NSE: RALLIS · BSE: 500355
RALLIS INDIA LTD
Manufactures and markets crop protection products (insecticides, herbicides, fungicides) and seeds for Indian agriculture. In FY26 the Agri Inputs segment generated Rs 2,876 cr (99.3% of revenue), with the remainder from 'Others' at Rs 21 cr. In Q1 FY27, revenue of Rs 1,022 cr split into Crop Care at Rs 697 cr (Domestic B2C +19% on 15% volume growth, Exports −28% on Chinese pricing pressure in acephate, pendimethalin and hexaconazole, CSM contract manufacturing +191%) and Seeds at Rs 325 cr (+6%), with Soil and Plant Health also up 10%. The seeds portfolio is being narrowed to five strategic crops — Cotton, Maize, Millet, Mustard and Rice — to offset weakness in cotton, where acreage is down 35% year-on-year. The company launched 4 new crop care products and 9 new seed varieties in the quarter, and its Anubandh Edge retailer network has crossed 56,000 registrations. Materials account for 54.5% of revenue, the largest cost line. Management has guided to 15%+ EBITDA margin consistently and 500 bps margin expansion over five years. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Agri Inputs (99%), Others (1%). Seasonal crop protection and seeds business tied to the Indian monsoon and crop acreage
Exhibit 1: Financial summary, FY19–FY22 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY20 | FY21 | FY22 |
|---|---|---|---|---|
| Revenue | 1,984 | 2,252 | 2,429 | 2,604 |
| EBITDA (ex other income) | 241 | 271 | 332 | 274 |
| margin % | 12.1 | 12.0 | 13.7 | 10.5 |
| Owners' profit | 155 | 185 | 229 | 164 |
| EPS, as reported (₹) | 7.99 | 9.51 | 11.75 | 8.44 |
| ROE % · ROCE % | 12.0 · 16.5 | 13.0 · 16.3 | 14.4 · 18.4 | 9.7 · 12.8 |
| Debt / equity (x) | 0.05 | 0.05 | 0.04 | 0.05 |
| Cash from operations | — | — | 217 | 166 |
| Capex | — | — | (143) | (156) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY21 | Q2 FY21 | Q3 FY21 | Q4 FY21 | Q1 FY22 | Q2 FY22 | Q3 FY22 | Q4 FY22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 663 | 725 | 570 | 471 | 741 | 728 | 628 | 508 |
| Profit before tax | 120 | 110 | 62 | 12 | 109 | 77 | 53 | (16) |
| Net profit | 92 | 83 | 46 | 8 | 82 | 56 | 40 | (14) |
| EPS (₹) | 4.72 | 4.27 | 2.35 | 0.42 | 4.23 | 2.90 | 2.03 | (0.73) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| UPL LIMITED | 43,856 | 21.5 | 1.06 | 6.0 | 5.4 | 5.5 | 6.0 | 16.3 |
| PI INDUSTRIES LTD | 31,709 | 27.2 | 2.82 | 15.0 | 11.8 | 14.5 | 8.0 | 25.3 |
| SUMITOMO CHEM INDIA LTD | 16,936 | 29.2 | 4.99 | 21.1 | 16.0 | 20.8 | 4.1 | 28.9 |
| BAYER CROPSCIENCE LTD | 14,727 | 21.4 | 4.97 | — | 23.2 | 27.3 | — | 22.7 |
| SHARDA CROPCHEM LTD. | 5,819 | 9.3 | 1.86 | 4.7 | 21.7 | 25.2 | 17.1 | 20.5 |
| DHANUKA AGRITECH LTD | 3,842 | 13.2 | 2.74 | 8.6 | 21.2 | 27.0 | 12.7 | 27.4 |
| RALLIS INDIA LTD ◆ | 3,610 | 22.5 | 2.13 | 12.2 | 9.7 | 12.5 | — | 0.9 |
| NACL INDUSTRIES LIMITED | 2,645 | 221.4 | 3.87 | 33.4 | 0.7 | 1.4 | 5.9 | 11.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.5 | 19.0 | 18 of 24 | 26% |
| P/B | 2.1 | 2.1 | 14 of 28 | 52% |
| ROCE | 12.5 | 12.5 | 15 of 29 | 50% |
| ROE | 9.7 | 9.2 | 14 of 28 | 52% |
| Debt / Equity | 0.1 | 0.3 | 8 of 29 | 75% |
| EBITDA margin | 0.9 | 14.8 | 24 of 28 | 15% |
| Revenue growth | 7.7 | (0.8) | 9 of 28 | 70% |
| Profit growth | (274.3) | 18.1 | 28 of 28 | 0% |
| Market cap | 3610 | 1362 | 7 of 29 | 79% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Rallis India September-quarter profit falls 17% as first-half sales rise 3% | compliance | minimal | — | — |
| 23 Oct 2026 · Rallis India schedules one-on-one meeting with Arohi Asset Management | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Audio recording shared for Q2 and half-year results call | investor communications | low | — | — |
| 22 Oct 2026 · Q2 revenue slips 1% and EBITDA falls 18% on input costs | investor communications | medium | — | — |
| 22 Oct 2026 · Rallis India Q2 FY27 results: flat revenue, profit dips; H1 PAT up 6% | compliance | low | — | — |
| 22 Oct 2026 · Rallis India Q2 FY27: PAT Rs 85 cr, revenue flat YoY at Rs 858 cr | results | high | — | — |
| 22 Oct 2026 · Rallis India Q2 FY27 results: Revenue flat at Rs 858 cr, PAT down 17% YoY | results | high | — | — |
| 19 Oct 2026 · Rallis India schedules investor meetings in Singapore from Oct 26-29 | board shareholder meetings | low | — | — |
| 9 Oct 2026 · Rallis India Q2 and H1 FY27 earnings call on October 23, 2026 | board shareholder meetings | low | — | — |
| 9 Oct 2026 · Board Meeting on Oct 22 to Approve Q2 FY26 Results | results | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.