ICICI Direct's research report on Rallis India
Rallis India is a leading agrochemical company with a presence across agri input value chain and a strong, healthy pipeline of sustainable products. The company has a diversified portfolio, supported by a strong channel network of more than 6,700 dealers and 79,000 retailers • In terms of revenue contribution, domestic crop care constitutes 54% of overall revenue followed by international crop care of 30% and the rest from the seeds business.
Outlook
We maintain HOLD with a neutral stance as we await progress on the margin front and capex. We value Rallis India at 20x FY24E EPS of Rs 12.4 to arrive at a revised target price of Rs 250 per share (earlier Rs 200 per share).
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