New Research Reports

UPL Limited has announced an internal realignment involving the integration of its Post Harvest Business (Decco) with the Advanta seed business.

Quarterly Update Q1FY26

We have revised our FY26E/FY27E EPS estimates by -4.4%/-9.0% factoring in a miss in Q1FY26 performance, slower-than-expected recovery in exports due to prolonged customer destocking, and regulatory headwinds in biologicals that have curtailed domestic growth.

Sharda Cropchem Limited (SCL) reported a 25% y-o-y increase in total revenue for 1Q FY26, reaching Rs 984.8 crore.

We downgrade our rating from BUY to HOLD on the stock as the challenges are expected to continue in the near term, and we await clear signs of a sustained recovery.

We downgrade our rating from BUY to HOLD on the stock as the current valuations provide limited room for further appreciation.

Broadly in line with consensus and our estimates, Dhanuka Agritech’s Q1 revenue/EBITDA/PAT grew 7%/16%/14% y/y.

Ahead of consensus & our estimates, Sumitomo’s Q1 was robust; revenue/EBITDA/PAT grew 26/36/41% y/y. Domestic revenue up 29% y/y; exports 9% y/y.

UPL Ltd (UPLL) made a decent start to FY26, with EBITDA growing 14% YoY to INR13b, led by a better product mix (EBITDA margin up 150bp YoY), higher capacity utilization, and lower COGS (gross margins up 460bp YoY), despite revenue growth of 2% to INR92b.

UPL Limited announced that its Rights Issue Committee has approved the second and final call of INR 180 per partly paid-up equity share (INR 1 face value + INR 179 premium), representing 50.0% of the issue price of INR 360.

Healthy, 13% y/y, volume growth and market-share gains in its key regions drove Sharda Cropchem’s Q1 results. Growth improved on the back of better demand scenario particularly in Europe and a near complete destocking across major regions.

Company is engaged in the business of manufacturing of crop protection products, plant nutrients and biologicals in India. Company manufacture Spiromesifen technical with the minimum purity of 96.5% in 2019. Company is also one of the first few indigenous manufacturers of Pyrazosulfuron Ethyl technical, with the minimum purity of 97% indigenously in India and commenced production in 2018. Company is also a growing exporter of crop protection, plant nutrients and biologicals...

Indogulf Cropsciences Ltd., established in 1993, operates across three key verticals: a) crop protection products; b) plant nutrients; and c) biologicals. It is among the first Indian manufacturers of Pyrazosulfuron Ethyl technical and began producing Spiromesifen technical in 2019. With a diverse portfolio of formulations catering to various crop types, the company exports to over 34...

Indogulf Cropsciences Ltd., established in 1993, operates across three key verticals: a) crop protection products; b) plant nutrients; and c) biologicals. It is among the first Indian manufacturers of Pyrazosulfuron Ethyl technical and began producing Spiromesifen technical in 2019. With a diverse portfolio of formulations catering to various crop types, the company exports to over 34...

IPO NOTE

We recommend a BUY rating on the stock with a TP of Rs 955/share, implying an upside of 10% from the CMP.

*over or under performance to benchmark index UPL Ltd is a global agriculture solutions company engaged in the agrochemicals and industrial chemicals business, with manufacturing sites globally. Through...

*over or under performance to benchmark index PI Industries manufactures plant protection and specialty plant nutrient products and solutions under its agri-inputs business. It is also a leading custom synthesis and manufacturing (CSM) company in India, providing contract research and contract...

Kumiai Chemical Industry (Kumiai) has revised up its H1FY25 revenue guidance by ~9% to JPY96bn from JPY88bn, citing that net sales are expected to exceed the forecast due to advanced shipment to overseas markets in its Agchem business.

Sharda Cropchem Limited (SCL) reported solid growth in 4Q FY25 as revenues increased by 39.4% y-o-y to Rs 1,828.5 crore. This robust quarterly growth was mirrored by a strong overall top-line performance for the entirety of FY25.