Rallis India Limited (RALLIS) share price

₹195.76 on NSE as of 2026-10-08. -2.13% on the day. market cap ₹3,807 Cr. P/E 23.2. 52-week range ₹195.76 to ₹311.70. Chemicals.

www.rallis.com

Rallis India Q1 FY27: Revenue Up 7%, Profit Up 31%, and a Monsoon That Refused to Cooperate

At a glance

Rallis India sells crop protection chemicals, seeds and soil nutrients to Indian farmers. The Tata group company is valued at about ₹4,450 crore. Its products reach across 80% of India's districts.

Revenue for the three months to June 2026 was ₹1,022 crore. A year earlier it was ₹957 crore, a rise of about 7%. Operating profit came to ₹185 crore, up from ₹150 crore. The operating margin, the share of sales left after running costs, widened to 18% from 16%. Net profit was ₹125 crore, against ₹95 crore a year earlier. Earnings per share, profit divided across each share, were ₹6.43 against ₹4.89.

Management attributes the revenue growth to double-digit volume growth in domestic formulations. It credits aggressive pre-placement, the stocking of dealers ahead of the season, and liquidation of that stock. The company puts the overall split at volume up 2% and price up 5%. Its domestic crop protection business selling to consumers rose 19%.

Operating profit included a reversal of ₹35 crore of employee provisions, money set aside earlier for staff costs. Management describes the reversal as arising from harmonisation of salary structures, and partly one-time in nature. Exports and business-to-business revenue fell 16% from a year earlier. Management ties that fall to Chinese pricing pressure in specific molecules.

Management also notes a reduction in cotton acreage, the land planted with the crop. It reports the driest June in twelve years and delayed Kharif sowing. Kharif is the crop sown with the arrival of the monsoon rains.

Introduction

Rallis India is a Tata group company with a history stretching over 150 years. It is a subsidiary of Tata Chemicals, which holds 55.08% of it. It makes insecticides, herbicides and fungicides for Indian farms. It also sits across the wider farm-input chain, from seeds to organic plant nutrients.

CRISIL, a credit-rating agency, records that it became a Tata Chemicals subsidiary in fiscal 2010. CRISIL adds that the parent lifted its stake from around 50% to 55.08%. That purchase was made in July 2023. CRISIL reads it as reiterating Rallis's strategic importance to the parent, as the group's sole agrochemical arm.

Growth over the past five years has been slight. The company's own machine-generated summary puts five-year sales growth at about 3.58%, which the screener notes flag as poor. CRISIL puts the five-year revenue growth rate nearer 2% a year. It measures that against a domestic formulator industry growing 7–8% a year. Formulators are the firms that mix active chemicals into finished products for farms. CRISIL attributes the gap to a thin period of new-product launches and declining exports.

The leadership desk has seen turnover. Mr Sanjiv Lal completed his tenure as managing director and chief executive on 31 March 2024. Dr Gyanendra Shukla took over on 1 April 2024. The board itself thinned more recently. Padmini Khare Kaicker and Dr C.V. Natraj ceased as independent directors on 22 July 2026.

The Rallis Innovation Chemistry Hub in Bengaluru, shortened to RICH, anchors the research work. The company has been leaning into herbicides, direct-seeded-rice solutions and soil-and-plant-health products. Direct-seeded rice is sown straight into the field rather than transplanted from a nursery. A slow build in contract manufacturing for global customers runs alongside that. The quarter to June 2026 opened a financial year management repeatedly declines to forecast, citing monsoon uncertainty.

Business model

Rallis sells farmers the chemistry that keeps insects, weeds and fungi off their crops. It sells the seeds those crops grow from, and the nutrition the soil needs in between. The buyer pays when the season works, and the monsoon neither signs a contract nor returns calls.

CRISIL, a credit-rating agency, splits the revenue three ways. About 82% comes from crop care and around 16% from seeds. The remaining 2% or so is non-agrochemical products.

Within crop care, domestic sales make up about 76%. Branded formulations, the finished products sold under Rallis names, are around 58% of it. Technical sales, the raw active chemicals sold on to other makers, are about 5%. Soil-and-plant-health products account for roughly 10%. Within the branded book, insecticides are about 44% and fungicides near 32%. Herbicides account for around 23%.

Exports reach 41 countries and bring in around 20% of total revenue. Management ties this quarter's export and business-to-business weakness to Chinese pricing pressure in specific molecules.

The distribution machinery is genuinely large. The company counts more than 8 million farmer connects and over 7,200 dealers. It also counts 95,000 retailers and more than 50 business-to-business customers. That network spans 80% of India's districts.

GEOGREEN is described by the company as India's only patented scientifically enriched organic manure. Dhaanya, its seed brand, is described as one of the country's fastest-growing.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Rallis India Limited.

Companies in the same industry as Rallis India Limited

Pesticides & Agrochemicals

All listed companies