Rallis India (RALLIS) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 revenue was INR 861 crore, down 7% year-over-year, with EBITDA at INR 154 crore and profit after tax at INR 102 crore, slightly up from last year.

• Faced a challenging quarter due to excessive rainfall impacting crop protection and supply chain constraints in seeds.

• New product launches and digital initiatives are driving future growth, with a focus on five key crops: cotton, maize, millet, mustard, and rice.

• Continued R&D and product registration efforts in India and overseas.

• Unaudited financial results for the quarter and half year ended September 30, 2025, were approved by the Board on October 16, 2025.

Financial highlights

• Q2 FY26 revenue declined 7% YoY to INR 861 crore; H1 FY26 revenue rose to INR 1,818 crore from INR 1,711 crore YoY.

• EBITDA for Q2 FY26 was INR 154 crore, down from INR 166 crore last year.

• Profit after tax for Q2 FY26 was INR 102 crore vs INR 98 crore last year; PAT margin improved to 11.8%.

• Export revenue for Q2: INR 161 crore, up from INR 120 crore last year; B2B exports grew 33% YoY.

• Basic and diluted EPS for Q2 FY26 was INR 5.23, compared to INR 5.04 in Q2 FY25.

Outlook and guidance

• Near-term outlook positive, with expectations of improved rabi season due to residual moisture and better planting conditions.

• Anticipates continued growth in export business and recovery in soil and plant health segment.

• Expectation of CSM revenue resumption from Q3/Q4 as customer phasing normalizes.

• Focus on portfolio optimization, cost efficiencies, and capital efficiency.

• Business is seasonal and performance can be impacted by weather and cropping patterns.