Agri Inputs

UPL Limited’s robust Q2FY26 performance prompted management to raise FY26 EBITDA outlook to 12–16% (from 10–14%) while keeping revenue guidance intact. Inventory overhang now largely behind, UPL reported a 10% volume

Sharda Cropchem's healthy Q2FY26 performance was driven by strong sales growth from LATAM and NAFTA. Overall, all regions reported double-digit growth translating to top-line growth of 19.6% YoY to INR9.29bn. Volume

Dhanuka Agritech’s poor Q2FY26 showing follows weak results across industry participants. Sales/EBITDA/PAT declined 8.6%/14.3%/20.0% YoY due to incessant rains in west and north India. The impact has spilt over to

Coromandel reported a solid Q2FY26 with volume growth of 7% YoY in NPK fertilisers; crop protection growth too was solid (includes NACL numbers). EBITDA expanded 17.6% YoY to INR11.46bn. EBITDA/ton for manufactured

What began as a strong start to the Kharif season—with sowing up 11.3% YoY on 27th June 2025—has ended on a bad note with excessive rainfall and existing high channel inventory washing away the very fundamentals of

UPL delivered 1.6% YoY revenue growth in Q1FY26 aided by 1% pricing gain and 2% FX benefit, while volumes edged down 1% YoY. Growth was led by UPL SAS (+13%) and Advanta (+20%) on robust herbicide and seed sales, with

Dhanuka Agritech’s results missed our expectations despite favourable agri-sector conditions. Volume clocked 5% growth versus our double-digit forecast. Sales grew 7% YoY to INR5.28bn (estimate: INR5.62bn), with EBITDA

Coromandel International (CRIN) delivered strong double-digit growth across segments in Q1FY26. Revenue surged 48.9% YoY to INR70.4bn, EBITDA shot up 54.6% YoY to INR7.8bn (estimate: INR6.27bn) and PAT jumped 62.4% YoY

Sharda Cropchem’s healthy earnings print in Q1FY26 was supported by a gradual recovery in global demand, normalising inventory levels in the channel and favourable pricing in key markets such as Europe. Sharda reported

We expect the agri-inputs sector to report a healthy 1QFY26E following a solid start to the sowing season. We anticipate double-digit volume growth in crop protection chemicals, seeds and fertilisers. By company, we

Dhanuka Agritech (DAL) reported a strong 4QFY25, surpassing our profitability estimates. Q4FY25 was driven by operating leverage and cost control. Revenue rose 20% YoY to INR4.42bn, broadly in line with our and consensus

Sharda Cropchem delivered a strong performance in Q4FY25, beating estimates across the board. Agrochemical volumes surged 44% YoY, driving sales up 39.4% YoY to INR18.2bn. Gross margin fell 483bp YoY due to aggressive

UPL in Q4FY25 and FY25 reported an industry-leading performance with a strong volume recovery. Improvement in working capital (by 33 days), astute debt reduction (~USD1bn) and EBITDA growth guidance of 10–14%, going into

Coromandel International (CRIN) reported a healthy performance in Q4FY25 on a low base, underpinned by strong volume growth in complex fertilisers and robust traction in the crop protection business. Revenue surged 27.5%

We reckon agri input companies would post volume growth of 8–12% each in agro-chemicals and fertilisers. We expect margins to stabilise amid the stability seen in AI prices, and decent crop sowing in a seasonally weak

Dhanuka Agritech’s impressive volume growth of 12% and EBITDA margin expansion of 160bp YoY in Q3 in a tough working environment led to a beat on our EBITDA/PAT estimates. The company’s product funnel remains strong, now

UPL reported a robust Q3FY25 performance citing recovery in agrochemical demand after six consecutive quarters of contraction. The company reported growth across businesses and geographies (except ROW), and continued to