Rallis India, a Tata Group company Group Co., has a history of over 150 years. The company is into manufacturing of Agrochemicals and is present across the value chain of agriculture inputs – from seeds to organic plant growth nutrients. Rallis is also in the business of contract manufacturing for global corporations. Presenting below are its Q2 FY26 earnings results.
Q2 FY26 Earnings Results
Revenue from Operations: ₹861 crore, down 7.2% YoY from ₹928 crore in Q2 FY25.
EBITDA: ₹154 crore, down 6% YoY from ₹166 crore.
EBITDA Margin: 10.5%, up 210 bps YoY, driven by better product mix and operational efficiency.
Profit Before Tax (PBT): ₹137 crore, down 6% YoY from ₹143 crore in Q2 FY25.
Profit After Tax (PAT): ₹102 crore, up 4% YoY from ₹98 crore in Q2 FY25.
PAT Margin: 5.5%, compared to 3.3% YoY.
Domestic Crop Care Business: Flat YoY performance amid erratic monsoon and subdued rural demand.
Exports Segment: Improved volumes in key geographies led to sequential recovery (+9% QoQ).
Seed Business: Showed stable contribution as Kharif season supported hybrid sales.
Other Income: ₹8 crore versus ₹6 crore YoY.
Employee Count: Approximately 2,175 as of Q2 FY26.
Management Commentary & Strategic Decisions
Managing Director & CEO Sanjiv Lal highlighted that Rallis delivered a resilient performance despite persistent headwinds in agri-input demand due to uneven monsoon distribution and price pressure across key molecules.
The company focused on improving realizations, cost efficiencies, and higher-margin specialty portfolio.
Key initiatives include:
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Commercializing multiple new AI (Active Ingredient) and formulation products for both export and domestic markets.
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Strengthening the contract manufacturing (CRAMS) business with capacity utilization improvement at the Dahej plant.
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Continued focus on sustainable chemistry initiatives and digital advisory for farmers under the Tata Rallis brand.
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Expanding the domestic distribution network by adding over 600 new retailers to improve rural reach.
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Incremental investments in biotech-based crop solutions and new registrations in Africa and Latin America for growth diversification.
Management reaffirmed its vision to expand exports’ contribution to 35% of revenue over the next 2–3 years and maintain prudent inventory management in light of volatile agri-commodity prices.
Q1 FY26 Earnings Results
Revenue from Operations: ₹701 crore, down 8% YoY from ₹761 crore in Q1 FY25.
EBITDA: ₹66 crore, up 2% YoY from ₹65 crore.
EBITDA Margin: 9.4%, up 80 bps YoY.
Profit Before Tax (PBT): ₹43 crore, up 23% YoY from ₹35 crore.
Profit After Tax (PAT): ₹32 crore, up 24% YoY from ₹26 crore in Q1 FY25.
PAT Margin: 4.6%, compared to 3.4% YoY.
Domestic Formulations: Witnessed muted growth due to delayed rainfall in key agricultural belts.
International Business: Rebounded modestly with strong demand for select generic molecules.
Seeds Division: Higher sales volumes in cotton and paddy helped offset cost inflation.
Inventory Levels: Reduced YoY indicating better working capital management.
CEO Sanjiv Lal noted that while subdued farm sentiment continues, structural improvement in cost control, improved product diversification, and focus on export formulations would support better recovery trajectory in the second half of FY26.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.