The discussion hereunder covers Companys performance and its business outlook for the future. This outlook is based on assessment of the current business environment and Government policies. The change in future economic and other developments are likely to cause variation in this outlook.
Global Economic Growth Moderates amid Weak Trade and Tight Financial Conditions:
Global growth is projected to stabilize at 2.6 percent this year, holding steady for the first time in three years despite flaring geopolitical tensions and high interest rates. It is then expected to edge up to 2.7 percent in 2025-26 amid modest growth in trade and investment. Global inflation is projected to moderate - but at a slower clip than previously assumed, averaging 3.5 percent this year. Given continued inflationary pressures, central banks in both advanced economies and emerging market and developing economies (EMDEs) will likely remain cautious in easing monetary policy. As such, average benchmark policy interest rates over the next few years are expected to remain about double the 2000-19 average.
Global GDP growth is expected to moderate from 3.2% in 2024 to 3.1% in 2025 and 3.0% in 2026, with higher trade barriers in several G20 economies and increased policy uncertainty weighing on investment and household spending. Annual real GDP growth in the United States is projected to slow from its very strong recent pace, to 2.2% in 2025 and 1.6% in 2026. Euro area real GDP growth is projected to be 1.0% in 2025 and 1.2% in 2026, as heightened uncertainty keeps growth subdued. Growth in China is projected to slow from 4.8% this year to 4.4% in 2026.
Despite an improvement in near-term growth prospects, the outlook remains subdued by historical standards in advanced economies and EMDEs alike. Global growth over the forecast horizon is expected to be nearly half a percentage point below its 2010-19 average pace. In 2024-25, growth is set to underperform its 2010s average in nearly 60 percent of economies, representing more than 80 percent of global population and world output. EMDE growth is forecast to moderate from 4.2 percent in 2023 to 4 percent in both 2024 and 2025. Prospects remain especially lackluster in many vulnerable economies - over half of economies facing fragile-and conflict-affected situations will still be poorer by the end of this year than on the eve of the pandemic.
Medium-term risks to the baseline are tilted to the downside, while the near-term outlook is characterized by divergent risks. Upside risks could lift already-robust growth in the United States in the short run, whereas risks in other countries are on the downside amid elevated policy uncertainty. Policy-generated disruptions to the ongoing disinflation process could interrupt the pivot to easing monetary policy, with implications for fiscal sustainability and financial stability. Managing these risks requires a keen policy focus on balancing trade-offs between inflation and real activity, rebuilding buffers, and lifting medium-term growth prospects through stepped-up structural reforms as well as stronger multilateral rules and cooperation.
Inflation Remained Stable Amid Improving Supply Conditions
Consumer inflation remained largely contained during FY25 and FY26, supported by improving supply-side conditions, stable agricultural output and moderation in food price inflation. Headline consumer inflation averaged around 3.2% in FY25, reflecting easing price pressures across key consumption categories. Despite intermittent volatility in global energy and commodity prices, during FY26, inflation continued to remain within a comfortable range of 2.7% to 3.4%.
Although rural inflation remained marginally higher than urban inflation due to relatively stronger increases in essential categories such as food and housing, food inflation witnessed moderation on the back of healthy crop production and improved supply availability. At the same time, geopolitical uncertainties and fluctuations in global input costs continued to create periodic pricing pressures across the economy.
Nevertheless, inflation remained well within the Reserve Bank of Indias tolerance band, enabling the central bank to maintain a balanced monetary policy stance. Overall, resilient domestic demand, easing supply bottlenecks and stable macroeconomic conditions supported Indias ability to manage inflationary pressures while sustaining economic growth momentum.
The contribution of the agriculture sector to Indias GDP at constant prices witnessed a gradual decline from 18.2% in FY23 to an estimated 15.1% in FY26, reflecting faster growth in sectors such as manufacturing and services. Despite the declining share, agriculture continues to remain a critical pillar of the Indian economy supporting rural livelihoods, food security and allied industries. The trend also indicates the structural transformation of the economy, wherein rising industrialisation, infrastructure development and expansion in the services sector are contributing at a faster pace to overall GDP growth.
Fertiliser Subsidy Normalised Following FY23 Peak
Indias fertiliser subsidy expenditure witnessed a sharp increase from 1.54 lakh crore in FY22 to 2.51 lakh crore in FY23 due to elevated global fertiliser prices, higher energy costs and supply disruptions following the Russia-Ukraine conflict. Subsequently, subsidy requirements moderated to 1.88 lakh crore in FY24 and 1.74 lakh crore in FY25, supported by easing international fertiliser and feedstock prices. While the subsidy is estimated to increase marginally to 1.86 lakh crore in FY26, it is budgeted at 1.71 lakh crore in FY27, indicating a gradual normalisation in subsidy burden while continuing to support fertiliser affordability and agricultural productivity.
Chart 1: Subsidies for the Indian Fertilisers Sector
| FY22 | FY23 | FY24 | FY25 | FY26 (RE) | FY27 (BE) |
| Rs. 1.54 Lakh Crores | Rs. 2.51 Lakh Crores | Rs. 1.88 Lakh Crores | Rs. 1.74 Lakh Crores | Rs. 1.86 Lakh Crores | Rs. 1.71 Lakh Crores |
Source: Union Budget Document
Note: RE- Revised Estimates, BE- Budgeted Estimates
Declining share of agriculture in Indias GDP reflects economic diversification
The contribution of the agriculture sector to Indias GDP at constant prices witnessed a gradual decline from 18.2% in FY23 to an estimated 15.1% in FY26, reflecting faster growth in sectors such as manufacturing and services. Despite the declining share, agriculture continues to remain a critical pillar of the Indian economy supporting rural livelihoods, food security and allied industries. The trend also indicates the structural transformation of the economy, wherein rising industrialisation, infrastructure development and expansion in the services sector are contributing at a faster pace to overall GDP growth.
Chart 2: Agriculture Sector Contribution to GDP (at Constant Prices)
| FY23 | FY24 | FY25 (FRE) | FY26 (SAE) |
| 18.2% | 16.8% | 16.0% | 15.1% |
Source: MOSPI; Note: FRE - First Revised Estimates, SAE- Second Advanced Estimates
Rising Minimum Support Prices (MSP) Levels Continue to Support Farm Economies and Agrochemical Demand
MSPs across key crops such as paddy, maize, tur (arhar), moong, urad, groundnut, soybean and cotton witnessed a gradual increase during FY23- FY25, reflecting the governments continued focus on improving farm income and supporting agricultural portability. Higher MSPs are expected to encourage acreage expansion, increase input usage intensity, and support demand for crop protection products and specialty agrochemicals. Increasing MSP support for these crops is likely to strengthen farmer spending capacity and positively influence agrochemical consumption over the medium term.
Chart 3: Trend in MSP for Selected Kharif and Rabi Crops
| Crop | 2022-23 | 2023-24 | 2024-25 |
| Paddy (Common) | 2,040 | 2,090 | 2,300 |
| Maize | 1,962 | 2,090 | 2,225 |
| Tur (Arhar) | 6,600 | 7,000 | 7,550 |
| Moong | 7,755 | 8,558 | 8,682 |
| Urad | 6,600 | 6,950 | 7,400 |
| Groundnut | 5,850 | 6,377 | 6,783 |
| Soyabean (yellow) | 4,300 | 4,600 | 4,892 |
| Cotton (Long Staple) | 6,380 | 7,020 | 7,521 |
Source: Directorate of Economics and Statistics, PIB release
Overview of Global Pesticides Industry
The global pesticides industry continued to demonstrate steady growth supported by rising food demand, increasing pressure on agricultural productivity and the need for effective crop protection solutions amid changing climatic conditions and pest resistance. The market was valued at approximately USD 51.5 billion in CY20 and grew to nearly USD 72.3 billion in CY25, registering a CAGR of around 7%. Going forward, the industry is expected to maintain its growth momentum and reach about USD 103.9 billion by CY30, expanding at a CAGR of nearly 8% during CY25-CY30. Growth is expected to be driven by increasing adoption of advanced crop protection chemicals, expansion of commercial farming practices, higher focus on yield optimisation and rising penetration of biological and sustainable pesticide solutions across key agricultural economies.
Indian Economy:
Indias economic momentum remains strong, underpinned by resilient domestic demand and sustained macroeconomic stability. In FY2025-26, Real GDP (GDP at Constant Prices) is estimated to reach 3,23,12,034 crore (US3.66trillion),risingfrom2,99,88,619crore(US3.66trillion),risingfrom2,99,88,619crore(US 3.55 trillion) in FY2024-25, reflecting a robust growth of 7.7%. At current prices, Nominal GDP is estimated to reach 3,46,35,638 crore (US3.92trillion)inFY2025-26,from3,18,07,309crore(US3.92trillion)inFY2025-26,from3,18,07,309crore(US 3.76 trillion) in the previous year, registering a growth of 8.9%. On the production side, Real Gross Value Added (GVA) is estimated at 2,94,91,088 crore (US3.34trillion),upfrom2,73,36,495crore(US3.34trillion),upfrom2,73,36,495crore(US 3.23 trillion) in FY 2024-25, indicating a growth of 7.9%, while Nominal GVA is estimated to expand to 3,14,86,840 crore (US3.56trillion)from2,88,54,467crore(US3.56trillion)from2,88,54,467crore(US 3.41 trillion), marking a growth of 9.1%. In Q3 FY26, Real GDP was estimated at 84,64,935 crore (US957.84billion)against78,40,573crore(US957.84billion)against78,40,573crore(US 927.22 billion) in Q3 FY25. In Q4 FY26, Real GDP increased to 87,77,104 crore (US993.16billion)from81,39,598crore(US993.16billion)from81,39,598crore(US 962.58 billion) in Q4 FY25, registering a growth of 7.8%, highlighting continued quarterly momentum.
India ranked fifth in the world in terms of nominal gross domestic product ("GDP") for FY 22 and is the third largest economy in the world in terms of purchasing power parity ("PPP"). India is expected to be USD ~5.2 trillion economy by FY 28 and is estimated to be the third largest economy surpassing Germany and Japan.
Indias Gross Domestic Product (current prices)
| FY22 | FY23 | FY24 | FY25 | FY26 |
| 3.51 | 3.25 | 3.50 | 3.76 | 3.92 |
India is home to 126 unicorns, with six new startups achieving unicorn status in 2025. Indias current account surplus stood at US7.1billioninQ4FY2025-26(January-March),comparedwithUS7.1billioninQ4FY2025-26(January-March),comparedwithUS 13.7 billion in Q4 FY2024-25. The merchandise trade deficit widened to US83.4billionfromUS83.4billionfromUS 59.3 billion in the corresponding quarter, while net services receipts increased to US60.4billionfromUS60.4billionfromUS 53.3 billion. Personal transfer receipts also rose to US43.5billionfromUS43.5billionfromUS 33.9 billion, supporting the current account surplus. For FY2025-26, Indias current account deficit stood at US25.2billion(0.625.2billion(0.6 22.9 billion (0.6% of GDP) in FY2024-25.
Indias nominal GDP has grown at a CAGR of 9.6% between FY 17 and FY 22 and is expected to continue the trend by registering an expected CAGR of 8.9% for 5-year time period from FY 23 to FY 28. Since FY 05, the Indian economys growth rate had been twice as that of the world economy and it is expected to sustain this growth momentum in the long term. From FY 23 to FY 28, Indias nominal GDP is expected to grow at a CAGR of 8.9%, which compares favorably to the world average (4.9%) and with other major economies, including China (6.5%), UK (4.6%), Japan (0.4%), Germany (2.1%) and the USA (4.1%) for the similar period of CY 22 to CY 27. It is also expected that the growth trajectory of Indian economy will enable India to be among the top 3 global economies by FY 28. Several factors are likely to contribute to economic growth in the long run. These include favourable demographics, reducing dependency ratio, rapidly rising education levels, steady urbanization, growing young & working population, IT revolution, increasing penetration of mobile & internet infrastructure, government policies, increasing aspirations and affordability etc.
| Year | GDP (USD tn) | GDP Growth rate (%) |
| 2017 | 1.9 | 11.8% |
| 2018 | 2.1 | 10.5% |
| 2019 | 2.4 | 14.3% |
| 2020 | 2.5 | 4.2% |
| 2021 | 2.5 | -1.4% |
| 2022 | 3.0 | 21.8% |
| 2023 | 3.4 | 13.3% |
| 2026P | 4.4 | 9.0% |
| 2028P | 5.2 | 8.7% |
Source: World Bank Data, RBI, IMF
India has emerged as the fastest-growing major economy in the world and is expected to be one of the top three economic powers in the world over the next 10-15 years, backed by its robust democracy and strong partnerships.
Outlook:
Indias economy recovered quickly from the pandemic and further growth is expected to be supported by solid domestic demand and increase in capital investments. The global economy is expected to witness a synchronous rebound in 2025 as major election uncertainties are out of the way and central banks in the West are likely announce a couple of rate cuts later in 2024. India will likely see improved capital flows boosting private investment and a rebound in exports. Inflation concerns remain, however, which we believe may ease only in the latter half of the next fiscal year barring any surprises from rising oil or food prices The International Monetary Fund (IMF) and Reserve Bank of India (RBI) estimate real GDP growth of 6.8% in 2022-23 and 6.1% in 2023-24. The agriculture sector has been growing at an average annual rate of 4.6% over the past six years, and the industrial sector is estimated to grow at 4.5% in FY 2022-23. The services sector saw quick recovery in FY 2021-22, growing 8.4% Y-o-Y, and continued to grow in FY 2022-23.
Global agro chemical market after two consecutive years of record growth is estimated to have degron in 2023 driven by prolonged destocking and heightened pricing pressure. Crop commodity prices have declined from the recent peak levels though remains high by historical standards. High channel inventory level impacted North and South American markets. Chinese agrochemical industry witnessed over capacity and price drop during 2023. Declining agrochemical prices and variable weather conditions dented agrochemical demand in most of the Asia Pacific countries. Agrochemical prices and demand were stable in Europe, though adverse weather conditions in some of the countries impacted overall consumption. Currency crunch also impacted supplies to certain African and Asian countries.
RBIs enterprise surveys point to some softening of input cost and output price pressures in manufacturing. Considering these factors, and assuming an average crude oil price (Indian basket) of US$ 95 per barrel, inflation is projected at 6.5% in FY 2022-23, with Q4 at 5.7%. On the assumption of a normal monsoon, CPI inflation is projected at 5.3% for FY 2023-24, with Q1 at 5.0%, Q2 at 5.4%, Q3 at 5.4% and Q4 at 5.6%, and the risks evenly balanced.
Indian government has accelerated its reforms initiatives like Production Linked Incentives (PLI) schemes and increased infrastructure spending to support the industry. This will provide resilient demand in economy and its ripple effect on other aspects of the economy, such as employment and productivity, will bring India back on track in its medium- to long-term economic objective. 2023 to 2030 in order to increase productivity and economic growth. The net employment rate needs to grow by 1.5% per annum from 2023 to 2030 to achieve 8-8.5% GDP growth between same time period. Indias current account deficit (CAD) narrowed to 1.2% of GDP in the October-December quarter. The CAD stood at US10.5billionforthethirdquarterof2023-24comparedtoUS10.5billionforthethirdquarterof2023-24comparedtoUS 11.4 billion or 1.3% of GDP in the preceding quarter. This was largely due to higher service exports.
Covering more than 80,000 commercial products, Indias chemical industry is extremely diversified and can be broadly classified into bulk chemicals, specialty chemicals, agrochemicals, petrochemicals, polymers, and fertilizers. India is the sixth largest producer of chemicals in the world and third in Asia, contributing 7% to Indias GDP. Indias chemical sector, which was estimated to be worth around ?21,50,750 crore (US250billion)in2024,isanticipatedtogrowtoUS250billion)in2024,isanticipatedtogrowtoUS 300 billion by 2028 and ?86,03,000 (US$ 1 trillion) by 2040. This industry remains an active hub of opportunities, even in an environment of global uncertainty.
Globally, India is the third-largest producer of agrochemicals after the United States and China. India accounts for 16-18% of the worlds production of dyestuffs and dye intermediates. Indian colourants industry has emerged as a key player with a global market share of ~15%. The countrys chemicals industry is de-licensed, except for a few hazardous chemicals. India has traditionally been a world leader in generics and biosimilars and a major Indian vaccine manufacturer, contributing more than 50% of the global vaccine supply.
India has traditionally been a world leader in generics and biosimilars and major Indian vaccine manufacturers, contributing more than 50% of the global vaccine supply. Chemicals and petrochemicals demand in India is expected to nearly triple and reach US$ 1 trillion by 2040.
Specialty chemicals account for 20% of the global chemicals industrys US4trillion,withIndiasmarketexpectedtoincreaseataCAGRof124trillion,withIndiasmarketexpectedtoincreaseataCAGRof12 64 billion by 2025. This gain would be driven by a healthy demand growth (CAGR of 10-20%) in the export/end-user industries. The Department of Chemicals & Petrochemicals intends to bring PLI in the chemical & petrochemical sector and will redraft the Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) guidelines. India achieved its highest-ever urea production of over 314 lakh metric tonnes (LMT) in 2023-24, reflecting a significant increase in domestic production capacity.
Indias nominal GDP at current prices was estimated at ?232.15 trillion (US3.12trillion)inFY22.Withmorethan100unicornsvaluedatUS3.12trillion)inFY22.Withmorethan100unicornsvaluedatUS 332.7 billion, India has the third-largest unicorn base in the world. The government is also focusing on renewable sources to generate energy, and is planning to achieve 40% of its energy from non-fossil sources by 2030.
According to the McKinsey Global Institute, India needs to boost its rate of employment growth and create 90 million non-farm jobs between 2023 to 2030 in order to increase productivity and economic growth. The net employment rate needs to grow by 1.5% per annum from 2023 to 2030 to achieve 8-8.5% GDP growth between same time period. Indias current account deficit (CAD) narrowed to 1.2% of GDP in the October-December quarter. The CAD stood at US10.5billionforthethirdquarterof2023-24comparedtoUS10.5billionforthethirdquarterof2023-24comparedtoUS 11.4 billion or 1.3% of GDP in the preceding quarter. This was largely due to higher service exports.
Exports fared remarkably well during the pandemic and aided recovery when all other growth engines were losing steam in terms of their contribution to GDP. Going forward, the contribution of merchandise exports may waver as several of Indias trade partners witness an economic slowdown. According to Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Mr. Piyush Goyal, Indian exports are expected to reach US$ 1 trillion by 2030.
Indian Agrochemicals Industry:
Indias pesticide production has remained resilient over the last five years, supported by stable domestic demand, increasing focus on crop protection and rising agricultural intensity across key crop-growing regions. Production stood at around 255 thousand metric tonnes in FY21 and increased to nearly 287 thousand metric tonnes in FY25. While the industry witnessed moderation in FY23 due to inventory corrections and uneven agrochemical demand, production recovered subsequently, aided by improved sowing activities, favorable crop acreage and gradual normalisation in channel inventories. The long-term outlook for the sector remains positive, driven by growing food security requirements, rising adoption of modern farming practices and increasing demand for higher crop productivity.
Driven largely by government support, expanding production capacities, a flourishing domestic and export market, and a steady stream of innovative products, the Indian agrochemicals industry is projected to clock a robust compound annual growth rate (CAGR) of nine per cent from FY2025 to FY2028, says a report by Rubix Data Sciences, a leading risk management and monitoring company.
This steady growth will propel the market size of the Indian agrochemical industry to $14.5 billion by FY28 from the current levels of around $10.3 billion, the report said, adding that Indias agrochemicals exports registered a strong 14 per cent CAGR from FY2019 to FY2023, reaching $5.4 billion in FY2023.
The top five countries (Brazil, USA, Vietnam, China, and Japan) now account for nearly 65 per cent of Indias agrochemical exports, up from 48 per cent in FY2019. Indias domestic agrochemicals usage currently totals a mere 0.6 kg per hectare, which is a fraction compared to the Asian average (3.6 kg/ha) and a mere quarter of the global average (2.4 kg/ha).
This low utilisation signifies immense potential for market expansion in the coming years, presenting a fertile ground for industry growth, the report said. It, however, added that the road ahead for the sector is not without its fair share of challenges.
Global economic uncertainties pose a risk, as do intensifying competitive pressures from established players like China. Climate change further complicates the equation, with unpredictable monsoons disrupting agricultural patterns and impacting crop yields," the report added.
The Indian agrochemicals industry is projected to grow strongly at a compound annual growth rate (CAGR) of 9% from FY25 to FY28. This growth will be driven by several factors: Government support for the industry, expansion of production capacities by companies, Increasing demand in both the domestic and export markets, Introduction of new innovative products. This steady growth is expected to increase the size of the Indian agrochemicals market to US14.5billionbyFY28,upfromthecurrentlevelofaroundUS14.5billionbyFY28,upfromthecurrentlevelofaroundUS 10.3 billion. The report also found that Indias agrochemicals exports have seen impressive growth, registering a strong 14% CAGR from FY19 to FY23, reaching US$ 5.4 billion in FY23. In contrast, imports grew at a more moderate 6% CAGR during the same period, solidifying Indias position as a net exporter of agrochemicals. Within the agrochemicals sector, herbicides have emerged as the fastest growing export segment, with a 23% CAGR from FY19 to FY23. The share of herbicides in total agrochemical exports has increased from 31% to 41% during this period.
Globally, India is the fourth-largest producer of agrochemicals after the United States, Japan and China. India accounts for 16-18% of the worlds production of dyestuffs and dye intermediates. Indian colourants industry has emerged as a key player with a global market share of ~15%. The countrys chemicals industry is de-licensed, except for a few hazardous chemicals.
According to Inc42, the Indian agricultural sector is predicted to increase to US$ 24 billion by 2025. Indian food and grocery market is the worlds sixth largest, with retail contributing 70% of the sales. The first advance estimate for FY25 indicated a food grain production of around 165 million metric tons. In FY24, India produced over 332 million metric tons of food grains.
The Indian agrochemical industry is experiencing strong growth, driven by increasing domestic and export demand, supportive government policies, and a focus on sustainable solutions. The industry is projected to reach a market value of $14.5 billion by FY2027-28. Key factors include the rising awareness among farmers about the benefits of agrochemicals, government initiatives like the "Make in India" campaign, and a growing emphasis on eco-friendly products.
Indian Fertiliser Sector
The Indian fertiliser industry has played a fundamental role in transforming Indian agriculture and supporting national food security for more than five decades. The expansion of irrigation, improved seeds, mechanisation and, importantly, the wider use of mineral fertilisers contributed significantly to the sustained increase in agricultural production.
Introduction
Unlike other periods in contemporary Indian history there has been no famine in India during the past half a century. Agricultural production witnessed a steady increase from the 1970s to the present (2023), which now stands at 329.7 million tons of grain production. In India, several factors contributed to this big achievement, the foremost among them being the use of mineral fertilizers in the farmlands. Globally, India is the second largest producer and consumer of fertilizers only after China.
India is one of the worlds largest fertiliser producers and consumers. The sector comprises a mix of public-sector, private-sector and cooperative manufacturers and is closely linked with the Governments food-security and agricultural policies.
The industry has undergone a significant structural change in recent years. Government initiatives under the New Investment Policy (NIP), New Urea Policy (NUP), Nutrient Based Subsidy (NBS), Direct Benefit Transfer (DBT) in fertilizers and import-supply agreements have supported domestic production and improved the availability of fertilisers.
At the same time, the industry remains exposed to international prices of natural gas, ammonia, phosphoric acid, rock phosphate and potash, as well as geopolitical disruptions affecting global supply chains.
Domestic Production
The principal fertilisers used in Indian agriculture are:
India has substantially increased its domestic urea production capacity over the past decade. Six new urea units established under NIP-2012 and its subsequent policy framework added 76.2 lakh tonnes per annum of capacity. The indigenous urea capacity had increased to around 283.74 LMTPA by 2023-24, while subsequent data indicate total installed capacity of about 269.42 LMTPA for the operating urea manufacturing units.
Production during FY 2025-26
Final Government data show that production of the major fertilisers during FY 2025-26 was as follows:
| Fertiliser | FY 2024-25 | FY 2025-26 | Change |
| Urea | 306.67 LMT | 293.26 LMT | -4.4% |
| DAP | 37.72 LMT | 39.14 LMT | +3.8% |
| NPKS | 121.05 LMT | 128.37 LMT | +6.0% |
| SSP | 52.44 LMT | 56.72 LMT | +8.2% |
Total of above four |
517.88 LMT |
517.49 LMT |
broadly stable |
Thus, although urea production declined from the previous year, increased production of DAP, NPKS and SSP broadly offset the decline. Total production of the four major categories remained around 517.5 LMT in FY 2025-26.
The decline in urea production should therefore not be interpreted as a structural weakening of the sector. Domestic production is influenced by feedstock availability, plant shutdowns, maintenance, gas allocation and operating efficiency.
Fertiliser Requirement, Availability and Sales
A particularly important feature of FY 2025-26 was that availability remained higher than assessed requirement for the major fertilisers. 2015-26 was assessed at 677.18 LMT, compared with 649.43 LMT in FY 2024-25, an increase of approximately 4.3%.
Import of Fertilizers
Import dependence remains one of the principal structural characteristics of the Indian fertilizer industry.
India is particularly dependent on imports for:
Imports during FY 2025-26
| Fertiliser | FY 2024-25 | FY 2025-26 | Change |
| Urea | 56.47 LMT | 103.50 LMT | +83% |
| DAP | 45.69 LMT | 61.94 LMT | +36% |
| MOP | 35.41 LMT | 29.00 LMT | -18% |
| NPK | 22.72 LMT | 37.08 LMT | +63% |
The sharp increase in urea imports is particularly noteworthy. Urea imports increased to 103.50 LMT in FY 2025-26 from 56.47 LMT in FY 2024-25. DAP imports also increased substantially to 61.94 LMT.
Long-term supply arrangements
To reduce the risks associated with international supply disruptions, Indian fertiliser companies entered into long-term agreements with resource-rich countries during FY 2025-26 covering:
Rock phosphate from Jordan, Morocco, Togo and Mauritania; Phosphoric acid from Morocco, Tunisia and Senegal; and Ammonia from Saudi Arabia, Oman, Japan and Malaysia.
India also entered into long-term arrangements for DAP/NPK supplies from major producing countries. These arrangements are increasingly important because fertiliser availability is affected by geopolitical events, freight rates, energy prices and export restrictions.
Fertilizer Subsidy
Under the Indian fertilizer subsidy regime, producers are asked to sell fertilizer materials (especially urea under the Retention Pricing Scheme - RPS) to the farmers at a price fixed by the government that is affordable to them. The price differential between cost of production together with a reasonable return on investment and the market realisation for every ton of product dispatched from the plants is paid to the manufacturer as a fertilizer subsidy. Urea is the largest volume fertilizer consumed in India and it comes under the subsidy regime.
The fertiliser subsidy remains the most important policy instrument supporting Indian agriculture.
Under the DBT in Fertilizers system, subsidy is released to fertiliser companies based on actual sales to beneficiaries authenticated through Aadhaar-enabled Point-of-Sale devices. This has improved transparency and monitoring in the subsidy-disbursement system.
Urea
Urea remains under a highly regulated pricing system. The Government determines the statutory MRP, while manufacturers receive subsidy to compensate for the difference between the controlled farmer price and the applicable cost/reasonable return framework.
The current statutory MRP of urea is 242 per 45-kg bag, excluding applicable neem-coating charges and certain taxes/levies as prescribed.
NBS for P&K fertilisers
DAP, MOP and NPKS fertilisers are covered by the Nutrient Based Subsidy (NBS) system, under which subsidy is linked to the nutrient content of nitrogen (N), phosphorus (P), potassium (K) and sulphur (S).
The NBS scheme has been in operation since 1 April 2010. It is intended to encourage balanced fertilisation and reduce excessive dependence on nitrogenous fertilisers.
For FY 2025-26, the original Union Budget provided:
However, international price and supply pressures resulted in a substantial upward revision during FY 2025-26. The revised estimate for fertiliser subsidy rose to around ?1.86 lakh crore, while provisional accounts subsequently indicated actual expenditure of approximately ?2.11 lakh crore for FY 2025-26.
This is important when comparing FY 2025-26 with FY 2022-23. The earlier statement that the subsidy burden peaked at ?2.51 trillion in FY 2022-23 remains broadly correct, but FY 2025-26 again witnessed significant fiscal pressure because of higher import requirements and international fertiliser prices.
Nutrient Efficiency and Soil Health
Indias fertiliser challenge is not merely one of increasing availability; it is also one of improving nutrient-use efficiency and achieving balanced fertilisation.
The Government has promoted:
Soil Health Cards; Integrated Nutrient Management; balanced NPK application; organic and bio-fertilisers; secondary and micronutrients; fortified fertilisers; water-soluble fertilisers; fertigation; drip irrigation; coated and modified fertilisers; and precision agriculture.
The PM-PRANAM programme is another important policy development. Under the scheme, States/UTs can receive incentives for reducing chemical fertiliser consumption relative to their previous three-year average. The incentive is equivalent to 50% of the fertiliser subsidy saved, subject to the schemes conditions.
Despite these initiatives, the nutrient balance remains a concern. Indias fertiliser consumption pattern has historically been heavily tilted towards nitrogen/urea. The recommended ideal N:P:K ratio is often cited as 4:2:1, whereas Indias actual ratio has been considerably more nitrogen-heavy.
Therefore, future growth of the sector is expected to focus increasingly on nutrient-use efficiency rather than simply increasing the volume of fertiliser applied.
Nano Urea And DAP
Nano fertilisers represent one of the most significant technological developments in Indias fertiliser sector.
Nano Urea and Nano DAP are liquid formulations designed principally for foliar application. Their objective is to improve nutrient-use efficiency and reduce the quantity of conventional fertiliser required under suitable agronomic conditions.
During FY 2025-26, adoption of nano fertilisers continued to expand.
For April 2025-January 2026, sales were:
Nano Urea: 182.50 lakh 500-ml-equivalent bottles
Nano DAP: 144.93 lakh 500-ml-equivalent bottle
Government-supported field trials also expanded significantly. During Kharif and Rabi 2025-26, IFECO conducted thousands of Nano DAP and Nano Urea trials across Indias agro-climatic zones. As of 23 March 2026, 2,938 Nano DAP farmer field trials had been conducted during Kharif/Rabi 2025-26 under the relevant programme.
Importantly, nano fertiliser should be regarded as supplementary/efficiency-enhancing products rather than an immediate one-for-one replacement for conventional urea or DAP. Government-supported studies have reported promising results, but continued agronomic evaluation is important before making broad claims about complete replacement.
Government Initiatives
The government has started various initiatives such as mandating BIS-like certification for imported chemicals to prevent dumping of cheap and substandard chemicals into the country.
In April 2026, the Union Cabinet approved the revised project cost of HPCL Rajasthan Refinery Limited (HRRL) at Pachpadra, Rajasthan, from 43,129 crore (US4.88billion)to79,459crore(US4.88billion)to79,459crore(US 8.42 billion), along with an additional equity investment of 8,962 crore (US$ 0.95 billion) by HPCL to strengthen Indias refining and petrochemical capacity.
On March 3, 2026, the Government of India announced a provision of 13,000.00 crore (US147.08billion)fortheBioPharmaSHAKTIinitiativeand3,300.00crore(US147.08billion)fortheBioPharmaSHAKTIinitiativeand3,300.00crore(US 37.34 billion) for setting up three world-class chemical parks to strengthen manufacturing infrastructure.
As of February 2026, the Scheme for Promotion of Bulk Drug Parks, with a budgetary outlay of 3,000 crore (US339.48million),issupportingthedevelopmentofthreeBulkDrugParksinAndhraPradesh,GujaratandHimachalPradesh.TheCentralGovernmenthasapprovedgrant-in-aidof1,000crore(US339.48million),issupportingthedevelopmentofthreeBulkDrugParksinAndhraPradesh,GujaratandHimachalPradesh.TheCentralGovernmenthasapprovedgrant-in-aidof1,000crore(US 113.16 million) for each park, while the total project investments amount to 2,507.02 crore (US283.70million)forGujarat,1,923.00crore(US283.70million)forGujarat,1,923.00crore(US 217.60 million) for Himachal Pradesh, and 1,876.66 crore (US$ 212.36 million) for Andhra Pradesh to develop world-class common infrastructure and strengthen domestic bulk drug manufacturing.
As of February 2026, the Production Linked Incentive (PLI) Scheme for Advanced Chemistry Cell (ACC) Battery Storage has attracted cumulative investments of 3,237 crore (US$ 366.31 million) generated 1,118 direct jobs and commissioned 1 GWh of domestic ACC manufacturing capacity till December 2025. The scheme has awarded 40 GWh of battery manufacturing capacity to four beneficiary companies, strengthening Indias domestic battery manufacturing ecosystem.
Under the Union Budget 2026-27 the government allocated 185.72 crore (US$ 21.0 million) to the Ministry of Chemicals and Fertilize.
On February 23, 2026, Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman launched the National Monetisation Pipeline 2.0 (NMP 2.0) with an estimated monetisation potential of 16.72 lakh crore (US189.16billion)forFY26-FY30.Thepipelineincludesprivatesectorinvestmentof5.80lakhcrore(US189.16billion)forFY26-FY30.Thepipelineincludesprivatesectorinvestmentof5.80lakhcrore(US 65.63 billion) and aims to support infrastructure development by unlocking value from public assets across key sectors.
The Union Budget 2026-27 has introduced a new scheme to support states in setting up three dedicated Chemical Parks, with an allocation of 600 crore (US$ 6.6 million). These parks will function as cluster-based, plug-and-play manufacturing hubs with shared infrastructure and facilities. The initiative aims to strengthen domestic manufacturing, improve supply chain integration, and reduce import dependence in the chemicals sector.
The Government of India launched a scheme for Rare Earth Permanent Magnets (REPM) with a financial outlay of 7,280 crore (US$ 824 million) to develop domestic manufacturing capacity of around 6,000 MTPA. In addition, the Union Budget 2026-27 proposed the development of dedicated rare earth corridors in Odisha, Kerala, Andhra Pradesh, and Tamil Nadu to support mining, processing, research, and manufacturing. The initiative aims to strengthen domestic capabilities, reduce import dependence, and support key sectors such as electric vehicles, renewable energy, electronics, and defence.
Indias industrial activity is strengthening, with real industry GVA growing by 7% year-on-year in the first half of FY26. This momentum continued with industrial production rising 7.8% in December 2025, the highest growth in over two years, following a strong 7.2% Renewable Energy (RE) expansion in November 2025.
In April 2025, Union Minister of Finance Ms. Nirmala Sitharaman said India plans to raise manufacturings GDP share from 14% to 23% over the next two decades to boost jobs and economic growth.
Under the Union Budget 2025-26 the government allocated 194.05 crore (US$ 18.7 billion) to the Ministry of Chemicals and Fertilizers.
India is prioritizing 14 sunrise sectors such as semiconductors, renewable energy products, medical devices, batteries, and labor-intensive industries like leather and textiles to boost manufacturings contribution to GDP.
In February 2025, the government has implemented enhanced quality compliance requirements via Quality Control Orders (QCOs) for more than 150 products across various sectors, including household appliances and industrial materials. This initiative, overseen by the Bureau of Indian Standards (BIS), aims to enforce stricter safety and performance standards.
The Union Budget 2025 launched the second Asset Monetization Plan targeting 10 lakh crore (US$ 113.60 billion) from FY25 to FY30. This plan includes public sector undertakings in the chemical industry like Gujarat Narmada Valley Fertilizers & Chemicals, Gujarat State Fertilizers and Chemicals, and Rashtriya Chemicals & Fertilize. The initiative aims to attract private investments, fostering public-private partnerships to drive modernization, innovation, and competitiveness in the chemical sector.
In 2024-25, significant emphasis was placed on skill development for the chemical sector workforce. Institutions like the Central Institute of Petrochemicals Engineering & Technology (CIPET) are offering specialized courses for professionals and technicians to enhance skills tailored to industry needs. This includes training on advanced technologies for modernization of the industry.
The Rajasthan Refinery Limited (RRL) is expected to be commercially operational by March 31, 2026. The project has seen significant capital investment exceeding 52,877 crore (US$ 6.01 billion, generating direct employment for over 35,000 people. The government continues to focus on attracting investors to the PCPIR as part of its broader strategy to develop the petrochemical sector with modern infrastructure and sustainable growth.
The government approved the five new Centers of Excellence for chemicals and petrochemicals in the month of October 2024. Further plans to establish three more centers are ongoing, supported by a dedicated digital portal connecting about 1,000 industries with 50 research institutions to enhance collaboration and innovation.
PLI schemes have been introduced to promote Bulk Drug Parks, with a budget of 1,629 crore (US$ 213.81 million).
The Government of India is considering launching a production-linked incentive (PLI) scheme in the chemical sector to boost domestic manufacturing and exports. A 2034 vision for the chemicals and petrochemicals sector has been set up by the government to explore opportunities to improve domestic production, reduce imports and attract investments in the sector. The government plans to implement a production-link incentive system with 10-20% output incentives for the agrochemical sector; to create an end-to-end manufacturing ecosystem through the growth of clusters.
(Source: https://www.ibef.org/economy/indian-economy-overview)
Road Ahead
Indias economic story during the first half of the current financial year highlighted the unwavering support the government gave to its capital expenditure, which, in 2023-24, stood 37.4% higher than the same period last year. In the budget of 2023-24, capital expenditure took lead by steeply increasing the capital expenditure outlay by 37.4% in BE 2023-24 to 10 lakh crore (US120.12billion)over7.28lakhcrore(US120.12billion)over7.28lakhcrore(US 87.45 billion) in RE 2022-23. The ratio of revenue expenditure to capital outlay increased by 1.2% in the current year, signalling a clear change in favour of higher-quality spending. Stronger revenue generation because of improved tax compliance, increased profitability of the company, and increasing economic activity also contributed to rising capital spending levels. In February 2024, the Finance Ministry announced the total expenditure in Interim 2024-25 estimated at 47,65,768 crore (US571.64billion)ofwhichtotalcapitalexpenditureis11,11,111crore(US571.64billion)ofwhichtotalcapitalexpenditureis11,11,111crore(US 133.27 billion).
Since Indias resilient growth despite the global pandemic, Indias exports climbed at the second-highest rate with a year-over-year (YoY) growth of 8.39% in merchandise exports and a 29.82% growth in service exports till April 2023. With a reduction in port congestion, supply networks are being restored. The CPI-C inflation reduction from June 2022 already reflects the impact. In September 2023 (Provisional), CPI-C inflation was 5.02% down
from 7.01% in June 2022. With a proactive set of administrative actions by the government, flexible monetary policy, and a softening of global commodity prices and supply-chain bottlenecks, inflationary pressures in India look to be on the decline overall.
(Source: https://www.ibef.org/economy/indian-economy-overview)
Industry Drivers:
The key factors of driving the agrochemical industry are:
The continued growth in the global population, coupled with rising food consumption, has increased the need to enhance agricultural productivity and ensure food sufficiency and food security. Agrochemicals, including crop protection products, play an important role in protecting crops from pests, diseases and weeds and thereby supporting higher agricultural productivity. The need to produce more food from available agricultural resources continues to support the demand for agrochemical products. With fewer arable acres per capita, agrochemicals are becoming more important in maximizing farmer yields; arable land is projected to shrink from half an acre per person now to less than one-third of an acre per person by 2050. Plant diseases and pests have become more common as a result of changing environmental conditions. Also, climate fluctuations have a substantial impact on crop productivity. The availability of arable land per capita continues to decline due to population growth, urbanisation and competing land-use requirements. This places greater emphasis on improving crop yields and productivity from existing agricultural land. Agrochemicals are an important input in maximising crop yields by protecting crops from weeds, pests and diseases and reducing crop losses. Consequently, the increasing focus on productivity and efficient utilisation of available farmland remains a key driver for the agrochemical industry. The increasing adoption of modern agricultural practices, improved farming techniques, precision agriculture and better crop management practices is supporting the efficient use of crop protection products. Farmers are increasingly focused on improving productivity, reducing crop losses and optimising input costs, which is contributing to demand for effective and targeted agrochemical solutions.
Company Overview:
Established in 2000, Sikko Industries Limited ("SIL" or the Company) is a leading Agrochemical Company in India. The Companys strength lies in manufacturing formulations. The Company has two manufacturing unit i.e. Fertilizer and Pesticide unit is located at the outskirts of the Ahmedabad city on Sanand Highway and thus enjoys the good connectivity with different parts of the states, which makes the movements of the raw-material as well as our products easy and comfortable. Thus, it helps in procurement of raw material and dispatch of our products to the various clients. We have well equipped research and Development facility to improve quality of the products and to produce high performance growth promoters, pesticides and fertilizer. Company has in house sound R&D Department backed by technical expertise of our Managing Director Mr. Jayantibhai Kumbhani which helps the company to enhance our product range. We offer special and exclusive range of agrochemicals including organic pesticides, organic fertilizers and others. Such diverse product mix helps us to cater the diverse customer segments and to various sectors of Industry. The product mix helps us to sustain the growth level. Over the years we have developed various products which is used by farmer in agriculture. All products that dispatch from the factory premises are inspected by the packing and dispatch department. Further, quality check is done at every stage of manufacturing to ensure the adherence to desired specifications. Since, our Company is dedicated towards quality of products, processes and inputs; we get repetitive orders from our buyers, as we are capable of meeting their quality standards, which enables them to maintain their brand image in the market.
Opportunities and Threats:
Opportunities:
Threats:
Risk and Concerns:
A well-defined risk management mechanism covering the risk mapping and trend analysis, risk exposure, potential impact and risk mitigation process is in place. The objective of the mechanism is to minimize the impact of risks identified and taking advance actions to mitigate it. The mechanism works on the principles of probability of occurrence and impact, if triggered. A detailed exercise is being carried out to identify, evaluate, monitor and manage both business and non-business risks.
Segment-Wise or Product-Wise Performance:
The Companys operation predominantly comprises of only one segment. In view of the same, separate segmental information is not required to be disclosed as per the requirement of Indian Accounting Standard 108 Operating Segment.
DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE:
Financial Highlights:
| Particulars | Standalone FY 2025-26 | Standalone FY 2024-25 | Consolidated FY 2025-26 | Consolidated FY 2024-25 |
| Revenue from operations | 6,501.20 | 6,174.80 | 6,501.20 | 6,174.80 |
| Other income | 140.13 | 75.22 | 140.16 | 75.22 |
| Total Income | 6,641.34 | 6,250.02 | 6,641.36 | 6,250.02 |
| Less: Total Expenses before Depreciation, Finance Cost and Tax | 5,866.35 | 5,540.05 | 5,866.48 | 5,540.05 |
| Operating Profits before Depreciation, Finance Cost and Tax | 774.99 | 709.97 | 774.88 | 709.97 |
| Less: Finance cost | 82.18 | 39.98 | 82.18 | 39.98 |
| Less: Depreciation | 63.14 | 68.65 | 63.14 | 68.65 |
| Profit / (Loss) Before Tax | 629.67 | 603.72 | 629.56 | 603.72 |
| Less: Current Tax | 148.00 | 181.94 | 148.00 | 181.94 |
| Less: Deferred Tax Liabilities/(Assets) | (28.91) | (5.31) | (28.91) | (5.31) |
| Profit / (Loss) after tax (PAT) | 510.58 | 427.10 | 510.46 | 426.66 |
Financial Performance
On Standalone Basis
During the year under review, the revenue from operation of the Company was stood at 6,501.20 Lakhs as against that of 6,174.80 Lakhs for previous year. Revenue from operation of the Company was increased by 5.29% over previous year.
Profit before Tax for the financial year 2025-26 stood at 629.67 Lakhs as against that of 603.72 Lakhs for last year which state 4.30% increase in Profit before tax and the net profit after tax stood of 510.58 Lakhs for the financial year 2025-26 as against the net profit of 427.10 Lakhs for the financial year 2024-25 which state 19.55% increase in profit of the Company.
On Consolidated Basis
During the year under review, the consolidated revenue from operation of the Company for financial year 2025-26 stood at 6,501.20 Lakhs as against that of 6,174.80 Lakhs for previous year. Revenue from operation of the Company was increased by 5.29% over previous year.
The Consolidated Profit before Tax for the financial year 2025-26 stood at 629.56 Lakhs as against that of 603.72 Lakhs for last year which state 4.28% increase in Profit before tax and the net profit after tax stood of 510.46 Lakhs for the financial year 2025-26 as against the net profit of 426.66 Lakhs for the financial year 2024-25 which state 19.64% increase in profit of the Company.
Internal Control Systems and Their Adequacy:
The Company has a proper and adequate system of Internal Controls to commensurate with the size and nature of its operations to ensure that all assets are safeguarded against unauthorized use or disposal, safeguarding true and fair reporting and compliance with all applicable regulatory laws and company policies. Internal Audit Reports are reviewed by the Audit Committee of the Board.
Human Resources and Industrial Relations:
The Company believes that human resource is the most important assets of the organization. It is not shown in the corporate balance sheet, but influences appreciably the growth, progress, profits and the shareholders values. During the year your company continued its efforts aimed at improving the HR policies and processes to enhance its performance. The vision and mission of the company is to create culture and value system and behavioral skills to insure achievement of its short- and long-term objectives. As on March 31, 2026, the Company had total 112 full time employees. The industrial relations have remained harmonious throughout the year.
Details of significant changes in Key Financial Ratios (Standalone Basis):
| Key Ratios | Units | F.Y. 2025-26 | F.Y. 2024-25 | % of Change in Ratio | Explanations |
| Debtors Turnover | Times | 1.92 | 2.24 | (15.00%) | Improved debtors collection |
| Inventory Turnover | Times | 2.71 | 3.39 | (20.00%) | Increased inventory holdings or slower sales cycle; possibly due to freight delays and market conditions. |
| Interest Coverage Ratio | Times | 9.80 | 18.88 | (0.48%) | Better operating performance and higher interest outflow due to high debt; funded via equity. |
| Current Ratio | Times | 3.44 | 3.43 | 0.00% | Stable due to Current Assets and Current Liabilities performance same. |
| Debt Equity Ratio | Times | 0.14 | 0.05 | 168.00% | Debt increased significantly, increasing the ratio. |
| Operating Profit Margin | % | 0.11 | 0.09 | 0.19% | Slight increase in operating performance in terms of margin. |
| Net Profit Margin | % | 0.08 | 0.07 | 0.14% | Slight increase in net margins, possibly due to cost efficiencies. |
| Return on Net Worth | % | 0.06 | 0.05 | 0.13% | Net Worth increased due to Rights Issue; profits did not grow at the same rate. |
Details of significant changes in Key Financial Ratios (Consolidated Basis):
| Key Ratios | Units | F.Y. 2025-26 | F.Y. 2024-25 | % of Change in Ratio | Explanations |
| Debtors Turnover | Times | 1.92 | 2.24 | (15.00%) | Improved debtors collection |
| Inventory Turnover | Times | 2.71 | 3.39 | (20.00%) | Increased inventory holdings or slower sales cycle; possibly due to freight delays and market conditions. |
| Interest Coverage Ratio | Times | 9.80 | 18.88 | (0.48%) | Better operating performance and higher interest outflow due to high debt; funded via equity. |
| Current Ratio | Times | 3.44 | 3.43 | 0.00% | Stable due to Current Assets and Current Liabilities performance same. |
| Debt Equity Ratio | Times | 0.14 | 0.05 | 168.00% | Debt increased significantly, increasing the ratio. |
| Operating Profit Margin | % | 0.11 | 0.09 | 0.19% | Slight increase in operating performance in terms of margin. |
| Net Profit Margin | % | 0.08 | 0.07 | 0.14% | Slight increase in net margins, possibly due to cost efficiencies. |
| Return on Net Worth | % | 0.06 | 0.05 | 0.13% | Net Worth increased due to Rights Issue; profits did not grow at the same rate. |
Cautionary Statement:
Statement made in the Management Discussion and Analysis Report describing the Companys objectives, projections, estimates, expectations may be Forward looking statements within the meaning of applicable securities laws and regulations. Actual results could differ from those expressed or implied. Important factors that could make a difference to the Companys operations include economic conditions affecting demand supply and price conditions in the markets in which the company operates changes in the government regulations, tax laws & other statutes and other incidental factors.
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