Dhanuka Agritech Limited has informed the Exchange about Transcript
DHANUKA · price
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Awaiting price reaction for this filing.
Dhanuka Agritech reported weak Q3 FY26 results with revenue declining ~8% YoY to Rs. 409.92 crores, EBITDA down ~22% to Rs. 58.66 crores, and PAT down ~27% to Rs. 40 crores, hurt by weak agrochemical demand, poor weather, low crop prices, and a Rs. 49 crore 9-month impact from biostimulant regulatory changes. Management called the 'bad phase over,' guided Q4 to deliver growth, and maintained flat FY26 outlook while targeting sustainable 38% gross margins, 80% Dahej capacity utilization in FY27, and double-digit long-term CAGR. The second product from Dahej was commercialized in Q3, three biostimulant product approvals are expected by end of Q4 FY26, and Bayer products guidance was cut from Rs. 40 crores to ~Rs. 30 crores due to a weak grape season. Cash on books stands at over Rs. 250 crores with MPP-2 capex planned at Rs. 60-70 crores.
Near-term performance remains weak but management's clear confidence in demand recovery, margin stability around 38%, and a normalized FY27 may support the stock. Key triggers to watch are biostimulant approvals by Q4 FY26, Dahej plant turning EBITDA positive in FY27, and the wind-down of net economic benefits from FY28 as Bayer products shift fully to Dhanuka's books.