Company research memos

55 hand-built midcap memos. Filter by verdict, industry, or company. Short news desk notes live under News.

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16 memos of 55

buy

ARIES · Agrochemicals

Aries Agro: micronutrient bookings at a mid-teens multiple

FY26 TTM revenue near ₹779 cr; at ₹477 base FY27E offers ~16% upside to a Buy on booking conversion.

25 min · Yesterday

avoidASTEC• Agrochemicals

Astec LifeSciences Ltd

Astec LifeSciences: leveraged agchem turnaround priced ahead of base recovery

FY26 revenue rebounded but PAT loss near ₹81 cr; at ₹709 base FY27E implies ~85% downside, Avoid.

25 min · Yesterday

buyBESTAGRO• Agrochemicals

Best Agrolife Ltd

Best Agrolife: integrated technical recovery below book value

Q1 FY27 OPM near 20% after FY26 PAT trough; at ₹17.5 base FY27E offers ~24% upside to a Buy.

25 min · Yesterday

avoidBHAGCHEM• Agrochemicals

Bhagiradha Chemicals & Industries Ltd

Bhagiradha Chemicals: capex recovery priced at triple-digit earnings

TTM PAT rebounded but ROCE is 5% and borrowings ₹235 cr; at ₹236 base FY27E implies ~73% downside, Avoid.

25 min · Yesterday

buyBHARATRAS• Agrochemicals

Bharat Rasayan Ltd

Bharat Rasayan: technical export cycle at a deep de-rating

FY26 OPM recovered to 16% after FY24 shock; at ₹999 base FY27E offers ~18% upside to a Buy.

25 min · Yesterday

buyDHANUKA• Agrochemicals

Dhanuka Agritech Ltd

Dhanuka Agritech: 9(3) mix and high ROCE at a de-rated agchem multiple

FY26 revenue paused but OPM held near 20%; at ₹935 base FY27E offers ~15% upside to a Buy.

24 min · Yesterday

neutralHERANBA• Agrochemicals

Heranba Industries Ltd

Heranba Industries: export agchem recovery after two loss years

Q1 FY27 OPM near 14% but TTM PAT still negative; at ₹172 base FY27E offers ~9% downside, not yet a Buy.

25 min · Yesterday

neutralINDOFIL• Agrochemicals

Indofil Industries Ltd

Indofil Industries: mancozeb integration at an unlisted discount

OTC reference ₹1,475 vs book ~₹2,831; base FY27E offers ~6% upside, Neutral on illiquidity.

25 min · Yesterday

buyINSECTICID• Agrochemicals

Insecticides (India) Ltd

Insecticides India: Maharatna mix at a cyclical agchem multiple

FY26 revenue crossed ₹2,140 cr but Q1 FY27 volume softened; at ₹569 base FY27E offers ~18% upside to a Buy.

24 min · Yesterday

neutralMOL• Agrochemicals

Meghmani Organics Ltd

Meghmani Organics: crop protection recovery with pigment and Brazil optionality

FY26 EBITDA rose 27% but Q1 FY27 revenue fell 12%; at ₹73 base FY27E offers ~11% upside, not yet a Buy.

24 min · Yesterday

avoidNACLIND• Agrochemicals

NACL Industries Ltd

NACL Industries: Coromandel control at a triple-digit earnings multiple

FY26 OP recovered but PAT was ₹5 cr; at ₹130 base FY27E implies ~70% downside, Avoid.

25 min · Yesterday

neutralPIIND• Agrochemicals

PI Industries

PI Industries: CSM export cycle and domestic agri-inputs at a de-rated multiple

FY26 sales fell but OPM held near 32%; at ₹2,236 base FY27E offers ~2% downside, not yet a Buy.

25 min · Yesterday

neutralRALLIS• Agrochemicals

Rallis India Ltd

Rallis: Tata crop care and seeds recovery at a modest ROE multiple

FY26 EBITDA hit a record ₹362 cr but net CFO eased; at ₹200 base FY27E offers ~8% upside, not yet a Buy.

24 min · Yesterday

neutralSHARDACROP• Agrochemicals

Sharda Cropchem Ltd

Sharda Cropchem: registration moat at a cyclical export multiple

FY26 PAT rebounded to ₹681 cr but debtor days stay near 166; at ₹709 base FY27E offers ~12% upside, not yet a Buy.

24 min · Yesterday

neutralSUMICHEM• Agrochemicals

Sumitomo Chemical India Ltd

Sumitomo Chemical India: SCC specialty mix at a full agchem multiple

FY26 OPM held near 21% but five-year sales CAGR is ~4%; at ₹418 base FY27E offers ~11% upside, not yet a Buy.

24 min · Yesterday

neutralUPL• Agrochemicals

UPL Ltd

UPL: global crop protection recovery at a premium multiple

FY26 CFO was negative ₹2,243 cr but OPM rebounded on TTM; at ₹517 base FY27E offers ~8% downside, not yet a Buy.

25 min · Yesterday