Indofil Industries

What Indofil Industries does

Indofil Industries Limited is an Indian agrochemical and specialty chemicals manufacturer incorporated in 1993, with manufacturing roots dating to 1962 and headquartered in Mumbai under the K.K. Modi Group. The company operates three business divisions: (1) Agro Chemicals, its core segment, manufacturing Mancozeb-based fungicides (Winner M-45, Winner Z-78, Indofine, Indosure) along with other fungicides (Cymoxanil, Tricyclazole, Myclobutanil, Metalaxyl), insecticides (Shaolin, Asset, Aventar), herbicides, and plant growth regulators; (2) Indofil Innovative Solutions, producing specialty performance chemicals such as acrylic impact modifiers, processing aids, heat stabilizers, and additives for leather, coatings, plastics, and textile industries through the Indo-Reagens joint venture; and (3) IndoLife Super Specialities, a newer plant nutrition and bio-stimulant business offering Maxilizer, Innerzim, and garden-care products. Manufacturing is conducted across four facilities (Thane plus three Dahej units) with combined 145,000 MT annual capacity, featuring Zero Liquid Discharge (ZLD) systems at Dahej Units 2 and 3, and ISO 9001/14001/45001/50001 certifications alongside NABL-accredited laboratories.

The company operates a hybrid revenue model combining direct enterprise field sales (Crop Care Concept with field staff across seven Indian regional offices) with channel/distributor partnerships for international markets across 124+ countries through six international subsidiaries and a representative office in China. Pricing is conducted via direct, quote-based B2B sales with no public pricing disclosure; customer segments include Indian farmers (primary), global agrochemical distributors in APAC/Africa/MENA/CIS/Americas, and industrial manufacturers in specialty chemicals. Revenue is also supplemented by joint ventures including Shanghai Baijin Chemical Group (CS2 backward integration, 51% equity, 50K MT/annum) and Hisun (HIFIL), plus the 2019 acquisition of Agrowin Biosciences (Italy).

Vertical integration, regulatory expertise across 124+ countries, AEO-T1 customs certification, and six decades of brand equity underpin the operating model. Indofil holds four innovation-driven patents, and the company is described as India's 4th largest producer and 2nd largest exporter of agrochemicals. As an unlisted entity, Indofil's intrinsic value has been independently assessed by Grant Thornton at ₹10,500 Cr against a market cap of ~₹3,300 Cr (May 2025), with an additional ~₹5,867 Cr stake in BSE-listed Godfrey Phillips India that effectively values the chemicals business at zero on a sum-of-parts basis.

Name

Indofil Industries

Legal name

Indofil Industries Limited

Website

https://indofil.com

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Indofil Industries Limited is an Indian agrochemical and specialty chemicals manufacturer producing Mancozeb-based fungicides, insecticides, herbicides, plant nutrition products, and industrial specialty chemicals, serving farmers in India and international distributors across 124+ countries through direct field sales and subsidiary networks.

Ownership category

akta.pro rank

Product category

Agrochemicals

NAICS

Pesticide and Other Agricultural Chemical Manufacturing (32532), Other Chemical Product and Preparation Manufacturing (3259), Chemical Manufacturing (325)

SIC

Agricultural Chemicals (2870), Chemicals & Allied Products (2800), Industrial Organic Chemicals (2860)

akta.pro primary industry

Crop Protection Chemicals (Herbicides/Insecticides/Fungicides) (IMAEAEAI)

akta.pro secondary industries

Contract Warehousing, Blending & Distribution for Agrochemicals (bulk handling, IBC/drum management) (AFABAIAL), Industrial Biocides & Preservatives (IMAEABAH)

Keywords

• Crop protection chemicals
• Specialty performance chemicals
• Plant nutrition products
• Fungicide manufacturing
• Agrochemical manufacturing

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices17 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Agrochemicals - Domestic Sales: Sale of fungicides, insecticides, herbicides, and plant nutrition products to Indian farmers through a network of regional offices and field staff operating on a Crop Care Concept model. Products include Mancozeb-based fungicides (Winner M-45, Winner Z-78, Indofine), insecticides (Shaolin, Asset, Aventar), and specialty fertilizers.
2. Agrochemicals - International Export Sales: Export of Mancozeb and other crop protection products to 124+ countries through subsidiaries in Italy, Netherlands, Bangladesh, Philippines, Brazil, and Australia, and a representative office in China. International Business Division with country managers across APAC, Africa, Middle East & CIS, and the Americas.
3. Specialty and Performance Chemicals: Manufacturing and supply of specialty performance chemicals for leather, coatings, plastics, and textile industries through the Indofil Innovative Solutions division. Products include acrylic impact modifiers, processing aids, heat stabilizers, and specialty additives. Joint venture Indo-Reagens Polymer Additives Pvt. Ltd. (IRPA) with Italy-based Reagens serves PVC and CPVC sectors.
4. IndoLife Super Specialities - Plant Nutrition: New generation plant nutrition, plant healthcare, and plant immunity products including bio-stimulants (Maxilizer Liquid/Granule), specialty fertilizers (Innerzim Premium, Innerzim Vital, Innerzim Zest, Dripmax), garden care products, fungicides, acaricides, insecticides, and herbicides for B2B and B2C markets.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Indofil Industries manufactures and sells crop protection chemicals (fungicides such as Mancozeb, Cymoxanil, Tricyclazole; insecticides; herbicides; acaricides) and plant nutrition products (bio-stimulants, specialty fertilizers) for the agrochemical market, alongside specialty performance chemicals (acrylic impact modifiers, processing aids, heat stabilizers) for the leather, coatings, plastics, and textile industries. The company operates three divisions — Agro Chemicals, Indofil Innovative Solutions, and IndoLife Super Specialities — and sells domestically through field sales and seven regional offices and internationally through subsidiaries and distributors in 124+ countries.

Product overview

Indofil Industries Limited operates as an agrochemical and specialty chemicals company under the K.K. Modi Group. The product portfolio comprises three main divisions: (1) Agro Chemicals - the core fungicide business producing Mancozeb-based products and other crop protection chemicals (insecticides, herbicides) under the Crop Care Concept; (2) IndoLife Super Specialities - plant nutrition and plant protection division offering bio-stimulants (Maxilizer Liquid/Granule, Dripmax), speciality fertilizers (Innerzim line), fungicides (Winner, Indofine, Indosure), insecticides (Shaolin, Asset, Aventar), acaricides, herbicides, PGRs, and garden care products; and (3) Indofil Innovative Solutions - specialty performance chemicals for Leather, Coatings, Plastics, and Textile industries including acrylic impact modifiers, processing aids, and heat stabilizers. The company also operates through joint ventures including Indo-Reagens (polymer additives) and has international subsidiaries across Brazil, Philippines, Bangladesh, Netherlands, Italy, and Australia.

Differentiator

Problem solved

Functional benefit

Brands

• Indofil Innovative Solutions: Division offering innovative and superior technology products; specialty performance chemicals for leather, coatings, plastics, and textile industries
• IndoLife Super Specialities
• Crop Care Concept
• Indo-Reagens Polymer Additives
• Project Khushi

Products and services

• Agro Chemicals (Crop Care Product Line)

Quantifiable outcome

• 145,000 MT per annum total production capacity across four facilities
• +2 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Nine partnerships are on record, tiered minor and core.

• Utkarsh Global FoundationminorOthers · 1 June 2025Environmental CSR partnership. Indofil donated two vehicles dedicated to spreading awareness about environmental impact of single-use plastics along the Pandharpur Yatra route.
• Baroda Heart & Multispeciality HospitalminorOthers · 1 July 2024Healthcare partnership for community health camps. Indofil partnered with Baroda Heart & Multispeciality Hospital to conduct comprehensive health camps at Kadodra Village in Bharuch offering check-ups, ECGs, and blood sugar testing.
• Give India FoundationminorOthers · 2 November 2022CSR partnership for Project Khushi - financial support initiative for deserving rural girls from Maharashtra, West Bengal, North East, Andhra Pradesh, Telangana, Madhya Pradesh, Chhattisgarh, and Jammu & Kashmir through education and vocational training grants.
• The Telegraph FoundationminorOthers · 2 November 2022CSR partnership for Project Khushi - supporting education and social upliftment of rural girls through financial grants and partnerships with NGOs and leading foundations.
• Agrowin Biosciences (Milan, Italy)coreStrategic or Co-development Partner · 5 April 2019Indofil acquired majority stake in Agrowin Biosciences, a crop protection and plant nutrients company based in Milan, Italy. This is Indofil's second acquisition in Europe and leads to a firmer and more sustainable position in the Italian market. Long-term partnership with Agrowin Biosciences is reinforced to explore growth in Italy.
• Reagens (Italy)coreStrategic or Co-development Partner · 13 February 2019Joint venture titled Indo-Reagens Polymer Additives Pvt. Ltd. (IRPA) with Italy-based Reagens, a global-scale manufacturer of specialty chemicals for PVC and other thermoplastics founded in 1950 in Bologna. The JV constructs a state-of-art technology plant in Gujarat Industrial Development Corporation's Special Economic Zone in Dahej to offer green polymer additives to the Indian polymer processing industry. Offers complete product range including heat stabilizers, acrylic-based impact modifiers, processing aids, lubricants, functional fillers, and specialty additives. Also provides technical support from regional application laboratories at Thane and Delhi.
• Shanghai Baijin Chemical Group Co. Ltd. (SBC), ChinacoreStrategic or Co-development PartnerJoint venture for backward integration to manufacture Carbon-Di-Sulphide (CS2). Indofil holds 51% equity. Located at Dahej SEZ. India's first green technology CS2 plant which does not use charcoal from wood. Capacity: 50,000 MT/annum. Expected to save ~1,000 kgs of wood per ton of CS2 produced and reduce deforestation by 58 sq. kms per annum. SBC supplies technology and know-how. GSPC supplies Natural Gas; Indian Oil Refinery Vadodara supplies Sulphur. 15-year purchase agreement securing 50% of production.
• Hisun (HIFIL Joint Venture)minorChannel Partner/ Reseller/ DistributorJoint venture with Hisun for registering exclusive imports of agriculture chemicals and distributing formulations in India. Data generation for registration is in progress.
• UPL EuropeminorStrategic or Co-development PartnerCo-litigant with Indofil Industries in challenging the EU's 2020 ban on the fungicide mancozeb before Europe's General Court. Both companies argued that EU regulators overreacted in restricting the chemical. Court upheld the ban but acknowledged EU regulators made an error in relying solely on advisory opinion from European Chemicals Agency.

Scale indicators13 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Dhanuka Agritech: Indian agrochemical manufacturer specializing in insecticides, fungicides, herbicides, and plant growth regulators. Direct competitor in the Indian crop protection market with similar product categories and farmer-focused distribution approach.
• Crystal Crop Protection: Indian agrochemical company offering crop protection, seeds, and farm solutions. Comparable mid-sized peer serving Indian farmers with similar product categories (fungicides, insecticides, herbicides) and field-level engagement model.
• Bharat Rasayan: Indian manufacturer of technical-grade and formulated agrochemicals including fungicides, insecticides, and herbicides. Comparable manufacturing-focused business model serving both domestic and export markets with overlapping active ingredients.
• PI Industries: Leading Indian agrochemical manufacturer with strong domestic distribution and custom synthesis capabilities for global innovators. Comparable in product mix (fungicides, insecticides, herbicides) and target market (Indian farmers) to Indofil's agrochemical division.
• UPL Limited: India's largest agrochemical company with a global footprint in crop protection chemicals, seeds, and post-harvest solutions. Both UPL and Indofil jointly challenged the EU Mancozeb ban before Europe's General Court, making them the most direct functional and regulatory peer.
• Rallis India: Tata Group's agrochemical subsidiary producing crop protection chemicals, seeds, and plant growth nutrients for Indian and international markets. Similar crop care distribution model and product portfolio overlap with Indofil's domestic agrochemical business.

Broad incumbents

• FMC Corporation: US-based global agricultural sciences company with a leading portfolio of crop protection products including insecticides, herbicides, and fungicides. Overlaps with Indofil in the global crop protection market, particularly in insecticides and specialty formulations.
• Corteva Agriscience: Global pure-play agriculture company (DowDuPont spin-off) offering crop protection chemicals, seeds, and digital farming solutions. Major multinational competitor in the fungicide and broader crop protection categories where Indofil operates.
• ADAMA Agricultural Solutions: Global crop protection company (Israeli/Chinese-owned) with one of the world's broadest portfolios of off-patent agrochemicals including fungicides, insecticides, and herbicides. Larger incumbent competing across many of the same markets where Indofil operates, especially in export destinations.

Others

• Sumitomo Chemical India:

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Indofilofficial

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Indofil Industries