By FMTeam India’s agriculture sector is becoming more organised and technology-driven. Rising farm mechanisation, improved seed adoption, specialty fertilisers, biological products and modern crop-protection solutions are creating opportunities for listed companies.
However, agriculture stocks do not belong to a single business category. Some companies manufacture fertilisers and pesticides, while others sell seeds, tractors, harvesters or farm machinery. Their performance can also be influenced by rainfall, crop prices, government policies and rural income.
The following companies were selected based on their FY26 performance, market position, agricultural exposure, financial strength and future growth potential.
| Company | Agriculture Business Profile | FY26 Revenue or Income | Main Growth Catalyst | Investment Profile |
| Coromandel International | Fertilisers and crop protection | ₹31,827 crore | Backward integration and agri-retail | Integrated agriculture leader |
| UPL | Global crop protection and seeds | ₹51,839 crore | Debt reduction and biological products | Global agriculture play |
| Mahindra & Mahindra | Tractors and farm machinery | ₹42,568 crore* | Mechanisation and new equipment | Large, diversified opportunity |
| Kaveri Seed Company | Hybrid and commercial seeds | ₹1,303.77 crore | Maize, rice and exports | Seed-focused growth stock |
| Dhanuka Agritech | Domestic crop-protection products | ₹2,062.80 crore** | Specialty products and expansion | Profitable domestic play |
*Mahindra’s figure represents consolidated Farm Equipment segment revenue.
**Dhanuka’s figure represents total income.
1. Coromandel International
Best for: Diversified exposure across agricultural inputs and services
- FY26 consolidated total income: ₹31,827 crore
- FY26 EBITDA: ₹3,232 crore
- Phosphatic fertiliser sales:3 million tonnes
- Agri-retail network: More than 1,200 centres
- Core businesses: Fertilisers, crop protection and specialty nutrients
Coromandel International is one of India’s leading integrated agricultural companies. It manufactures fertilisers, crop-protection chemicals, organic fertilisers, biological products and specialty nutrients.
Its agricultural retail stores also provide farm inputs, crop advice, soil testing and mechanisation services. The network serves approximately three million farmers across several major agricultural states.
Key Growth Catalyst: Backward Integration
During FY26, Coromandel commissioned a sulphuric acid plant and a phosphoric acid facility at Kakinada. These projects should improve raw-material availability and reduce dependence on imported intermediates.
Its crop-protection business recorded 16% revenue growth, while segment profitability increased by 55%. The company is also expanding fertiliser granulation capacity and investing in new technical crop-protection molecules.
Advantage: Coromandel earns from several parts of the agricultural value chain and has a wide farmer-distribution network.
Limitation: Fertiliser profitability can be affected by government subsidies, imported raw-material prices and currency movements.
2. UPL
Best for: Global exposure to crop protection, seeds and biological solutions
- FY26 revenue: ₹51,839 crore
- FY26 EBITDA: ₹9,588 crore
- Revenue growth: 11%
- Net debt-to-EBITDA ratio: Approximately 1.6 times
- Seed platform: Advanta Seeds
UPL is one of India’s largest global agricultural solutions companies. It sells herbicides, insecticides, fungicides, seeds, biological products and post-harvest solutions across international markets.
FY26 revenue increased by 11%, while EBITDA rose by 18%. Its Advanta seed platform recorded 23% revenue growth. UPL also reduced gross debt by approximately $850 million during the year, strengthening its balance sheet.
Key Growth Catalyst: Sustainable Agriculture
UPL is expanding biological crop-protection products, natural plant-health solutions and climate-resilient seeds. These products may benefit from growing demand for lower-residue and more sustainable farming practices.
Advantage: Global reach, a broad product portfolio and exposure to both crop protection and seeds.
Limitation: UPL remains sensitive to foreign-exchange movements, global agricultural cycles and debt-management requirements.
3. Mahindra & Mahindra
Best for: Farm mechanisation and tractor-market leadership
- FY26 Farm Equipment revenue: ₹42,568 crore
- Total tractor sales: 5,26,403 units
- Domestic tractor market share:6%
- Farm-machinery revenue: ₹1,354 crore
- Tractor-sales growth: 24%
Mahindra & Mahindra is India’s largest tractor manufacturer. It sells tractors through the Mahindra, Swaraj and Trakstar brands and has remained the domestic market leader for 43 consecutive years.
The company also manufactures harvesters, rotary tillers, cultivators, loaders, balers, sprayers and crop-seeding equipment. Its farm-machinery revenue grew by 32.2% during FY26.
Key Growth Catalyst: Wider Mechanisation
India’s shortage of agricultural labour is encouraging farmers to adopt machinery beyond traditional tractors. Mahindra plans to introduce new products and feature upgrades covering multiple farming activities.
The company is also expanding its presence in overseas tractor markets and investing in precision-farming and digital technologies.
Advantage: Strong brand, extensive dealership network and clear leadership in the tractor market.
Limitation: Mahindra is a diversified company. Automobiles, financial services and technology businesses also influence its share performance.
4. Kaveri Seed Company
Best for: Direct exposure to India’s commercial seed industry
- FY26 revenue: ₹1,303.77 crore
- FY26 EBITDA: ₹349.75 crore
- FY26 profit after tax: ₹283.26 crore
- Revenue growth:25%
- Maize-revenue growth:17%
Kaveri Seed develops and sells seeds for maize, cotton, rice, vegetables, millet and other crops. Its FY26 growth was mainly driven by non-cotton products.
Maize volumes increased by 18.84%, while hybrid-rice revenue grew by more than 18%. The export business also recorded approximately 90% growth during the year.
Key Growth Catalyst: New Hybrid Portfolio
New cotton hybrids increased their contribution to cotton volumes from 10.3% to more than 30%. Kaveri expects these products to support future growth across northern, central and southern India.
Advantage: Strong profitability and direct exposure to rising adoption of higher-yield commercial seeds.
Limitation: Seed demand is seasonal and can be affected by rainfall, crop acreage, government price controls and illegal seed sales.
5. Dhanuka Agritech
Best for: Profitable exposure to the domestic crop-protection market
- FY26 total income: ₹2,062.80 crore
- FY26 profit after tax: ₹287.23 crore
- Distribution network: More than 6,500 distributors
- Retail network: Approximately 80,000 retailers
- Farmer reach: Around 10 million farmers
Dhanuka Agritech sells insecticides, fungicides, herbicides, biological products and plant-growth regulators. Its large domestic network provides access to farmers across India’s major agricultural regions.
The company partners with international agricultural businesses to introduce patented and specialty crop-protection products in India.
Key Growth Catalyst: Specialty Products
Dhanuka is increasing its focus on higher-margin specialty products and technical manufacturing at its Dahej facility. It has also approved international expansion initiatives covering Brazil and European markets.
The company reported a 29.5% increase in fourth-quarter profit, supported by improved product demand, operational efficiency and a better product mix.
Advantage: Strong domestic distribution, healthy profitability and direct contact with Indian farmers.
Limitation: Demand depends heavily on monsoon conditions, pest attacks and seasonal crop patterns.
Key Risks for Investors
Agriculture stocks face several important risks:
- Monsoon dependence: Weak or irregular rainfall can reduce demand for seeds, fertilisers and crop-protection products.
- Government regulation: Fertiliser subsidies, pesticide approvals and seed-price controls can affect profitability.
- Raw-material costs: Imported chemicals and fertiliser inputs are exposed to currency and commodity-price changes.
- Seasonal demand: Agricultural sales are concentrated around sowing and crop-protection seasons.
- Crop-price pressure: Lower farmer income can delay purchases of machinery and premium agricultural inputs.
- Global exposure: International companies may be affected by inventory corrections and weaker commodity prices.
Coromandel offers broad agricultural-input exposure, while UPL provides a global crop-protection and seed portfolio. Mahindra is the strongest farm-mechanisation play. Kaveri Seed offers direct seed-sector exposure, and Dhanuka represents a profitable domestic crop-protection opportunity.
Investors should compare valuations, debt, cash flow, product mix and monsoon-related risks before investing. This article is for informational purposes and should not be treated as investment advice.