Earnings Call Transcript of the conference call held on 30th July, 2026

04th August, 2026 National Stock Exchange of India BSE Limited Limited Phiroze Jeejeebhoi Tower, Exchange Plaza, 5th Floor, Plot No. Dalal Street, C/1, Mumbai – 400 001 G-Block, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051 Scrip Code: 538666 Trading Symbol: SHARDACROP Subject: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Transcript of Earnings Call Q1 FY 2026-27. Dear Sir/Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations), please find enclosed transcript for the conference call with the Analysts / Investors for the Q1 FY 2026-27 financial results of the Company conducted through digital means on Thursday, 30th July, 2026 at 03.30 P.M. (IST). Transcript is also available on the website of the Company at www.shardacropchem.com. We request you to take the same on record. Yours Sincerely, Jetkin Gudhka Company Secretary & Compliance Officer Encl: As above Sharda Cropchem Limited Q1FY27 Earning’s Conference Call July 30, 2026 MANAGEMENT: MR. R. V. BUBNA – CHAIRMAN & MANAGING DIRECTOR, SHARDA CROPCHEM LIMITED MR. SHAILESH MEHENDALE – CHIEF FINANCIAL OFFICER, SHARDA CROPCHEM LIMITED MR. JETKIN GUDHKA – COMPANY SECRETARY, SHARDA CROPCHEM LIMITED MODERATOR: MR. RIJU DALUI – ANTIQUE STOCK BROKING LIMITED Page 1 of 16 Sharda Cropchem Limited July 30, 2026 Moderator: Ladies and gentlemen, good day and welcome to Sharda Cropchem Limited Q1 FY27 Earnings Conference Call hosted by Antique Stock Broking Limited. As a reminder all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing ‘*’ then ‘0’ on your touchtone telephone. Please note that this conference is being recorded. I now hand the conference over to Mr. Riju Dalui. Thank you and over to you, sir. Riju Dalui: Thank you, Sanya, and good afternoon to everyone. A warm welcome to all participants on Sharda Cropchem's Q1 FY27 Earnings Call. Joining us today, Mr. R. V. Bubna – Chairman and Managing Director, Mr. Shailesh Mehendale – CFO and Mr. Jetkin Gudhka – Company Secretary. Without further delay, I would like to handover the call to Mr. Bubna for the opening remarks. Thank you and over to you, sir. R.V. Bubna: Thank you. Good afternoon and a very warm welcome to everyone present on this call. Along with me, I have Mr. Shailesh Mehendale – our CFO, and Mr. Jetkin Gudhka – Company Secretary and SGA, our Investor Relations Advisors. Hope you all have received our investor deck by now. As you are aware, we are engaged in the marketing and distribution of a wide range of Agrochemical products catering to diverse global customer base. We develop comprehensive dossiers and obtain product registrations in our own name and we continue to allocate substantial resources towards securing registrations, which strengthens our market presence and helps us a substantial foothold across key markets. As on 30th June 2026, our total product registrations stand at 3,016, up from 3,011 on 31st March 2026, with an additional 1,027 applications for product registrations globally at the approval stage. We have started FY27 on a strong footing with our operating performance showing clear improvement during the quarter. Revenue for the quarter rose by 9% year-on-year to Rs.1,074 crores. Gross margins expanded by 120 basis points to reach 36.7% while EBITDA grew a healthy 25% to Rs.178 crores, taking the EBITDA margin up by 220 basis points to 16.6%. This improvement was driven by favorable product mix and our NAFTA, LATAM and rest of the world markets, all delivered growth along with better profitability. Turning to Europe: Our largest market and traditionally the one with good margins, we saw a temporary softening in performance this quarter. This comes on the back of an exceptionally strong FY26, so some Page 2 of 16 Sharda Cropchem Limited July 30, 2026 moderation was not unexpected. The main reason behind this was the distributors' cutback on the stock largely because of unusual heatwave conditions and swept across parts of Europe this summer. It's worth noting, however, that even as the revenue in Europe softened, our Agrochemical’s margins in the region actually improved during the quarter. Given our strong registration base and the long-term relationship, we have built with customers across Europe, we remain confident that volumes there will recover in the coming quarters. LATAM, on the other hand, kept up its momentum and has remained one of our strongest growth engines this quarter. We remain a debt-free company with cash, bank and liquid investments of Rs. 767 crores as of 30th June, 2026 as compared to Rs. 702 crores as of 31st March, 2026. We continue to maintain our FY27 guidance of 10%-15% revenue growth, gross margins in the range of 35% and remain focused on strengthening our long-term growth platform through sustained investment in our registration pipeline. With this brief overview, I would now like to hand over the call to our CFO – Mr. Shailesh Mehendale, for discussion and our financial performance. Thank you. Shailesh Mehendale: Thank you sir. Good afternoon, everyone. Coming to the Q1 FY27 performance: Revenue stood at Rs.1,074 crores in Q1 FY27 versus Rs.985 crores in Q1 FY26, an increase of 9% year-on-year. Coming to the split: Agrochemical business grew by 8% year-on-year to Rs.915 crores, whereas non-Agrochemical business grew by 15% year-on-year to Rs.159 crores. Gross margins stood at 36.7% in Q1 FY27 as against 35.5% in Q1 FY26, an increase of 120 basis points. EBITDA grew by 25% to Rs.178 crores with EBITDA margin at 16.6% as against 14.4% in Q1 FY26, an increase of 220 basis points. FOREX (Fx) gains stood at Rs.7.5 crores in Q1 FY27 as against Rs.73.1 crores in Q1 FY26. This lower FOREX gain had a corresponding impact on our EBIT, PBT and PAT for the current quarter. EBIT stood at Rs.120 crores, PBT stood at Rs.118 crores and PAT stood at Rs.88 crores. On like-to-like basis, PBT prior to this FOREX gain grew by 16% year-on-year to Rs.111 crores, reflecting the underlying strength of our operating performance. Coming to the balance sheet: Page 3 of 16 Sharda Cropchem Limited July 30, 2026 Total equity stood at Rs.3,245 crores as on 30th June, 2026 as against Rs.3,137 crores as on 31st March 2026. We remain a debt-free company and have cash-bank liquid investment of Rs.767 crores as on 30th June, 2026 as against Rs.702 crores as at 31st March, 2026. Coming to working capital days: Working capital days stood at 88 days as on 30th June 2026, showing an improvement of 10 days as compared to 31st March 2026. We can now open the floor for the questions and answers. Thank you. Moderator: Thank you very much. We will now begin the question-and-answer session. The first question is from the line of Anubhav Mukherjee from Prescient Capital. Please go ahead. Anubhav Mukherjee: I was asking that the 9% revenue growth we have delivered in Q1, will it be possible to split that into volume growth, FOREX and realization growth? R.V. Bubna: Yes, sir. It is possible. Now, just take a note, the volume growth has been -1.6%, Fx impact is +12.7%, product mix impact is -2.1% and total growth is +9%. Anubhav Mukherjee: In the press release for the quarter, it was mentioned that our product mix has improved and we have sold more high value products. Why is that not reflecting in the realization? Because the realization growth is negative as you mentioned. So, can you give some color on that? R.V. Bubna: I will ask Mr. Shailesh Mehendale to address this question. Shailesh Mehendale: I think you have to look at overall picture in the sense we are having product mix negative to the extent of 2% but then there is a—looking at the geography wise, you can see that there is a— degrowth part [Showing first 8,000 characters — download PDF for full document]