New Research Reports

Beating Consensus estimates and ARe, UPL’s revenue/EBITDA rose 8/40% y/y to Rs120.2/22bn in Q2. It posted Rs4.4bn PAT vs. Rs4.3bn loss in Q1 FY25.

SCL reported a robust performance in 2Q FY26, driven by strong volume growth and margin expansion. The Company remains optimistic about a gradual recovery in the global agrochemical market, noting that inventories have normalized across distribution channels.

We upgrade our rating from HOLD to BUY on the stock as the current valuations appear attractive considering the company's long-term growth prospects.

Healthy, 35% y/y, volume growth and market-share gains in its key regions drove Sharda Cropchem’s Q2 results. Growth improved on better demand particularly in NAFTA and Europe coupled with near complete de-stocking across major regions.

Less than the consensus but in line with ARe, Dhanuka Agritech’s Q2 revenue/EBITDA/PAT fell 9/14/20% y/y.

Below consensus and as we estimated, Sumitomo’s Q2 was weak; revenue/EBITDA/PAT fell 6/11/8% y/y. Domestic revenue down 4% y/y to Rs7.7bn; exports down 13% y/y to Rs1.6bn.

Rallis India Q2FY26: Weak topline performance, Margins remain stable Revenues stood at 861 crore, down 7.2% YoY on account of erratic and prolonged rains which impacted field activities and spray applications. The crop care business (88% of the revenues) reported a decline of 3% YoY at 760 crore, as growth in B2B business (14% YoY) was undone by 10% degrowth in B2C business due to weather disruptions. The seeds business (12% of the revenues) reported a decline of 28% YoY, at 101 crore. EBITDA for the quarter stood at 154 crore, down 7% YoY translating into margins of 18%, up ~220 bps QoQ/ flat YoY. EBITDA for the crop care...

IPO NOTE

Advance Agrolife is an agrochemical company engaged in manufacturing a wide range of agrochemical products that support the entire lifecycle of crops. Its products are designed for use in the cultivation of major cereals, vegetables, and horticultural crops across both agri-seasons (Kharif and Rabi) in India. As on the date of March 31st 2025, comoany have received four hundred and ten (410) generic registrations comprising of three hundred and eighty (380) Formulation Grade registration...

Advance Agrolife Ltd. (AAL) is engaged in manufacturing of a wide range of agrochemicals which support the entire lifecycle of crops across major cereals, vegetables & horticulture crops across both the kharif and rabi sowing season. It primarily sells its products through direct sales to corporate customers in 19 states & 2 UTs. Further, it also exports its products to UAE,...

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.

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.