Few observations while deep-diving in this company 
a) Parent compnay has discovered only one new molecule in last 30 years in agrochemicals space , rest of the products are 30-40 years old .
b) During last 3 years, company’s domestic business of speciality products is going down as far as volumes are concerned (most of these products are old discoveries), hence it seems that they have either reached their maximum potential or competitors are gaining market share from these or the company does not have capability to grow these further.
The top-line for these specilaity products grew after Covid in lines of price-revisions across across agrochemicals industry. But the concern area is volume-decline (loss of market -share).
Even the new launches of speciality products have not compensated the losses of old speciality portfolio.
c) After acquisition, the company is focusing more on generic business and is very much dependent on export (orders from parent company).
d) Other observation one can draw from parent company’s latest results is that agrochemicals is one of the business for the company among many other varied businesses. So it is not a pure-play agrochemical compnay. From same report, one can conclude that the parent company is struggling very badly – losses as well as high debt/equity ratio (1.3). And it seems that the parent company is desperately selling some businesses to improve debt-equity ratio.
In nutshell, the company is more of a generic-play (cyclical ) in India and export-play (for the parent company).
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