NSE: DHARMAJ · BSE: 543687
DHARMAJ CROP GUARD LTD
Manufactures agrochemical products for crop protection in India, spanning active ingredients and branded pesticide formulations. The Branded Formulations segment sells finished crop-protection products to Indian farmers through distribution channels and posted muted 3% growth in FY26 on weak Rabi demand. Domestic Active Ingredients and Institutional sales — technical-grade products for agricultural buyers — drove the bulk of FY26's 19.65% revenue growth. The Technicals manufacturing unit at the Sayakha facility, commissioned in January 2024, reached PBT break-even in FY26 on better capacity utilisation and improved product mix. A new Herbicides facility at Kerala GIDC, Ahmedabad is set to commission by end-Q3FY27, and a wholly-owned subsidiary in Brazil is planned. Raw materials are the dominant cost at 61.8% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Branded Formulations, Domestic Active Ingredients & Institutional, Technicals (Manufacturing). Seasonal, Kharif-driven Indian agrochemicals manufacturer with growing technicals capacity.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 951 | 1,138 |
| EBITDA (ex other income) | 75 | 100 |
| margin % | 7.9 | 8.8 |
| Owners' profit | 35 | 55 |
| EPS, as reported (₹) | 10.30 | 16.17 |
| ROE % · ROCE % | 8.8 · 12.6 | 12.2 · 17.6 |
| Debt / equity (x) | 0.29 | 0.29 |
| Cash from operations | 39 | 28 |
| Capex | (32) | (27) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 210 | 367 | 347 | 190 | 234 | 382 |
| Profit before tax | (3) | 44 | 23 | 1 | 5 | 51 |
| Net profit | (2) | 33 | 17 | 1 | 4 | 38 |
| EPS (₹) | (0.73) | 9.64 | 5.13 | 0.22 | 1.17 | 11.28 |
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 | 43,856 | 21.5 | 1.06 | 6.0 | 5.4 | 5.5 | 6.0 | 16.3 |
| PI INDUSTRIES LTD | 31,709 | 27.2 | 2.82 | 15.0 | 11.8 | 14.5 | 8.0 | 25.3 |
| SUMITOMO CHEM INDIA LTD | 16,936 | 29.2 | 4.99 | 21.1 | 16.0 | 20.8 | 4.1 | 28.9 |
| BAYER CROPSCIENCE LTD | 14,727 | 21.4 | 4.97 | — | 23.2 | 27.3 | — | 22.7 |
| SHARDA CROPCHEM LTD. | 5,819 | 9.3 | 1.86 | 4.7 | 21.7 | 25.2 | 17.1 | 20.5 |
| DHANUKA AGRITECH LTD | 3,842 | 13.2 | 2.74 | 8.6 | 21.2 | 27.0 | 12.7 | 27.4 |
| RALLIS INDIA LTD | 3,610 | 22.5 | 2.13 | 12.2 | 9.7 | 12.5 | — | 0.9 |
| NACL INDUSTRIES LIMITED | 2,645 | 221.4 | 3.87 | 33.4 | 0.7 | 1.4 | 5.9 | 11.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.0 | 19.0 | 10 of 24 | 61% |
| P/B | 1.9 | 2.1 | 12 of 28 | 59% |
| ROCE | 14.2 | 12.5 | 14 of 29 | 54% |
| ROE | 12.2 | 9.2 | 8 of 28 | 74% |
| Debt / Equity | 0.3 | 0.3 | 13 of 29 | 57% |
| EBITDA margin | 15.3 | 14.8 | 14 of 28 | 52% |
| Revenue growth | 4.1 | (0.8) | 12 of 28 | 59% |
| Profit growth | 16.9 | 18.1 | 15 of 28 | 48% |
| Market cap | 845 | 1362 | 18 of 29 | 39% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · HP High Court dismisses interim injunction plea against Dharmaj in ZeekaSulf patent case | regulatory legal | high | — | — |
| 7 Oct 2026 · Quarterly Compliance Certificate from RTA for Q2 FY27 | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closed for Q2 results period | compliance | minimal | — | — |
| 25 Sept 2026 · AGM voting results: All 6 resolutions passed with over 99.98% approval | board shareholder meetings | low | — | — |
| 24 Sept 2026 · 12th AGM held; FY26 record revenue ₹1,138 cr, PAT ₹54.7 cr, ₹2,000 cr target by 2030 | board shareholder meetings | medium | — | — |
| 23 Sept 2026 · Dharmaj Crop Guard to attend Bharat Connect Rising Stars 2026 conference | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Newspaper publication of 12th AGM notice and e-voting details | compliance | minimal | — | — |
| 29 Aug 2026 · AGM Notice and Annual Report Link Sent to Non-Registered Shareholders | compliance | minimal | — | — |
| 29 Aug 2026 · 12th AGM notice for September 24, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Annual Report FY26: Revenue up 20%, PAT up 57% | results | high | — | — |
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.