Rallis India Ltd Q2FY26 | ₹861 Cr Revenue, ₹102 Cr PAT, ROCE 10.1% – The 150-Year-Old Farmer’s Chemist Who Refuses to Retire

1. At a Glance

Rallis India, the“agri-lab coat”of the Tata empire, just posted a quarter that’s less flashy than its parent Tata Chemicals but definitely more grounded — literally, in soil.

At₹861 crore revenueand₹102 crore PAT, the company managed to keep its tractor steady despite the pesticide price crash and monsoon mood swings. TheROCE stands at 10.1%, andROE at 6.65%, reminding everyone that being in agrochemicals in India is like farming itself — you work all year, and the rain gods (and China) still decide your profit margin.

Market cap of₹5,622 crore, stock price₹289, dividend yield0.87%, and aP/E of 33x— Rallis is the cautious Tata child: low debt, polite profits, and zero drama.

2. Introduction – The Farmer’s Oldest Friend (After Monsoon)

Rallis India is the kind of company your grandfather would invest in — and probably still holds in physical share certificates. Foundedover 150 years ago, it has seen every agricultural policy from Nehru’s Five-Year Plans to today’s YouTube “Krishi Influencers.”

A Tata Group company underTata Chemicals, Rallis is one of India’s oldest and most diversified agrochemical players. Its product suite goes fromcrop protection(pesticides, fungicides, herbicides) toplant nutritionandseeds— making it a full-service input provider to 5 million+ farmers across 80% of Indian districts.

Think of Rallis as theTata Saltof pesticides — trustworthy, old-school, slightly underwhelming, but everywhere.

The company exports to70+ countries, has4 manufacturing plants, and is adding more capacity atDahej SEZ. It’s even got a solid R&D pipeline — 92 products and 15 molecules in progress — which is Tata-speak for “we’re still relevant, don’t count us out.”

Yet despite all the legacy, Rallis has struggled with stagnant growth in recent years. Is it time for the old chemist to reinvent himself into an agri-tech startup, or will he keep writing chemistry equations on chalkboards while PI Industries codes molecules with AI?

3. Business Model – WTF Do They Even Do?

Rallis makes and sellsagrochemicals, crop nutrients, and seeds— basically everything a farmer needs except rain and government subsidy.

Core Business Segments:

1. Crop Care (80% of revenue)
   • Crop Protection (Fungicides 35%, Herbicides 19%, Insecticides 46%)Offers formulations suited to Indian crops; strong domestic presence with 55,000+ retail touchpoints.Recently launched8 new insecticides,2 herbicides, and1 fungicide— because farmers, like investors, love “new product launches.”
   • Crop Nutrition (12% of revenue)Includes plant growth nutrients, micronutrients, and water-soluble fertilizers.New launches:AquaFert Tomato Grade,Nayazinc— because your tomato deserves a Tata vitamin too.
2. Seeds (12% of revenue)
   • Offers seeds for paddy, maize, cotton, and vegetables.
   • Focuses on hybrid and high-yield varieties and partners with biotech players for R&D.
3. Contract Manufacturing
   • Rallis is also aCSM (Custom Synthesis and Manufacturing)partner for global agrochemical giants — think of it as “agrochemical outsourcing” with Tata ethics.

The company’s integration — fromR&D to farmer retail— makes it India’s “Farm-to-Formulation” model.

Still, competition from PI Industries, Dhanuka, and UPL