Indofil Industries Ltd

Consolidated revenue increased from INR 3,085.7 Cr in FY23 to INR 3,324.7 Cr in FY25, representing a 2-year CAGR of 3.8%. Revenue increased by 8.3% in FY25, from INR 3,068.8 Cr in FY24

EBITDA increased from INR 492.4 Cr in FY24 to INR 635.9 Cr in FY25, representing growth of 29.1%. EBITDA margin improved from 16.0% to 19.1%, reflecting meaningful operating leverage

Consolidated PAT increased from INR 332.2 Cr in FY24 to INR 452.3 Cr in FY25, representing growth of 36.2%. PAT margin improved from 10.8% to 13.6%

Total borrowings and lease liabilities stood at approximately INR 238.3 Cr, against total equity of INR 6,499.2 Cr. The resulting debt-to-equity ratio was approximately 0.0x when rounded to one decimal, indicating minimal financial leverage

FY25 PAT of INR 452.3 Cr, against average FY24–FY25 equity of INR 5,246.8 Cr, generated an ROE of approximately 8.6%

Operating cash flow remained positive at INR 426.6 Cr in FY24 and INR 232.1 Cr in FY25, although it declined by 45.6% due primarily to higher receivables and inventory deployment

Indian agrochemical-industry revenue is projected to grow by approximately 6.0%–7.0%, followed by a possible return to its longer-term growth range of 8.0%–10.0%, subject to sustained export recovery and improved domestic demand.

The Indian agrochemical industry generates approximately INR 90,000.0 Cr of annual revenue, with domestic and export markets each contributing approximately 50.0%. Its established scale and moderate growth support classification as Early Mature

Indofil operates in more than 120.0 countries and added more than 25.0 international registrations during FY25. This creates exposure to multiple product-registration, environmental and residue-control regimes. Regulatory tightening and restrictions on molecules such as Mancozeb remain material risks

International revenue increased by 8.0% to INR 1,474.3 Cr in FY25, equivalent to approximately 44.3% of consolidated revenue. The Company also reported strong regional growth across North America and Latin America

Dr. Bina Modi’s documented senior Modi Group governance involvement dates to at least 2011, while she was appointed Chairperson and Managing Director of Indofil in November 2019. This represents at least 14.0 years of documented group-governance exposure by FY25, including approximately 5.0 years as Indofil’s Chairperson and Managing Director

As of March 2025, the effective board comprised approximately 8.0 directors, but only 1.0 continuing independent director, representing independent participation of approximately 12.5%. The annual report states that a separate independent-directors’ meeting could not be held because only one independent director remained

Disputed consolidated tax matters stood at INR 38.7 Cr, and promoter-family litigation concerning governance, control and proposed board representation remained active before the Delhi High Court in February 2026

The Company is valued at a P/E multiple of 7.1x, compared with the agrochemical-industry P/E of 30.0x, representing a discount of 76.2%

Indofil is valued at approximately 4.6x EV/EBITDA. The peer median is 10.2x, resulting in a discount of 54.9%

The unlisted share price increased from approximately INR 1,445.0 in early July 2026 to INR 1,460.0 by mid-July, before remaining broadly stable through July 21, 2026