Dharmaj Crop Guard Ltd (DHARMAJ)
🎯 Key Takeaways
- Dharmaj Crop Guard Ltd is in a growth phase driven by operational scale-up and export expansion, with management targeting sustained double-digit revenue growth and margin improvement over the next 2-3 years. The company has demonstrated strong profitability momentum, supported by backward integration, capacity expansion, and international market penetration, while maintaining a conservative capital structure.
- Revenue grew 63.6% QoQ to ₹382 in Q1FY27.
- ⚠️ 1) Monsoon volatility could impact agricultural demand and input availability, affecting revenue stability. 2) Global supply chain disruptions may pre
📖 The Story
Dharmaj Crop Guard Ltd is in a growth phase driven by operational scale-up and export expansion, with management targeting sustained double-digit revenue growth and margin improvement over the next 2-3 years. The company has demonstrated strong profitability momentum, supported by backward integration, capacity expansion, and international market penetration, while maintaining a conservative capital structure.
📰 What's Happening
In the latest quarter (Q1FY27), the company reported revenue of ₹382 crores with an operating profit margin of 13.7% and net profit of ₹38 crores, reflecting consistent profitability across quarters. FY26 revenue grew 20% YoY to ₹11,380 crores, driven by 37% growth in active ingredients and strong technical plant performance, with EBITDA up 34% to ₹1,005 crores and gross margins expanding to 23%. Management expects 18-20% revenue growth in FY27, supported by the commissioning of a new herbicide facility in Kerala by Q3 FY27 and improved capacity utilization. Export revenue grew 58% to ₹834 crores in FY26, with plans to scale African and Latin American markets and register 150 new products. The company has also expanded its distribution network to 19,300+ retail touchpoints and invested in backward integration to reduce input costs.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 347 | 190 | 234 | 382 |
| Operating Profit | 27 | 2 | 6 | 53 |
| OPM % | 7.8% | 1.3% | 2.5% | 13.7% |
| Net Profit | 17 | 1 | 4 | 38 |
| EPS | ₹5.13 | ₹0.22 | ₹1.17 | ₹11.28 |
The company's financial trajectory shows consistent improvement in profitability and operational efficiency, with PAT margin expanding from 3.7% to 4.8% and ROCE holding strong at 18-19% over the past year. Quarterly results indicate stable performance with sequential growth in revenue and margins, particularly in Q4 FY26 where revenue rose to ₹234 crores with EBITDA at ₹101 crores. Management attributes this growth to scale, backward integration, and new facility commissioning, which are expected to drive further margin expansion and operational resilience in FY27.
🔮 Management Outlook & What's Next
Management has provided forward-looking guidance, targeting 18-20% revenue growth in FY27 and EBITDA margin expansion to 8-10% over 2-3 years, supported by the new herbicide facility in Kerala and improved capacity utilization. They also expect sustained double-digit topline growth every three years, driven by export expansion, product diversification, and digital distribution initiatives. The company emphasizes operational scale, backward integration, and market expansion as key pillars of its growth strategy, with no major M&A or restructuring plans disclosed.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|
| Equity Capital | 34 | 34 | 34 |
| Reserves | 361 | 411 | 415 |
| Borrowings | 116 | 139 | 132 |
| Total Liabilities | 733 | 956 | 841 |
| Fixed Assets | 315 | 313 | 310 |
| Investments | 0 | 0 | 0 |
| Total Assets | 733 | 956 | 841 |
The balance sheet reflects a strong and stable capital structure, with gross debt at 0.29x and consistent equity and reserve growth. Total assets have increased from ₹733 crores in March 2025 to ₹956 crores in March 2026, while borrowings remain low and stable at around ₹130-140 crores. This indicates disciplined capital allocation, with no aggressive leverage and a focus on funding growth through internal cash flows and retained earnings rather than debt.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +39 |
| Investing | -33 |
| Financing | -9 |
| Net Cash Flow | -3 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 70.4% | 70.4% | 70.4% | 70.4% |
| FII | 3.1% | 3.5% | 3.1% | 3.1% |
| DII | 0.5% | 0.5% | 0.5% | 0.5% |
| Public | 20.7% | 20.3% | 20.3% | 20.6% |
| # Shareholders | 30,284 | 28,990 | 27,537 | 26,567 |
Institutional investor interest remains stable but modest, with FII holding at 3.13% in Q1FY27 and DII at 0.47-0.5% over the past year, while promoter holding remains steady at 70.4%. The number of public shareholders has slightly declined from 30,284 to 26,567, suggesting possible consolidation, but the company maintains a broad retail base. There are no signs of significant institutional accumulation or exit, indicating neutral to slightly positive investor sentiment without aggressive positioning.
⚖️ Peer Comparison — Agro Chemicals
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| UPL | 47,485 | 23.3 | 11.4% | 6.7% | 0.64 |
| PIIND | 36,382 | 31.2 | 13.3% | 10.4% | 0.02 |
| SUMICHEM | 25,753 | 44.4 | 23.1% | 17.1% | 0.00 |
| BAYERCROP | 17,844 | 369.7 | 3.3% | 1.2% | 0.00 |
| SHARDACROP | 6,918 | 11.1 | 25.8% | 20.0% | 0.00 |
| DHANUKA | 4,360 | 14.9 | 27.5% | 21.2% | 0.03 |
| RALLIS | 4,041 | 24.6 | 12.9% | 9.7% | 0.03 |
| NACLIND | 3,988 | 340.5 | 6.0% | 1.8% | 0.44 |
| BHAGCHEM | 3,683 | 134.0 | 6.1% | 3.9% | 0.33 |
| GSPCROP | 2,976 | 26.0 | 22.5% | 21.9% | 0.66 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Monsoon volatility could impact agricultural demand and input availability, affecting revenue stability. 2) Global supply chain disruptions may pressure input costs and margins despite backward integration efforts. 3) Export growth faces execution risks due to regulatory hurdles and geopolitical sensitivities in target markets like Africa and Latin America. 4) High promoter concentration (70.4%) may limit float liquidity and increase governance scrutiny.
📋 Recent Filings
-
🟡 Board Meeting 31 August 2026Dharmaj Crop Guard Ltd announces its 12th AGM on September 24, 2026, to approve FY2025-26 financials, director reappointments, and auditor remuneratio...
-
🔴 annual report 29 August 2026Dharmaj Crop Guard Ltd notified shareholders who have not registered their email addresses about the 12th AGM on September 24, 2026, and provided web ...
-
🟡 Board Meeting 29 August 2026Dharmaj Crop Guard Ltd announced its 12th AGM on September 24, 2026, via video conference, where shareholders will vote on adopting FY2025-26 audited ...
-
🔴 annual report 29 August 2026Dharmaj Crop Guard Ltd reported a 20% revenue jump to ₹11,380 million in FY26, driven by 57% PAT growth to ₹547 million, supported by robust export ex...
-
🔴 Announcement 8 July 2026Dharmaj Crop Guard Limited announced the resignation of Senior Managerial Personnel Bhupendra Varasada effective July 8, 2026, citing pursuit of new c...
-
Announcement 6 July 2026Dharmaj Crop Guard Limited received a compliance certificate from MUFG Intime India confirming adherence to SEBI's Regulation 74(5) for the quarter en...
-
Financial Results 29 June 2026Dharmaj Crop Guard Limited announced that its trading window will close on July 1, 2026, for insiders until 48 hours after the first-quarter results d...
-
🔴 Financial Results 3 June 2026Dharmaj Crop Guard reported FY26 revenue of **₹1,138 crores** (**+20% YoY**) and net profit of **₹55 crores** (**+57% YoY**), driven by 37% growth in ...
-
🔴 Financial Results 28 May 2026Dharmaj Crop Guard reported FY26 revenue of **₹11,380 crores**, up 20% YoY, with PAT rising 57% to **₹547 crores** and margin expanding to 4.8% from 3...
-
secretarial compliance 28 May 2026Dharmaj Crop Guard Limited submitted its Annual Secretarial Compliance Report for the financial year ended March 31, 2026 to BSE and NSE, confirming c...
🧠 Analyst's Read
Dharmaj Crop Guard is executing a disciplined growth strategy with improving profitability and operational scale, supported by capacity expansion and export ambitions. Investors should monitor the timely commissioning of the Kerala facility and margin trajectory in FY27, as these will be critical to sustaining growth momentum amid agricultural cyclicality and global supply chain uncertainties.
Based on filing content and financial data. Not a recommendation.
Read the full analysis
Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.
Sign Up Free — Unlock Full Analysis2 free AI queries per day.
Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
📡 Get AI alerts when DHARMAJ files new disclosures
Track DHARMAJ filings, board meetings, and corporate actions. Free email alerts at 5 PM.
Track DHARMAJ — FreeFree account · 2 AI queries/day
© 2026 StockFin.ai — AI-powered Indian stock research
About · Privacy Policy · Terms of Service · Pricing
Today's Announcements · Screener · Insights · AI Chat
Data provided by CMOTS Internet Technologies Pvt Ltd