Dhanuka Agritech Q2 FY27 results: net profit ₹109.22 crore

How did Dhanuka Agritech perform in Q2 FY27?

Dhanuka Agritech reported consolidated revenue from operations of ₹657.51 crore in Q2 FY27, compared with ₹598.25 crore in Q2 FY26. EBITDA was ₹152.97 crore, with a 23.3% margin, against ₹136.73 crore and a 22.85% margin a year earlier. Profit before tax was ₹146.47 crore, while net profit was ₹109.22 crore and basic EPS was ₹24.43. There was no exceptional item.

The company also reported standalone revenue of ₹657.51 crore and profit after tax of ₹109.22 crore for Q2 FY27, against standalone revenue of ₹598.25 crore and profit after tax of ₹93.97 crore in the year-ago quarter. The presentation also cited a standalone FY27 revenue-growth outlook of lower single-digit growth and an EBITDA decline of approximately 125 bps.

What do the balance sheet and cash flow show?

Total assets were ₹2231.7 crore as of 30 September 2026, against ₹1800.11 crore as of 31 March 2025, while total equity was ₹1747.66 crore compared with ₹1402.72 crore. Borrowings fell to ₹0.07 crore from ₹42.18 crore. Cash and cash equivalents were ₹4.72 crore, against ₹0.57 crore, and inventories were ₹493.56 crore compared with ₹398.74 crore.

Trade receivables increased to ₹691.93 crore from ₹459.15 crore, while trade payables were ₹151.16 crore compared with ₹140.04 crore. For the first half of FY27, operating cash flow was ₹81.5 crore, investing cash flow was an outflow of ₹10.51 crore and financing cash flow was an outflow of ₹85.2 crore. Capital expenditure was ₹32.29 crore; the supplied filing does not provide a year-earlier cash-flow comparison.

How has Dhanuka Agritech done over the last 7 quarters?

Revenue reached its highest reported level in Q2 FY27 at ₹657.51 crore, compared with its lowest of ₹368.31 crore in Q4 FY24. Net profit was ₹109.22 crore in the latest quarter, above its reported low of ₹45.37 crore in Q3 FY24 and below the ₹117.52 crore recorded in Q2 FY25.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 on 30 October 2026. It also approved the limited review report covering those results. The same-day filings and excerpts provided do not disclose a dividend, fund raise or appointment.

What did Dhanuka Agritech's management say?

Management maintained FY27 revenue-growth guidance at low single digits and said Q2’s approximately 10% growth was not the expected run rate. It expects gross margin to decline by about 100 bps and EBITDA margin to decline by an amount similar to or slightly greater than the gross-margin compression. Management attributed the gross-margin effect principally to recurring GST refunds.

Management said conditions would remain subdued in Q3 and Q4 FY27, although initial Rabi movement was promising in certain regions, particularly South and East India. It did not expect high sales returns in Q3 because of conservative channel placement and rapid material recovery. The chairman said: “Looking ahead, we remain subdued in this year for Q3 and Q4.”

Management said insecticides contributed 47% of Q2 turnover, fungicides 25%, herbicides 8% and other products 20%. Dhanzyme Gold liquid is scheduled for launch in December 2026. Capacity expansion at Dahej is committed for FY28, when the plant is expected to move from two to four products, but the capex quantum remains undisclosed.

The managing director said: “Going forward also, our imagination is that we will deliver low single-digit revenue growth with some, say, about 100 bps loss in gross margin and a similar or slightly more decrease in EBITDA.” Management identified the dry monsoon, weak demand, high raw-material costs, recurring GST-refund effects, Dahej losses and lower paddy acreage as risks. The supplied transcript contains no specific analyst questions.

How did Dhanuka Agritech shares react?

After the filing appeared, the stock moved up 4.9% in five minutes, 12.6% in 15 minutes and 12.1% in 30 minutes. It closed 12.9% above its previous close on the reaction day. By the next day’s close, it was up 11.5% from the pre-results close; no five-day or one-month move was available.

Earlier reaction-day moves were mixed: 1.8% on 3 August 2026, 7.8% on 19 May 2026, a fall of 4.4% on 5 February 2026 and a fall of 5.1% on 31 October 2025. The 1 August 2025 result produced a fall of 15.1%, while the 16 May 2025 result produced a rise of 11.4%.

How did other Pesticides & Agrochemicals companies do?

Fourteen other Pesticides & Agrochemicals companies that had filed for the quarter were compared with Dhanuka Agritech. Their median revenue growth was 1.4%. Five of the 14 peers reported higher profit, while profit was compared across all 14 peers.