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Rallis Q2FY27 revenues stood flat YoY at ₹858 crore

ICICIdirect Research 23 Oct 2026 DISCLAIMER

News: Rallis Q2FY27 revenues stood flat YoY at ₹858 crore as growth in Crop care segment was offset by weak seeds business. Segment wise, Crop care (92% of the revenues) reported an uptick of 4% YoY to ₹788 crore. Seeds (8% of revenue) degrew 31% YoY to ₹70 crore. GPM for the quarter stood at 40.4%, down ~183 bps YoY. EBITDA for the quarter stood at ₹126 crore, de grew 18.2% YoY, translating to margins of 14.7%, down ~320 bps YoY. The de growth was primarily due zero profit from seeds business. PAT for the quarter stood at ₹85 crore.

View: Despite challenging macros such as weak monsoon resulting draught in several parts of country, War and supply side constraints, the company delivered steady performance in Crop Care segment. Crop Care growth was primarily driven by 17% increase in the B2B segment and while Domestic B2C business delivered flat revenue despite 4 new launches (2 Fungicides, 1 Herbicide and 1 insecticide). B2B business registered higher unit realisation but lower margin in international market due to cost pressures. On the other hand, Seeds business saw paddy and cotton acreages decline and witnessed higher sales returns from Kharif. We will get some more insights in the management Concall.

Impact: Neutral

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