Rallis India (RALLIS) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 revenue grew 19% year-over-year to INR 623 crore, with 28% volume growth and 8-9% price decline; nine-month revenue reached INR 2,441 crore, up 9% year-over-year.

• EBITDA rose 29% to INR 58 crore in Q3 FY26, but PAT dropped 81% to INR 2 crore due to a one-time gratuity provision of INR 40 crore; nine-month PAT was INR 68-199 crore.

• Strong performance in exports (up 56-73%), seeds (up 46-50%), and soil & plant health (up 16%) offset challenges in domestic crop protection.

• Unaudited financial results for the quarter and nine months ended 31 December 2025 were reviewed and approved by the Board on 20 January 2026.

• Statutory auditors expressed an unmodified review conclusion on the financial statements.

Financial highlights

• Crop care segment revenue grew 18% to INR 560 crore in Q3 FY26; seeds revenue increased 46% to INR 43 crore in Q3.

• B2B business revenue up 22% to INR 590 crore for nine months; B2C up 3% to INR 1,401 crore.

• Exports (B2B) surged 56-73% to INR 129 crore in Q3; CSM business grew 26% to INR 46 crore.

• Q3 FY26 Crop Care EBITDA up 17% YoY; Seeds EBITDA at -INR 13 crore (vs -INR 16 crore YoY).

• Healthy cash and liquidity balance of INR 455 crore as of December 31.

Outlook and guidance

• Near-term outlook positive, supported by healthy reservoir levels, increased acreage, and strong customer engagement; Rabi season progress expected to improve demand.

• Focus on double-digit revenue growth and 500 basis point EBITDA margin expansion over five years.

• No formal guidance, but aspiration to grow seed business to INR 1,000 crore and soil & plant health to INR 700-800 crore in five years.

• Margins remain under pressure from input cost inflation and Chinese import competition.

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