Buy, Sell Or Hold: PI Industries, Rallis India, Bayer CropScience, Sharda Cropchem, Dhanuka Agritech
- September 23, 2026
- Posted by: Harsh Piplani
- Category: Market
Analyst Forecast
Sector Snapshot (23 September 2026)
| Stock | LTP (Rs) | 52W High | 52W Low | P/E vs Industry | ROE | Our View |
|---|---|---|---|---|---|---|
| PI Industries | 2,390.30 | 3,832.90 | 2,191.00 | 31.36 / 25.34 | 11.76% | Hold |
| Rallis India | 202.00 | 340.00 | 196.81 | 18.35 / 27.11 | 9.88% | Hold |
| Bayer CropScience | 3,773.10 | 5,346.00 | 3,725.00 | 23.12 / 27.11 | 23.24% | Buy on Dips |
| Sharda Cropchem | 763.00 | 1,297.00 | 737.15 | 10.78 / 25.34 | 21.71% | Buy on Dips |
| Dhanuka Agritech | 982.15 | 1,620.40 | 889.60 | 16.04 / 27.11 | 17.08% | Buy on Dips |
Quick Answer
Bayer CropScience, Sharda Cropchem and Dhanuka Agritech all combine double-digit return on equity with price-to-earnings ratios below their industry average, making them the more attractive agro chemicals stocks to accumulate right now. PI Industries and Rallis India both carry weaker return ratios relative to their pricing, which argues for holding rather than adding fresh money at current levels. Every name in this group is trading within a few percent of its 52-week low, so the sector as a whole has already absorbed a sharp correction.
Agro chemicals makers sell pesticides, herbicides and crop protection products into a market shaped by monsoon patterns, export demand and regulatory approvals. This piece checks five agro chemicals stocks on valuation and profitability.
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PI Industries: Hold
PI Industries is at Rs 2,390.30, down close to 38% from its 52-week high of Rs 3,832.90 and near its low of Rs 2,191.00. It trades at a price-to-earnings ratio of 31.36, above the industry average of 25.34, while its return on equity of 11.76% is the weakest of the five names here. With the market still paying a premium for a business generating modest returns, this is one of the pricier agro chemicals stocks and looks better held than added to.
Rallis India: Hold
Rallis India trades at Rs 202.00, right at its 52-week low of Rs 196.81 and down about 41% from its high of Rs 340.00. Its price-to-earnings ratio of 18.35 is well below the industry average of 27.11, and it carries almost no debt. But a return on equity of 9.88% shows the business still has work to do on profitability, so this is a hold to watch for a turnaround rather than a buy on cheapness alone.
Bayer CropScience: Buy on Dips
Bayer CropScience is at Rs 3,773.10, close to its 52-week low of Rs 3,725.00 and down close to 30% from its high of Rs 5,346.00. It combines a strong return on equity of 23.24% with a price-to-earnings ratio of 23.12 that sits below the industry average of 27.11. That combination of solid profitability, a reasonable multiple, and a stock already near its lows makes it one of the more attractive agro chemicals stocks to accumulate on dips.
Sharda Cropchem: Buy on Dips
Sharda Cropchem has corrected to Rs 763.00, near its 52-week low of Rs 737.15 and down over 41% from its high of Rs 1,297.00. It stands out with a price-to-earnings ratio of just 10.78 against an industry average of 25.34, alongside a healthy return on equity of 21.71% and a debt-free balance sheet. This cheap valuation paired with strong profitability makes it one of the more compelling agro chemicals stocks to watch for accumulation.
Dhanuka Agritech: Buy on Dips
Dhanuka Agritech trades at Rs 982.15, down close to 39% from its 52-week high of Rs 1,620.40 and near its low of Rs 889.60. Its price-to-earnings ratio of 16.04 sits comfortably below the industry average of 27.11, with a return on equity of 17.08%. Like Bayer CropScience and Sharda Cropchem, this combination of a reasonable multiple, healthy profitability, and a stock near its lows places it among the more attractive agro chemicals stocks to add on dips.
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What Ties These Agro Chemicals Stocks Together
Three of the five agro chemicals stocks here, Bayer CropScience, Sharda Cropchem and Dhanuka Agritech, currently offer the more attractive combination of below-industry valuation and healthy return on equity, while PI Industries and Rallis India both need either their earnings or their multiples to move before they look equally compelling. Export demand, monsoon timing and any changes to pesticide regulation can shift these numbers from one quarter to the next, so this is a group worth revisiting regularly.
Balance sheet strength is a further point of difference within this group. Sharda Cropchem, Bayer CropScience, PI Industries and Dhanuka Agritech all carry debt-to-equity ratios close to zero, meaning none of them are leaning on borrowed capital to fund growth. Rallis India is similarly conservative on leverage, so across these agro chemicals stocks, the gap in performance is being driven almost entirely by differences in profitability and valuation rather than balance sheet risk.
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Conclusion
Agro chemicals stocks in India show a fairly clear split: Bayer CropScience, Sharda Cropchem and Dhanuka Agritech currently look better placed for gradual accumulation, while PI Industries and Rallis India are more reasonable holds until their profitability catches up with their valuation, or their valuation adjusts to reflect current returns. Treat this as a starting point for your own research rather than a final word.
Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Stock market investments are subject to market risks. Please verify all data independently and consult a SEBI-registered investment adviser before making any investment decisions. Univest Financial Services Private Limited, SEBI Registered Investment Adviser, Registration No. INH000013776.
Frequently Asked Questions
Which agro chemicals stocks look attractive right now?
Bayer CropScience, Sharda Cropchem and Dhanuka Agritech currently show the more favourable combination of valuation and return on equity among these agro chemicals stocks. All three trade below their industry average price-to-earnings ratio while delivering return on equity above 17%, with Sharda Cropchem standing out further on a debt-free balance sheet and a P/E of just 10.78.
Is PI Industries overvalued?
PI Industries trades at a price-to-earnings ratio of 31.36, above the industry average of 25.34, while its return on equity of 11.76% is the weakest in this group. That gap between a premium valuation and modest current profitability is what makes it look expensive relative to peers such as Bayer CropScience and Sharda Cropchem, which offer stronger returns at cheaper multiples.
Why is Rallis India cheap despite a decent balance sheet?
Rallis India trades at a price-to-earnings ratio of 18.35, well below the industry average of 27.11, and carries almost no debt. But its return on equity of 9.88% remains modest, which is keeping the stock in hold territory until profitability improves enough to justify a re-rating.
Is Sharda Cropchem debt-free?
Yes, Sharda Cropchem carries no debt on its books, alongside a price-to-earnings ratio of 10.78, one of the lowest among these agro chemicals stocks against an industry average of 25.34. That combination, paired with a 21.71% return on equity, is why it is flagged as one of the more attractive names to accumulate on dips.
How do exports affect agro chemicals companies?
Many Indian agro chemicals companies, including Sharda Cropchem, sell a meaningful share of their output overseas, so currency movements, freight costs and export demand can significantly affect their revenue and margins. A stronger rupee or weaker demand from key export markets can pressure realisations even when domestic volumes hold up.
Where can I track these agro chemicals stocks in real time?
You can track live prices, set price alerts, and follow quarterly results for PI Industries, Rallis India, Bayer CropScience, Sharda Cropchem and Dhanuka Agritech using the Univest iOS App and Univest Android App.
