There was a recent CARE research report on Indian pesticides industry which provides very good data on broader industry landscape. Growth in pesticide exports has been ~14.4% (value wise) and 8.8% (volume wise) over FY17-21.
This report also summarizes working capital trends for major agchem cos. I am attaching them below. Punjab has the lowest working capital in the industry (15-20 days). This is because of their very low receivable days (~30 days). Inventory and payables are broadly in-line with peers (45-60 days).
Bharat Rasayan
Dhanuka Agri
Dharmaj
Heranba
India pesticides
Punjab chemicals
20220101_Care.pdf (1.3 MB)