Indofil Industries Limited is research led, fully integrated multi-product chemical company engaged in manufacturing and distribution of agrochemicals. They also manufacture and supply speciality chemicals for the plastic, leather, textile, coating and construction industries.

Agrochemicals like fungicides, insecticides, herbicides, surfactants and plant growth regulators, plant nutrition and acaricides are the major products of the firm. They have strong presence in more than 120 countries & serve individual farmers as well as large enterprises with our strong distribution network and efficient supply chain. It has registered fifty-four patents against its name. It also aims to transform itself into a solution-based company from a product-based firm.

Financial Highlights

  • FY23 Income has shown growth of 7.49% to INR 3,085 crore from INR 2,870 crore in FY22.
  • The Consolidated PBT for the year stood at INR 284 crore in FY23 against INR 296 crores in FY22, decrease by (4) % on year-on-year basis.
  • On a standalone basis, total income registered was INR 2,877 crore for FY23 against INR 2,730 crore in FY22 - an increase of 5 % on year-on-year basis.

Financial Figures (INR CRORES)

Description Mar-23 Mar-22 Mar-21 Mar-20 Mar-19 Mar-18
Total Income 3085.74 2870.12 2440.83 2236.2 2264.2 2030.29
EBITDA 427 432 467 274 389 395
PBT 284.46 296.41 140.6 65.89 228.97 261.14
PAT 241.14 219 67 95 189 236
Cash Flow from Operation -67.15 397.26 769.68 333.44 157.38 -78.16
Cash flow from Investing 1.12 -15.22 -134.5 -70.22 -140.89 -209.65
Cash flow from Finance -184.28 -150.96 -536.05 -275.5 22.6 240.16
EPS 113 102 31 44 88 111

Financial Ratios

Description Mar-23 Mar-22 Mar-21 Mar-20 Mar-19 Mar-18
Current Ratio 1.88 1.49 1.47 1.33 1.34 1.3
Debt Equity Ratio 0.31 0.42 0.4 0.63 0.67 0.78
EBITDA Margin (%) 13.84 8 19 12 17 19
PAT Margin (%) 7.8 8 3 4 8 12
Net Profit Margin (%) 6.69 6.58 2.76 3.56 8.25 11.74
EPS 113 102 31 44 88 111


  • Return on equity decreased slightly even though there is an increase in sales revenue & but comparatively reduction in margin 11.5 in FY23 from 11.8 in FY22.
  • Debt service coverage improved from 2.03 to 2.81 during the same period on the backing of prepayment of loans & borrowing cost has been reduced.
  • Return on Investment for FY23 is 0.71% from 3.50% due to high volatility in the market.

Indofil has a balanced revenue model. It has a good hold in both domestic and international regions & revenue generated from operations primarily comprises of sale of goods. It also continued its expansion in new distribution channels including co-distribution, farmer producer organisations, contract farming and e-commerce to support its growth and penetration in new markets.

International business continues to be the top line progressive despite numerous setbacks on supply chain related issues due to raw material, container unavailability in certain sectors and rising inflation.

The company is also focusing on the diversification of products and downstream industries such as plastic, paint, cosmetics, and leather continue to add impetus to the specialty chemicals segment, following optimistic about its steady growth in the days ahead.

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Industry Overview

After the USA, Japan, and China, India is currently the fourth-largest producer of agrochemicals. The global agrochemicals market is expected to reach USD 281.88 billion in 2028. The agrochemicals industry has also witnessed the emergence of bio-fertilisers as a favourable alternative to chemical-based pesticides and fertilisers.

Between 2021 and 2030, the global agrochemicals market is expected to increase at a CAGR of 2.9%, improving from USD 231.0 billion in 2021-22 to USD 315.3 billion in 2030. Production of agrochemicals (technical grade) has also increased by 11.9% during FY22.

Asia-Pacific region has the largest market share of agrochemicals, owing to a large consumer base and the presence of major businesses in the region. APAC region is pre-dominant market for top specialised chemical users: - India, China, and Japan. Rapid urbanisation, gradual rise in discretionary incomes, and expanding industrialisation of the food, agricultural, cosmetics, textile, electronics, and other manufacturing sectors in APAC have led to increase in demand for speciality chemicals producers & export of the product has increased.

Indian Market

India is currently at a food surplus stage with rising production in food grains & horticulture. In fact, it is second largest food grain producer in the world after China. The Indian market for agrochemicals is expected to grow at a CAGR of 8.6% by 2026 to reach a value of almost USD 7.4 billion by 2026. In terms of trade India is the major importer & exporter of Agrochemicals. The agrochemical market in India accounts for 15% of the global market.

India based agrochemical firms are launching innovative and world class products. The industry is also working their recognised & pending patents which will help them in providing innovative products. Furthermore, the exports are progressing in Southern America & European region, and it’s adopting a multi-pronged approach by becoming globally competitive, with the introduction of PLI Scheme as well as Make in India approach.

India’s agrochemical consumption is one of the lowest in the world with per hectare consumption being just 0.6 kgs as compared to other countries. With the increase in awareness and market penetration, consumption is likely to improve in the near future. The agrochemicals industry is expected to play a pivotal role in attaining food security for a populous country like India. With dwindling land under cultivation and a lower portion of that under irrigation, the need to increase farm productivity with efficient use of plant nutrients and protection is the need of the hour. Use of agrochemicals can increase crop productivity by 25%-50%, by mitigating crop loss caused due to pest attacks. In the next few years, Indian agrochemicals market will be driven by the growth in herbicides and fungicide.

Market Segmentation & Brands

  • Following brands fall under Fungicides: Indofil M 45, Manfil, Indofil Z 78, Moximate, Avtar, Merger, Sprint, Itwin, Matco Maxx, Impression, Iglare, Indofil’s Baan, Baan Gold, Matco, Boon, Companion, Noor, Debut, Dhan, Benfil, Sitara Plus, Share, Captra, Trucop, Plumage, and Ream.
  • Following brands fall under Insecticides: Token, Skystar, Dammu, Rimon, Click, Lift, Volax, Atom, Atom Power, Agent Plus, Agent Capsule, Blaze, Indothrin, Flash, Gem, Stalker SC, Bajao, Oopiri, Indodiafen and Akhdir
  • Falling brands under Herbicides: Oxygold, Society, Killog, Nami, Indifil’s Mix, Offset-N, Tadka71, Passport, Chase, Atrafil, Golf, Bigul, Pixo, Pixo Maxima and Strike.
  • Falling brands fall under Surfactants and plant growth regulators: Indtron AE, Filwet Premium, Ethefol, Indolizer Liquid.
  • Falling brands fall under Plant Nutrition and Bio-stimulants: IndoLife Fruit Energy, IndoLife Vital Energy, IndoLife Green Energy, Indolizer Liquid and Indolizer Granules.
  • Falling brands fall under Acaricides: Ceasemite, Mitex.

Nitrogenous fertiliser is leading most of the market with its outrageous demand. Insecticides are currently the most popular pesticides, followed by fungicides and herbicides; insecticide demand is said to account for 65 percent of the total pesticide industry.

Agrochemicals are extensively used for crops such as cereals, grains, oilseeds, and vegetables, along with non-crop-based applications. The majority of agrochemicals are used for staple food crops like wheat, rice, and maize, as well as cash crops like cotton and soya bean.


PI Industries, UPL, BAYER CropScience, BASF India, Godrej Agrovet, India Pesticides, Deepak Nitrite, Balaji Amines, Rallis, Dhanuka Agritech.

Agrochemical Value Chain

It consists of raw material suppliers who deliver Petro Chemical derivatives, Active Ingredients Manufacturer, Formulators, Distributors & End-users.


Indofil Industry’s products are traded in across continents & its monetary settlement is done in relevant currency which exposes them to foreign exchange risk. Due to high forex volatility, it might deteriorate the overall health of the firm as its functional currency is INR.

Raw Material is mostly imported from other countries which make them susceptible to supply chain problem.

Subsidiaries and Joint Ventures

Indofil Industries has ten subsidiaries & two joint ventures involved in marketing and distribution of agrochemicals and investment firms.


Indofil Industries (Netherlands) B.V, Indofil Bangladesh Industries Pvt. Ltd., Indofil Costa Rica S.A., Indofil Industries DO Brasil Ltda, Indofil Philippines, Inc, PT Indofil Industries Indonesia, Agrowin Biosciences S.r.l, Indofil Industries (International) B.V, Good Investment (India) Ltd., Quick Investment (India) Ltd.

Joint Ventures

Indobaijin Chemicals Pvt. Ltd, Indo Reagens Polymer Additives Pvt. Ltd.


The heavy investment on new technologies & change in orthodox approach of farming has brought a paradigm shift in agro based industries. Indofil too adapted the change & rose in tandem with demand coming from agro as well as other industries (cosmetic, textile, plastic) for specialised chemical. Additionally, FDI-inflows has been relaxed, and with availability of surplus work force, it will be easier for the firm to grow gradually. Owing to the low level of agrochemical consumption, the industry has vast untapped potential. New registrations and strategic partnerships across the globe is expected to be a vital part of Indofil’s international expansion strategy, going forward.

Major Shareholders

K.K.Modi Investment and Financial Services Private Limited (44.75%), APMS Investment Fund Limited (FII) (7.13%), U.P. State Industrial Development Corporation Limited (9.45%), Rajputana Developers Limited (8.35%).

Key Personnel

Dr. Bina Modi – Chairperson & MD

Charu Modi – Executive Director

Narendra Rane – Chief Operating Officer

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