Downgrades

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.

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.

Quarterly Update Q1FY26

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.

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.

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 maintain our BUY rating on the stock.

A gradual price increase, volume growth across regions and a good product mix drove Sharda Cropchem’s better-than-expected Q3 results. Growth would improve ahead as de-stocking is now complete

We recommend a BUY rating on the stock with a target price of Rs 1,760/share, implying an upside of 10% from the CMP

The quarter’s revenue reached Rs. 11,090 crore, marking a 9% increase y-o-y and a 22% q-o-q rise.

We upgrade our rating on the stock from HOLD to BUY considering attractive valuations post the recent correction in stock price while long-term growth prospects remain intact.

Sharda Cropchem Limited (SCL) reported solid growth in 2Q FY25 as revenues increased by 33.8% y-o-y to Rs 776.9 crore. A volume growth of 21% y-o-y was driven by strong performance at the agrochemical segment with Europe being the key contributor.

Based on our estimates, PI Industries is valued at 30x FY26E, with a target price of Rs 4,980 per share. This implies an upside potential of 6% from the CMP, with a HOLD recommendation.

Quarterly Update Q1FY25

UPLL reported a weak quarter as revenue grew marginally (1% YoY), led by strong volume growth (up 16%) offset by lower agrochemical prices.