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Ajcon Global IPO report on India Pesticides

India Pesticides Limited (“IPL”) was incorporated on December 13, 1984. IPL is an R&D driven agro‐chemical manufacturer of Technicals with a growing Formulations business. IPL is the fastest growing agro‐chemical companies in India in terms of volume of Technicals manufactured. The Company has witnessed 37.17% year‐on‐year growth in Technicals manufacturing (by volume) between Fiscal 2020 and Fiscal 2021.

Valuation and Outlook

At the upper end of the price band of ₹296, the Company's IPO is valued at P/E multiple of 25x on FY21 earnings which looks decent as compared to Industry Average ‐ P/E of 35x. We recommend to "SUBSCRIBE" the issue for listing gains.