Rallis India: Business Overview & Financial Analysis
Rallis India Limited is an Indian agri-inputs company and a subsidiary of Tata Chemicals Limited, part of the Tata Group. The company operates across Crop Protection, Soil & Plant Health and Seeds, with domestic as well as international businesses. Its manufacturing footprint includes facilities at Ankleshwar, Lote, Akola and Dahej, while its seed processing operations are based in Telangana. Rallis serves customers across 30+ countries and has a domestic distribution network covering around 80% of India’s districts. Rallis
Business Segment Revenue Mix of Rallis India (Q1 FY2027)
Rallis India structures its business across Crop Care and Seeds.
- Crop Care Revenue – Rs 697 crore (+7% YoY vs Rs 652 crore in Q1 FY2026)
- Seeds Revenue – Rs 325 crore (+6% YoY vs Rs 305 crore)
- Total Revenue – Rs 1,022 crore (+7% YoY vs Rs 957 crore)
- Approximate Crop Care Share of Revenue – 68%
- Approximate Seeds Share of Revenue – 32%
Crop Care remained the larger business in Q1 FY2027, while Seeds contributed nearly one-third of quarterly revenue. Crop Care growth was supported by domestic B2C performance, while Seeds growth was driven mainly by pricing.
Geographic Revenue Breakdown of Rallis India (Q1 FY2027)
Rallis serves both the domestic Indian market and international customers through its Crop Care, Seeds and B2B businesses.
- Domestic B2C Crop Care Revenue – Rs 534 crore (+19% YoY vs Rs 449 crore)
- Exports Revenue – Rs 110 crore (-28% YoY vs Rs 152 crore)
- Custom Synthesis Manufacturing (CSM) Revenue – Rs 24 crore (+191% YoY vs Rs 8 crore)
- Total B2B Revenue – Rs 163 crore (-19% YoY vs Rs 203 crore)
- FY2026 Domestic Revenue Share – 77.9%
- FY2026 Export Revenue Share – 22.1%
Rallis does not disclose a simple 72% domestic / 28% international split for Q1 FY2027. The latest full-year geographic mix disclosed in the FY2026 Annual Report was 77.9% domestic and 22.1% exports. During Q1 FY2027, exports declined due to weaker European demand, Chinese pricing pressure and logistics disruptions.
Product Category Mix & Portfolio Scale of Rallis India (FY2026)
Rallis India operates across Crop Protection, Soil & Plant Health and Seeds, rather than reporting the earlier 42% insecticides / 26% fungicides / 20% herbicides / 12% nutrients revenue split.
- Crop Protection – Insecticides, fungicides and herbicides
- Soil & Plant Health – Biostimulants, biofertilisers, organic products and other plant-health solutions
- Seeds – Cotton, maize, millet, mustard, rice and other field crops
- FY2026 Crop Care Share of Revenue – 83%
- FY2026 Seeds Share of Revenue – 17%
- FY2026 New Products Launched – 30 in Crop Care and 12 in Seeds
- Q1 FY2027 Crop Protection Revenue – Rs 455 crore (+18% YoY)
- Q1 FY2027 Soil & Plant Health Revenue – Rs 62 crore (+10% YoY)
The company continues to expand its product portfolio through new launches and partnerships. In Q1 FY2027, Rallis launched Balwan, Prodim Ultra, Kengen and Aquafert Ginger & Turmeric.
Distribution Network & Pan-India Touchpoints of Rallis India (Q1 FY2027)
Rallis operates a large distribution and farmer-engagement network across India.
- Crop Care Dealers Associated – 4,662
- Crop Care Retailers Associated – ~30,000
- Seeds Dealers Associated – 2,600
- Seeds Retailers Associated – 65,350
- Domestic Network Coverage – Around 80% of Indian districts
- Crop Care Farmers Empowered – 4.67 million
- Seeds Farmers Empowered – 3.99 million
- Crop Care Operating Depots – 11
- Seeds Operating Depots – 2
- Common Depots – 15
The company uses dealer, retailer and farmer-engagement programmes to deepen market penetration. Rallis’ distribution network covers around 80% of India’s districts, supported by initiatives across both Crop Care and Seeds.
Manufacturing Complexes & Facility Scale of Rallis India (Q1 FY2027)
Rallis India operates multiple manufacturing and seed-processing facilities across India.
- Crop Care Manufacturing Locations – Akola, Lote, Ankleshwar, Dahej SEZ and Dahej Chemical Zone
- Third-Party Crop Care Facilities – 10
- Seed Processing Facilities – Kokkonda, Telangana and GP Pally, Telangana
- Ankleshwar Technical Capacity – 2,100 TPA plus additional 120 MT polymer facility
- Dahej SEZ Technical + Formulation Capacity – 9,860 MT/KL
- Lote Capacity – 4,400 MT per annum
- Dahej Chemical Zone Formulation Capacity – Includes EC/OD/SL, SC/CS/SE, WP, WDG/WG and granule manufacturing lines
- FY2026 Crop Care Production – 45,787 MT, including third-party production
- FY2026 Seeds Production – 17,523 MT
The manufacturing network supports domestic formulations, exports, institutional business and contract manufacturing. Dahej remains an important site for future technical and intermediate manufacturing expansion.
Latest Quarterly Financial Performance of Rallis India (Q1 FY2027)
Rallis India reported higher revenue, EBITDA and PAT during Q1 FY2027 despite subdued agricultural demand and weaker exports.
- Revenue from Operations – Rs 1,022 crore (+7% YoY vs Rs 957 crore in Q1 FY2026)
- EBITDA – Rs 184 crore (+23% YoY vs Rs 150 crore)
- EBITDA Margin – ~18.0% vs ~15.7%
- Profit After Tax (PAT) – Rs 125 crore (+31% YoY vs Rs 95 crore)
- Overall Volume Growth – ~2%
- Overall Pricing Growth – ~5%
- Exceptional Item – Rs 2 crore profit from sale of property
Revenue growth was led by domestic Crop Care and Seeds, while exports remained under pressure. EBITDA grew faster than revenue, supported by pricing, volume growth and fixed-cost discipline.
Consolidated Annual Financial Performance of Rallis India (FY2026)
Rallis India delivered strong revenue growth and its highest-ever EBITDA during FY2026.
- Full Year Revenue from Operations – Rs 2,896.65 crore (+8.8% YoY vs Rs 2,662.94 crore in FY2025)
- Full Year EBITDA – Rs 361 crore
- Full Year EBITDA Margin – 12.5%
- Profit Before Exceptional Items and Tax – Rs 276.53 crore
- Profit Before Tax – Rs 250.30 crore
- Profit After Tax (PAT) – Rs 183.88 crore (+47% YoY vs Rs 125.13 crore)
- Return on Capital Employed (ROCE) – 12%
- Return on Equity (ROE) – 9%
- Earnings Per Share – Rs 9.46
- Cash from Operations – Rs 172 crore
FY2026 revenue increased 9% year-on-year, while EBITDA reached a record Rs 361 crore. PAT increased sharply to Rs 183.88 crore, supported by improved operating performance across Crop Care, Seeds and B2B businesses.
Balance Sheet Structure & Capital Health Ratios of Rallis India (Q1 FY2027)
Rallis India maintains a conservative capital structure with low leverage and healthy liquidity.
- Cash & Liquid Balance as of 30 June 2026 – Rs 309 crore
- FY2026 Net Worth – Rs 2,043 crore
- FY2026 Debt-to-Equity Ratio – 0.03x
- FY2026 ROCE – 12%
- FY2026 ROE – 9%
- FY2026 Cash from Operations – Rs 172 crore
- Credit Rating – CRISIL rating reaffirmed in 2026
The earlier Rs 380 crore cash balance and Rs 1,820 crore net worth figures should not be used. Rallis reported Rs 309 crore of cash and liquid balance as of 30 June 2026, while FY2026 net worth stood at Rs 2,043 crore.
Capital Expenditure & Technical Expansion Roadmap of Rallis India (FY2027–FY2028)
Rallis continues to invest selectively in manufacturing capability, product development and operational efficiency rather than pursuing a large fixed expansion programme.
- Capex Approach – Focused on sustenance, productivity improvement and selective growth projects
- FY2026 Manufacturing Footprint – Includes expanded Dahej SEZ and Chemical Zone infrastructure
- R&D Infrastructure – Rallis Innovation Chemistry Hub and Agri-Biotech Centre in Bengaluru
- Strategic Focus – New active ingredients, contract manufacturing opportunities, biologicals and differentiated formulations
- Capital Discipline – Continued focus on improving fixed-capital and working-capital efficiency
The earlier Rs 120 crore Dahej Phase-II outlay, Rs 35 crore R&D automation outlay and formal Rs 100-120 crore annual capex guidance should not be presented as Q1 FY2027 company guidance without explicit supporting disclosure.
Management has consistently indicated that capital spending will remain disciplined and linked to business opportunities, while a significant portion of investments is directed toward sustenance and productivity.
Strategic Outlook & Management Commentary of Rallis India (Q1 FY2027 Concall)
Management’s priorities remain centred on domestic growth, new-product launches, portfolio optimisation, export recovery and continued margin improvement.
- Domestic B2C Crop Care Revenue Growth in Q1 FY2027 – 19%
- Crop Protection Revenue Growth – 18%
- Soil & Plant Health Revenue Growth – 10%
- Seeds Revenue Growth – 6%
- Exports Revenue Change – -28%
- CSM Revenue Growth – +191%
- Strategic Seeds Crops – Cotton, Maize, Millet, Mustard and Rice
- Margin Strategy – Long-term EBITDA margin improvement through operating leverage and cost discipline
- Farmer & Channel Strategy – Product portfolio optimisation, territory rationalisation, digital engagement and customer-centric execution
Management has not provided formal guidance of high-single-digit to low-double-digit company revenue CAGR, a 12-14% EBITDA margin corridor or a 30%+ CRAMS revenue target in the Q1 FY2027 disclosures reviewed.
Instead, management remains focused on volume growth, market-share gains, operating leverage and a longer-term EBITDA margin improvement programme. Industry growth expectations cited by management were around 6-8% for agrochemicals and mid-to-high single-digit growth for Seeds excluding Cotton, subject to weather and market conditions.
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Sources & References
- Rallis India Limited, Q1 FY2027 Financial Results, Investor Presentation and Earnings Call Transcript, July 2026.
- Rallis India Limited, Integrated Annual Report 2025-26.
- Rallis India Limited, Q4 & FY2026 Investor Presentation, April 2026.
- Tata Chemicals Limited, Rallis India FY2025-26 Results Press Release, 27 April 2026. T
- Rallis India Limited, Official Manufacturing and Crop Care Infrastructure Disclosures.
- Rallis India Limited, Official Investor Relations / Financial Performance Page.
- BSE Limited & National Stock Exchange of India (NSE) Corporate Disclosures for Rallis India Limited
- Ticker Finology Rallis India Page
Disclaimer
The information presented above on Rallis India has been compiled from the company's Annual Reports, Investor Presentations, Earnings Call (Concall) Transcripts, official regulatory filings and the financial data available on Finology Ticker. Certain figures, classifications or comparisons may vary due to differences in accounting policies, reporting methodologies or subsequent restatements by the company. This content is intended solely for informational purposes and should not be considered as investment advice. Investors are advised to refer to the latest company filings and the updated financial data, ratios and disclosures available on this Finology Ticker Rallis India page before making any investment decision. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.