —
- EXCELINDUS: Sep 2021 1.5 | Dec 2021 1.1 | Mar 2022 1.9 | Jun 2022 1.8 | Sep 2022 1.3 | Dec 2022 1.2 | Mar 2023 0.9 | Jun 2023 1.1 | Sep 2023 0.9 | Dec 2023 0.8 | Mar 2024 0.6 | Jun 2024 1.2 | Sep 2024 1.4 | Dec 2024 1.0 | Mar 2025 0.8 | Jun 2025 1.1 | Sep 2025 0.9 | Dec 2025 0.7 | Mar 2026 0.6 | Jun 2026 —
- DHARMAJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.6 | Jun 2023 1.8 | Sep 2023 2.0 | Dec 2023 2.5 | Mar 2024 2.1 | Jun 2024 2.3 | Sep 2024 2.9 | Dec 2024 2.2 | Mar 2025 1.6 | Jun 2025 2.7 | Sep 2025 2.7 | Dec 2025 1.8 | Mar 2026 1.8 | Jun 2026 —
- ADVANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 4.3 | Mar 2026 3.0 | Jun 2026 —
- HERANBA: Sep 2021 5.1 | Dec 2021 4.4 | Mar 2022 3.4 | Jun 2022 3.1 | Sep 2022 2.8 | Dec 2022 2.5 | Mar 2023 1.5 | Jun 2023 1.9 | Sep 2023 1.8 | Dec 2023 1.9 | Mar 2024 1.4 | Jun 2024 1.7 | Sep 2024 2.3 | Dec 2024 1.9 | Mar 2025 1.0 | Jun 2025 1.4 | Sep 2025 1.4 | Dec 2025 1.2 | Mar 2026 0.8 | Jun 2026 —
- BESTAGRO: Sep 2021 13.3 | Dec 2021 12.4 | Mar 2022 12.0 | Jun 2022 13.9 | Sep 2022 6.0 | Dec 2022 7.3 | Mar 2023 7.3 | Jun 2023 8.3 | Sep 2023 5.0 | Dec 2023 2.8 | Mar 2024 1.5 | Jun 2024 3.0 | Sep 2024 2.0 | Dec 2024 1.9 | Mar 2025 0.8 | Jun 2025 1.2 | Sep 2025 1.1 | Dec 2025 1.1 | Mar 2026 0.6 | Jun 2026 —

## Market action

Titan Biotech Ltd has the strongest one-year price move in Pesticides/Agrochemicals at +365.8%. It also leads on Mansfield relative strength against NIFTY at +48.7%. 5 of 22 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Titan Biotech Ltd (524717): 366%
2. Sharda Cropchem Ltd (SHARDACROP): 7.1%
3. UPL Ltd (UPL): -10%
4. Bhagiradha Chemicals & Industries Ltd (BHAGCHEM): -11%
5. Jubilant Ingrevia Ltd (JUBLINGREA): -11%

### Strongest relative strength versus NIFTY 500
1. Titan Biotech Ltd (524717): 49%
2. NACL Industries Ltd (NACLIND): 16%
3. Sumitomo Chemical India Ltd (SUMICHEM): 12%
4. Bhagiradha Chemicals & Industries Ltd (BHAGCHEM): 9.9%
5. Jubilant Ingrevia Ltd (JUBLINGREA): 8.6%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 11 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- UPL Ltd (UPL) — market value ₹50.8K Cr; latest fundamentals Mar 2026
- P I Industries Ltd (PIIND) — market value ₹41.4K Cr; latest fundamentals Mar 2026
- Sumitomo Chemical India Ltd (SUMICHEM) — market value ₹26.0K Cr; latest fundamentals Mar 2026
- Bayer CropScience Ltd (BAYERCROP) — market value ₹19.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Jubilant Ingrevia Ltd (JUBLINGREA) — market value ₹11.6K Cr; latest fundamentals Jun 2026
- Sharda Cropchem Ltd (SHARDACROP) — market value ₹7.9K Cr; latest fundamentals Mar 2026
- Epigral Ltd (EPIGRAL) — market value ₹5.0K Cr; latest fundamentals Mar 2026
- NACL Industries Ltd (NACLIND) — market value ₹4.6K Cr; latest fundamentals Jun 2026
- Dhanuka Agritech Ltd (DHANUKA) — market value ₹4.5K Cr; latest fundamentals Mar 2026
- Rallis India Ltd (RALLIS) — market value ₹4.3K Cr; latest fundamentals Jun 2026
- Bhagiradha Chemicals & Industries Ltd (BHAGCHEM) — market value ₹3.4K Cr; latest fundamentals Mar 2026
- GSP Crop Science Ltd (GSPCROP) — market value ₹2.5K Cr; latest fundamentals Mar 2026
- Bharat Rasayan Ltd (BHARATRAS) — market value ₹2.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Insecticides India Ltd (INSECTICID) — market value ₹1.8K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- India Pesticides Ltd (IPL) — market value ₹1.7K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Titan Biotech Ltd (524717) — market value ₹1.7K Cr; latest fundamentals Mar 2026
- Astec Lifesciences Ltd (ASTEC) — market value ₹1.5K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Meghmani Organics Ltd (MOL) — market value ₹1.4K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Punjab Chemicals & Crop Protection Ltd (PUNJABCHEM) — market value ₹1.4K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Excel Industries Ltd (EXCELINDUS) — market value ₹1.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Dharmaj Crop Guard Ltd (DHARMAJ) — market value ₹882 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Advance Agrolife Ltd (ADVANCE) — market value ₹706 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Heranba Industries Ltd (HERANBA) — market value ₹700 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Best Agrolife Ltd (BESTAGRO) — market value ₹538 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 11. Unverified: 13. Withheld: 0. Graded companies: 24.

11 of 24 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | BAYERCROP | Bayer CropScience Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | BHARATRAS | Bharat Rasayan Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | INSECTICID | Insecticides India Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | IPL | India Pesticides Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ASTEC | Astec Lifesciences Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | MOL | Meghmani Organics Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | PUNJABCHEM | Punjab Chemicals & Crop Protection Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | EXCELINDUS | Excel Industries Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | DHARMAJ | Dharmaj Crop Guard Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ADVANCE | Advance Agrolife Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | HERANBA | Heranba Industries Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Pesticides/Agrochemicals index?

The Nifty Pesticides/Agrochemicals index tracks India's listed Pesticides/Agrochemicals companies as a single basket. This page follows the same 24 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Pesticides/Agrochemicals sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Pesticides/Agrochemicals stocks in India?

Ranked by this page's four-factor score, Sharda Cropchem Ltd places first among 24 listed Pesticides/Agrochemicals companies, followed by Titan Biotech Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Pesticides/Agrochemicals stocks are listed in India?

This comparison covers 24 listed Pesticides/Agrochemicals companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Pesticides/Agrochemicals company is the biggest?

UPL Ltd is the largest, with trailing-twelve-month revenue of ₹51,839 crore, ahead of P I Industries Ltd at ₹6,713 crore. That covers 24 of 24 companies with comparable reporting through Mar 2026.

### Which Pesticides/Agrochemicals company is growing fastest?

Titan Biotech Ltd has the fastest revenue growth at 31.8% year on year, across 24 of 24 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Pesticides/Agrochemicals company has the best profit margins?

Sharda Cropchem Ltd has the highest operating margin at 24%, from 24 of 24 comparable companies. Bhagiradha Chemicals & Industries Ltd shows the biggest recent improvement, at +7.3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Pesticides/Agrochemicals company makes the most profit?

UPL Ltd earns the most, at ₹2,220 crore of trailing-twelve-month net profit, from 24 of 24 comparable companies. Meghmani Organics Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Pesticides/Agrochemicals company earns the highest return on capital?

Sharda Cropchem Ltd leads on return on capital employed at 30.2%, across 24 of 24 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Pesticides/Agrochemicals stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Sharda Cropchem Ltd screens cheapest at 0.26×. Only 10 of 24 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Pesticides/Agrochemicals company has the strongest balance sheet?

Sharda Cropchem Ltd carries the lowest comparable gross debt at ₹0 crore, from 24 of 24 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Pesticides/Agrochemicals stock has the strongest price momentum?

Titan Biotech Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Pesticides/Agrochemicals company scores highest for research priority?

Sharda Cropchem Ltd scores 79.1 out of 100 with 92.8% evidence confidence, from 29.4 points on growth and earnings, 21.9 on capital efficiency, 19.2 on valuation and 8.6 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Pesticides/Agrochemicals companies does this comparison cover, and over what period?

It compares 24 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Pesticides/Agrochemicals sector?

The 24 Pesticides/Agrochemicals companies on this page carry ₹1,96,485 crore of combined market value. UPL Ltd is the largest at ₹50,841 crore, about 26% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Pesticides/Agrochemicals sector's P/E ratio?

The median price-to-earnings ratio across the 24 Pesticides/Agrochemicals companies on this page is 26.9×, measured on the 22 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Pesticides/Agrochemicals sector performing?

5 of the 22 covered Pesticides/Agrochemicals companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/pesticides-agrochemicals