Rallis India Q2 FY27 Results: Standalone Net Profit ₹85.00 Crore on Total Income of ₹866 Crore

Earnings
Agri inputs

Blacklitt Research22 October 20263 min read

A green wheat field with trees and flat farmland under a pale sky — Aman Rania, via Wikimedia Commons (CC0). Illustrative image.

Rallis India reported standalone total income of ₹866 crore and net profit of ₹85 crore for the quarter ended 30 Sep 2026, against ₹871 crore and ₹102 crore a year earlier.

Key highlights

Standalone

The company on its own, without its subsidiaries

Total income: ₹866 crore, down 0.6% YoY and 16.3% QoQ
Net profit and EPS: ₹85 crore, down 16.7% YoY; basic EPS ₹4.37 against ₹5.23
Exceptional gain: ₹14 crore from profit on sale of flats or freehold land
Trade receivables: ₹947 crore at 30 Sep 2026, against ₹616 crore at 31 Mar 2026

Summary

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	866	871	-0.6%	1,035	-16.3%
Revenue from operations	858	861	-0.3%	1,022	-16.0%
Other income	8	10	-20.0%	13	-38.5%
	85	102	-16.7%	125	-32.0%
Profit before tax	114	137	-16.8%	168	-32.1%
Finance costs	2	3	-33.3%	2	0.0%
Depreciation	32	30	+6.7%	30	+6.7%
Tax expense	29	35	-17.1%	43	-32.6%
Net profit margin	9.82%	11.71%	-1.90 pp	12.08%	-2.26 pp
EPS, basic (₹)	4.37	5.23	-16.4%	6.43	-32.0%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Profit fell faster than income. Net profit dropped 16.7% year on year to ₹85 crore, while total income fell 0.6% to ₹866 crore and profit before tax fell 16.8% to ₹114 crore. Revenue from operations was close to flat at ₹858 crore, down 0.3%.

Other income fell to ₹8 crore from ₹10 crore and is 0.9% of total income, so it is a small share of the quarter's income. Finance costs were ₹2 crore against ₹3 crore, or 0.2% of total income. Depreciation rose to ₹32 crore from ₹30 crore, up 6.7%.

The quarter includes an exceptional gain of ₹14 crore from profit on sale of flats or freehold land. That is about 12.3% of profit before tax of ₹114 crore. The notes show no labour code impact in this quarter; the ₹40 crore labour code impact was presented under exceptional items for the year ended 31 Mar 2026.

Tax expense was ₹29 crore against ₹35 crore a year earlier, down 17.1%, and equal to about 25.4% of profit before tax. Net profit moved in line with profit before tax, so the tax line changed the size of the fall only slightly.

The business is seasonal, and the notes say performance can be affected by weather and cropping pattern. For the half year ended 30 Sep 2026, revenue from operations was ₹1,880 crore and net profit ₹210 crore. The notes also record a reversal of provisions of about ₹35 crore in the June 2026 quarter and the half year, arising from harmonisation of salary structures.

Inference

Per share, basic EPS of ₹4.37 is down from ₹5.23. Net profit of ₹85 crore at that EPS implies about 19.5 crore shares, close to the paid-up equity capital of ₹19 crore at ₹1 face value, so the per-share figure is consistent with the stated capital.

On the balance sheet, trade receivables were ₹947 crore at 30 Sep 2026, about 27.6% of total assets, up from ₹616 crore at 31 Mar 2026. Dividends paid were ₹58 crore in the half year against ₹48 crore a year earlier. The filing does not state the reason for the fall in quarterly revenue, the reason for the rise in receivables, or whether any dividend has been declared for this quarter, so the effect of these on future capital and cash flow is not known.

The Board approved the results on 22 Oct 2026, and the statutory auditors, B S R & Co. LLP, expressed an unmodified review conclusion. The company has no subsidiary, associate or joint venture, so these results are standalone.

Reference: Original filing (PDF)

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