Pesticides & Agrochemicals · Founded 1948 · www.rallis.com · BSE 500355 · NSE RALLIS INDIA · ISIN INE613A01020
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Business
Rallis India Ltd. is an Indian agrochemical company. Its core business involves the manufacturing, distribution, and marketing of a wide range of agricultural inputs. This includes crop protection products (insecticides, fungicides, herbicides), plant nutrition products, seeds, and various farm care solutions. The company operates on a business-to-farmer (B2F) model, developing and selling products designed to enhance crop yield and quality, thereby improving farm productivity and farmer income. It makes money primarily through the sales of these agricultural inputs.
Revenue Mix
While specific percentages fluctuate, Rallis India's revenue is generally derived from three primary segments:
Crop Protection: This is the largest segment, encompassing the sale of insecticides, fungicides, and herbicides.
Seeds: The company offers a portfolio of seeds for various crops.
Plant Nutrition & Specialty Products: This includes micronutrients, plant growth regulators, and other yield-enhancing inputs.
(Specific revenue contributions are not publicly available in a fixed format, but Crop Protection typically forms the dominant share).
Industry
Rallis India operates in the Indian Pesticides & Agrochemicals industry, which is characterized by a mix of domestic and multinational players. The industry is highly dependent on agricultural cycles, especially monsoon patterns in India, and is subject to significant regulatory oversight. Rallis India is a prominent player within the domestic market, leveraging its extensive distribution network and long-standing presence. Being part of the Tata Group provides it with a strong brand legacy, financial backing, and a reputation for corporate governance, positioning it favorably among domestic peers, though it competes with larger global players as well.
MOAT
Brand & Trust: Association with the Tata Group instills a high level of trust and brand recall among farmers and stakeholders. Rallis itself has a long operational history.
Extensive Distribution Network: A robust and wide-reaching distribution network, crucial for reaching diverse farmer communities across India, provides a significant logistical advantage.
R&D and Product Portfolio: Capabilities in R&D allow for the development of new formulations and generic products, expanding its product basket and catering to evolving agricultural needs.
Integrated Operations: Presence across the value chain from manufacturing to distribution, offering some cost efficiencies and quality control.
Growth Drivers
Increasing Food Demand: Growing population and rising incomes drive the need for higher agricultural output, necessitating the use of crop protection and nutrition products.
Agricultural Productivity Enhancement: Focus on improving yield per acre due to limited arable land drives adoption of advanced inputs.
New Product Launches: Introduction of new and effective agrochemical molecules and seed varieties can capture market share.
Government Initiatives: Policy support for agriculture, such as irrigation schemes, credit availability, and minimum support prices, can boost farmer income and input demand.
Climate Change & Pest Dynamics: Shifting weather patterns can lead to new pest and disease outbreaks, increasing demand for specific crop protection solutions.
Risks
Monsoon Dependence: Indian agriculture is heavily reliant on timely and adequate monsoons; poor rainfall can significantly impact demand for agrochemicals.
Regulatory Changes: Stricter environmental norms, bans on certain active ingredients, or changes in registration processes can impact product portfolios and operations.
Commodity Price Volatility: Fluctuations in agricultural commodity prices can affect farmer income, influencing their purchasing power for inputs.
Raw Material Price Fluctuations: Volatility in the prices of key chemical intermediates can impact manufacturing costs and margins.
Intense Competition: The presence of numerous domestic and international players can lead to price pressure and impact profitability.
Counterfeit Products: The market for counterfeit agrochemicals poses a threat to legitimate sales and brand reputation.
Management & Ownership
Rallis India is a part of the Tata Group, with Tata Chemicals Ltd. being the promoter and majority shareholder. This implies professional management practices and a commitment to strong corporate governance standards inherent to the Tata philosophy. The management team is typically comprised of experienced professionals with expertise in the chemical and agricultural sectors.
Outlook
Rallis India's outlook is tied to the broader health of the Indian agricultural sector. A favorable monsoon season, stable agricultural commodity prices, and supportive government policies could drive robust demand for its products, aiding growth in its crop protection and seeds segments. The company's strong brand, extensive distribution, and R&D focus position it to capitalize on the ongoing need for agricultural productivity enhancements. However, the business faces inherent risks from erratic weather patterns, evolving regulatory landscape, and intense competition which can pressure margins. The ability to introduce new, effective, and environmentally compliant products will be key to sustained performance, while managing raw material costs and strengthening farmer relationships remains crucial.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 598 | 436 | 783 | 928 | 522 | 430 | 957 | 861 | 623 | 456 |
| Other Income | 2 | 6 | 5 | 10 | 6 | 11 | 12 | 10 | 9 | 11 |
| Total Income | 600 | 442 | 788 | 938 | 528 | 441 | 969 | 871 | 632 | 467 |
| Total Expenditure | 536 | 430 | 687 | 762 | 478 | 450 | 807 | 707 | 565 | 457 |
| Operating Profit | 64 | 12 | 101 | 176 | 50 | -9 | 162 | 164 | 67 | 10 |
| Interest | 4 | 8 | 5 | 3 | 2 | 2 | 4 | 3 | 2 | 1 |
| Depreciation | 30 | 33 | 31 | 30 | 29 | 30 | 29 | 30 | 29 | 29 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 6 | -35 | 3 |
| Profit Before Tax | 30 | -29 | 65 | 143 | 19 | -40 | 129 | 137 | 1 | -17 |
| Provision for Tax | 6 | -8 | 17 | 45 | 8 | -8 | 34 | 35 | -1 | -2 |
| Profit After Tax | 24 | -21 | 48 | 98 | 11 | -32 | 95 | 102 | 2 | -15 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 24 | -21 | 48 | 98 | 11 | -32 | 95 | 102 | 2 | -15 |
| Adjusted Earnings Per Share | 1.3 | -1.1 | 2.5 | 5.2 | 0.6 | -1.7 | 5 | 5.4 | 0.1 | -0.8 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1288 | 1386 | 1498 | 1984 | 2251 | 2429 | 2604 | 2967 | 2648 | 2663 | 2897 | 2897 |
| Other Income | 5 | 11 | 9 | 31 | 34 | 40 | 30 | 13 | 16 | 32 | 43 | 42 |
| Total Income | 1293 | 1396 | 1507 | 2014 | 2286 | 2470 | 2633 | 2980 | 2664 | 2695 | 2940 | 2939 |
| Total Expenditure | 1079 | 1149 | 1270 | 1742 | 1987 | 2105 | 2330 | 2747 | 2336 | 2375 | 2535 | 2536 |
| Operating Profit | 213 | 248 | 237 | 273 | 299 | 365 | 303 | 233 | 328 | 320 | 405 | 403 |
| Interest | 10 | 4 | 6 | 8 | 10 | 7 | 7 | 14 | 19 | 14 | 11 | 10 |
| Depreciation | 38 | 42 | 41 | 46 | 62 | 64 | 74 | 91 | 114 | 120 | 117 | 117 |
| Exceptional Income / Expenses | 0 | 158 | 0 | 0 | 11 | 9 | 0 | 1 | 1 | 1 | -26 | -26 |
| Profit Before Tax | 165 | 359 | 191 | 219 | 239 | 304 | 222 | 128 | 196 | 187 | 250 | 250 |
| Provision for Tax | 39 | 93 | 50 | 64 | 54 | 75 | 58 | 36 | 48 | 62 | 66 | 66 |
| Profit After Tax | 126 | 266 | 141 | 154 | 185 | 229 | 164 | 92 | 148 | 125 | 184 | 184 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 126 | 266 | 141 | 154 | 185 | 229 | 164 | 92 | 148 | 125 | 184 | 184 |
| Adjusted Earnings Per Share | 6.5 | 13.7 | 7.3 | 7.9 | 9.5 | 11.8 | 8.4 | 4.7 | 7.6 | 6.4 | 9.5 | 9.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 9% | -1% | 4% | 8% |
| Operating Profit CAGR | 27% | 20% | 2% | 7% |
| PAT CAGR | 47% | 26% | -4% | 4% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -29% | 6% | -7% | 0% |
| ROE Average | 9% | 8% | 8% | 12% |
| ROCE Average | 13% | 12% | 11% | 17% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 918 | 1125 | 1179 | 1286 | 1410 | 1591 | 1697 | 1730 | 1829 | 1904 | 2043 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 21 | 21 | 18 | 16 | 12 | 8 | 4 | 3 | 1 | 1 | 0 |
| Other Non-Current Liabilities | 52 | 299 | 253 | 267 | 155 | 162 | 875 | 565 | 688 | 694 | 620 |
| Total Current Liabilities | 318 | 568 | 777 | 1125 | 959 | 918 | 1148 | 1289 | 1334 | 1278 | 1580 |
| Total Liabilities | 1310 | 2014 | 2227 | 2693 | 2536 | 2679 | 3724 | 3587 | 3852 | 3877 | 4243 |
| Fixed Assets | 342 | 344 | 345 | 575 | 593 | 631 | 771 | 758 | 1006 | 902 | 849 |
| Other Non-Current Assets | 467 | 692 | 637 | 397 | 329 | 391 | 1088 | 884 | 750 | 799 | 729 |
| Total Current Assets | 499 | 971 | 1232 | 1721 | 1610 | 1654 | 1861 | 1941 | 2093 | 2175 | 2664 |
| Total Assets | 1310 | 2014 | 2227 | 2693 | 2536 | 2679 | 3724 | 3587 | 3852 | 3877 | 4243 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | -32 | 1 | 4 | 27 | 4 | 22 | 9 | 10 | 44 | 27 | 28 |
| Cash Flow from Operating Activities | 218 | 353 | -5 | 79 | 338 | 216 | 166 | 217 | 269 | 295 | 172 |
| Cash Flow from Investing Activities | -134 | -275 | 95 | -51 | -246 | -162 | -103 | -142 | -102 | -214 | -95 |
| Cash Flow from Financing Activities | -52 | -74 | -92 | -51 | -74 | -67 | -61 | -41 | -184 | -80 | -66 |
| Net Cash Inflow / Outflow | 32 | 3 | -1 | -23 | 18 | -13 | 1 | 34 | -18 | 1 | 11 |
| Closing Cash & Cash Equivalent | 1 | 4 | 3 | 4 | 22 | 9 | 10 | 44 | 27 | 28 | 39 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 6.49 | 13.68 | 7.28 | 7.93 | 9.54 | 11.76 | 8.45 | 4.73 | 7.6 | 6.43 | 9.45 |
| CEPS(Rs) | 8.43 | 15.85 | 9.36 | 10.3 | 12.7 | 15.05 | 12.27 | 9.42 | 13.47 | 12.63 | 15.48 |
| DPS(Rs) | 2.5 | 3.75 | 2.5 | 2.5 | 2.5 | 3 | 3 | 2.5 | 2.5 | 2.5 | 3 |
| Book NAV/Share(Rs) | 47.22 | 57.87 | 60.62 | 66.12 | 72.51 | 81.83 | 87.25 | 88.95 | 94.06 | 97.9 | 105.04 |
| Core EBITDA Margin(%) | 15.04 | 15.91 | 15.07 | 9.23 | 11.76 | 10.51 | 8.47 | 5.81 | 8.87 | 8.33 | 9.91 |
| EBIT Margin(%) | 12.65 | 24.41 | 12.98 | 8.64 | 11.06 | 10.05 | 7.09 | 3.75 | 6.1 | 5.8 | 7.17 |
| Pre Tax Margin(%) | 11.91 | 24.11 | 12.62 | 8.34 | 10.63 | 9.84 | 6.88 | 3.39 | 5.56 | 5.4 | 6.86 |
| PAT Margin (%) | 9.1 | 17.85 | 9.33 | 5.88 | 8.24 | 7.41 | 5.08 | 2.43 | 4.2 | 3.62 | 5.04 |
| Cash Profit Margin (%) | 11.83 | 20.68 | 12.01 | 7.64 | 10.97 | 9.48 | 7.38 | 4.85 | 7.44 | 7.1 | 8.25 |
| ROA(%) | 8.7 | 16.01 | 6.67 | 6.27 | 7.09 | 8.77 | 5.13 | 2.52 | 3.98 | 3.24 | 4.53 |
| ROE(%) | 14.7 | 26.03 | 12.28 | 12.51 | 13.76 | 15.24 | 9.99 | 5.37 | 8.31 | 6.7 | 9.32 |
| ROCE(%) | 19.2 | 34.63 | 16.77 | 17.71 | 17.58 | 19.97 | 13.53 | 7.91 | 11.71 | 10.73 | 13.23 |
| Receivable days | 51.23 | 50.04 | 71.17 | 56.63 | 72.81 | 50.63 | 48.09 | 45.56 | 55.86 | 59.14 | 57.86 |
| Inventory Days | 70.29 | 61.47 | 74.56 | 72.95 | 111.24 | 86.46 | 95.99 | 83.5 | 82.97 | 82.27 | 85.52 |
| Payable days | 105.92 | 103.53 | 134.92 | 150.33 | 161.59 | 161.22 | 163 | 133.37 | 140.08 | 126.65 | 126.2 |
| PER(x) | 26.19 | 19.09 | 32.51 | 20.82 | 18.41 | 21.51 | 28.17 | 40.79 | 32.96 | 33.36 | 23.03 |
| Price/Book(x) | 3.6 | 4.51 | 3.9 | 2.5 | 2.42 | 3.09 | 2.73 | 2.17 | 2.66 | 2.19 | 2.07 |
| Dividend Yield(%) | 1.47 | 1.44 | 1.06 | 1.51 | 1.42 | 1.19 | 1.26 | 1.3 | 1 | 1.17 | 1.38 |
| EV/Net Sales(x) | 2.59 | 3.68 | 3.08 | 1.63 | 1.52 | 2.02 | 1.78 | 1.28 | 1.83 | 1.56 | 1.45 |
| EV/Core EBITDA(x) | 15.63 | 20.57 | 19.44 | 11.88 | 11.47 | 13.44 | 15.23 | 16.37 | 14.76 | 12.96 | 10.36 |
| Net Sales Growth(%) | -14.77 | 7.58 | 8.13 | 32.38 | 13.51 | 7.9 | 7.18 | 13.94 | -10.74 | 0.55 | 8.78 |
| EBIT Growth(%) | -17.36 | 107.37 | -45.9 | 15.15 | 9.88 | 24.63 | -26.17 | -38.09 | 51.3 | -6.6 | 30.55 |
| PAT Growth(%) | -13.24 | 110.87 | -46.82 | 8.98 | 20.29 | 23.29 | -28.16 | -44.03 | 60.83 | -15.38 | 46.95 |
| EPS Growth(%) | -13.24 | 110.87 | -46.82 | 8.98 | 20.29 | 23.29 | -28.16 | -44.04 | 60.83 | -15.38 | 46.95 |
| Debt/Equity(x) | 0.04 | 0.02 | 0.02 | 0.06 | 0.05 | 0.03 | 0.03 | 0.06 | 0 | 0 | 0 |
| Current Ratio(x) | 1.57 | 1.71 | 1.58 | 1.53 | 1.68 | 1.8 | 1.62 | 1.51 | 1.57 | 1.7 | 1.69 |
| Quick Ratio(x) | 0.76 | 1.28 | 1.1 | 0.93 | 0.95 | 0.97 | 0.8 | 0.89 | 0.96 | 1.11 | 1.08 |
| Interest Cover(x) | 17.09 | 81.04 | 35.38 | 28.11 | 25.5 | 45.84 | 34.34 | 10.28 | 11.3 | 14.52 | 22.92 |
| Total Debt/Mcap(x) | 0.01 | 0 | 0 | 0.02 | 0.02 | 0.01 | 0.01 | 0.03 | 0 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 55.08 | 55.08 | 55.08 | 55.08 | 55.08 | 55.08 | 55.08 | 55.08 | 55.08 | 55.08 |
| FII | 9.22 | 9.21 | 9.46 | 10.58 | 11.86 | 11.41 | 11.28 | 14.2 | 12.08 | 11.55 |
| DII | 13.24 | 13.18 | 13.66 | 14.25 | 13.7 | 14.2 | 14.25 | 11.6 | 11.7 | 11.72 |
| Public | 22.46 | 22.53 | 21.79 | 20.09 | 19.35 | 19.32 | 19.38 | 19.12 | 21.14 | 21.65 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 10.71 | 10.71 | 10.71 | 10.71 | 10.71 | 10.71 | 10.71 | 10.71 | 10.71 | 10.71 |
| FII | 1.79 | 1.79 | 1.84 | 2.06 | 2.31 | 2.22 | 2.19 | 2.76 | 2.35 | 2.25 |
| DII | 2.58 | 2.56 | 2.66 | 2.77 | 2.67 | 2.76 | 2.77 | 2.26 | 2.28 | 2.28 |
| Public | 4.37 | 4.38 | 4.24 | 3.91 | 3.76 | 3.76 | 3.77 | 3.72 | 4.11 | 4.21 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 19.45 | 19.45 | 19.45 | 19.45 | 19.45 | 19.45 | 19.45 | 19.45 | 19.45 | 19.45 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +9% | -1% | +4% | +8% |
| Operating Profit CAGR | +27% | +20% | +2% | +7% |
| PAT CAGR | +47% | +26% | -4% | +4% |
| Share Price CAGR | -29% | +6% | -7% | 0% |
| ROE Average | +9% | +8% | +8% | +12% |
| ROCE Average | +13% | +12% | +11% | +17% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 55.08 | 55.08 | 55.08 | 55.08 | 55.08 | 55.08 | 55.08 | 55.08 | 55.08 | 55.08 |
| FII | 9.22 | 9.21 | 9.46 | 10.58 | 11.86 | 11.41 | 11.28 | 14.2 | 12.08 | 11.55 |
| DII | 13.24 | 13.18 | 13.66 | 14.25 | 13.7 | 14.2 | 14.25 | 11.6 | 11.7 | 11.72 |
| Public | 44.92 | 44.92 | 44.92 | 44.92 | 44.92 | 44.92 | 44.92 | 44.92 | 44.92 | 44.92 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 10.71 | 10.71 | 10.71 | 10.71 | 10.71 | 10.71 | 10.71 | 10.71 | 10.71 | 10.71 |
| FII | 1.79 | 1.79 | 1.84 | 2.06 | 2.31 | 2.22 | 2.19 | 2.76 | 2.35 | 2.25 |
| DII | 2.58 | 2.56 | 2.66 | 2.77 | 2.67 | 2.76 | 2.77 | 2.26 | 2.28 | 2.28 |
| Public | 8.74 | 8.74 | 8.74 | 8.74 | 8.74 | 8.74 | 8.74 | 8.74 | 8.74 | 8.74 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 19.45 | 19.45 | 19.45 | 19.45 | 19.45 | 19.45 | 19.45 | 19.45 | 19.45 | 19.45 |
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