Thank you, [parul?] .

Warm welcome to all the participants on Q4 and FY '26 earning call of Sharda Cropchem. Today we have Mr.

R. V.

Bubna, Chairman and Managing Director; Mr. Shailesh, CFO; and Mr.

Jetkin Gudhka, Company Secretary on the call. Without any delay, I would like to hand over the call to Mr.

Bubna for his opening remark. Thank you, and over to you, sir.

Thank you, Mr. Dalui.

Good afternoon and very warm welcome to everyone present on this call. Along with me, I have Mr.

Shailesh Mehendale, our CFO, and Mr. Jetkin Gudhka, our Company Secretary, and SGA, our investor relations advisors.

Hope you all have received our investor deck by now. Ladies and gentlemen, I am very pleased to share that FY 2025-'26 has been by every measure the best year in Sharda Cropchem's history as a listed company, despite the global headwinds from tariffs and recent war.

We have delivered our best ever annual PAT, our highest ever EBITDA, and our strongest ever revenue performance. This has been achieved with consistent discipline quarter after quarter through a year that presented both opportunities and challenges for global agrochemical industry.

The company expects this growth momentum to continue in the FY 2027. Our performance is the result of years of patient investment in product registrations, a clear and focused business model, and the confidence that our customers and suppliers continue to place with Sharda Cropchem.

I thank each member of our team for their dedication and each of you for this call for your continued interest and trust. As you are aware, we are engaged in the marketing and distribution of wide range of agrochemical products catering to a diverse global customer base.

We develop comprehensive dossiers and obtain product registrations in our own name. We continue to allocate substantial resources towards securing registrations, which strengthens our market presence and helps establish a sustainable foothold across the markets.

As on 31st March 2026, our total product registrations stood at 3,011. Additionally, 1,004 applications for product registrations globally are in the pipeline.

Coming to the industry dynamics, a global agrochemical market is showing signs of recovery driven by revival in demand complemented by gradual recovery in the pricing. Inventories have come to normal levels across distribution channels.

In Q4 '26, our total revenues have grown by 13% to 260 2,065 crores, with annual volume growth at 4%. We have seen volume growth in Europe and LATAM emerging as key contributors.

Volume from agrochemical segment grew by 5% and non-agrochemical segment degrew by 2% year-on-year basis. Our gross margins have expanded by 750 basis points to 37.3%.

As guided earlier, we expect the gross margins to be in similar range in FY '27. EBITDA for the quarter stood at 513 crores, which is a growth of 75% on Y-to-Y basis with margins of 24.8%.

For FY '27, we are on track to maintain healthy EBITDA margins in the range of 18 to 20%. PAT for the quarter stood at 319 crores, showcasing a growth of 57% year-to-year basis.

Working capital days stood at 98 days as on 31st March 2026, showing an improvement by 20 days as compared to March 2025. CapEx for FY '26 stood at 505 crores.

Looking at the performance, the Board of Directors have recommended a final dividend of ₹9 per equity share along with the interim dividend of ₹6 per equity share paid in December 2025. The total dividend for 2026 FY '26 aggregates to ₹15 per share.

With this brief overview, I now like to hand over the call to our CFO, Mr. Shailesh Mehendale, for discussing our financial performance.

Thank you everybody. Thank you once again.

Thank you, sir. Good afternoon, everyone.

Coming to quarter fourth FY '26 performance, revenue stood at ₹2,065 crores in quarter four FY '26 versus 1,829 crores in quarter four FY '25, with an increase of 13% year-on-year. Coming to the split, agrochemical business grew by 14% year-on-year basis to ₹1,927 crores, whereas the non-agrochemical business degrew by 0.3% year-on-year to ₹138 crores.

Gross margin stood at 37.3% in quarter four FY '26 as against 29.8% in quarter four FY '25, with an increase of 750 basis points. EBITDA grew by 75%, which stood at ₹513 crores, with EBITDA margin at 25%.

PAT stood at ₹319 crores versus ₹204 crores last year, showing a 57% growth year-on-year basis. Coming to the full year financial year '26 performance, revenue stood at ₹5,268 crores in FY '26 versus ₹4,320 crores in FY '25, with an increase of 22% year-on-year basis.

Coming to the split, agrochemical business grew by 25% year-on-year to ₹4,717 crores, whereas the non-agrochemical business grew by 1% year-on-year to ₹551 crores. Gross margin stood at 35.9% in FY '26 as against 29.9% in FY '25, increase of 600 basis points.

EBITDA for FY '26 stood at ₹1,040 crores with EBITDA margin at 19.7%, showcasing 69% year-on-year growth. PAT stood at ₹681 crores in FY '26 versus ₹304 crores in FY '25, with an increase of 124% on year-on-year basis.

We remain debt-free company and have cash, bank, liquid investment of ₹702 crores as on 31st March 2026. We can now open the floor for question and answers.

Thank you.

Hello? Sir, thanks for the opportunity, and congrats for the great result.

My first question is that for the current quarter, the revenue growth was 13%, and volume growth was 4.3%. Can you can you share like what was the contribution of forex and like realization year year-on-year for the current quarter?

Mr. Mukherjee, your first sentence was clear and loud, but second and third sentences have become very dim.

Can you repeat the second and third sentences of your question once again?

Sure, sir. Sir, I was asking that for the current quarter, Q4 FY '26, the volume growth was 4.3%, and revenue growth was 13%.

Can you share the contribution of realization increase and forex year-on-year for the current quarter?

Yes, sir. Please don't confuse the people.

Current quarter is April to June FY '27. We are talking for the last quarter.

Let's say last quarter and not the current quarter. Anyway, the volume growth for the fourth quarter was 4.3% plus.

Forex impact was plus 11.7%. Price and product mix impact was minus 3.0%.

Total growth was plus 12.9%. Thank you.

Thanks, sir. Sir, can you please share the same for the entire financial year?

Yes, please.

For the entire financial year, the volume growth was 13.4%. FX impact was plus 10.3%.

Price and product mix impact was minus 1.8%. Total growth was 21.9%.

Thanks for the information. Sir, we've been hearing that prices of agrochemicals from China have been witnessing a major spike since the war broke out in Middle East.

Are we also witnessing a major increase in our procurement price from China?

No, sir. I would clarify there is no major increase.

There could be a small increase in some products, but it's not an overall trend as on now, up to now.

Great, sir. Sir, the realization and product impact was negative, as you mentioned, for the current quarter.

Sir, can you please share what are you witnessing in terms of price realization in your major markets like LATAM and NAFTA and Europe?

There is nothing to worry. The prices have been stable and there has been a slight increase in the prices.

Great, sir. Sir, can you please share the guidance for the revenue growth for FY '27 and also specifically for each of the regions?

See,

each of the regions, it will not proper for me to elaborate because it all depends on many factors, which are not in anybody's control, particularly weather and the current war situation and all those things. I can say for the FY '27, we expect the revenue to grow about 10 to 15%, gross margins to stay around 35%, plus or minus a few percent, and EBITDA will be 18 to 20%.

Thanks, sir. Sir, the LATAM region—

Sure. I'll get back in the queue.

Thanks.

Hello?

Yes?

Am I audible, sir?

Yes, madam.

Yes, congratulations, sir, for a great set of numbers despite the challenging geopolitical environment. My question was again, sir, on the margin, as we guided for gross margins to be around 35% and EBITDA of 18 to 20%.

Sir, what is giving us the confidence to be able to sustain these margins in the back of such volatile environment? Any raw material price increase, will we be able to pass this on completely to customers?

If you could just elaborate a bit more on that, that'd be really helpful.

Madam, you have put three questions in. Please ask one by one.

I'll answer you, that will be more precise. Can you repeat your questions one by one?

Firstly, sir, if you could just highlight what is giving us this confidence of being able to maintain high margins in such volatile environment.

Madam, our feel of the market, our communications with our customers on a regular basis, and the general situations. That gives us this confidence.

Okay. Sir, this raw material price hikes, will we be able to completely pass this on to the customers?

What is the situation there?

Normally, we are able to pass because the competition is limited. We are not dealing with products which are freely tradeable, and registration process is very expensive and time-consuming and not very interesting to most of the investors.

The competition is also limited for the agrochemical products, particularly in developed markets. That gives us a confidence that so far, it has been our experience 80 to 90%, we have been able to pass the price increase of the raw materials, and the customers have very gracefully accepted it.

That is really great to know.

Unless there is a unique situation where there is a lot of product in the pipeline and in the sort of storage, those are only special, but in the normal cases, most of the price increases we are able to pass on to our customers.

That is great to know, sir. Sir, and the next thing was on our revenue growth.

In our interview on television, we had mentioned this year we're targeting 18 to 20% sort of growth. Right now, you just mentioned that we are targeting 10 to 15%.

Are we being too conservative? How should we look at that?

If I have said 18 to 20%, then maybe I mistated. I would say it will be 10 to 15%.

Okay. Okay.

Sir, just

I was talking about EBITDA. That 18 to 20% was EBITDA and not the revenue growth.

So 10 to 15% is what we should work with, right?

Yes.

Yes. Okay.

Just the last question. Sir, I was looking at the segmental breakups in the agrochemical sector, particularly in the NAFTA region.

I think we've seen some revenue degrowth by 6%. What was the cause for that?

No specific cause. It could be based on the weather conditions and the economic situations in United States.

No major challenge as such.

No.

Okay. Okay.

That is it from my side. Thank you so much, sir, and all the best.

Thank you.

Hi. Can you hear me?

Thanks. Sir, my first question is about the gross margins.

If we remove the impact of forex volatility, what would be the gross margins for the company for the whole year?

Sir, I have stated it'll be around 35%. It could be 36, 37%, it could be 34%.

Oh no, sir. Sorry, I didn't mean for the next year guidance.

This year, we have reported 36% gross margins, and there's a lot of contribution from forex exchange movement as well. I'm just wondering if we strip off the forex movement from the numbers, what will be the gross margins?

Sir, this will require some calculations which I'm not ready during this concall.

Sure, I understand. Sir, is it possible to touch base on this point later on through the investor relations team or by any other means?

Yes. It is possible.

Sure, sir. Thank you.

I will touch base on this later on. Sir, what was the gross margins in Europe in this quarter as well as the full year?

1 minute. The gross margins in Europe was 41.5% in this quarter, and the whole year, it was also 40 42.5%.

Thank you, sir. Sir, what was the volume growth in Europe in FY '26 full year?

Volume growth was about 16%.

16%. In terms of the outlook for next year for Europe, do you see similar growth?

Or Okay, similar growth. Yes.

No, we see the similar.

Okay. Understood.

Sir, one question about the forex losses that we reported in Q4. If you look at the USD-EUR euro movement during the last quarter, it was pretty much in a very tight range of 1.15 to 1.7, and yet we reported 26 crores of forex losses.

I was just confused, or if you can help us understand despite such a tight movement between USD and euro, there were still losses on forex side.

I would request Mr. Shailesh Mehendale, our CFO, to answer this question.

This particular forex loss which is reported in quarter four is mainly on account of unrealized forex loss on the realignment of foreign currency trade payables, right? This is unrealized loss, which is accounted.

Euro-USD movement is not really that movement, there is no, but this is on account of the realignment of USD realignment loss.

Mr. Rajat,

Yeah.

I'll elaborate here. These losses are calculated for the exchange rate which is there on the last day of the quarter.

This does not reflect the total trend. The last day there could be many reasons and that becomes the key factor.

After 2 days, the situation may change if the dollar euro exchange rate changes. All this is the unrealized loss.

It is not actual loss. Understood?

Got it, sir. Thank you.

Sir, what was sales return during full year?

Sales return was not very significant. I am not ready with this information because it was not so significant.

Sure. Sir, if you can help us understand non-agrochemical segment a little bit.

The whole year, we grew by probably 1% or so. What's happening in that segment,

if you can Give a chance to some other speaker. You had many questions,

and

wait in the queue for the next round.

Sure, sir.

Hi, sir. My question regarding your topline revenue growth, we are guiding 10 to 15% kind of our topline growth.

If we look at some of the technical prices of

Mr. Riju, Mr.

Dalui, can you speak a little slowly and a little more loudly? Because we are not able to get your questions.

Slowly and loudly.

Sir. Is it audible now?

Now it is more audible, more clearer. Audible was before also, but not clear.

Thank you, sir. My question regarding the topline growth guidance for FY '27, that we are guiding 10 to 15% kind of a topline growth.

If you look at in terms of the prices for the agrochemicals, prices of agrochemicals increased by 10 to 15% on a sequential basis. Are we expecting only price-led growth and volume growth will be lower?

How we are guiding 10 to 15% topline growth? That I wanted to understand.

Mr. Dalui, I am not doing all these detailed calculations.

I have given you my impression and the feelings that we have about the financial year 2027. All these are just impressions, they can change.

This is just my impression as on today.

Understood. One question for Shailesh.

How much tax rate we can work for '27 and '28? Because if I look at last 2 years tax rate as per the PBT, that was roughly 20%.

Now how much we can work

The effective tax rate could be between 18

to 20%. 18 to 20%.

Understood.

Yes, 18 to 20% because globally, we are having different tax rates applied.

Hm. Yeah.

Yeah. Okay.

Thank you, sir. Thanks.

That's all from my end.

Congratulations on a very good set of numbers, sir. My question is, sir, ours is an IP-led moated business with getting registration is not that easy.

Still, sort of treated like a trading company. How to conquer that?

It has been a very hard work of yours for the last so many years so that we have been able to reach to this level. How can you encounter that impression that it's not a trading company, it's an IP-led moated business, sir?

First question is this, sir. Yeah.

Sir, who has said that we are treating ourselves as a trading company?

My

always statement that we are a marketing company. For this marketing, registrations is the most important and very strong requirement to market the products.

We are not doing trading that buying a few kilograms here and there and selling and all that. We are only selling.

We are buying from our regular suppliers and selling to our regular customers.

Yeah. I agree with that, sir.

The numbers also show that ours is a zero-debt company, good cash, good ROC. Somehow, perception is there, I just wanted to ask how to change the perception, sir?

That is most important. Second thing

You can change the perception of the people who are having the perceptions. We are not having that perception.

Sir, second thing was about this inventory risk write-off which we had in 2022. What have been the learnings from that, and how can we be able to counter it?

Because ours is an asset-light model, inventory risk we will have to carry on, or sort of this time we have learned the lessons and it will not be that severe as in 2022?

Mr. Vivek, I don't know whether you've heard us.

That inventory situation was not created or caused by any steps by Sharda Cropchem. This was created by the lot of players in the market who had seen a big scarcity of products during the corona and COVID times.

When the hunger for sourcing the products continued and it got extended very long. Everybody wanted to buy whatever was available.

The manufacturers had also increased their capacity so they were able to deliver and supply as much as the people wanted. It was only after some quarters or months, the market realized that there's a lot of in the pipeline and in the warehouses.

It was not any step done by an individual company like Sharda Cropchem. We were only facing the situation, but we were not having any contribution to the cause of this situation.

Understood?

Got it, sir. Future is looking quite good for us.

I believe our numbers are quite good and future is also. See, all the best for the same, sir.

Thank you very much.

Thank you, sir.

Hi, Mr. Bubna.

I have a couple of questions. One is on the inventory increase or the inventory normalization that we have seen.

Do we have a sense of whether this restock or it is sell-through demand to the end market?

Madam, I would only comment that today, the inventory situation is absolutely under control and very well managed.

Okay. My other one is, we have about 1,000 molecules currently under application.

Are there any that we're expecting to come through in this financial year?

Your question is very general and my reply is yes. We're expecting many registrations to come in this financial year.

I have been repeating that the process of registration is full of uncertainties. Nobody can plan and calculate that I'm going to get this registration in this month or this year.

Because the requirements of the authorities keep on changing and the process of registration also requires lot of field trials and field trials have to be repeated. These are all dependent upon the weather conditions and controlled by the bureaucracies in every country that we want to register the product.

The bureaucracies are really bureaucratic. Sometimes they meet, if they are supposed to meet once in a quarter, sometimes they don't meet for two, three quarters.

That is affecting the space and speed of the registration, for which we have no control and that is not the highest priority thing for the bureaucrats. Am I clear?

Sure. Sure, I understand that.

Then the 10 to 15% topline growth that we're guiding is not assuming any new molecules, right? It's assuming our current product portfolio only.

No. Your statement is not correct.

I have not said that we do not expect any registrations in the current year. I have said I cannot tell you precisely how many, but we are definitely going to get registrations during this year, and we are very optimistic about getting good amount of registrations in the current financial year for financial year 2027.

Understood. Okay.

The topline growth then assumes a certain number of registrations will come through, we don't know how many, but it assumes current portfolio and new registrations. My understanding is correct now.

Yeah?

1 minute, ma'am. The topline growth is not fully dependent upon the registrations that we get.

This only changes the needs and requirements and other economic factors, but not the growth. Because the agriculture remains the same, and the agricultural needs agrochemicals as well as fertilizers.

Right.

You understand? They keep on increasing because the increase in the population of the world and need of agricultural products.

Understood?

Sure. I think that's all for now.

Thank you.

Thank you.

Thanks for the opportunity, and congrats on a very strong set of numbers. First question is on China sourcing.

Post the war, have we seen any challenges in terms of availability of material in China in the last say 2 2 and 1/2 months? Thank you.

No, sir. There's no challenges in the sourcing of the products in view of this war or the current situation.

Only thing is there's a uncertainty in the minds of the people and that what will happen if this happens or that happens. That has not impacted the supplies till date.

Nobody can predict what turn the war will take after 1 week or after 1 month or after 6 months. Nobody can predict.

Lot of uncertainties is there about the war. I am very positive that there'll always be a solution rather than things going so much out of control.

Got that, sir. Sir, second question is in terms of logistics availability, have we seen any delays of shipments from China to any geography, and the higher logistics cost will we be completely transferring that to our product incrementally?

Thank you.

Sir, you had again two two or three questions in this thing. What was your first question, Mr.

Rohit?

Yeah. Sir, in terms of logistics, have we seen any delays or non-availability of ships from transportation perspective from China to any geographies?

See, I would say that the delays have been there, but very insignificant, not impacting or jeopardizing our sourcing or transport. Similarly, there have been a slight increase in the target cost, but that is very insignificant.

Particularly for our business and for Sharda Cropchem, none of the transportation is going through the Hormuz and Iran and Iraq area. They are going through South of Africa, there's a increase in the time of the transportation, but otherwise things are under control and very normal.

Got that, sir. Thanks for answering all the questions, and all the best, sir.

Thank you.

Hi, sir. In the Q3 call, you gave guidance for FY '27 where you mentioned that 15% volume growth is achievable.

The current guidance you have given, 10 to 15%, is it the volume growth that you're giving?

Sir, I have not said that volume will be 15% and this. I have said the business will grow by 10 to 15%.

Revenue will grow by 10 to 15%.

Okay. This includes volume plus price, both.

Right?

Yes.

Okay. Because I was recollecting from the Q3 call where you mentioned 15% volume growth is achievable, wanted to clarify on that.

Okay.

I'm very happy that you're remembering these questions. I'm very happy.

Thank you.

Thank you, sir.

Good afternoon, sir, and congratulations on a great set of numbers. Sorry, I'm coming back to this point, but I had attended the previous concall after quarter three.

One Mr. Anubhav Mukherjee, if I remember the name right, had asked guidance for FY '27 revenue, and you had mentioned 15 to 20% that time.

I just rechecked the transcript, and I saw that. That guidance is being changed now to 10 to 15%, right?

I just want to confirm that.

I don't remember maybe last time I said 15 to 20%, but today, for the coming year, I'm feeling is that it'll be about 10 to 15%. It could go up.

We will not stop if it goes up.

Yes, sir. Right, sir.

Thank you, sir. Thank you.

All the best.

Yes.

Sir, what would be the volume growth for FY '27, sir?

Sir, I can only project. I don't have detailed calculations to tell you what it'll be.

It should be around 15%.

Volume growth.

Volume growth, yes.

That means when the revenue grows by 10 to 15% and the volume is growing by 15%, that means there is a drop in realization.

I cannot comment on that. I've just given you an impression.

You are not expecting any forex impact in the next year.

I've never said so. This forex impact is not under my control.

We only have to face the situation and handle it as and when the situation unfolds in front of us.

This 10 to 15% is on the lower side, or is our best chance, sir?

I have said 10 to 15%, but I've also said it can go up, and it can also go down depend upon lot of factors which we cannot foresee today.

Sir. Thank you so much.

Thank you.

Sir, thanks for the follow-up opportunity. Sir, the strong revenue growth that the company has shown in the last 2 years, have we benefited from launch of any generic for any agrochemical that has gone off-patent in the last 2 years in North America or Europe?

See, I think there are some products which have gone off-patent. For This is a normal trend in the market.

Some products go off-patent and some products go banned. New products come in with a new registrations.

This is a normal process. There's nothing very specific or very sort of controlling that I can point out to you.

This is a absolutely normal process.

Sir. Sir, will it be possible to share the contribution of top five or 10 products to our revenue?

I think it would be possible. Give me a few minutes.

Is about 22 or 36. Sir, the top five, the contribution is about he says it's 22%, but I think it could be more.

Okay. Sir, the contribution has remained in the same range over the last 2, 3 years, or have we seen some particular molecule contributing a lot or growing, yeah?

Mr. Mukherjee, this is a business, the contribution keep on going up and down from product to product depending upon supply and demand and many other factors.

I cannot say specifically that this is because of this factor.

Great. Thanks, sir.

I'll get back in the queue.

Thank you.

Thanks, sir. Sir, what would be the revenue from new products that we would have launched in the last 3 years?

What did you say? New products in the last 3 years?

Yes, sir. The revenue from those products.

Let's say last three, 4 years.

I can make a guess. It could be about 30%.

Okay. Sure, sir.

Sir, if you can also share the region-wise You have shared Europe gross margins in Europe. If you can also share gross margins in other geographies for the quarter as well as for the whole year.

Yes, sir. Now I had given you the figures for Europe.

Yeah.

Gross margin gross margin in NAFTA region was 28% in the quarter quarter four and 25% for the year 20 2025-'26. For LATAM, it was 28% and 25%.

Rest of the world, it was 46% and 43%.

Sir, Europe for the full year?

Europe for the full year was 42%, 42.5%, approximately 42%.

Right, sir. Sir, if you can also talk about the non-agrochemical segment a little bit.

How are you seeing the outlook now? Last year was pretty flat in terms of our volume growth or the overall business growth.

Yes. I would say we should be able to grow about 5 to 10%.

Okay. Sir, how is the pricing scenario there, or the margin overall?

How are you seeing?

The margins have improved in the last year compared to previous years.

Okay. The reason would be our product mix or the pricing scenario has changed?

Reason for which you mean agro or non-agro?

Non-agro margin improvement. See,

non-agro is a special kind of a business. We are not stocking and selling.

Every time, the customer gives us a requirement. It's a specific requirement for every customer, depending upon the specifications, width, length, and content of the conveyor belts.

After we receive an order, we conclude the order, we take quotations, and then we start manufacturing. Goods are manufactured after having received a confirmed order.

Sorry, sir. I was not able to hear your last line.

What I'm saying, unlike agrochemicals, the conveyor belt business is goods getting manufactured to the specific requirement of the customers. Understood.

You understand? The goods are manufactured after the specifications are concluded and finalized.

Sure. You mean it's a customized product.

It's a made-to-order, not already made and then supplied.

Sure. Sure.

Sir, what led to margin improvement? I was not able to understand that part.

See, what did you say? Margin improvement?

Yeah. What is driving the improvement in margin?

Because

now we are seeing the trend. We are having very good demands, more requirements, and we are able to improve over the margins because the demand is also improving.

Got it. Got it, sir.

Sir, over the next two, 3 years, what is the kind of opportunity that exists from the products which are going off-patent? Are we registering for such products?

Yeah.

Mr. Sethia, this process is not done by us.

We are only seeing our innovators, our gurus who invent the products. They are planning much ahead in advance.

They are doing all the R&D and developing the products. Then they also have an exposure of selling those products under patent for the first 10 years.

Our work comes only thereafter. We choose and select from what is available to us and what is presented to us by the innovators.

Right. Right.

Sir, that is what my question was, what is the opportunity you see from these products going off-patent in the next two, 3 years? Now

some products will continue to go off-patent because as the technology is developing, some products which have been used in the past, they also have some weaknesses, some side effects on the health or climate and so many things. Innovators try to find out the products similar to them, but without those weaknesses.

Sure. Sure.

Sir, ek last sawal tha ki

Sure, ma'am.

Sir, I just wanted to understand are the tailwinds for the agriculture and agrochem sector back as much better than past and so it's helping us and companies like us? For example, and Ukraine war, any impact having because Ukraine used to be the granary of the world and the Europe, sir?

You will be very much surprised, Mr. Vivek.

We have been supplying our goods to Ukraine for the last 5 years, even now. They are buying from us.

Their ports have been destroyed, that the goods are getting transported to European ports, and from European ports, the trucks come from Ukraine and pick up the goods. We are paying for the cost, and then they are able to pass it on to our customers.

Our business with Ukraine is going on. We are getting orders on time and we are getting payments on time.

This is a very big surprise to the world, but this is what is happening in agrochemical business. They need food and they need also agrochemicals.

I have not heard in the war that agricultural fields have got destroyed or damaged. They damage a lot of other things, but not the agricultural fields.

Other than Ukraine also, the same situation is prevailing in Western Europe and US market and NAFTA and Brazil, helping us?

Yes, sir. We're also supplying our goods to Israel to give you an insight.

We are also selling to Israel.

Okay. The tailwinds are quite strong for our sector for agriculture and for agrochem as such worldwide?

Yes, sir.

That is the key reason we have

As the world population is increasing, the demand of agricultural products is also increasing.

Correct, sir. Correct, sir.

Sir. Thanks a lot.

Thank you.

Hello?

Bubna, I would like to congratulate you for the stupendous success. For the first time, we crossed 5,000 crores.

That has been a big achievement for the company. The consistency is also really appreciable.

As you mentioned, we are really surprised to understand that we are supplying to Ukraine, Israel. How many countries do we supply, any rough idea?

Beg your pardon?

Our exports are happening to what total number of countries, any idea?

About 70 to 75 countries around the globe.

Really good. The niche we have developed with new product registrations, etc., which last year also we have I think secured some 40, 50 registrations from 2,950 to 3,000 plus.

As you mentioned, the pace is unpredictable, but it is good that slowly if we are in a position to grab more, it is going to benefit us more because of the limited competition which our registered products face in the countries. It is nice to hear the Middle East crisis is not affecting our exports because we were fearing that maybe the Strait of Hormuz is likely to affect our exports to Europe.

I think you mentioned that it is not at all affecting us and our freight costs are also in the similar range or so not affecting our gross margins. Our gross margin guidance is around 35%, no?

Yes, sir.

For the next year. Good, good.

Yes, sir. Yes.

Congratulations, and we'll be happy to see the company growing at this brisk pace. Thank you.

Thank you, sir. We need your good wishes and motivation.

Yes, yes. Surely.

Surely, sir.

Thank you.

Sir, thank you for the opportunity. Sir, if I look at our registration pipeline as well as the products that are registering as well as pipeline, sir, the amount of intensity for incremental registration that we receive YoY as well as the registration that are in pipeline, sir, they were very stagnant for the past 3, 4 years.

Sir, how should we look at our business going forward because one we say that the approval by authorities has stretched. How should we look at our competition going forward?

Sir, there was a echoing in your voice and the question is not very clear.

Sir, I'll repeat my question. Sir, I wanted to

understand Ask one by one.

Yes, sir. I'll slow, sir.

Hello? Yeah.

Yes. Sir, I was trying to understand, sir, the registration that we have, sir, in YoY incremental, whatever so they were 2,700 during FY '22, right now they are 3,000.

There has not been a lot of jump over these 5 years. At the same time, our pipeline has been closer to 1,000 or 1,100 registration that we are planning to add.

Sir, the incremental addition has got very slowed down versus what it was earlier. Sir, how should we look at our business going forward because on one side we mention that because of authorities stretching the registration timeline, competition is limited.

Also our own registration pipeline is getting impacted. Sir, how should we look at our business going forward from this perspective?

Mr. Madhur, it's just like when you go to have your meals or food.

Sometimes you're able to get some sweets, sometimes you get a special dish, sometimes third special dish. All those foods are capable of filling your stomach and satisfying your hunger.

New products are coming, they're more sophisticated, more safer to use, and more effective. If they don't come, that does not mean the agricultural stops.

Agricultural still continues with the older products. This has nothing to do with the growth of our business.

You understand? There were some products which were being used, I know, for last 20 years or 25 years.

All of a sudden banned that they say they are carcinogenic. They're still being used for a lot of period in the history.

Yes, sir. So Yes.

Yes.

Sir, I was trying to understand Yes, sir. Please go.

Sorry.

No, I'm listening.

Okay. Sir, I was trying to understand that in going forward, should we look at our realization is improving because of limited competition due to the lower approvals by these authorities?

Or how should I look at that whatever new registration will come, their value as well as volume growth would be much higher for us going forward? How should I look at our business?

I was trying to understand on that front.

Mr. Madhur Rathi, we are having not more than 5% of the market share globally.

You understand? We have a lot of scope to improve our market share.

If it goes from 5 to 6%, it's almost 20% increase in Sharda Cropchem's business. These are not dependent upon a particular product or particular registration.

It is mainly dependent on our contacts, market share, and the confidence that the customers are having in Sharda Cropchem's ability to supply the promised product in promised time and at promised value. The new registration is not dictating the growth in the volume of the business.

Is it clear?

Yes, sir. Sir, that was from my end.

Thank you so much and all the best.

Thank you.

Okay. I would like to thank everyone who have joined us and for having spared their time to take part into this conference call.

I hope we have been able to answer all your queries. We look forward to such interactions in the future.

We hope to meet your expectations in the future also. In case you require any further details, you may contact us or our strategic growth advisors, Mrs.

SGA, our investment relations partners. Thank you very much.

Have a nice day.

Thank you.