Rallis India Ltd. Overview
Rallis India is the Tata Group's only agri-inputs company. It is one of the oldest names in Indian crop protection. Its formulation brands, sold under the "Tata" umbrella and the company's own trademarks, reach about 80% of India's districts. They move through 7,200 dealers and more than 95,000 retailers [S4][S7]. The business combines four activities: a domestic branded crop-protection franchise (insecticides, fungicides, herbicides), a Soil and Plant Health (SPH) nutrition line, a B2B arm that exports technical-grade generics and runs custom synthesis and manufacturing (CSM), and a fast-improving hybrid seeds business under the Dhaanya brand. In FY2026 Rallis earned INR 2,897 crore of revenue and record EBITDA of INR 362 crore, a 12.5% margin [S3]. It is effectively debt-free and carries a CRISIL AA+ rating. Its strategic challenge is to turn a solid but low-growth generic portfolio into a higher-margin mix of seeds, SPH, biologicals and CSM. It must do this while facing Chinese price competition in exports and the swings of India's monsoon. In the market's view, that change is not yet proven.
What the company does
Rallis researches, develops, makes and sells agricultural inputs. The company describes its offering as spanning domestic crop care, export crop care, custom synthesis, soil and plant health, and seeds [S8]. It reports two operating segments:
Crop Care: This covers domestic B2C crop-protection formulations, domestic SPH products, B2B exports of technical-grade active ingredients (AIs) and formulations, and CSM for global agrochemical companies [S25].
Seeds: This covers hybrid and research seeds for cotton, paddy, maize, millet (bajra), mustard, wheat and fodder, sold mainly under the Dhaanya brand [S1].
In its FY2026 Directors' Report, the company describes itself as positioned to benefit from steady growth in Indian agriculture. It cites rising crop acreage, supportive policy, and farmers' growing focus on productivity and crop protection. It presents its diversified portfolio across crop protection, seeds and SPH as aligned with demand created by changing farm practices and climate stress [S1]. The about-us text in its press releases stresses the same themes: deep understanding of Indian agriculture, sustained contact with farmers, quality agrochemicals, branding and marketing skill, and a wide distribution network. It also notes marketing alliances with several multinational agrochemical companies [S4].
Business model and revenue model
| Revenue stream | Model | Customer | Approximate FY2026 scale | Economics |
|---|---|---|---|---|
| Domestic Crop Protection (B2C) | Branded generic and in-licensed formulations sold through a dealer-retailer network | Farmers, reached through distributors, dealers and retailers | About INR 1,550 crore (derived: Domestic Crop Care INR 1,775 crore minus SPH of about INR 225 crore) [S1][S8] | Highly seasonal, with Kharif dominating; credit-heavy; brand- and agronomy-led |
| Soil and Plant Health (SPH) | Branded crop-nutrition, organic and biological products | Farmers, reached through the same channel | About INR 225 crore (management figure) [S8] | Mostly domestic, so insulated from geopolitics; management wants to grow it 4x |
| B2B Exports and CSM | Technical-grade AIs and formulations sold to distributors and multinationals; contract synthesis for innovators | Global agrochemical majors and regional distributors in the US, Asia-Pacific, Europe and Latin America | INR 640 crore including CSM [S1] | Volume-sensitive; exposed to Chinese pricing; CSM is lumpy and depends on customer inventory |
| Seeds | Proprietary hybrids and research varieties, partly produced by contract growers | Farmers through dealers | INR 481 crore [S1] | Cotton seed prices are government-controlled; rice, maize and millet earn higher margins |
Rallis earns almost all of its money from product sales. It has no material service, subscription or licensing revenue. Revenue falls into four economically different streams:
Value-chain position
Rallis works across most of the agrochemical value chain. It does process research (the Rallis Innovation Chemistry Hub, RICH, in Bengaluru). It synthesises technical-grade AIs, including multipurpose plants at Dahej. It formulates and packs products (Ankleshwar, Lote and Akola). It builds and manages brands. It distributes through a large rural network. Upstream, it depends on imported intermediates and some AIs, with heavy exposure to China. Management describes China-linked supply concentration as a structural issue, because export restrictions, price moves or freight disruptions can change availability and cost quickly [S8]. In seeds, Rallis breeds hybrids (the Metahelix legacy), produces seed through contract growers, and processes it at facilities in Telangana [S20].
Customer types and end-markets
The company groups its B2C customers into three types: dealers, retailers and farmers. It runs a loyalty programme for each: Utkarsh for crop-care trade, Milan for seeds trade, Anubhandh Edge for retailers in both segments, and Dhaanya Progressive Farmer (DPF) clubs for seed customers. These are supported by the "Dr. Vishwas" toll-free farmer advisory line and the redesigned Sampark Plus app [S1].
B2B customers are global innovator and generic agrochemical companies that buy AIs or CSM services. Management named the United States and Asia-Pacific as key catalogue markets for metribuzin, hexaconazole and pendimethalin [S1].
The main crop end-markets are cotton, paddy, soybean, pulses, chilli, sugarcane, maize, millet, mustard and wheat [S1][S9].
Independent characterisation
Rallis is best described as a mid-sized Indian agri-inputs franchise with strong distribution and brand reach but limited molecule ownership. Its domestic crop-protection portfolio relies heavily on mature generics; Blitox and Tafgor each crossed INR 100 crore of revenue for the first time in FY2026 [S1]. The company has not built the proprietary-molecule pipeline or high-margin CSM book that lets peers such as PI Industries earn EBITDA margins of 25% or more [S19]. The investment case now rests on three things: (i) the seeds turnaround, from break-even in FY2024 to INR 69 crore of EBITDA in FY2026 [S5][S9b]; (ii) scaling SPH and biologicals; and (iii) rebuilding exports and CSM with new molecules. Its financial conservatism (AA+ rating, net cash) is a real advantage, but it has also kept returns on equity in single digits.
Strategy
The domestic business grew by 25% during the quarter despite a soft Rabi season, led by price hikes and volume growth. The company plans on focusing on underserved markets like Madhya Pradesh, Uttar Pradesh, and Rajasthan through new product launches. During the quarter, the herbicide segment grew by 20%, while the insecticide and fungicide segments grew by 5% each. For its export business, the company is focusing on increasing its formulation share. From the current revenue contribution of 35%, the company plans to increase its revenue contribution of the international business to 40% by FY25E.
Financial Narrative
All figures are INR crore, standalone, unless stated. Primary sources are the FY2025 and FY2026 Directors' Reports [S1][S2]. Screener.in's standardised data, compiled from annual reports by C-MOTS [S7], fills earlier years and line items.
Income statement
Notes:
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FY2025 and FY2026 detail from the Directors' Reports [S1].
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Revenue: INR 2,662.94 crore (FY2025) and INR 2,896.65 crore (FY2026).
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Other income: INR 31.72 crore and INR 42.71 crore.
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Finance costs: INR 12.49 crore and INR 10.32 crore.
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D&A: INR 120.49 crore and INR 117.13 crore.
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Profit before finance cost, D&A and tax (EBITDA including other income): INR 318.48 crore and INR 403.98 crore.
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Profit before exceptional items and tax: INR 185.50 crore and INR 276.53 crore.
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Exceptional items: +INR 1.17 crore and –INR 26.23 crore.
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PBT: INR 186.67 crore and INR 250.30 crore.
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PAT: INR 125.13 crore and INR 183.88 crore.
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EBITDA definitions differ. Company-reported EBITDA excluding other income was INR 311 crore in FY2024 and INR 286 crore in FY2025 [S9b], versus Screener's INR 313 crore and INR 288 crore. FY2026 is INR 362 crore on both bases [S3].
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Screener's "other income" line nets exceptional items. The FY2026 exceptional charge of INR 26.23 crore relates mainly to a gratuity provision booked in Q3 FY2026, around when India's new Labour Codes were notified [S1][S26].
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As a reference point, Q1 FY2027 gross margin was 37.7% versus 36.3% in Q1 FY2026 [S9].
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Basic and diluted EPS are identical; Rallis has no dilutive instruments.
Margin profile
Revenue CAGR (analyst computation):
Commentary. The five-year record shows a V-shaped margin cycle without a revenue breakout.
FY2023 trough: FY2023 revenue reached a then-record INR 2,967 crore on inflated agrochemical prices. EBITDA margin, however, fell to 7.4% as raw-material inflation outran price increases, and Q4 FY2023 showed a loss of INR 69 crore [S30].
FY2024 recovery: Global destocking and Chinese oversupply cut exports by 35% and total revenue by 11%. Margin nonetheless recovered to 11.8% as input costs deflated [S5].
FY2025 stagnation: Revenue was flat at INR 2,663 crore. Exports fell another 15% because of global oversupply and price deflation [S2]. A higher 33% effective tax rate pushed PAT down 15% to INR 125 crore.
FY2026 inflection: Revenue grew 9% on volume, exports grew 18%, Seeds grew 15%, and EBITDA reached a record INR 362 crore (12.5%). Even after the INR 26 crore exceptional charge, PAT rose 47% to INR 184 crore [S1][S3].
The structural issue is that Rallis's margins have not returned to the 15–17% EBITDA margins of FY2015 to FY2018 (Screener operating margin of 15–17%) [S7]. That reflects the more commoditised nature of its current portfolio.
Quarterly trend (most recent nine quarters)
Source: Screener quarterly standalone data [S7]. The company reported Q1 FY2027 EBITDA as INR 184 crore [S26].
Seasonality is extreme. Q1 and Q2 (Kharif) produce essentially all annual profit. Q4 (late Rabi) has been loss-making in FY2024, FY2025 and FY2026.
Q1 FY2027 quality-of-earnings flag. Arihant Capital notes that Q1 FY2027 EBITDA (+23% YoY) and PAT (+31%) were helped by an INR 35 crore employee-cost provision reversal. That reversal comprised about INR 11 crore of recurring incentive true-up and about INR 24 crore of one-time restructuring and retirement costs. On Arihant's adjustment, underlying EBITDA was broadly flat year on year [S9]. There is also a small discrepancy in the Q1 FY2026 base: the company reports INR 957 crore, while the Arihant call summary cites INR 977 crore [S4][S9].
Balance sheet
Sources and notes:
- Screener standalone balance sheet [S7]. Equity is share capital of INR 19 crore plus reserves.
Cash and equivalents: The company reported "cash and liquid balances" of INR 541 crore at 31 March 2026 [S8][S25] and INR 309 crore at 30 June 2026, after the seasonal working-capital build [S19b]. On the company's INR 541 crore figure, FY2026 net cash is about INR 480 crore.
Debt split: The short-term versus long-term split is not available from the sources reviewed. CRISIL-rated facilities comprise INR 440 crore of bank lines and an INR 75 crore commercial-paper programme [S1].
Goodwill and intangibles: Not separately retrieved. Historical Metahelix acquisition goodwill exists on the books, but its current carrying value is not publicly disclosed in sources reviewed.
Working capital proxy: This is approximate because "other assets" includes some non-current items.
Commentary.
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The balance sheet is conservative. Borrowings fell from INR 137 crore (FY2023) to INR 61 crore (FY2026), mostly lease liabilities and working-capital lines, while equity compounded to INR 2,043 crore.
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The FY2024 jump in fixed assets (INR 758 crore to INR 1,008 crore) shows the capitalisation of the Dahej multipurpose-plant and capacity programme that had built up in CWIP (INR 237 crore at FY2023). That spending is the main reason D&A rose from INR 74 crore to about INR 120 crore. It has not yet been matched by CSM revenue growth, so asset turnover is the main lever for improving returns.
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Investments (liquid funds) rose to INR 505 crore, consistent with management's description of cash available for "working capital and potential inorganic opportunities" [S8].
Cash flow
Sources and notes:
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Cash from operations, investing and financing, and free cash flow are from Screener [S7].
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Capex is derived as cash from operations minus free cash flow.
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Dividends paid are derived from the prior year's dividend per share multiplied by 19.45 crore shares. The FY2025 and FY2026 outflows of INR 48.62 crore are confirmed in the Directors' Report [S1].
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No buybacks were found in any year.
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CFO/EBITDA is an analyst computation using EBITDA excluding other income. Screener's CFO/operating profit ratios differ slightly (FY2026: 66%).
Commentary.
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Cash conversion has been good in most years, with free cash flow totalling about INR 571 crore over FY2023 to FY2026.
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FY2026 cash from operations fell to INR 172 crore despite record EBITDA. Management deliberately built raw-material inventory ahead of feared war-related supply disruptions to secure supply for the Kharif season [S8]. Inventory days rose to 217 from 185.
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Capex has compressed sharply, from INR 186 crore (FY2023) to an implied INR 29 crore (FY2026). That supports cash generation but limits capacity-led growth until the existing Dahej assets are better used.
Returns, leverage and efficiency ratios
Sources and notes:
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Working-capital days and ROCE are from Screener [S7].
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ROE, ROA, ROIC, leverage, coverage and turnover are analyst computations from the tables above.
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Net debt to EBITDA uses the investments-based net debt proxy.
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Arihant reports ROCE of 10.8% (FY2024), 8.7% (FY2025) and 12.3% (FY2026) on its own definition [S9].
Commentary.
Returns are the weakest part of the Rallis story: ROE has stayed between 5% and 10% for five years. Screener's three-year average is 8.4% [S7]. Equity keeps compounding while profits swing with the cycle.
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The cash conversion cycle of about 130 days is long even by agrochemical standards. It is driven by inventory days above 200, the cost of holding seasonal stock and imported raw materials ahead of Kharif.
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Leverage is not a concern: the company holds net cash and interest coverage is above 20x.
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The FY2026 improvement in ROIC to about 11% is real, but it is roughly equal to or below a reasonable cost of equity for an Indian small-cap. The business has not yet shown a sustained spread over its cost of capital.
7. SEGMENTAL AND GEOGRAPHIC REVENUE MAPPING
Geographic split (domestic versus export)
Rallis discloses its geography only as India versus exports. Country-level revenue is not publicly disclosed.
India revenue is derived as Domestic Crop Care plus Seeds, on the assumption that seeds are sold almost entirely in India, which is consistent with all disclosures. A derived FY2023 export base is about INR 983 crore (FY2024 INR 639 crore divided by 0.65, given the 35% decline) [S5]. This implies that exports fell by about 35% from FY2023 to FY2026 overall.
Segment by geography matrix (FY2026, INR crore)
(Rounding: the Crop Care total of INR 2,416 crore is as reported [S25]; the components sum to INR 2,415 crore.)
Regional commentary
Fastest growing: exports in FY2026 (+18%): The company attributes this to higher volumes and a broader customer base. Catalogue products (metribuzin, hexaconazole, pendimethalin) grew in the United States and Asia-Pacific, and margins held up through "data-backed, agile pricing" and supply-chain efficiency [S1]. Within CSM, volumes of some key products fell because customers had high inventories, but new CSM formulations partly made up the gap [S1].
- Most volatile and currently declining: exports in Q4 FY2026 (-33%) and Q1 FY2027 (B2B -19%, volume -26%). Pendimethalin demand weakened in Europe and Chinese competitors priced aggressively in SFA, hexaconazole and related products [S8][S9]. Management describes the global recovery as uneven: US demand is supportive, but Brazil is weak and China is pressuring prices [S8].
India: steady mid-single-digit growth: Domestic B2C grew 19% in Q1 FY2027 on 15% volume [S9]. The southern markets were described as persistently difficult in FY2026 [S1]. CSR and plant activity is concentrated in Maharashtra, Gujarat, Karnataka, Telangana and Uttarakhand [S1].
Country-level data: not publicly disclosed.
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View Subscription PlansFinancial Detail
Income Statement and Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue from operations (INR Cr) | 2,604 | 2,967 | 2,648 | 2,663 | 2,897 |
Revenue growth YoY (%) | 7.2 | 13.9 | -10.8 | 0.6 | 8.8 |
EBITDA excl. other income (INR Cr) | 281 | 221 | 313 | 288 | 362 |
Depreciation and amortisation (INR Cr) | 74 | 91 | 114 | 120 | 117 |
Operating income / EBIT excl. other income (INR Cr) | 207 | 130 | 199 | 168 | 245 |
Other income incl. exceptional items (INR Cr) | 22 | 13 | 16 | 33 | 16 |
Finance costs (INR Cr) | 7 | 14 | 19 | 12 | 10 |
Profit before tax (INR Cr) | 222 | 128 | 196 | 187 | 250 |
Effective tax rate (%) | 26 | 28 | 24 | 33 | 27 |
Net income (INR Cr) | 164 | 92 | 148 | 125 | 184 |
EPS basic (INR) | 8.45 | 4.73 | 7.60 | 6.43 | 9.46 |
EPS diluted (INR) | 8.45 | 4.73 | 7.60 | 6.43 | 9.46 |
Dividend per share (INR) | 3.00 | 2.50 | 2.50 | 2.50 | 3.00 |
Dividend payout (%) | 36 | 53 | 33 | 39 | 32 |
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View Subscription PlansMargin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
EBITDA margin (%) | 10.8 | 7.4 | 11.8 | 10.8 | 12.5 |
Operating (EBIT) margin (%) | 7.9 | 4.4 | 7.5 | 6.3 | 8.5 |
Pre-tax margin (%) | 8.5 | 4.3 | 7.4 | 7.0 | 8.6 |
Net margin (%) | 6.3 | 3.1 | 5.6 | 4.7 | 6.3 |
CAGR by Period
| Period | CAGR |
|---|---|
FY2021–FY2026, 5 years (FY2021 base INR 2,429 crore) | 3.6% |
FY2022–FY2026, 4 years | 2.7% |
FY2023–FY2026, 3 years | -0.8% |
FY2016–FY2026, 10 years (Screener) | 8% |
Income Statement and Margin Analysis (%) (Quarterly)
| Metric | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 |
|---|---|---|---|---|---|---|---|---|---|
Revenue (INR Cr) | 783 | 928 | 522 | 430 | 957 | 861 | 623 | 456 | 1,022 |
EBITDA excl. other income (INR Cr) | 96 | 166 | 44 | -20 | 150 | 154 | 58 | -1 | 185 |
EBITDA margin (%) | 12 | 18 | 8 | -4.7 | 16 | 18 | 9 | -0.2 | 18 |
Net profit (INR Cr) | 48 | 98 | 11 | -32 | 95 | 102 | 2 | -15 | 125 |
EPS (INR) | 2.47 | 5.04 | 0.57 | -1.65 | 4.89 | 5.25 | 0.10 | -0.77 | 6.43 |
Balance Sheet and Per-Share Data
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Total assets (INR Cr) | 2,858 | 2,798 | 3,003 | 2,974 | 3,345 |
Net fixed assets (INR Cr) | 771 | 758 | 1,008 | 904 | 849 |
Capital work in progress (INR Cr) | 130 | 237 | 62 | 52 | 32 |
Investments, largely liquid funds (INR Cr) | 212 | 223 | 251 | 412 | 505 |
Total borrowings incl. leases (INR Cr) | 93 | 137 | 134 | 63 | 61 |
Shareholders' equity (INR Cr) | 1,696 | 1,730 | 1,829 | 1,904 | 2,043 |
Net debt proxy: borrowings minus investments (INR Cr) | -119 | -86 | -117 | -349 | -444 |
Net working capital proxy: other assets minus other liabilities (INR Cr) | 676 | 650 | 643 | 600 | 717 |
Book value per share (INR) | 87.2 | 89.0 | 94.1 | 97.9 | 105.1 |
Cash Flow and Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Cash from operations (INR Cr) | 166 | 217 | 269 | 295 | 172 |
Capital expenditure (INR Cr) | 181 | 186 | 81 | 71 | 29 |
Free cash flow (INR Cr) | -15 | 31 | 188 | 224 | 143 |
Cash from investing (INR Cr) | -103 | -142 | -102 | -214 | -95 |
Cash from financing (INR Cr) | -61 | -41 | -184 | -80 | -66 |
Dividends paid (INR Cr) | 58 | 58 | 49 | 49 | 49 |
Share buybacks (INR Cr) | 0 | 0 | 0 | 0 | 0 |
CFO / EBITDA (%) | 59 | 98 | 86 | 102 | 48 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
ROE on average equity (%) | 10.0 | 5.4 | 8.3 | 6.7 | 9.3 |
ROA on average assets (%) | 6.0 | 3.3 | 5.1 | 4.2 | 5.8 |
ROCE as reported by Screener (%) | 14 | 8 | 11 | 10 | 14 |
ROIC, post-tax EBIT over invested capital net of liquid investments (%) | 9.7 | 5.7 | 8.8 | 7.2 | 11.3 |
Debt to equity (x) | 0.05 | 0.08 | 0.07 | 0.03 | 0.03 |
Net debt to EBITDA (x) | -0.42 | -0.39 | -0.37 | -1.21 | -1.23 |
Interest coverage, EBIT over finance cost (x) | 29.6 | 9.3 | 10.5 | 13.5 | 23.7 |
Asset turnover, revenue over average assets (x) | 0.96 | 1.05 | 0.91 | 0.89 | 0.92 |
Debtor days | 63 | 61 | 80 | 74 | 78 |
Inventory days | 227 | 158 | 199 | 185 | 217 |
Payable days | 182 | 117 | 148 | 134 | 164 |
Cash conversion cycle (days) | 107 | 102 | 131 | 126 | 130 |
Key Financials and Margin Analysis (%)
| Region | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
India, Domestic Crop Care plus Seeds (INR Cr) | 2,009 | 2,118 | 2,256 |
Exports incl. CSM (INR Cr) | 639 | 545 | 640 |
India share of revenue (%) | 75.9 | 79.5 | 77.9 |
Exports share of revenue (%) | 24.1 | 20.5 | 22.1 |
India growth YoY (%) | — | 5.4 | 6.5 |
Exports growth YoY (%) | -35 | -14.7 | 17.4 |
Segment Overview
| Segment | India | Exports | Total |
|---|---|---|---|
Crop Care | 1,775 | 640 | 2,416 |
Seeds | 481 | 0 | 481 |
Total | 2,256 | 640 | 2,897 |
Valuation Snapshot
| Metric | Value | Source / date |
|---|---|---|
Last close | INR 200.03 | NSE, 7 Oct 2026 [S27] |
52-week high / low | INR 315 / INR 197 | Screener, 5 Oct 2026 [S7] |
1-year return | -36% | Screener, 5 Oct 2026 [S7] (Arihant: -36.68% as of Jul 2026 [S9]) |
3-year price CAGR | -2% | [S7] |
5-year price CAGR | -7% | [S7] |
10-year price CAGR | -1% | [S7] |
Share Price History
| Date | Price (INR) | Source |
|---|---|---|
30 Apr 2026 | about 260 | ICICI Direct CMP [S8] |
21 Jul 2026 | about 231 | Arihant CMP [S9] |
15 Sep 2026 | 203.83 | [S40] |
7 Oct 2026 | 200.03 | [S27] |
Valuation Multiples
| Multiple | Rallis | Basis |
|---|---|---|
P/E, TTM | 18.2x | TTM EPS INR 11.01 [S7]. Screener displays 16.8x on its own basis. |
P/E, FY2026 | 21.1x | FY2026 EPS INR 9.46 |
P/E, FY2027E / FY2028E (Arihant estimates) | 17.1x / 13.4x | EPS estimates INR 11.73 / INR 14.95 [S9] |
P/B | 1.9x | FY2026 book value per share about INR 105 |
EV / EBITDA, TTM | about 8.6x | EV about INR 3,410 crore (market cap INR 3,890 crore + debt INR 61 crore − cash INR 541 crore); TTM EBITDA about INR 396 crore, which includes the Q1 FY2027 reversal |
EV / Sales, TTM | about 1.15x | TTM revenue INR 2,962 crore |
Dividend yield | 1.5% | FY2026 dividend of INR 3.00 |
Analyst Ratings & Targets
| Broker | Date | Rating | Target price (INR) | Methodology | Key estimates |
|---|---|---|---|---|---|
ICICI Direct (retail research) | 30 Apr 2026 | BUY | 310 | 12x FY2028E EBITDA of INR 437 crore | Crop Care revenue CAGR 9% and Seeds 12% over FY2026–FY2028E [S8] |
Arihant Capital | 21 Jul 2026 | BUY | 299 (cut) | 20x FY2028E EPS of INR 14.9 | FY2027E revenue INR 3,418 crore, EBITDA INR 409 crore, PAT INR 228 crore; FY2028E revenue INR 4,171 crore, EBITDA INR 515 crore, PAT INR 291 crore [S9] |
Simply Wall St consensus (Apr 2025) | Apr 2025 | — | — | — | Revenue forecast to grow about 10% a year over 3 years [S38] |
Per-Share Data and Returns & Leverage Ratios (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Dividend per share (INR) | 3.00 | 2.50 | 2.50 | 2.50 | 3.00 |
Dividend payout (%) | 36 | 53 | 33 | 39 | 32 |
Total dividend outflow (INR Cr) | 58 | 49 | 49 | 49 | 58 |
Credit Ratings
| Agency | Instrument | Rating | Outlook | Date |
|---|---|---|---|---|
CRISIL | Long-term bank facilities (total INR 440 crore) | AA+ | Stable | Reaffirmed Sep 2025 and Sep 2026 [S1][S7] |
CRISIL | Short-term bank facilities | A1+ | — | Reaffirmed |
CRISIL | Commercial paper (INR 75 crore) | A1+ | — | Reaffirmed |
Moody's / S&P / Fitch | — | Not rated | — | — |
Timing Details
| Timing | Catalyst / monitorable |
|---|---|
By 14 Nov 2026 | Q2 FY2027 results. Watch Kharif sell-through, cotton seed returns, B2B export volumes and provisioning. |
4 Nov 2026 | CFO handover to Sridhar Radhakrishnan |
Q3 FY2027 (Oct–Dec 2026) | Rabi season demand; FullPage pilot readouts; CSM project start-ups |
FY2027 (ongoing) | Launch of about 3 new export molecules; RSTC commissioning |
Mid-2027 | 79th AGM approval of S R B C & Co LLP as auditor; Kharif 2027 monsoon |
Ongoing | Inventory days (217 at FY2026), cash conversion, Chinese AI pricing, FII flows, and any move to deploy the more than INR 500 crore of liquidity |
Code Details
| Code | Source | Date / fiscal year |
|---|---|---|
S1 | Rallis India — Directors' Report, 78th (Integrated) Annual Report FY2025-26, via IIFL (indiainfoline.com) | Board report dated 27 Apr 2026; FY2026 |
S2 | Rallis India — Directors' Report, 77th Annual Report FY2024-25, via Arihant Capital company information | FY2025 |
S3 | Rallis India press release, FY2026 audited results (rallis.com / NSE / Tata Chemicals newsroom; AgroSpectrum; Global Agriculture) | 27–29 Apr 2026 |
S4 | Rallis India press release, Q1 FY2027 results (rallis.com / NSE / Tata Chemicals) | 20 Jul 2026 |
S5 | Rallis India press release, FY2024 results (BSE / rallis.com / Tata World / AgroSpectrum) | 22 Apr 2024 |
S6 | Rallis India press release, FY2025 results (rallis.com / AgroSpectrum) | 23 Apr 2025 |
S7 | Screener.in — Rallis India standalone financials, shareholding, ratios and announcements | Accessed Oct 2026 |
S8 | ICICI Securities (ICICI Direct) Retail Research — Rallis Q4 FY2026 Result Update | 30 Apr 2026 |
S9 | Arihant Capital — Rallis Q1 FY2027 Result Update | Jul 2026 |
S9b | Arihant Capital — Rallis Q4 FY2026 Result Update | 29 Apr 2026 |
S10 | Rallis India BRSR FY2025-26 (28 May 2026) and FY2024-25 (29 May 2025) | FY2026 / FY2025 |
S11 | Business Standard / 5paisa / Benzinga — Tata Chemicals block deal in Rallis | 18–19 Jul 2023 |
S12 | Rallis / Tata Chemicals press release — MD and CEO appointment (BSE filing) | 1 Mar 2024 |
S13 | Rallis India heritage page, "Making a difference over generations" (DAR 2022-23) | 2023 |
S13b | Sahi.com — Q1 FY2027 coverage noting late-June 2026 independent-director resignation | Jul 2026 |
S14 | IIFL / Goodreturns / PL India — Rallis company history summaries | Various |
S14b | Indian Chemical News — Rallis Q1 FY2027 | 21 Jul 2026 |
S15 | NSE filing — Outcome of Board Meeting (CFO change); Sahi / Investywise coverage | 20 Aug 2026 |
S16 | Rallis press release and coverage — Paryan Alliance FullPage partnership | 14–17 Nov 2025 |
S17 | FilingReader — "Rallis India overhauls senior leadership" | 25 Jun 2026 |
S18 | Value Research Online — peer comparison pages (Sumitomo Chemical, Dhanuka) | Sep 2026 |
S18b | Sahi.com — AGM dividend approval | Jul 2026 |
S19 | PI Industries Q4 FY2026 investor presentation; Multibagg summary | May 2026 |
S19b | Multibagg — Rallis Q1 FY2027 results summary | Jul 2026 |
S20 | rallis.com manufacturing (crop care) page; Vogue Stock location registry | Accessed Oct 2026 |
S21 | ICICI Direct — Rallis Q1 FY2026 and Q3 FY2026 Result Updates | Jul 2025; Jan 2026 |
S22 | DSIJ — Rallis Q1 FY2027 broker report summary | Jul–Aug 2026 |
S23 | Tata Chemicals newsroom — Rallis Q3 FY2026 press release | 20 Jan 2026 |
S24 | ScanX / Screener announcement feeds (BSE/NSE Regulation 30 filings, CRISIL) | 2025–2026 |
S25 | Multibagg — "Rallis FY26: Record EBITDA, but Q4 still shows seasonality" | Apr 2026 |
S26 | Quartr — Rallis event summaries (Q1 FY2027, Q3 FY2026, Q2 FY2026) | 2026 |
S27 | IIFL (indiainfoline.com) — Rallis share price | 7 Oct 2026 |
S28 | AgriBusiness Global — "Rallis Ready for Growth in India and Around the World"; "India and the Big Shift Part 3" | Historical |
S29 | AgroSpectrum — COVID plant resumption | May 2020 |
S30 | Business Standard — Q4 FY2023 loss coverage | Apr 2023 |
S31 | Board Stewardship — Bhaskar Bhat retirement | Aug 2024 |
S32 | FilingReader — Rallis Q1 FY2026 results | 21 Jul 2025 |
S33 | ScanX — Paryan partnership coverage (Deeweed mention) | Nov 2025 |
S34 | IIFL / Bajaj Finserv / Enrich Money company summaries (country reach, plant awards) | Various |
S35 | Board Stewardship — Gyanendra Shukla appointment (JK Agri Genetics background) | Mar 2024 |
S36 | Board Stewardship — CFO succession profiles | Aug 2026 |
S36b | India CSR — Rallis FY2025 results overview (R&D intensity 2.46% vs 2.31%) | 2025 |
S37 | Fyers news feed — Rallis call updates (500 bps margin target; 3–4% agriculture growth) | Apr–Jul 2026 |
S38 | Simply Wall St — Rallis FY2025 earnings | 25 Apr 2025 |
S39 | Emkay Global company news feed — Q4 FY2026 filings list | Apr–May 2026 |
S40 | Univest — Rallis Q2 FY2027 preview | 15 Sep 2026 |
Executive Leadership
Executive Leadership Team
| Name | Title | Tenure | Prior roles / education |
|---|---|---|---|
Dr. Gyanendra Shukla | Managing Director and CEO | Since 1 Apr 2024 (five-year term to 31 Mar 2029) | More than 34 years in crop protection and seeds across India, Asia-Pacific and Africa; more than 20 years in global leadership roles at Monsanto (commercial, sales, corporate affairs, technology development, regulatory); most recently President and Whole-time Director of JK Agri Genetics; holds a doctorate (field not disclosed) |
Bhaskar Swaminathan | Chief Financial Officer | 7 Aug 2025 to 4 Nov 2026 (moving to another Tata company) | Chartered accountant with about 30 years' experience; Business Finance Head (India), Tata Chemicals since 2020; previously at Can-Pack India, Syngenta India, Volkswagen Group, Sterlite Industries and Indian Hotels |
Sridhar Radhakrishnan | CFO-designate | Effective 4 Nov 2026 | Chartered accountant and B.Com; more than 21 years in finance; about 4 years as CFO of Tata Consulting Engineers; earlier Strategic Finance and Investor Relations and India Business Controller at Tata Chemicals; M&A at Tata Sons Chairman's Office; Tata Teleservices |
Sariga P. Gokul | Company Secretary and Compliance Officer | Since 9 May 2025 | — |
Velmurugan Ramadass | Business Head, Seeds | Since Jun 2026 | More than 30 years in Indian seeds; previously Mahindra Agri Solutions and E.I.D.-Parry |
“—” = not publicly disclosed.
Executive Leadership Team — Sanjiv Lal
| Name | Role | Exit |
|---|---|---|
Sanjiv Lal | MD and CEO | Term completed 31 Mar 2024 |
Srikant Nair | Company Secretary | 30 Apr 2025, joined another Tata company |
Subhra Gourisaria | CFO | 24 Jul 2025, joined another Tata company |
Devender Kumar | Senior management | Exited following an internal reorganisation (Jun 2026) |
Sukhbir Singh Malik | Head, Marketing and Customer Centricity | Retired Jul 2026 |
Vairamani Ramanathan | Head of R&D, Seeds and Biotech | Retired Jul 2026 |
Board of Directors
| Director | Category | Tenure / notes |
|---|---|---|
S. Padmanabhan | Chairman; Non-Executive, Non-Independent | Retires by rotation; offered for re-appointment at the 78th AGM (23 Jun 2026). Prior roles are not detailed in sources reviewed (long-standing Tata Group executive). |
Dr. Gyanendra Shukla | MD and CEO (Executive) | Since 1 Apr 2024 |
R. Mukundan | Non-Executive, Non-Independent (MD and CEO of the parent, Tata Chemicals) | Left the CSR Committee on 10 Feb 2026; continuing board status not separately confirmed |
Dr. C. V. Natraj | Independent | Chairman of the CSR Committee from 10 Dec 2025 |
Padmini Khare Kaicker | Independent | Chartered accountant (general knowledge) |
Mahesh Girdhar | Independent | 10 Dec 2025 to 9 Dec 2030; approved by postal ballot on 8 Feb 2026; Audit Committee member from 10 Feb 2026 |
Ashok Sharma | Independent | 10 Feb 2026 to 9 Feb 2031; approved by postal ballot on 12 Apr 2026 |
Rashmi Joshi | Independent | 3 Apr 2026 to 2 Apr 2031; subject to shareholder approval at the 78th AGM |
David Francis Crean | Independent | 27 Apr 2026 to 26 Apr 2031; subject to shareholder approval at the 78th AGM |
Shareholding Trend
| Holder category | Sep 2023 (%) | Mar 2024 (%) | Mar 2025 (%) | Mar 2026 (%) | Jun 2026 (%) |
|---|---|---|---|---|---|
Promoter: Tata Chemicals Ltd | 55.08 | 55.08 | 55.08 | 55.08 | 55.08 |
Foreign institutional investors | 8.23 | 9.20 | 11.41 | 11.55 | 9.12 |
Domestic institutional investors | 14.44 | 12.77 | 13.78 | 11.32 | 11.72 |
Government | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 |
Public / retail | 21.84 | 22.54 | 19.31 | 21.64 | 23.66 |
Governance Timeline
| Date | Initiative | Type | Details |
|---|---|---|---|
FY2024 onward | Rallis Science and Technology Centre (RSTC) | R&D platform investment | Construction started in FY2024 to augment innovation capability [S5]; capex and completion date not disclosed |
FY2025 | Seeds cost-optimisation and "Agile" programme | Cost / transformation | Took Seeds to INR 18 crore PBT in FY2025 [S6]; described as a mature framework for lower operating costs and better margins [S1] |
14 Nov 2025 | Paryan FullPage herbicide-tolerant rice | Technology partnership | Direct-seeded rice system with Dhaanya hybrids [S16]; financial terms not disclosed |
FY2026 | Seed Sure platform enhancement and Dhaanya Progressive Farmer expansion | Digital / customer | [S1] |
FY2026 | Smart Village Centre MoU with SETU Aayog (Uttarakhand) and IIT Roorkee | CSR / ESG | [S1] |
FY2026 | Affirmative Action target of 30% coverage by FY2028 achieved early | ESG | [S1] |
FY2026 | Strategic raw-material inventory build for Kharif 2026 | Supply-chain resilience | Response to geopolitical (war-related) supply risk [S8] |
Q1 FY2027 | Restructuring and retirement programme | Cost | About INR 24 crore of one-time costs, offset in the same quarter by a provision reversal [S9] |
Q1 FY2027 | AI-driven sales-return provisioning models | Process | Management plans more conservative provisioning [S9] |
Governance Overview
| Item | Guidance | Date / source |
|---|---|---|
FY2027 Crop Care revenue | Double-digit growth, needing price increases of 5–10% to offset 15–25% raw-material inflation | Q4 FY2026 call, Apr 2026 [S8] |
FY2027 Seeds revenue | Mid-teens growth (management said this should be achieved "easily") | Q4 FY2026 call [S8] |
FY2027 industry (updated) | Domestic crop protection industry growth of 6–8%; seeds high single digit | Q1 FY2027 call, Jul 2026 [S9][S26] |
FY2027 Indian agriculture growth | 3–4% | Q4 FY2026 call [S37] |
Cotton seeds | Expected to grow fastest in FY2027 (Apr 2026 view) → expected to stay weak in FY2027 (Jul 2026 view) | Guidance softened [S8][S22] |
Pricing | Most required price increases have already been taken; growth from here expected to be mostly volume-led | Jul 2026 [S9] |
Seeds, 5-year aspiration | INR 1,000 crore revenue | Reiterated Jan and Apr 2026 [S8][S21] |
SPH aspiration | INR 800 crore (4x) | Apr 2026 [S8] |
Margin, 5-year aspiration | About 500 bps blended EBITDA margin expansion | Apr and Jul 2026 [S8][S37] |
Exports | About 3 new molecules over 2–3 years; 3–4 catalogue launches over 3 years | [S8][S22] |
Competitive Landscape
Competitors by Segment
| Segment | Competitors | Positioning versus Rallis |
|---|---|---|
Domestic branded crop protection | Bayer CropScience (India), Sumitomo Chemical India, Dhanuka Agritech, UPL (Advanta and domestic arm), Coromandel International, PI Industries (domestic brands), Syngenta India, FMC India, Corteva, BASF India, Crystal Crop Protection, Insecticides (India), Best Agrolife, Godrej Agrovet (Astec LifeSciences) | MNCs (Bayer, Syngenta, FMC, Corteva, BASF) lead in patented molecules. Dhanuka and Sumitomo run asset-light models that rely heavily on in-licensing. Rallis competes on distribution reach and a broad generic portfolio. |
Exports of technical generics | UPL, Sharda Cropchem, Meghmani Organics, Heranba Industries, Bharat Rasayan, Chinese producers | Chinese oversupply sets global generic prices. Sharda is asset-light with a large registrations portfolio. |
CSM / contract manufacturing | PI Industries, Navin Fluorine, Anupam Rasayan, Gharda Chemicals, Tagros | PI Industries is the reference CSM franchise; Rallis's CSM is small (INR 24–66 crore a quarter) |
Seeds | Bayer (Dekalb), Corteva (Pioneer), Syngenta, Nuziveedu Seeds, Kaveri Seed, Mahyco, Rasi Seeds, Advanta (UPL), Ankur Seeds | Cotton is crowded and price-controlled. Rallis is gaining in rice, maize and millet. |
Soil and Plant Health / biologicals | Coromandel, Godrej Agrovet, PI Industries (biologicals), IPL Biologicals, numerous unorganised players | Fragmented. Rallis targets INR 800 crore. |
Peer Comparison FY2026
| Company | Revenue (INR Cr) | Net profit (INR Cr) | Net margin (%) | Market cap (INR Cr) | Basis |
|---|---|---|---|---|---|
Rallis India | 2,962 | 214 | 7.1 | 3,885 | TTM to Jun 2026 [S18] |
Bayer CropScience India | 5,595 | 732 | 12.7 | 16,503 | TTM, Sep 2026 [S18] |
Sumitomo Chemical India | 3,245 | 579 | 17.0 | 21,625 | TTM, Sep 2026 [S18] |
Sharda Cropchem | 5,357 | 626 | 11.5 | 6,579 | TTM, Sep 2026 [S18] |
Dhanuka Agritech | 1,953 | 268 | 13.4 | 4,253 | TTM, Sep 2026 [S18] |
PI Industries | 6,714 | — | — | — | FY2026 consolidated revenue; EBITDA INR 1,705 crore, 25% margin [S19] |
Peer Comparison FY2025
| Metric | Rallis India | Bayer CropScience India | Sumitomo Chemical India | Dhanuka Agritech |
|---|---|---|---|---|
Revenue, TTM (INR Cr) | 2,962 | 5,595 | 3,245 | 1,953 |
Net margin, TTM (%) | 7.1 | 12.7 | 17.0 | 13.4 |
P/E, TTM (x) | 18.2 | — | 43 | 15.9 |
P/B (x) | 1.9 | — | 6.9 | 2.6 |
Revenue growth, latest FY (%) | 8.8 | — | — | — |
R&D intensity (% of revenue) | 2.46 (FY2025) | — | — | — |
