BAYERCROP · Chemicals · filed 3 Nov 2026
Bayer Cropscience Ltd. reported revenue of ₹1,251 cr for July to September 2026, −19.5% on the year and −31.8% on the quarter.
Operating profit (EBITDA) was ₹218 cr, a margin of 17.4%, +419 bps on the year and −263 bps on the quarter. Operating costs grew −23.4% against revenue growth of −19.5%, so more of each rupee of sales reached operating profit.
Net profit was ₹166 cr, +8.8% on the year and −48.3% on the quarter, with earnings per share of ₹36.98. Profit before other income, one-offs and tax grew 6.2%, so the profit growth came from the business itself.
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 +419 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.
Profit with no operating cash behind it. Where did the cash go?
Source: Cash flow statement
Customers are taking much longer to pay. Is revenue being booked ahead of cash?
Source: Balance sheet
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
Source: Results filing
Could not run on this quarter: Exceptional items that recur, 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.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹1,820 cr | ₹1,116 cr | ▲ 63.1% |
| Inventory | ₹2,065 cr | ₹2,136 cr | ▼ 3.3% |
| Cash | ₹471 cr | ₹1,415 cr | ▼ 66.7% |
| Bank balances | ₹7.5 cr | ₹7.2 cr | ▲ 4.2% |
| Trade payables | ₹705 cr | ₹1,238 cr | ▼ 43.1% |
| Net block | ₹413 cr | ₹426 cr | ▼ 3.1% |
| Capital work in progress | ₹5.5 cr | ₹4.9 cr | ▲ 12.2% |
| Equity | ₹3,184 cr | ₹2,966 cr | ▲ 7.4% |
| Total assets | ₹5,537 cr | ₹5,699 cr | ▼ 2.8% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | −₹632 cr | −₹34.9 cr |
| Capital expenditure | −₹22.2 cr | −₹33.3 cr |
| Investing cash flow | ₹8.3 cr | −₹9.0 cr |
| Financing cash flow | −₹321 cr | −₹184 cr |
| Dividends paid | −₹269 cr | −₹157 cr |
Operating cash flow was -1.29× profit. Receivables at 108 days of sales (+36 days against the last year end). Inventory at 122 days of sales (−15 days).
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% |
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹1,553 cr | ₹1,835 cr | ₹1,251 cr |
| YoY | — | — | −19% |
| EBITDA margin | 13.2% | 20.0% | 17.4% |
| Other income, % of PBT | 7% | 22% | 6% |
| Exceptional items | — | — | — |
| Tax rate | 24% | 20% | 21% |
| Net profit | ₹153 cr | ₹322 cr | ₹166 cr |
| YoY | — | — | +9% |
| Core profit YoY | — | — | +6% |
| EPS | ₹33.98 | ₹71.56 | ₹36.98 |
| Flags | · | · | 2 |
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 (−19.5% on the year) and net profit of ₹166 cr (+8.8% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +6.2% on the year, against +8.8% for reported profit.
2 checks raised a question: Profit with no operating cash behind it. Where did the cash go?
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