The Audited Financial Results is attached
DHARMAJ · price
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Dharmaj Crop Guard reported strong full-year performance with consolidated revenue from operations growing 19.65% to ₹11,379.65 million (FY25: ₹9,510.44 million). Profit after tax surged 56.9% to ₹546.46 million (FY25: ₹348.25 million), while EBITDA increased from ₹769.27 million to ₹1,088.23 million, with EBITDA margin expanding 142 basis points to 9.49%. The company has one subsidiary (DCGL Industries Limited) and appointed Manubhai & Shah LLP as new internal auditors for FY27. The statutory auditor MSKA & Associates LLP issued an unmodified opinion on both consolidated and standalone financials. Working capital increased significantly with inventories rising ₹689.06 million and trade receivables up ₹346.48 million, partly due to ₹22.11 million in unrealized foreign exchange losses on receivables and buyer credit. The company expects ₹4.75 million impact from new labour codes effective November 2025 and plans to incorporate a new wholly-owned subsidiary in Brazil.
The company delivered robust growth with PAT up 57% and margin expansion, signaling operational efficiency gains. Unmodified audit opinion removes key risk concerns. However, rising working capital requirements and currency headwinds warrant monitoring for cash flow implications.