NSE: DHANUKA · BSE: 507717
DHANUKA AGRITECH LTD
Manufactures and markets crop-protection chemicals — insecticides, herbicides and fungicides — and a growing line of biologicals and biostimulants for Indian agriculture. Products reach around 10 million farmers through a network of about 6,000 distributors and more than 80,000 retailers, with sales split roughly across insecticides, herbicides, fungicides and other categories. The company runs 4 manufacturing plants, 52 offices and employs 1,217 people, and ties up with 10 multinational innovators to bring advanced chemistries to India. The Dahej facility contributed Rs. 50 crore of revenue in FY26 but was loss-making at Rs. 13 crore on EBITDA. Bayer's Melody Duo, acquired into the portfolio, contributed Rs. 27 crore in FY26, and biologicals/biostimulants did Rs. 70 crore. FY26 revenue stood at Rs. 2,019.79 crore. The biggest input cost is raw materials at 59.6% of revenue, followed by employee cost at 9.4% and other operating expenses at 10.9%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Insecticides, Herbicides, Fungicides, Biologicals / Biostimulants, Acquired Bayer products. Distribution-led, branded agrochemicals with seasonal demand tied to monsoon and crop cycles
Exhibit 1: Financial summary, FY21–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 1,387 | 1,478 | 1,700 | 1,759 | 2,035 |
| EBITDA (ex other income) | 269 | 263 | 279 | 327 | 417 |
| margin % | 19.4 | 17.8 | 16.4 | 18.6 | 20.5 |
| Owners' profit | 211 | 209 | 0 | 239 | 297 |
| EPS, as reported (₹) | 44.61 | 44.85 | 50.35 | 52.46 | 65.55 |
| ROE % · ROCE % | 26.4 · 33.6 | 21.8 · 27.9 | 22.0 · 27.6 | 19.0 · 24.7 | 21.2 · 27.4 |
| Debt / equity (x) | 0.01 | 0.00 | 0.00 | 0.00 | 0.03 |
| Cash from operations | 231 | 104 | 136 | 134 | 263 |
| Capex | (13) | (60) | (124) | (89) | (194) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 369 | 618 | 403 | 368 | 494 | 654 | 445 | 442 |
| Profit before tax | 45 | 137 | 56 | 81 | 66 | 157 | 68 | 102 |
| Net profit | 33 | 102 | 45 | 59 | 49 | 118 | 55 | 76 |
| EPS (₹) | 7.23 | 22.33 | 9.95 | 12.95 | 10.73 | 25.83 | 12.25 | 16.74 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| UPL LIMITED | 45,250 | 22.2 | 1.10 | 6.1 | 5.4 | 5.5 | 6.0 | 16.3 |
| PI INDUSTRIES LTD | 31,315 | 26.8 | 2.79 | 14.8 | 11.8 | 14.5 | 8.0 | 25.3 |
| SUMITOMO CHEM INDIA LTD | 16,716 | 28.9 | 4.93 | 20.8 | 16.0 | 20.8 | 4.1 | 28.9 |
| BAYER CROPSCIENCE LTD | 14,737 | 21.4 | 4.97 | — | 23.2 | 27.3 | — | 22.7 |
| SHARDA CROPCHEM LTD. | 6,172 | 9.9 | 1.97 | 5.0 | 21.7 | 25.2 | 17.1 | 20.5 |
| DHANUKA AGRITECH LTD ◆ | 4,008 | 13.7 | 2.86 | 8.9 | 21.2 | 27.0 | 12.7 | 27.4 |
| RALLIS INDIA LTD | 3,557 | 22.2 | 2.10 | 12.0 | 9.7 | 12.5 | — | 0.9 |
| BHAGIRADHA CHEM & INDS L | 2,668 | 97.0 | 3.82 | 48.4 | 2.6 | 2.4 | 11.0 | 16.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.7 | 19.0 | 9 of 24 | 65% |
| P/B | 2.9 | 2.2 | 22 of 28 | 22% |
| ROCE | 27.0 | 12.5 | 2 of 29 | 96% |
| ROE | 21.2 | 9.2 | 4 of 28 | 89% |
| Debt / Equity | 0.0 | 0.3 | 7 of 29 | 79% |
| EBITDA margin | 27.4 | 14.8 | 2 of 28 | 96% |
| Revenue growth | 20.0 | (0.8) | 5 of 28 | 85% |
| Profit growth | 27.9 | 18.1 | 12 of 28 | 59% |
| Market cap | 4008 | 1334 | 6 of 29 | 82% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Analyst and investor call scheduled for second-quarter FY27 results | board shareholder meetings | low | — | — |
| 15 Oct 2026 · GM-Procurement Umesh Verma resigns as Senior Management Personnel | management changes | medium | — | — |
| 15 Oct 2026 · Senior Management Personnel resigns from Dhanuka Agritech | management changes | medium | — | — |
| 14 Oct 2026 · Dhanuka Agritech launches new herbicide Tembotrax for maize and sugarcane | business updates | medium | — | — |
| 6 Oct 2026 · Routine RTA compliance certificate for Q2 FY26 | compliance | minimal | — | — |
| 6 Oct 2026 · Dhanuka Agritech receives entry tax demand of about Rs 55.5 Crore from Haryana | regulatory legal | high | — | — |
| 25 Sept 2026 · Dhanuka Agritech launches Wetcit Neo adjuvant and Fujita fungicide | business updates | medium | — | — |
| 25 Sept 2026 · Trading Window closed from Oct 1 till Q2 results announcement | compliance | minimal | — | — |
| 22 Sept 2026 · Dhanuka Agritech launches new fungicide POLIN in India | business updates | medium | — | — |
| 17 Sept 2026 · CARE Ratings reaffirms Dhanuka Agritech bank facility ratings at AA Stable | credit debt | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.