New Research Reports

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.

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.

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...

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.

*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...

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.

Transforming India Through Agriculture

Sumitomo Chemical (Sumitomo) reported subdued 4Q numbers below our and consensus estimates with flat revenue growth while EBITDA and PAT declined by 15% and 9% y/y respectively.

Quarterly Update Q4FY25

We recently met Sharda Cropchem’s Chairman and MD, Mr R V Bubna to gauge the business outlook. Management is confident of achieving double-digit revenue growth (guidance raised 26% y/y post Q3 results vs. 15-20% earlier) in FY25, particularly due to volumes and penetration into new markets.

Diagnostics business to see strong growth

We interacted with the management (Mr. Rajesh Agarwal, MD) of Insecticides India Ltd (IIL) on 11th February 2025. Insecticides India Ltd (IIL) is recognised as one of India's fastest-growing agrochemical companies, specialising in crop protection and nutrition.

Broadly in line with consensus and our estimates, Dhanuka Agritech reported a decent set of Q3 figures. Revenue/EBITDA/PAT grew 10%/22%/21% y/y.

We maintain our BUY rating on the stock.

We maintain our BUY rating on the stock.