SHARDA Cropchem Results Analysis-Q1FY26

Operating Revenue for Q1FY26 is Rs. 985 Crs., 25% growth YoY (primarily driven by high volume growth of ~13%. We saw volume growth across Europe) Agrochemical volumes grew by 11.4% YoY, Non-Agrochemical volumes grew by 58.5% YoY, Total Income is Rs. 1,017 Crs., 26% growth YoY, EBITDA is Rs. 142 Crs., 67% growth YoY Gross Margin is 35.5% improved by 630 Basis points YoY, PBT Rs. 169 Crs., 449% growth YoY, PAT Rs. 143 Crs., 423% growth YoY. However, On QoQ basis Op. Revenue is down by 46%, Total Income is down by 45%, PBT is down by 34% and PAT is down by 30%. Gross margins are expected to remain strong during the FY 26.