The agrochemicals industry is gearing up for a modest bounce back, with CRISIL Ratings predicting 7-9% growth next fiscal, a step up from this year’s 5-6%. The boost comes courtesy of steady domestic demand and improving export volumes. Margins are inching up, expected to land at 12-13% next fiscal—a slight recovery but still shy of the robust 15-16% seen before the pandemic. Cautious optimism rules the boardrooms, with companies choosing to play it safe on capital expenditure and focus on tightening their cash flows and balance sheets. While export volumes look promising, revenue growth this year is pegged at a modest 3-4%, courtesy of pricing pressure from Chinese competitors. Debt metrics are holding steady, with interest coverage at a comfortable 8x and debt-to-Ebitda hovering around 1.1-1.2x. The agrochemicals sector is moving forward, but don’t expect a sprint—it’s a marathon for now.