Rallis India Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Rallis India Ltd filed with BSE on 05 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Rallis India reported Q4FY26 revenue of Rs 456 crore, up from Rs 430 crore in Q4FY25, with EBITDA improving to Rs -1 crore from Rs -19 crore and PAT at Rs -15 crore versus Rs -32 crore a year earlier. Management attributed the quarter's performance to volume growth in the domestic B2C business, strong CSM and seeds segment growth, while noting a decline in export revenue driven by Metribuzin and Pendimethalin. For the full year, revenue grew 9% to Rs 2897 crore, with Crop Care up 8% and Seeds up 15%, and management described a choppy demand environment shaped by weather, geopolitical disruption and rising raw material costs.
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Numbers mentioned
Revenue: ₹ 456 cr (Q4FY26)
p. 4
“Our Q4FY26 revenue stood at ₹ 456 cr versus ₹ 430 cr of Q4FY25.”
Dr. Gyanendra Shukla, page 4 of the filed PDF · View the filing
EBITDA: ₹ -1 cr (Q4FY26)
p. 4
“EBITDA improved by 96% to ₹ -1 cr from ₹ -19 cr in Q4FY25.”
Dr. Gyanendra Shukla, page 4 of the filed PDF · View the filing
Profit after tax: ₹ -15 cr (Q4FY26)
p. 4
“Profit after tax stood at ₹ -15 cr versus ₹ -32 cr of Q4FY25.”
Dr. Gyanendra Shukla, page 4 of the filed PDF · View the filing
Crop Care Segment revenue: ₹ 425 cr (Q4FY26)
p. 5
“Crop Care Segment grew by 5% to ₹ 425 cr in Q4FY26 from ₹ 405 cr in Q4FY25 due to volume expansion, new product promotion, & increased digital engagement.”
Bhaskar Swaminathan, page 5 of the filed PDF · View the filing
Domestic (B2C) revenue: ₹ 255 cr (Q4FY26)
p. 5
“A 15% growth in Q4FY26 registering ₹ 255 cr revenue vis-a-vis ₹ 222 cr in Q4FY25, which was driven by volume growth of 14% primarily led by insecticides.”
Bhaskar Swaminathan, page 5 of the filed PDF · View the filing
Soil & Plant Health revenue: ₹ 47 cr (Q4FY26)
p. 5
“Soil & Plant Health category grew by 27% to ₹ 47 cr from ₹ 37 cr in Q4FY26 in comparison to Q4FY25, registering a robust volume growth of 29%.”
Bhaskar Swaminathan, page 5 of the filed PDF · View the filing
Seeds revenue: ₹ 31 Cr (Q4FY26)
p. 5
“Seeds Revenue grew by 23% to ₹ 31 Cr in Q4FY26 from ₹ 25 Cr in Q4FY25 due to 8% volume growth and 15% price growth mainly driven by cotton and millets.”
Bhaskar Swaminathan, page 5 of the filed PDF · View the filing
Exports revenue: ₹ 77 cr (Q4FY26)
p. 5
“Exports topline de-grew by 33% to ₹ 77 cr from ₹ 114 cr due to de-growth in volumes and revenue from Metribuzin and Pendimethalin.”
Bhaskar Swaminathan, page 5 of the filed PDF · View the filing
CSM revenue: ₹ 66 cr (Q4FY26)
p. 5
“CSM Q4FY26 revenue displayed promising growth by lodging 59% growth to ₹ 66 cr from ₹ 41 cr, driven both by volume and price growth.”
Bhaskar Swaminathan, page 5 of the filed PDF · View the filing
Total B2B revenue: ₹ 170 cr (Q4FY26)
p. 5
“Total B2B revenue stood at ₹ 170 cr vis-à-vis Rs 182 cr, as decline of 7% primarily due to volumes.”
Bhaskar Swaminathan, page 5 of the filed PDF · View the filing
FY26 topline revenue: ₹ 2897 cr (FY26)
p. 5
“For the full Financial Year period, topline revenue stood at ₹ 2897 cr reflecting growth of 9% year-on-year.”
Bhaskar Swaminathan, page 5 of the filed PDF · View the filing
FY26 Crop Care revenue: ₹ 2416 crore (FY26)
p. 5
“Crop Care revenue stood at ₹ 2416 crore, reflecting 8% growth year-on-year, driven by volume expansion despite price softness.”
Bhaskar Swaminathan, page 5 of the filed PDF · View the filing
FY26 Seeds revenue: ₹ 481 crore (FY26)
p. 5
“Seeds revenue increased to ₹ 481 crore, delivering 15% growth year-on-year, supported by cotton and maize along with improved contribution from In-licensed products.”
Bhaskar Swaminathan, page 5 of the filed PDF · View the filing
FY26 B2C revenue: ₹ 1657 cr (FY26)
p. 5
“The B2C business recorded growth of 5% delivering ₹ 1657 cr of revenue primarily contributed by 9% volume growth.”
Bhaskar Swaminathan, page 5 of the filed PDF · View the filing
FY26 B2B revenue: ₹ 759 cr (FY26)
p. 6
“The B2B business recorded growth of 14% delivering ₹ 759 cr of revenue supported by both volume & price growth and expansion of the customer base.”
Bhaskar Swaminathan, page 6 of the filed PDF · View the filing
Cash and liquid balance: ₹ 541 cr (as of 31 Mar 2026)
p. 6
“We have healthy cash and liquid balance of ₹ 541 cr as of 31st Mar ‘26.”
Bhaskar Swaminathan, page 6 of the filed PDF · View the filing
Cost increase range: 15% to 25%
p. 14
“So we have seen 15% to 25% is generally the range.”
Gyanendra Shukla, page 14 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Seeds business growth — high double-digit growth (mid-teens) · FY27
stated as an aspiration by Gyanendra Shukla
p. 9
“So I expect a combination of price and volume growth and expecting to deliver high double-digit growth again this year.”
Gyanendra Shukla, page 9 of the filed PDF · View the filing
Crop Care revenue growth — double digit · FY27
stated conditionally by Gyanendra Shukla
p. 16
“So I mean, percentage revenue growth will be higher this year because price increase you know? So revenue growth probably will be maybe double digit.”
Gyanendra Shukla, page 16 of the filed PDF · View the filing
Crop protection price increase — 5%, 8%, 10%
stated conditionally by Gyanendra Shukla
p. 16
“It will be 5%, 8%, 10%. I don't know at this point of time because ultimately, many factors are not clear yet.”
Gyanendra Shukla, page 16 of the filed PDF · View the filing
Agrochemical sector growth — ~USD 9.6–10.0 bn (3-4% growth) · FY27
stated conditionally by Dr. Gyanendra Shukla
p. 4
“The sector may see 3-4% growth in FY27 to ~USD 9.6–10.0 bn.”
Dr. Gyanendra Shukla, page 4 of the filed PDF · View the filing
Inventory buildup for Kharif — only what can be sold, not building excess · Kharif season
stated firmly by Gyanendra Shukla
p. 16
“So, we are doing -- we are very calibrated about what we buy, what we sell. We will only buy what we can sell.”
Gyanendra Shukla, page 16 of the filed PDF · View the filing
Aquafeed business investment decision — next one year
stated conditionally by Gyanendra Shukla
p. 18
“I would like to see one more year, this year, to say where I am able to take it and then start thinking of this strategy.”
Gyanendra Shukla, page 18 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said margin was helped by seeds, soil & plant health, CSM and exports, while crop protection standalone margin was marginally down due to liquidation of two problem product inventories.
Answered by Gyanendra Shukla
Asked by Prashant Biyani: What drove the gross margin improvement despite a pessimistic market commentary?
p. 6
“That led to compression of margin in quarter 4 because we had to liquidate that inventory. We just cannot keep it. Otherwise, it becomes a write-off.”
Gyanendra Shukla, page 6 of the filed PDF · View the filing
Management said the market is in a wait-and-watch mode due to uncertainty around rainfall, fertilizer availability and commodity prices, but farmers will still plant crops.
Answered by Gyanendra Shukla
Asked by Prashant Biyani: How is initial Kharif demand looking?
p. 7
“So rainfall pattern, commodity prices and fertilizer, these 3 factors will determine to what extent farmer will plant what.”
Gyanendra Shukla, page 7 of the filed PDF · View the filing
Management expects cotton to lead growth again, followed by maize and rice, with millet potentially surprising, and expects high double-digit combined price and volume growth.
Answered by Gyanendra Shukla
Asked by Ankur Periwal: What is the growth outlook for the seeds business over the next 2-3 years given focus on five strategic crops?
p. 9
“Now when I look forward, I think cotton probably this year, again, will deliver highest growth followed by maize and rice and then millet, millet because of the limited area.”
Gyanendra Shukla, page 9 of the filed PDF · View the filing
Management said they were conservative and did not aggressively pre-place stock, selling only what was required.
Answered by Gyanendra Shukla
Asked by Viraj: Was the B2C volume growth driven by pre-placement of stock ahead of the season?
p. 10
“Actually, contrary to what we should have done, we have not done that. We have been very conservative on pre-replacing the stock, right?”
Gyanendra Shukla, page 10 of the filed PDF · View the filing
Management described the industry as having learned from repeated disruptions (COVID, Ukraine war, current conflict) and said outcomes depend on how the season and competition evolve.
Answered by Gyanendra Shukla
Asked by Saurabh Jain: Are margins expected to improve going forward given price increases?
p. 12
“So too frequent, too many things happening, and now we are also talking about El Nino.”
Gyanendra Shukla, page 12 of the filed PDF · View the filing
Management said branded generics benefit Rallis and that companies generally have room to pass on costs unless there is a total agricultural failure.
Answered by Gyanendra Shukla
Asked by Rohit Nagraj: How much of the raw material cost increase can be passed on to farmers given weak monsoon expectations?
p. 14
“I would say let's assume agriculture will happen. There will be cost increase and companies will have opportunities to pass on the cost increase unless there's a total failure of agriculture.”
Gyanendra Shukla, page 14 of the filed PDF · View the filing
Risks flagged
Below-normal monsoon forecast and El Nino risk to sowing and demand
p. 3
“IMD's latest 2026 monsoon forecast at 92% of Longest Period Average (LPA) signals below–normal rains, dampening agri-economy sentiment with ripple effects on inputs like agrochemicals.”
Dr. Gyanendra Shukla, page 3 of the filed PDF · View the filing
Rabi crop damage from unseasonal rains and hailstorms
p. 3
“As per official data the unseasonal rains & hailstorms have damaged rabi crops across 2.49 lakh hectares, with wheat suffering the maximum impact.”
Dr. Gyanendra Shukla, page 3 of the filed PDF · View the filing
China supply concentration and geopolitical disruption affecting raw material costs
p. 4
“Globally, China-linked supply concentration remained a key issue, especially for active ingredients and intermediates where export restrictions, price shifts, or freight disruptions can quickly affect availability and cost.”
Dr. Gyanendra Shukla, page 4 of the filed PDF · View the filing
Structural challenge in acephate supply due to raw material suppliers competing in the same export markets
p. 10
“There is a structural challenge on acephate side because the same people those who supply us raw material, they compete with us in the American markets.”
Gyanendra Shukla, page 10 of the filed PDF · View the filing
Erratic monsoon distribution risking demand cuts for herbicides and insecticides
p. 3
“Erratic patterns risk 5-10% demand cuts for herbicides/insecticides.”
Dr. Gyanendra Shukla, page 3 of the filed PDF · View the filing
Global rice oversupply pressuring prices
p. 4
“Global rice stocks have increased, indicating a comfortable supply situation and possible pressure on global rice prices.”
Dr. Gyanendra Shukla, page 4 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.