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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| UPL LIMITED | 48,414 | 23.7 | 1.17 | 6.5 | 5.4 | 5.5 | 6.0 | 16.3 |
| PI INDUSTRIES LTD | 34,337 | 29.4 | 3.06 | 16.2 | 11.8 | 14.5 | 8.0 | 25.3 |
| SUMITOMO CHEM INDIA LTD | 23,762 | 41.0 | 7.00 | 29.6 | 16.0 | 20.8 | 4.1 | 28.9 |
| BAYER CROPSCIENCE LTD | 17,895 | 26.0 | 6.03 | — | 23.2 | 27.3 | — | 22.7 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 28 Aug 2026 · Dhanuka sets up wholly owned subsidiary in Ireland for agrochemical expansion | strategic transactions | medium | — | — |
| 13 Aug 2026 · Demise of General Manager Export Mr. Raghunath Duvvuri | management changes | medium | — | — |
| 13 Aug 2026 · Demise of General Manager (Export), Senior Management Personnel | management changes | medium | — | — |
| 7 Aug 2026 · Dhanuka Q1 FY27 concall: revenue down 12.56%, guidance cut to single-digit | investor communications | medium | — | — |
| 5 Aug 2026 · AGM 2026 Results: All 7 Resolutions Passed Including ESOP Plan | compliance | minimal | — | — |
| 4 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 3 Aug 2026 · Dhanuka Agritech 41st AGM held, dividend and ESOP 2026 resolutions put to vote | board shareholder meetings | low | — | — |
| 3 Aug 2026 · Audio recording of Q1 FY26 analyst call shared | investor communications | medium | — | — |
| 3 Aug 2026 · Dhanuka Agritech appoints Mr. Shalinder Singh as General Manager - Sales | management changes | medium | — | — |
| 3 Aug 2026 · Dhanuka Agritech Q1 FY27: Revenue down 12.6%, PAT falls 34.6% YoY | investor communications | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| SHARDA CROPCHEM LTD. |
| 6,910 |
| 11.0 |
| 2.20 |
| 5.7 |
| 21.7 |
| 25.2 |
| 17.1 |
| 20.5 |
| DHANUKA AGRITECH LTD ◆ | 4,359 | 14.9 | 3.11 | 9.7 | 21.2 | 27.0 | 12.7 | 27.4 |
| RALLIS INDIA LTD | 3,833 | 23.9 | 2.26 | 12.9 | 9.7 | 12.5 | — | 0.9 |
| NACL INDUSTRIES LIMITED | 3,709 | 310.4 | 5.43 | 45.4 | 0.7 | 1.4 | 5.9 | 11.3 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.9 | 20.1 | 12 of 27 | 58% |
| P/B | 3.1 | 2.4 | 21 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 | 4359 | 1540 | 6 of 29 | 82% |
| 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 |
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.
