Super Crop Safe Limited

Basic Materials — Agricultural Inputs · BSE

₹13.09+₹0.03 (+0.23%)

DalalBaazaar Score

58 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Moderate

Driven by moderate debt load, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:49 pm

Understanding the Business

Company site ↗

The 60-second version of Super Crop Safe Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Super Crop Safe Limited manufactures and trades in agro chemicals, biological products, and pesticides formulations in India. The company offers technical grade pesticides, as well as insecticides, fungicides, and weedicides formulations.

IndustryAgricultural Inputs

SectorBasic Materials

Employees46

Annual revenue₹53 Cr

How does it make money?

Turns over ₹53 Cr a year. Of every ₹100 of sales, about ₹4 reaches shareholders as profit, with ₹7 left at the operating level before interest, tax and depreciation. Each of its 46 employees supports ₹1.16 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.16 Cr

Who are its competitors?

The closest listed comparisons in its industry are TATA STEEL LIMITED, JSW STEEL LIMITED, ULTRATECH CEMENT LIMITED, ASIAN PAINTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 5.4% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE22.3%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +136% while net margin moved -9% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+136%

Margin effect-9%

DalalBaazaar Score

58/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROCE of 5.4% is below 10% — capital is not working hard
✗ ROCE has fallen by 4.5 points — returns are eroding
✗ EBITDA margin of 7.1% is thin — little cushion if costs rise
✗ Net margin of 4.5% is slim
• Revenue has compounded at 33.1% a year, which is the base these returns are earned on

Quality vs. Valuation

Company Quality

56/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

71/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

22.6x

3Y Median

41.0x

40 monthly readings · mean 39.6x · range 13.4x–86.2x

Sector Median

28.7x

median of 4 sector peers

🟢Current valuation is approximately 45% below its 3y median of 41.0x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 21% below the peer median of 28.7x.

vs. its own history

Cheap

41.0x median over 40 months · -45%

vs. sector peers

Cheap

28.7x median of 4 peers · -21%

vs. generic bands

Fair

15x–35x

EV/EBITDA

25.0x

PEG

0.78

What's Good / What's Bad

🟢 What's Going Well3

Cash generation is improving
Free cash flow is up 89% over 3 years.
Return on equity is rising
ROE has improved from 3.9% to 7.1%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 10.0% to 5.4% — often a sign of competition or overexpansion.

Red Flags

2 items require attention · 2 high

🔴Debt has risen sharplyFinancial
Total debt is up 144% over 3 years, from ₹17 Cr to ₹42 Cr.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 7.4 points, from 14.5% to 7.1%.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 45% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 21% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 14.5% to 7.1%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The debt load needs earnings to hold up
Debt is 11.1x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 25% a year✓ 33.1% CAGR
Latest reported year was 96.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 5%✓ 7.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 11.1x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Interest cover stays above 3x✗ 2.5x
How much operating profit can fall before interest stops being comfortably covered.
5Free cash flow remains positive✓ ₹3 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 5 neutral · 2 weak

Market Cap

₹53 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

22.6x

Fair

Fairly valued against the generic band

P/B Ratio

3.29x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹0.58

Profitable

Profitable on a per-share basis

ROE

7.1%

Weak

Weak capital efficiency

ROCE

5.4%

Weak

Low return on total capital employed

Debt/Equity

1.33x

Moderate

Moderate leverage

Revenue Growth (YoY)

96.5%

Healthy

Healthy top-line growth

Profit Growth (YoY)

166.7%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹3 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

7.8x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

8.6%

Average

Average margins

Net Margin

4.5%

Average

Average bottom-line conversion

Current Ratio

2.52

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.05

Defensive

Steadier than the market

52W Range Position

72%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

13.2 / 13.7

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

34.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹23 Cr	₹31 Cr	₹45 Cr	₹53 Cr	+33.1%
EBITDA	₹3 Cr	₹4 Cr	₹4 Cr	₹4 Cr	+4.9%
EBITDA Margin	14.5%	12.5%	9.4%	7.1%	—
PAT (Net Profit)	₹1 Cr	₹1 Cr	₹1 Cr	₹2 Cr	+28.8%
EPS	₹0.25	₹0.33	₹0.54	₹0.52	+27.7%
ROE	3.9%	4.9%	4.6%	7.1%	—
ROCE	10.0%	6.6%	6.3%	5.4%	—
Total Debt	₹17 Cr	₹39 Cr	₹43 Cr	₹42 Cr	+34.7%
Free Cash Flow	₹1 Cr	-₹19 Cr	-₹3 Cr	₹3 Cr	+23.7%

🟢 Revenue has grown at 33.1% a year over 3 years.

🟢 EBITDA has grown at 4.9% a year over 3 years.

🔴 EBITDA Margin has fallen from 14.5% to 7.1% over 3 years (-7.4 pts).

🟢 PAT (Net Profit) has grown at 28.8% a year over 3 years.

🟢 EPS has grown at 27.7% a year over 3 years.

🟢 ROE has risen from 3.9% to 7.1% over 3 years (+3.2 pts).

🔴 ROCE has fallen from 10.0% to 5.4% over 3 years (-4.5 pts).

🔴 Total Debt has grown at 34.7% a year over 3 years.

🟢 Free Cash Flow has grown at 23.7% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹90 Cr

Total Liabilities

₹59 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹3 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

34.7%

Corporate Actions

Ex-Dividend Date

14 Sept 2018

Peer Comparison

Company	P/E	ROE
TATA STEEL LIMITED	19.8x	10.8%
JSW STEEL LIMITED	12.0x	24.7%
ULTRATECH CEMENT LIMITED	37.6x	11.1%
ASIAN PAINTS LIMITED	46.9x	22.3%

Recent News

2 positive2 mixed2 general

Super Crop Safe receives BSE listing approval for 1.17 crore equity shares

scanx.trade, 08 Oct

Super Crop Safe submits scrutinizer report for 39th AGM voting results

scanx.trade, 01 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Visagar Financial Services reports standalone net loss of Rs 0.06 crore in the June 2026 quarter

Business Standard, 14 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Super Crop Safe FY26 Results: Revenue up 17%, net profit down 7%

scanx.trade, 06 SeptResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Crop Life Science Ltd. (CLSL-SM) Share Price Trades Within 2% of 52-Week High

Univest, 11 Aug

Super Crop Safe sets Sept 23 record date for AGM; no dividend for FY26

scanx.trade, 06 SeptCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongGrowth · Valuation

MiddlingFinancial Health · Profitability · Risk

WeakBusiness Quality

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Interest cover stays above 3x · see Key things to watch ↑