Why UPL, PI Industries Scored Over Rallis India, Dhanuka Agritech in FY19

Shares of agrochemical companies with higher exposure to overseas markets have done relatively better than those with less exposure in fiscal year 2019, according to an article on LiveMint.com. This isn’t surprising given the challenges in the domestic agrochemicals market. “The industry has been impacted due to declining farmer income and low pest pressure. Inventory for the industry is ~20-30% higher than normal,” Prabhudas Lilladher Pvt. Ltd. said in a note released last month.

UPL Ltd. and PI Industries Ltd. gained 17-28% in FY19, tracking the 14-23% rise in revenues in the first nine months of FY19. In comparison, Rallis India Ltd. and Dhanuka Agritech Ltd. have lost between 28% and 30% of their value. These companies derive most of their earnings from India.


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