Rallis India Limited held its Q3 and 9M FY26 earnings conference call on January 21, 2026. Key discussion points included the weak agrochemical demand due to weather issues and low crop prices, the improvement in export volumes, and the company’s focus on long-term value drivers. The company launched one new herbicide and is expanding its customer base.
Industry Overview
Agrochemical demand remains weak due to stressed demand drivers including weather issues and low crop prices, leading to industry-wide volume decline. Farmer interest in purchasing high value products dropped due to lower crop and horticulture prices. Rabi acreage is higher YoY and channel stocks are slightly elevated. The sector is on track for 3-4% growth in FY26. Seeds category remains a structural 5-10% CAGR story. Pricing power stays limited as global competition intensifies.
Financial Performance
Q3 FY26 revenue stood at ₹623 cr versus ₹522 cr in Q3 FY25, an overall growth of approximately 19%. Volume growth was around 28%. EBITDA for Q3FY26 was ₹58 cr, higher by 29% compared to last year. Profit after tax stood at ₹2 cr, 81% lower than the previous year due to gratuity provision of ₹40 cr. Crop Care Segment grew by 18% to ₹580 cr. Seeds Revenue grew by 46% to ₹43 Cr. Exports (B2B) topline grew by 73% to ₹129 cr. Domestic (B2C) saw 13% growth registering ₹391 cr revenue.
New Launches and Initiatives
Rallis launched one new Herbicide ‘Fateh Nxt’ during the quarter. In 9M they have launched 9 new products, 7 Herbicides & 2 Fungicides. NuCode was launched under Soil and Plant Health category covering bio-fertilizers, bio-stimulants, bio-pesticides. A partnership was announced with Paryan Alliance for FullPage herbicide-tolerant rice technology in India.
Strategic Focus
The company is expanding its customer base and product portfolio to strengthen business resilience. Focus is on deeper customer-centricity, sharpening portfolio choices, and accelerating product launches. Digital-led initiatives are accelerating targeted reach and penetration. The company aims to expand margin on an overall blended basis to 500 basis points in 5 years.
Future Outlook
Near-term outlook remains positive, underpinned by healthy reservoir levels, increased acreages, and stronger engagement with domestic & export customers. Company is focused on deepening customer-centricity, sharpening portfolio choices, and expanding strategic alliances and farmer reach, embedding digitalization across operations.
Source: BSE
