SHARDA CROPCHEM Results Analysis-Q3FY26

Operating Revenue for Q3FY26 is Rs. 1,289 Crs., 38.68% growth YoY, Total Income is Rs. 1,310 Crs., 40.87% growth YoY, Gross Profit is Rs. 450 Crs., 48% growth YoY, EBITDA is Rs. 246 Crs., 59% growth YoY, EBITDA Margin is 19.1% improved by 250 Basis points YoY, PBT Rs. 179 Crs, 289% growth YoY, PAT Rs. 145 Crs, 366% growth YoY. On QoQ basis Op. Revenue is up by 38.71%, Total Income is up by 36.67%, Gross Profit is up by 40.4%, EBITDA is up by 81.39%, PBT is up by 108.3%, and PAT is also up by 95.15%. Revenue in Q3FY26 increased by 39% driven by volume growth of ~14.4% and a change in product mix. There was volume growth across Europe and LATAM Regions. Agrochemical volumes grew by 14.5% in Q3 FY26, Non-Agrochemical volumes grew by 13.5% in Q3 FY26 (pricing/mix headwind in non-agro despite volume growth). Working capital days: 70 days (as of 31-Dec-2025), improved by 48 days vs Mar-2025. Management attributed improvement mainly to: • Stronger demand cadence plus supplier confidence leading to “extended credits” • Better collections; Europe described as highly disciplined: “Sometimes they pay before time.” Liquidity / leverage: Net debt-free; cash & bank + liquid investments INR 826 cr (31-Dec-2025). Management described a trough ~2 years ago with “excess liquidity and abundance of stocks in the pipeline,” now resolved: “Those have dried up, inventories have come to normal levels.” Pricing is recovering slowly: “The speed is less, but it is moving up.”