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Research updated
Bayer CropScience Ltd.
NSE: BAYERCROPBasic MaterialsAgricultural Inputs
- Last close
- ₹3,383.50
- Day change
- −₹66.10 (−1.92%)vs
- Market cap
- ₹16,354 crIndian rupees
- Research updated
- 1 report
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About Bayer CropScience
Bayer CropScience Ltd. is a leading global enterprise focusing on agricultural science and technology. As a division of the multinational Bayer AG, the company specializes in seeds, crop protection technologies, and non-agricultural pest control solutions. Its primary purpose is to enhance agricultural productivity by providing innovative products and tools that help secure the supply of food, feed, and fiber. Bayer CropScience operates at the forefront of agrochemical and biotechnology sectors and engages in extensive research and development to introduce sustainable farming solutions. Its market significance is underscored by its contributions to the agribusiness industry, addressing the challenges of population growth, changing dietary needs, and environmental sustainability. The company's comprehensive portfolio covers herbicides, insecticides, fungicides, and a wide array of biologics, catering to both traditional and organic agriculture practices.
- Sector
- Basic Materials
- Industry
- Agricultural Inputs
- Listing
- NSE: BAYERCROP
- Next results
- Chief executive
- Mr. Simon-Thorsten Wiebusch
- Employees
- 1,074
- Headquarters
- Thane, India
- ISIN
- INE462A01022
- Website
- bayer.in
Public research · Report of
Business model & financial foundation
Bayer CropScience (NSE: BAYERCROP), Crop protection and hybrid corn seeds: revenue of ₹5,675 crore in FY26 (+3.7% on FY25), an EBITDA margin of 15.4%, net profit of ₹689.2 crore and net cash of ₹1,397 crore.
- Revenue, FY26 (₹ crore)
- 5,675
- standalone
- Revenue growth, FY26
- +3.7%
- on FY25
- EBITDA margin, FY26
- 15.4%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 689.2
- to owners
- Return on equity, FY26
- 23.7%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,397
- Net debt including leases less gross liquidity
- Market capitalisation (₹ crore)
- 17,701
- at the close of 16 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Bayer CropScience Limited |
| Exchange and ticker | NSE: BAYERCROP; BSE: 506285 |
| ISIN | INE462A01022 |
| CIN | L24210MH1958PLC011173 |
| Sector | Basic Materials |
| Industry | Crop protection and hybrid corn seeds |
| Headquarters | Thane, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (since 2022) |
| Market capitalisation | ₹17,701 crore (16 Oct 2026) |
| Shares outstanding | 4.49 crore shares (FY26) |
| Price | ₹3,578 (close, 16 Oct 2026) |
| 52-week range | ₹3,366 - ₹5,150 (to 16 Oct 2026) |
| Website | https://www.bayer.in |
Corporate structure and shareholding
Parent: Bayer AG, Germany.
No subsidiary is recorded.
No subsidiaries, associates or JVs. Bayer BioScience is a fellow group entity; the listed company distributes its seeds, not owns it.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 71.43% | 71.43% | 71.43% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 3.84% | 3.89% | 3.97% | |
| Domestic institutions | 11.47% | 11.89% | 11.64% | |
| of which mutual funds | 8.47% | 9.05% | 9.23% | |
| Retail | 13.27% | 12.79% | 12.96% | |
| Other | 0.00% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Bayer CropScience Limited, NSE BAYERCROP, is a standalone Indian crop-protection formulation and hybrid corn seed distribution company. No subsidiary, associate or JV exists. Bayer AG is ultimate parent; fellow-group companies are suppliers, not owned subsidiaries. The investible earnings are the listed entity alone. Brand, formulation registrations, Bayer innovation and DEKALB give differentiation; farm economics, weather and China generic prices remain outside its control. Agri Care is the only audited operating segment. BRSR turnover mix FY26 CP76%, corn19%; AGM sales mix74%/20% has a different scope. No synthetic segment earnings are inferred.
| Peer | Why the dossier compares them |
|---|---|
| Sumitomo Chemical India (SUMICHEM) | Multinational parent, branded crop protection and domestic distribution |
| Dhanuka Agritech (DHANUKA) | Indian branded crop protection distribution; closer domestic comparator |
| Rallis India (RALLIS) | Domestic crop protection and seeds |
| Sharda Cropchem (SHARDACROP) | Asset-light registrations and outsourced supply; export mix limits comparison |
| BASF India (BASF) | Multinational parent; diversified chemicals dilute agricultural comparability |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations including other operating revenue | 4,577 | 4,945 | 5,106 | 5,473 | 5,675 |
| Cost of revenue (vendor classification) * | 2,684 | 2,852 | 2,943 | 3,429 | 3,412 |
| Other operating costs (vendor classification) * | 739.9 | 790.8 | 713.5 | 866.9 | 912.6 |
| EBITDA (vendor classification) * | 863.9 | 983.2 | 1,046 | 767.3 | 935.0 |
| EBIT * | 859.7 | 1,012 | 961.0 | 724.4 | 874.7 |
| Finance costs | 12.9 | 22.3 | 19.6 | 17.0 | 19.8 |
| Profit before tax | 846.8 | 990.1 | 941.4 | 707.4 | 854.9 |
| Total tax expense | 201.5 | 231.9 | 200.9 | 139.4 | 165.7 |
| Profit after tax | 645.3 | 758.2 | 740.5 | 568.0 | 689.2 |
| Basic and diluted EPS (₹) | 143.6 | 168.7 | 164.8 | 126.4 | 153.4 |
| Materials, traded goods purchases and inventory changes | 2,912 | 3,399 | 3,378 | ||
| Employee benefits expense | 435.4 | 449.8 | 438.1 | ||
| Other expenses | 786.7 | 935.2 | 985.7 | ||
| Operating EBITDA excluding other income | 972.5 | 689.6 | 873.7 | ||
| Other income | 78.0 | 119.7 | 95.0 | ||
| Depreciation and amortisation | 74.0 | 84.9 | 94.0 | ||
| Exceptional items, signed | -15.5 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 2,524 | 2,712 | 2,849 | 2,850 | 2,966 |
| Borrowings excluding leases | 86.4 | 73.5 | 0.00 | 0.00 | 0.00 |
| Cash, bank balances and current investments | 780.9 | 860.8 | 1,218 | 929.1 | 1,479 |
| Net trade receivables | 1,005 | 975.6 | 960.1 | 952.1 | 1,116 |
| Inventories | 1,512 | 1,807 | 1,545 | 2,362 | 2,136 |
| Trade payables | 819.8 | 873.2 | 605.1 | 1,098 | 1,238 |
| PPE net carrying value | 437.1 | 428.4 | 376.2 | 426.9 | 401.5 |
| Capital work in progress | 13.3 | 2.90 | 6.40 | 0.50 | 4.90 |
| Total assets * | 4,353 | 4,679 | 4,597 | 5,246 | 5,699 |
| Current and non-current lease liabilities | 47.1 | 105.1 | 81.8 | ||
| Net debt including leases less gross liquidity | -1,171 | -824.0 | -1,397 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net operating cash flow | 231.0 | 650.8 | 951.6 | 262.0 | 1,079 |
| Free cash flow (vendor definition) * | 160.1 | 532.0 | 905.9 | 221.1 | 1,014 |
| Cash dividends paid | -672.8 | -561.1 | -606.7 | -560.8 | -562.8 |
| Cash capital expenditure PPE and intangibles | -47.3 | -72.6 | -45.7 | -40.9 | -64.5 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 4.49 | 4.49 | 4.49 | 4.49 | 4.49 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations including other operating revenue | 1,738 | 1,057 | 1,046 | 1,915 | 1,553 | 1,106 | 1,101 | 1,835 |
| Cost of revenue (vendor classification) * | 1,192 | 658.3 | 594.3 | 1,171 | 1,022 | 628.5 | 556.9 | 1,037 |
| Other operating costs (vendor classification) * | 246.0 | 255.8 | -388.4 | 291.4 | 214.0 | 245.3 | 235.0 | 317.9 |
| EBITDA (vendor classification) * | 207.5 | 52.4 | 165.9 | 367.1 | 219.1 | 133.0 | 249.5 | 456.5 |
| EBIT * | 193.5 | 37.3 | 173.6 | 339.9 | 204.7 | 118.2 | 211.9 | 406.4 |
| Finance costs | 3.40 | 3.70 | 5.70 | 4.70 | 4.40 | 5.20 | 5.50 | 4.30 |
| Profit before tax | 190.1 | 33.6 | 167.9 | 335.2 | 200.3 | 113.0 | 206.4 | 402.1 |
| Total tax expense | 53.8 | -0.60 | 24.6 | 56.5 | 47.6 | 17.3 | 44.3 | 80.5 |
| Profit after tax | 136.3 | 34.2 | 143.3 | 278.7 | 152.7 | 95.7 | 162.1 | 321.6 |
| Diluted earnings per share (₹) | 30.33 | 7.61 | 31.88 | 62.01 | 33.98 | 21.29 | 36.07 | 71.56 |
| Materials, traded goods purchases and inventory changes | 1,192 | 658.3 | 564.1 | 1,171 | 1,022 | 628.5 | 556.9 | 1,037 |
| Employee benefits expense | 115.9 | 123.1 | 111.2 | 104.3 | 112.5 | 115.3 | 106.0 | 112.8 |
| Other expenses | 246.0 | 255.8 | 200.3 | 291.4 | 214.0 | 245.3 | 235.0 | 317.9 |
| Operating EBITDA excluding other income | 184.4 | 20.2 | 170.8 | 348.4 | 205.3 | 117.1 | 202.9 | 367.6 |
| Other income | 23.1 | 32.2 | 37.1 | 18.7 | 13.8 | 15.9 | 46.6 | 88.9 |
| Depreciation and amortisation | 14.0 | 15.1 | 34.3 | 27.2 | 14.4 | 14.8 | 37.6 | 50.1 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Standalone, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 10.5% | 8.0% | 3.3% | 7.2% | 3.7% |
| EBITDA margin | 19.0% | 12.6% | 15.4% | ||
| Net margin | 14.1% | 15.3% | 14.5% | 10.4% | 12.1% |
| Return on equity | 25.4% | 29.0% | 26.6% | 19.9% | 23.7% |
| Return on capital employed | 33.1% | 37.5% | 34.1% | 25.4% | 30.1% |
| Return on assets | 15.0% | 16.8% | 16.0% | 11.5% | 12.6% |
| Net debt (₹ crore) | -1,171 | -824.0 | -1,397 | ||
| Net debt / EBITDA | -1.20x | -1.19x | -1.60x | ||
| Interest cover | 66.6x | 45.4x | 49.0x | 42.6x | 44.2x |
| Asset turnover | 1.07x | 1.10x | 1.10x | 1.11x | 1.04x |
| Receivable days | 80 | 72 | 69 | 63 | 72 |
| Inventory days (on revenue) | 121 | 133 | 110 | 157 | 137 |
| Payable days (on revenue) | 65 | 64 | 43 | 73 | 80 |
| Cash conversion | 0.36x | 0.86x | 1.29x | 0.46x | 1.56x |
| Capex intensity | 1.0% | 1.5% | 0.9% | 0.7% | 1.1% |
| Free cash flow (₹ crore) | 183.7 | 578.2 | 905.9 | 221.1 | 1,014 |
| Dividend payout | 104.3% | 74.0% | 81.9% | 98.7% | 81.7% |
| EPS, diluted (₹) | 143.6 | 168.7 | 164.8 | 126.4 | 153.4 |
| Book value per share (₹) | 561.7 | 603.5 | 634.0 | 634.2 | 659.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases less gross liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Basic and diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Bayer CropScience includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- The 12-month rating and target
- The 3-month view
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- The claims the view rests on, and what would change it
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Bayer CropScience
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