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Dharmaj Crop Guard Q2 FY27 results: net profit down 23.8% to ₹13.21 crore, revenue down 4.2%
Dharmaj Crop Guard Limited reported consolidated revenue of ₹332.62 crore and a net profit of ₹13.21 crore for Q2 FY27. Revenue fell 4.2% from Q2 FY26, while EBITDA declined to ₹24.21 crore and the margin narrowed to 7.3%.
Key points
- Consolidated revenue was ₹332.62 crore in Q2 FY27, down 4.2% from ₹347.26 crore in Q2 FY26.
- EBITDA was ₹24.21 crore, down 23.9% year on year, with the margin lower by 1.9 percentage points at 7.3%.
- Net profit was ₹13.21 crore, down 23.8% from ₹17.33 crore in Q2 FY26; basic EPS was ₹3.91.
- In H1 FY27, revenue was ₹715.0 crore, total income was ₹717.76 crore, and net profit was ₹51.31 crore.
- The board approved the un-audited consolidated and standalone results for the quarter and half year ended 30 September 2026 on 4 November 2026.
How did Dharmaj Crop Guard perform in Q2 FY27?
Dharmaj Crop Guard reported consolidated revenue of ₹332.62 crore in Q2 FY27, compared with ₹347.26 crore in Q2 FY26 and ₹382.38 crore in Q1 FY27. Revenue fell 4.2% year on year and 13.0% sequentially. On the standalone basis, revenue was ₹332.62 crore, down 4.2% year on year.
EBITDA was ₹24.21 crore in Q2 FY27, down from ₹31.80 crore in Q2 FY26 and ₹57.40 crore in Q1 FY27. The EBITDA margin was 7.3%, compared with 9.2% a year ago and 15.0% in the previous quarter, a decline of 1.9 percentage points year on year and 7.7 percentage points sequentially.
Profit before tax was ₹17.63 crore, compared with ₹22.54 crore in Q2 FY26 and ₹50.99 crore in Q1 FY27. The company reported a net profit of ₹13.21 crore, including ₹13.21 crore attributable to owners, versus ₹17.33 crore in Q2 FY26 and ₹38.11 crore in Q1 FY27. Basic EPS was ₹3.91, compared with ₹5.13 and ₹11.28, respectively.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 332.62 | 382.38 | 347.26 | −4.2% | −13.0% |
| Other income | 1.63 | 1.13 | 0.04 | +3975.0% | +44.2% |
| Total expenses | 316.62 | 332.51 | 324.75 | −2.5% | −4.8% |
| EBITDA | 24.21 | 57.40 | 31.80 | −23.9% | −57.8% |
| EBITDA margin | 7.3% | 15.0% | 9.2% | −1.9 pp | −7.7 pp |
| Profit before tax | 17.63 | 50.99 | 22.54 | −21.8% | −65.4% |
| Tax | 4.43 | 12.88 | 5.21 | −15.0% | −65.6% |
| Net profit | 13.21 | 38.11 | 17.33 | −23.8% | −65.3% |
| EPS (₹) | 3.91 | 11.28 | 5.13 | −23.8% | −65.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Dharmaj Crop Guard's costs and profit?
Total expenses were ₹316.62 crore in Q2 FY27, down ₹8.13 crore from ₹324.75 crore in Q2 FY26. Cost of materials fell ₹31.92 crore to ₹203.19 crore, employee cost fell ₹0.90 crore to ₹13.81 crore, finance costs fell ₹1.23 crore to ₹3.27 crore and other expenses fell ₹5.30 crore to ₹23.84 crore, while depreciation rose ₹0.15 crore to ₹4.94 crore.
Other income increased by ₹1.59 crore to ₹1.63 crore from ₹0.04 crore in Q2 FY26. There was no exceptional item in either quarter. Tax expense fell ₹0.78 crore to ₹4.43 crore from ₹5.21 crore, while profit before tax fell ₹4.91 crore to ₹17.63 crore and net profit fell ₹4.12 crore to ₹13.21 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 203.19 | 235.11 | −31.92 | −13.6% |
| Employee cost | 13.81 | 14.71 | −0.90 | −6.1% |
| Finance costs | 3.27 | 4.50 | −1.23 | −27.3% |
| Depreciation | 4.94 | 4.79 | +0.15 | +3.1% |
| Other expenses | 23.84 | 29.14 | −5.30 | −18.2% |
| Total expenses | 316.62 | 324.75 | −8.13 | −2.5% |
| Other income | 1.63 | 0.04 | +1.59 | +3975.0% |
| Tax | 4.43 | 5.21 | −0.78 | −15.0% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹715.0 crore, compared with ₹714.65 crore in H1 FY26, while total income was ₹717.76 crore against ₹715.46 crore. Revenue was unchanged at 0.0%, while total income rose 0.3%.
Profit before tax rose 3.6% to ₹68.63 crore from ₹66.27 crore. Net profit increased 2.8% to ₹51.31 crore from ₹49.92 crore, while EPS rose 2.8% to ₹15.18 from ₹14.77.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 715 | 714.65 | +0.0% |
| Profit before tax | 68.63 | 66.27 | +3.6% |
| Net profit | 51.31 | 49.92 | +2.8% |
| EPS (₹) | 15.18 | 14.77 | +2.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹932.4 crore, compared with ₹841.4 crore at 31 March 2026, and total equity was ₹500.45 crore against ₹449.04 crore. Borrowings fell to ₹118.72 crore from ₹131.91 crore, while cash rose to ₹0.46 crore from ₹0.28 crore.
Inventories fell to ₹174.03 crore from ₹207.4 crore, while trade receivables rose to ₹409.88 crore from ₹280.73 crore and trade payables rose to ₹255.36 crore from ₹215.68 crore. In H1 FY27, operating cash flow was ₹31.08 crore, compared with ₹0.24 crore in H1 FY26; investing cash flow was negative ₹10.38 crore against negative ₹16.86 crore, and financing cash flow was negative ₹20.52 crore against positive ₹16.95 crore. Capital expenditure was ₹10.77 crore, compared with ₹14.21 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 932.40 | 841.40 |
| Total equity | 500.45 | 449.04 |
| Borrowings | 118.72 | 131.91 |
| Cash and equivalents | 0.46 | 0.28 |
| Inventories | 174.03 | 207.40 |
| Trade receivables | 409.88 | 280.73 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 31.08 | 0.24 |
| Cash from investing | −10.38 | −16.86 |
| Cash from financing | −20.52 | 16.95 |
| Capital expenditure | 10.77 | 14.21 |
Source: Company's results filing (XBRL).
How has Dharmaj Crop Guard done over the last 7 quarters?
Revenue reached its highest level in the reported series at ₹382.38 crore in Q1 FY27 before falling to ₹332.62 crore in Q2 FY27. It was lowest at ₹189.54 crore in Q3 FY26. The latest quarter shows revenue declining from the preceding peak.
Net profit peaked at ₹38.11 crore in Q1 FY27 and was lowest at a loss of ₹2.45 crore in Q4 FY25. It fell to ₹13.21 crore in Q2 FY27. The EBITDA margin also peaked at 15.0% in Q1 FY27 before declining to 7.3% in the latest quarter, the lowest margin in the reported series.
How did other Pesticides & Agrochemicals companies do?
Thirteen other Pesticides & Agrochemicals companies that have filed for the quarter had a median revenue growth of 3.0%. Eleven grew faster than Dharmaj Crop Guard and two grew more slowly. Among the 13 peers whose profit was compared, five reported higher profit.
| Dharmaj Crop Guard revenue growth (YoY) | −4.2% |
|---|---|
| Median of 13 other Pesticides & Agrochemicals companies | +3.0% |
| Companies with slower revenue growth than Dharmaj Crop Guard | 2 of 13 |
| Companies with faster revenue growth than Dharmaj Crop Guard | 11 of 13 |
| Companies whose net profit rose | 5 of 13 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Dharmaj Crop Guard's revenue in Q2 FY27?
Revenue from operations was ₹332.62 crore, down 4.2% from ₹347.26 crore in Q2 FY26 (consolidated).
Did Dharmaj Crop Guard make a profit in Q2 FY27?
Yes. Net profit was ₹13.21 crore, against a net profit of ₹17.33 crore in Q2 FY26.
What was Dharmaj Crop Guard's EPS in Q2 FY27?
Basic earnings per share were ₹3.91, against ₹5.13 in Q2 FY26.
When did Dharmaj Crop Guard announce its Q2 FY27 results?
On 4 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Un-Audited Financial Results For The Quarter (Q2) And Half Year Ended September 30, 2026 And Other Business Matters (BSE, 28 October 2026) · PDF
- Integrated Filing- Financial (NSE, 4 November 2026) · PDF
- Outcome of Board Meeting (NSE, 4 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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