Elara Capital forecasts continued muted performance for the domestic agrochemical industry due to ongoing stress in pest infestation, crop prices, and weather. Unseasonal rains damaged crop protection consumption, and lower crop prices reduced farmers' purchasing power. While Urea and DAP volumes remain stable, NPK volumes have fallen significantly. The brokerage prefers the fertilizer sector over agrochemicals, noting stable Urea and DAP volumes despite a decline in NPK.