Rallis India Limited has announced the appointment of Mr. Ashok Sharma as Additional Director in Independent capacity, marking a strategic addition to its board leadership. The appointment was approved by the Board of Directors on February 9, 2026, based on the recommendation of the Nomination and Remuneration Committee.

Appointment Details

The key parameters of Mr. Sharma's appointment are outlined below:

Professional Background

Mr. Ashok Sharma brings over three decades of experience in strategy, operations, business excellence and leadership roles across Indian and multinational organizations. His educational credentials include a Bachelor's degree in Mechanical Engineering from Veermata Jijabai Technological Institute (VJTI), Mumbai, and a Master's degree in Management Studies from Jamnalal Bajaj Institute of Management Studies (JBIMS), Mumbai.

He has completed multiple leadership and executive education programs at leading global institutions including IIMs, ISB, Harvard, INSEAD, Yale and IMD Switzerland, and is a certified Business Coach from the Worldwide Association of Business Coaches (WABC).

Career Highlights

Mr. Sharma's most significant professional association was with the Mahindra & Mahindra group from 1998 to 2024, where he demonstrated leadership across diverse functions:

• Led sales, channel, marketing, business excellence, quality and strategy functions
• Served as Director / Managing Director & CEO of Mahindra Agri Solutions Limited from 2011 to 2023
• Chaired and served on boards of several Mahindra Group entities
• Instrumental in shaping Mahindra Agri businesses' vision of Delivering Farm Tech Prosperity
• Set up R&D operations for Mahindra Agri Solutions Limited
• Built strong teams of quality breeders and strengthened sales channels
• Established joint ventures with international partners for agrochemical and seed potato businesses

Prior to his tenure with Mahindra, Mr. Sharma held successful leadership positions in various Indian and multinational corporations including Godrej & Boyce Manufacturing Co., Videocon International, and Daewoo Electronics.

Regulatory Compliance

The appointment complies with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has confirmed that Mr. Sharma is not related to any existing directors and is not debarred from holding the office of Director by virtue of any SEBI Order or any other authority.

The appointment strengthens Rallis India's board composition with Mr. Sharma's extensive experience in agricultural solutions and business leadership, particularly relevant given his background in the agri-business sector.

Rallis India shares experienced a remarkable surge of 15% on Thursday, January 22, driven by a positive brokerage upgrade and strong quarterly earnings performance that exceeded market expectations.

HSBC Upgrades Rating with Significant Upside Potential

HSBC upgraded Rallis India to 'Buy' rating and raised its price target to ₹300 per share, indicating an upside potential of approximately 27% from the previous close. The brokerage firm cited an earnings beat in Q3FY26, with adjusted profit after tax surpassing estimates despite challenging operating conditions.

The upgrade reflects HSBC's confidence in the company's ongoing business transformation, which is beginning to show positive results beyond the domestic crop protection segment. Early signs of recovery are becoming visible in the seeds and exports businesses, contributing to the improved outlook.

Q3 Financial Performance Shows Mixed Results

The December quarter results presented a mixed picture for Rallis India, with strong revenue growth offsetting profit pressures:

Despite the significant decline in net profit, the company demonstrated operational efficiency improvements with EBITDA growth of 31.8% and operating margin expansion to 9.3% from 8.4% in the year-ago period.

Business Transformation and Recovery Outlook

HSBC's analysis highlighted several positive developments in Rallis India's business segments. The company's transformation initiatives are showing early signs of success, particularly in diversifying beyond traditional domestic crop protection activities.

The brokerage also factored in the sharp 35% correction in the stock over the past six months, alongside improved earnings visibility, making the current valuation attractive for investors.

Future Growth Expectations Across Segments

Rallis India has outlined growth expectations across its key business verticals:

• Agrichemicals Export Business: Expected recovery with approximately 25% growth on a weak base
• Seeds Business: Anticipated 28% growth with narrowing losses, despite industry-wide seed shortage challenges
• Domestic Agrichemicals: Projected growth of around 5% due to subdued Rabi season start
• International Business: Expected to outpace domestic growth, contributing about 20% to total revenue

The company's diversified approach across domestic and international markets, combined with its focus on multiple agricultural segments, positions it well for sustained recovery in the coming quarters.