With reference to the Captioned Subject the investor presentation is attached for the Fourth Quarter and Year ended March 31,2026.
DHARMAJ · price
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Dharmaj Crop Guard delivered a strong FY26 with revenue of Rs 11,380 million (up 20% YOY) and PAT of Rs 547 million (up 57% YOY). EBITDA grew 34% to Rs 1,005 million with margins improving to 9% from 8% in FY25. Q4FY26 showed particularly strong momentum with revenue up 11% YOY and PAT turning positive at Rs 40 million versus a loss in Q4FY25. The company achieved break-even at PBT level at its Technicals unit in FY26, a key strategic objective. However, the Branded Formulations segment showed muted growth of only 3% YOY due to weak Rabi season demand. Management flagged West Asia crisis impacts on input costs from March 2026 and secured additional inventories to protect Kharif season supplies. A new Herbicides facility is expected to commission by end of Q3FY27.
The stock offers a turnaround story with strong profitability improvement and break-even at Technicals unit. However, the weak branded formulations growth and rising inventory/work capital concerns from West Asia-related inventory buildup may limit near-term upside despite the positive earnings trajectory.