DHARMAJ · price
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Dharmaj Crop Guard reported strong FY26 results with revenue of ₹11,380 Mn (+20% YoY), EBITDA of ₹1,005 Mn (+34% YoY), and PAT of ₹547 Mn (+57% YoY). Q4FY26 was equally impressive with revenue up 11% YoY, EBITDA up 176% YoY, and PAT up 263% YoY. Gross margins improved by 1% for the full year, driving better profitability. The Domestic Institutional segment grew 15% YoY, while Branded Formulations grew a modest 3% YoY as weak Rabi season demand offset a robust Kharif start. The Technicals unit broke even at PBT level — a key FY26 target — aided by higher capacity utilisation and better product mix. The company built up inventory in March 2026 ahead of Kharif to guard against supply disruptions and price volatility caused by the West Asia crisis and rising crude/base material costs. A new dedicated Herbicides facility at Kerala GIDC, Ahmedabad, is on track for commissioning by end-Q3FY27.
The company delivered robust double-digit top-line growth and sharp profitability expansion, with PAT up 57% YOY, driven by margin improvement and operational efficiency. The strategic inventory build-up may pressure near-term working capital but secures production continuity for the key Kharif season. Growing Technicals contribution and a new herbicides CAPEX add medium-term growth levers.