BAYERCROP · Chemicals · filed 3 Nov 2026
Bayer Cropscience Ltd. reported revenue of ₹1,251 cr for July to September 2026, −19.4% on the year and −31.8% on the quarter. That is slower than this quarter has grown in recent years (−1.6% on average). Over the last four quarters revenue comes to ₹5,293 cr, −5.0% on the four before.
Operating profit (EBITDA) was ₹218 cr, a margin of 17.4%, +423 bps on the year and −263 bps on the quarter. Over the last 8 quarters the margin has ranged from 1.9% to 20.1%, averaging 14.5%. Operating costs grew −23.4% against revenue growth of −19.4%, so more of each rupee of sales reached operating profit.
Net profit was ₹166 cr, +8.5% on the year and −48.4% on the quarter, with earnings per share of ₹36.98. Profit before other income, one-offs and tax grew 6.5%, so the profit growth came from the business itself. The tax rate of 21% is in line with its recent average. Profit over the last four quarters totals ₹746 cr, +22.5% on the four before.
Of the 3 companies in Agriculture, fertilisers and agrochemicals that have reported Q2 FY27 so far, Bayer Cropscience Ltd. ranks 3rd on revenue growth; the sector median is +2.7%. Its margin moved +423 bps on the year against a sector median of −52 bps.
Agri inputs are seasonal and move with the monsoon and with subsidy payments, so quarters are best compared with the same quarter a year earlier.
On earnings per share of ₹165.90 over the last four quarters, the stock at ₹3,483.70 trades at 21.0 times trailing earnings.
No check fired. That is a statement about the checks below, not a verdict on the company.
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
No emphasis of matter.
Filing p. limited review report p.1-2
Board declared an Interim Dividend of ₹ 90 per equity share of face value ₹ 10 each for the Financial Year 2026-27 amounting to ₹ 4,045 Million. (p. note 6)
Tax: Standalone tax expense of ₹45.20 crore (current tax ₹47.90 crore, deferred tax credit ₹2.70 crore) on Profit before tax of ₹211.40 crore
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Agri Care Segment Revenue (₹ crore) | 1,251 | 1,835 | 1,553 |
| Agri Care Segment Result (₹ crore) | 211.4 | 402.1 | 200.3 |
| Gross Margin | 42.95% | 43.5% | 34.23% |
| Material Cost as % of Revenue | 57.05% | 56.5% | 65.77% |
| EBITDA Margin | 17.41% | 22.75% | 13.86% |
Worked out from filed numbers. Agri Care Segment Revenue: Standalone segment revenue from Agri Care (₹12,507 million converted to ₹ crore) · Agri Care Segment Result: Profit before tax / segment result for Agri Care (₹2,114 million converted to ₹ crore) · Gross Margin: (Revenue from operations 1,250.70 - Cost of materials 717.90 - Purchases 38.40 + Inventory change 42.80) / 1,250.70 * 100 · Material Cost as % of Revenue: (Cost of materials 717.90 + Stock-in-trade 38.40 - Inventory change 42.80) / 1,250.70 * 100
Read using the Agriculture, fertilisers and agrochemicals framework (named in the filing read). Primary valuation lens: P/E through the season.
Read more closely in this sector: Age of subsidy receivables · Channel inventory build.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Agri Care | ₹1,251 cr | ▼ 19.5% | ₹211 cr | ▲ 5.5% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹955 cr | ₹792 cr | ₹1,631 cr | ₹1,738 cr | ₹1,057 cr | ₹1,046 cr | ₹1,915 cr | ₹1,553 cr | ₹1,106 cr | ₹1,101 cr | ₹1,835 cr | ₹1,251 cr |
| YoY | — | — | −6% | +7% | +11% | +32% | +17% | −11% | +5% | +5% | −4% | −19% |
| EBITDA margin | 13.4% | 12.2% | 19.3% | 10.6% | 1.9% | 16.3% | 18.2% | 13.2% | 10.6% | 18.4% | 20.1% | 17.4% |
| Other income, % of PBT | 12% | 28% | 9% | 13% | 94% | 22% | 6% | 7% | 14% | 23% | 22% | 6% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 9% | 20% | 28% | −2% | 15% | 17% | 24% | 15% | 21% | 20% | 21% |
| Net profit | ₹93.0 cr | ₹96.0 cr | ₹254 cr | ₹136 cr | ₹34.0 cr | ₹143 cr | ₹279 cr | ₹153 cr | ₹96.0 cr | ₹162 cr | ₹322 cr | ₹166 cr |
| YoY | — | — | −23% | −39% | −63% | +49% | +10% | +13% | +182% | +13% | +15% | +8% |
| Core profit YoY | — | — | −25% | −43% | −98% | +72% | +9% | +12% | +4,750% | +21% | −1% | +6% |
| EPS | ₹20.72 | ₹21.36 | ₹56.56 | ₹30.33 | ₹7.61 | ₹31.89 | ₹62.01 | ₹33.98 | ₹21.29 | ₹36.07 | ₹71.56 | ₹36.98 |
| Flags | · | 1 | 1 | 1 | 3 | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Bayer Cropscience Ltd. reported revenue of ₹1,251 cr (−19.4% on the year) and net profit of ₹166 cr (+8.5% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +6.5% on the year, against +8.5% for reported profit.
None of the 10 checks that could run raised a question.
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