Sharda Cropchem Ltd

Every so often, a business finds its beat again, not by chance, but by choice. For Sharda Cropchem, 2024-25 was that kind of a year. It was a year of recalibration, a period in which we not only surpassed financial milestones, but also refined our strategic focus, strengthened our global footprint, and reinforced our position in an increasingly complex marketplace. We closed the year with the highest revenue in our history Rs 4,320 Cr. This milestone is a marker of renewed rhythm and relevance.

The broader global backdrop remained complex. What began as a cautious economic recovery after the pandemic evolved into a more layered and uncertain landscape. Escalating geopolitical conditions, particularly involving major powers such as the US and its key counterparts, disrupted trade flows, strained supply chains, and dampened investor sentiment. The global growth outlook, once promising, has now been revised to 2.8% in 2025 and 3.0% in 2026.

While agrochemical prices have begun to recover from the lows of the previous year, the pace remains measured. With demand and supply largely in the balance, companies are prioritising market share over pricing power. The gradual restart of previously idle manufacturing capacity is also expected to limit any sharp upward movement in prices in the near term. On the competitive front, the landscape remains relatively unchanged. China continues to be our primary procurement base, with its cost advantages still intact.

All of this aligns well with our value proposition and asset-light business model. We are not just present in agrochemicals; we are embedded in it.

Sharda Cropchem operates at the confluence of demographic megatrends and agricultural necessity. Over the years, we have built a strong brand franchise within our global markets. We continue to benefit from portfolio scale and supply chain efficiency, value to customers across geographies.

The global population is projected to rise from 7.6 Bn in 2025 to 8.6 Bn by 2030 and 9.8 Bn by 2050, according to the United Nations. This growth will place unprecedented pressure on global food and protein systems. Additionally, the availability of arable land per capita is shrinking. The way forward lies in boosting agricultural productivity, where agrochemicals continue to play a critical role.

Registrations portfolio and

We continued to make substantial investments in product registrations

Applications filed globally, which are pending for approval at different stages. This positions us strongly for expansion in both mature and emerging markets. It also strengthens our ability to deliver a consistent flow of offerings over the coming years.

We ended the year with zero debt and a healthy liquidity position of Rs 558 Cr in cash, bank balances, and liquid investments.

Our performance in 2024-25 was led by broad-based volume growth, complemented by a measured recovery in pricing. Agrochemical volumes surged by 43.9%, while non-agrochemical volumes grew by 9.0%. Together, these gains enabled us to achieve new milestones.

In 2024–25, revenue grew by 36.5% to Rs 4,320 Cr, up from Rs 3,163 Cr in the previous year. EBITDA more than doubled to Rs 682 Cr from Rs 318 Cr, reflecting improved operating leverage andenablingustodeliverconsistent disciplined cost management.Profit Tax after rose sharply to Rs 304 Cr, compared to Rs 32 Cr in 2023-24, marking a significant turnaround. In line with this strong performance, the Board has recommended a final dividend of

Rs 6 per share, representing 60% of the face value. Additionally, we paid an interim dividend of ‘ 3 per share in FY 2024-25.

Our volume gains were not isolated. We recorded growth across all key geographies: Europe, NAFTA, LATAM, and RoW. Momentum was particularly strong in the agrochemical segment, where consistent on- ourdiversified ground execution enabled us to capture demand despite regulatory and competitive pressures.

This performance was supported in part by stabilising input costs. Over the past few quarters, raw material prices have shown signs of moderation, allowing for improved margin performance. Stronger inventory planning and disciplined supply chain execution further contributed by reducing inefficiencies and streamlining operations across markets.

We are entering the new financial momentum and a clearly defined roadmap. The macro environment remains dynamic, shaped by evolving climate realities, shifting consumer demands, and the urgent need for resilient supply chains. Yet within this complexity lie meaningful opportunities, for those prepared to take a long-term view and act with clarity and conviction. At Sharda Cropchem, we are actively reorienting the Company for the next phase of growth through the following strategic pillars:

We are building our sales force capabilities across key geographies to move closer to end-users. ‘Factory-To-Farmer' model remains central to this effort, allowing us to deliver tailored solutions while gaining sharper insight into farmer requirements and real-time market feedback.

With an extensive library of dossiers and registrations, we are expanding both reach and relevance. Our strategy is twofold: deepening our presence in existing markets while unlocking new, high-potential geographies. The goal is not just breadth, but depth, with a sharp focus on distribution quality, market density, and sustained engagement.

As patents expire, we continue to identify high-potential generic molecules and invest in preparing robust dossiers. Registering products in our name enhances autonomy, improves margins, and strengthens our ability to compete with speed and flexibility.

We are focussing on revenue-generating investments while eliminating inefficiencies our processes. By tightening cost structures, enhancing working capital discipline, and accelerating digital integration, we aim to safeguard and grow margins, even in highly competitive market cycles.

Our strong cash position is a strategic advantage. While we remain conservative in capital expenditure, we are fully prepared to deploy funds as needed, particularly for registration costs. Our approach balances prudence with preparedness. We expect the momentum of 2024-25 to carry into 2025-26, driven by sustained demand, a supportive policy environment, and our deepening operational focus. Agrochemical consumption is likely to stay resilient, especially across American and European markets. We also foresee a gradual recovery in non-agrochemical segments, including conveyor belts, general chemicals, dyes and dye intermediates. These businesses remain a strategic complement to our core portfolio and offer meaningful opportunities for diversification and growth.

In conclusion, I would like to thank all our customers, partners, employees, shareholders, bankers, and regulatory bodies for their continued trust in Sharda Cropchem.

The path ahead is not without uncertainties.

However, we remain confident in our ability to navigate with clarity, discipline, and intent. We approach the future not with hesitation, but with informed optimism, rooted in experience and driven by purpose.

We are committed to reaching new milestones and strengthening Sharda Cropchem's standing as a trusted global player in the agrochemical sector.

Thank You, Warm Regards,

Chairman & Managing Director