HSBC Agrochemical Outlook: Monsoon Boost Drives Buy Calls

  Published 9 months ago

HSBC cites strong monsoon revival and higher crop sowing in India, boosting agrochemical fundamentals, with 'Buy' on UPL and Dhanuka, 'Hold' on Bayer, and 'Reduce' on Rallis.

  • Early monsoon arrival and 2% above normal rainfall as of June 23 support positive crop sowing trends.
  • Strong sowing drives higher seed and pesticide consumption, favoring agrochemical companies in H1 FY2026.
  • UPL up 29%, Dhanuka 13%, Bayer 1.9%, and Rallis 3.1% year-to-date following HSBC’s ratings.

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