SHARDACROP
Micro CapSharda Cropchem Limited
Industrials
Sharda Cropchem is an Intellectual Property (IP) driven company engaged in marketing and distribution of wide range of formulations and generic active ingredients. It operates on an asset-light model, outsourcing manufacturing, and focuses on registrations, marketing, and distribution across 80+ countries.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 90/100Rev +13% YoY · PAT +56% YoY · margin expansion · +60% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,065 Cr | +12.9% | +60.2% |
| EBITDA | ₹487 Cr | +60.7% | +102.1% |
| Operating margin | 24.0% | +700 bps | +500 bps |
| PAT | ₹319 Cr | +56.4% | +120.0% |
| PAT margin | 15.4% | +430 bps | +420 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
SHARDACROP reported strong Q4 FY26 and full-year FY26 results. Q4 revenue grew 13% YoY, with Agrochemicals up 14%. Full-year revenue increased 22% YoY, driven by 13.3% volume growth in Agrochemicals. Gross Margins improved significantly, leading to a 75% YoY EBITDA jump in Q4 and 69% for FY26.
The company delivered robust financial performance in FY26, marked by strong revenue growth, significant margin expansion, and improved profitability. The asset-light model and focus on registrations appear to be yielding results, particularly in the Agrochemical segment. Management expects current gross margins to sustain.
FY26 Agrochemical Revenue by Product
Latest issuer-disclosed distribution across 3 reported categories.
Forward Integration
Building sales force to adopt 'factory to farmer' approach in NAFTA, Europe, LATAM, and RoW.
Expand & Strengthen Distribution
Expanding geographical reach using existing library of dossiers and penetrating new markets.
Continual Investment in Registrations
Identifying generic molecules going off patent and investing in preparing dossiers and seeking registrations.
Growing Global Population
Global population projected to rise from 7.6 Bn in 2025 to 8.6 Bn by 2030, placing pressure on food systems.
CAPEX Incurred
Rs. 505 Cr. CAPEX incurred in FY26.
Growing Population
Global population growth fuels demand for increased food and protein production, driving demand for crop protection.
Fewer Arable Acres
Arable land expected to decrease, necessitating products that maximize farmer yields.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q4 results provide insight into recent sequential momentum and product/region mix shifts, while full-year (FY26) results offer a comprehensive view of annual performance and the impact of strategic initiatives, which is crucial for a potentially seasonal agrochemical business.
Revenue from Operations
Q4 FY26: 2,064.9 Cr (+13% YoY); FY26: 5,267.6 Cr (+22% YoY).
Agrochemical Volumes Growth
Q4 FY26: +4.5% YoY; FY26: +13.3% YoY.
Gross Margin
Q4 FY26: 37.3% (vs 29.8% Q4 FY25); FY26: 35.9% (vs 29.9% FY25).
EBITDA Margin
Q4 FY26: 24.8% (vs 16.0% Q4 FY25); FY26: 19.7% (vs 14.2% FY25).
Gross Margins Outlook
Gross Margins are expected to remain at current levels in FY27.
Strategic Focus
Leverage market presence, expand geographical reach, and invest in product registrations.
Operational Efficiency
Accelerated focus on revenue generating investments, margin improvements, and better cost management.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Gross Margin | 35.9% (FY26) | Sustenance of improved gross margins in FY27 as guided by management. |
| Agrochemical Volume Growth | 13.3% (FY26) | Continued volume growth across regions, particularly Europe and LATAM, which were key contributors. |
| Working Capital Days | 98 days (Mar-26) | Further reduction or efficient management of working capital to maintain balance sheet strength. |
| New Registrations | 1,004 applications pending | Successful conversion of pending applications into new product registrations to fuel future growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
48Neutrallabel neutral
Technical chart
SHARDACROPweekly · 1Y+9.2%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 45.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 45 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 32% off 52W high · 17% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 73.9%.
- Quality contributes 20/20 to the score.
Main drags
- Cash flow is weaker at 7/10; verify the latest quarterly trend.
- Valuation is weaker at 22/30; verify the latest quarterly trend.
- Growth is weaker at 22/25; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 99th percentile of the scored universe and 99th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 74.8%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Industrials: 99th pctile, median 68 · Micro: 98th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 74.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.8%.
- ▸9 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 11.50
- P/B
- 2.49
- EV/EBITDA
- 5.59
- Market Cap
- 7827.00Cr
Profitability
- ROE
- 24.20%
- ROCE
- 30.40%
- ROA
- 11.78%
- Dividend Y
- 1.04%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 25.00%
- Revenue 3Y
- 9.00%
- EPS 3Y
- 27.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 538.00×
- Altman Z
- 4.24
- Book Value
- 348.00
Cash Flow
- FCF Yield
- 1.83%
- FCF Positive Y
- 9/5
- OCF
- 656.00 Cr
- EPS TTM
- 75.47
Shareholding
- Promoter Hold
- 74.82%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 21%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.