BAYERCROP · Chemicals
Bayer Cropscience Ltd. reported revenue of ₹1,835 cr for April to June 2026, −4.2% on the year and +66.7% on the quarter. That is slower than this quarter has grown in recent years (+5.6% on average). Over the last four quarters revenue comes to ₹5,595 cr, −2.8% on the four before.
Operating profit (EBITDA) was ₹368 cr, a margin of 20.1%, +188 bps on the year and +162 bps on the quarter. It is the widest margin of the last 8 quarters (range 1.9% to 20.1%). Operating costs grew −6.4% against revenue growth of −4.2%, so more of each rupee of sales reached operating profit.
Net profit was ₹322 cr, +15.4% on the year and +98.8% on the quarter, with earnings per share of ₹71.56. Profit before other income, one-offs and tax fell 0.9%, so 16 points of the headline growth came from outside the core business. The tax rate of 20% is in line with its recent average. Profit over the last four quarters totals ₹733 cr, +23.8% on the four before.
Speciality chemicals are read on volumes and pricing, with Chinese supply a recurring swing factor; inventory destocking can hit a quarter without a change in demand. The quarterly statements do not carry volumes against prices, capacity utilisation and new molecules; those come with the filing read.
On earnings per share of ₹162.90 over the last four quarters, the stock at ₹3,639.90 trades at 22.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Headline profit grew much faster than core profit. What made up the difference?
Reported profit +15.4% on the year; profit before other income, exceptional items and tax −0.9%.
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, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,617 cr | ₹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 |
| YoY | — | — | — | −6% | +7% | +11% | +32% | +17% | −11% | +5% | +5% | −4% |
| EBITDA margin | 18.9% | 13.4% | 12.2% | 19.3% | 10.6% | 1.9% | 16.3% | 18.2% | 13.2% | 10.6% | 18.4% | 20.1% |
| Other income, % of PBT | 5% | 12% | 28% | 9% | 13% | 94% | 22% | 6% | 7% | 14% | 23% | 22% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 27% | 25% | 9% | 20% | 28% | −2% | 15% | 17% | 24% | 15% | 21% | 20% |
| Net profit | ₹223 cr | ₹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 |
| YoY | — | — | — | −23% | −39% | −63% | +49% | +10% | +13% | +182% | +13% | +15% |
| Core profit YoY | — | — | — | −25% | −43% | −98% | +72% | +9% | +12% | +4,750% | +21% | −1% |
| EPS | ₹49.60 | ₹20.72 | ₹21.36 | ₹56.56 | ₹30.33 | ₹7.61 | ₹31.89 | ₹62.01 | ₹33.98 | ₹21.29 | ₹36.07 | ₹71.56 |
| 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 ₹1,835 cr (−4.2% on the year) and net profit of ₹322 cr (+15.4% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved −0.9% on the year, against +15.4% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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