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DHARMAJ - Dharmaj Crop

📊 NSE: DHARMAJ 🏢 Pesticides / Agrochemicals - Indian 📅 Last Updated: 12/13/2025 21:31

📢 Recent Corporate Announcements

Dharmaj Crop Guard to Participate in 'Bharat Connect 2026' Investor Conference on March 9

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Mar 2026, 12:43 PM

Dharmaj Crop Guard Limited has scheduled its participation in the 'Bharat Connect 2026' investor conference on March 9, 2026. The event is organized by Arihant Capital Markets Limited and will be conducted as a virtual group meeting. The company has explicitly stated that no unpublished price-sensitive information (UPSI) will be discussed during the session. This interaction is part of the company's regular engagement with institutional investors and analysts.

Participation in 'Bharat Connect 2026' investor conference scheduled for March 9, 2026
The conference is hosted by Arihant Capital Markets Limited
Meeting format is designated as a virtual group interaction
Company confirms that no unpublished price-sensitive information (UPSI) will be shared
Intimation provided with a gap of three clear days before the scheduled meeting

💡 Investors should look for any investor presentations or transcripts released after the conference for updates on the company's business outlook. No immediate trading action is required based on this routine disclosure.

Dharmaj Crop Guard Q3 Revenue Rises 8.6% to ₹1,895M; 9M PAT Surges 36% YoY

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 27 Feb 2026, 01:01 PM

Dharmaj Crop Guard reported a consolidated revenue of ₹1,895.40 million for Q3 FY26, an 8.6% increase compared to ₹1,745.08 million in Q3 FY25. While quarterly net profit saw a dip to ₹7.56 million from ₹11.79 million due to seasonality and higher expenses, the 9-month performance remains robust. For the period ending December 31, 2025, cumulative revenue grew 22% to ₹9,041.86 million, and PAT rose significantly by 36% to ₹506.78 million. The company also noted a ₹4.75 million impact from newly effective Labour Codes.

Q3 FY26 Revenue from operations grew 8.6% YoY to ₹1,895.40 million.
9M FY26 Net Profit increased to ₹506.78 million, up from ₹372.76 million in the previous year.
Earnings Per Share (EPS) for the 9-month period improved to ₹14.99 from ₹11.03 YoY.
Total Expenses for Q3 FY26 rose to ₹1,917.36 million compared to ₹1,729.32 million in Q3 FY25.
The company disclosed a one-time financial implication of ₹4.75 million related to the new unified Labour Codes.

💡 Investors should look past the volatile Q3 results, which are impacted by the seasonal nature of the agri-input business, and focus on the strong 9-month growth trajectory. Monitor the progress of the new subsidiary, DCGL Industries Limited, as it begins operations to drive future revenue.

Dharmaj Crop Guard Assigned 'CARE A-; Stable' Rating; H1FY26 PAT Surges to ₹49.92 Cr

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 18 Feb 2026, 03:51 PM

CARE Ratings has assigned a 'CARE A-; Stable' rating to Dharmaj Crop Guard's long-term bank facilities and 'CARE A2+' to short-term facilities. The company demonstrated strong growth with H1FY26 revenue reaching ₹714.65 crore, a 26% YoY increase, while H1FY26 PAT of ₹49.92 crore has already surpassed the full-year FY25 PAT of ₹34.84 crore. Financial risk remains low with a comfortable gearing of 0.32x and an improved interest coverage ratio of 10.83x. The recent ramp-up of the technical plant has successfully improved PBILDT margins to 11.55% in H1FY26 from 7.94% in FY25.

Assigned 'CARE A-; Stable' rating for ₹69.93 Cr long-term and 'CARE A2+' for ₹57.20 Cr short-term facilities.
H1FY26 PAT reached ₹49.92 Cr, significantly exceeding the total FY25 PAT of ₹34.84 Cr.
Total Operating Income grew at a 37% CAGR over the last five years, hitting ₹951.66 Cr in FY25.
Overall gearing remains healthy at 0.32x with interest coverage improving to 10.83x in H1FY26.
PBILDT margins recovered to 11.55% in H1FY26 following the commercialization of the technical plant.

💡 The investment-grade rating and sharp recovery in H1FY26 profitability suggest strong operational execution following recent capacity expansions. Investors should monitor the sustainability of these margins and the company's working capital cycle, which remains seasonally intensive.

Dharmaj Crop Guard Appoints Rohit Sharma as Brand Ambassador to Drive Brand Business Growth

🟢 POSITIVE ⭐ 6/10

OTHER 📅 11 Feb 2026, 10:21 PM

Dharmaj Crop Guard has signed Indian cricketer Rohit Sharma as its brand ambassador to bolster its domestic brand business division. This strategic move aims to enhance brand visibility and trust across the 24 Indian states where the company currently operates. By leveraging Sharma's mass appeal, the company intends to deepen its penetration into rural markets and strengthen its identity among farmers and channel partners. This initiative aligns with Dharmaj's recent expansion into active ingredient manufacturing at its 8,000 TPA Sayakha facility.

Appointment of Rohit Sharma as brand ambassador to drive the next growth phase in the brand business division.
Targeting deeper penetration across 24 Indian states where the company currently has a presence.
Focus on strengthening trust and brand identity among farmers and B2C channel partners.
Strategic alignment with the company's recent commissioning of an 8,000 TPA technicals unit at Sayakha.
Aims to leverage leadership stature to drive impactful marketing and brand-building initiatives.

💡 Monitor the impact of this branding exercise on the company's B2C segment sales and market share in the upcoming quarters. This move indicates aggressive marketing to complement their recent backward integration into technicals manufacturing.

Dharmaj Crop Guard Q3 Revenue Up 9% to ₹1,895 Mn; 9M PAT Grows 36% to ₹507 Mn

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 10 Feb 2026, 08:11 PM

Dharmaj Crop Guard reported a mixed Q3FY26 with revenue growth of 9% YoY to ₹1,895 Mn, though quarterly PAT declined 35% to ₹8 Mn due to a one-time labor provision of ₹4.75 Mn and lower formulation sales. However, the 9-month performance remains robust with revenue up 22% to ₹9,042 Mn and PAT rising 36% to ₹507 Mn, supported by better capacity utilization at the Saykha facility. The company also announced a new ₹330 Mn CAPEX for a dedicated herbicide unit in Ahmedabad, expected to be operational by Q2FY27. Despite industry-wide inventory headwinds, 9M EBITDA margins improved slightly to 9.9% from 9.6% YoY.

9MFY26 Revenue grew 22% YoY to ₹9,042 Mn, with PAT increasing 36% to ₹507 Mn.
Q3FY26 Revenue stood at ₹1,895 Mn (+9% YoY), but EBITDA fell 23% YoY to ₹73 Mn due to margin pressure.
Announced ₹330 Mn CAPEX for a new Herbicides Formulations Unit in Ahmedabad to be operational by Q2FY27.
9M EBITDA margins improved to 9.9% compared to 9.6% in the previous year, aided by operational leverage.
Q3 results were impacted by a one-time provision of ₹4.75 Mn for labor code amendments and high channel inventory.

💡 Investors should focus on the strong 9-month growth trajectory and the strategic expansion into herbicides, while monitoring the recovery of formulation margins in the upcoming quarters. The stock remains a watch for long-term growth as the Saykha facility scales up and technical realizations stabilize.

Dharmaj Crop Guard Q3 Revenue Up 9% to ₹1,895 Mn; PAT Down 35% on Margin Pressure

🔵 WATCH ⭐ 7/10

EARNINGS 📅 10 Feb 2026, 08:07 PM

Dharmaj Crop Guard reported a mixed Q3FY26, with revenue growing 9% YoY to ₹1,895 Mn, while PAT declined 35% to ₹8 Mn due to a muted Rabi season and a one-time labor code provision of ₹4.75 Mn. Despite the quarterly dip, the 9MFY26 performance remains robust with revenue up 22% and PAT up 36% YoY to ₹507 Mn. The company announced a new ₹330 Mn CAPEX for a herbicide unit in Ahmedabad, expected to be operational by Q2FY27. Management is focusing on captive consumption of technicals to optimize margins amid a challenging market for active ingredients.

Q3FY26 Revenue grew 9% YoY to ₹1,895 Mn, but EBITDA margins contracted from 5.4% to 3.9% YoY.
9MFY26 PAT increased 36% YoY to ₹507 Mn with EBITDA margins improving to 9.9%.
Announced ₹330 Mn CAPEX for a dedicated Herbicides Formulations Unit at Kerala GIDC, Ahmedabad.
Export Institutional segment showed strong growth of 134% YoY in Q3, reaching ₹242 Mn.
Retail touchpoints expanded from 17,000 to over 19,000 in the first nine months of FY26.

💡 While Q3 was impacted by industry-wide inventory issues and lower formulation sales, the strong 9M growth and new herbicide capex signal long-term potential. Investors should monitor the recovery of formulation margins and the timely execution of the new Ahmedabad facility.

Dharmaj Crop Guard Approves Q3 and Nine Months FY26 Financial Results

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 10 Feb 2026, 05:49 PM

Dharmaj Crop Guard's Board of Directors met on February 10, 2026, to approve the unaudited financial results for the quarter and nine months ended December 31, 2025. The results include both standalone and consolidated figures, which have undergone a limited review by MSKA & Associates LLP. This announcement confirms the company's compliance with SEBI's regulatory filing timelines. Investors should now look for the detailed P&L and Balance Sheet statements to evaluate operational performance.

Approval of Unaudited Consolidated and Standalone Financial Results for the period ending Dec 31, 2025
Limited Review Report issued by Statutory Auditors M/s. MSKA & Associates LLP was taken on record
The Audit Committee reviewed and recommended the results before the Board's final approval
Compliance maintained under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements)

💡 Analyze the specific revenue and PAT figures in the full report to gauge the company's growth trajectory. Compare these results against industry peers in the agrochemical sector.

Dharmaj Crop Guard Approves Q3 and Nine Months FY26 Financial Results

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 10 Feb 2026, 05:46 PM

Dharmaj Crop Guard Limited's Board of Directors approved the unaudited standalone and consolidated financial results for the third quarter and nine months ending December 31, 2025. The meeting, held on February 10, 2026, also took on record the Limited Review Report from statutory auditors MSKA & Associates LLP. While the specific financial figures were not detailed in this cover letter, the approval confirms the completion of the regulatory reporting cycle for the period. Investors should now examine the detailed financial tables for specific revenue and profit trends.

Board approved Unaudited Consolidated and Standalone Financial Results for Q3 FY26.
Results for the nine-month period ended December 31, 2025, were finalized and taken on record.
Statutory auditors M/s. MSKA & Associates LLP issued a Limited Review Report on the results.
The Audit Committee reviewed and recommended the financial results prior to board approval.

💡 Investors should download the full financial results from the stock exchange websites to analyze year-on-year growth and margin performance. Monitor the company's performance relative to peers in the agrochemical sector for the December quarter.

Dharmaj Crop Guard Statutory Auditor M S K A & Associates Converts to LLP

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Jan 2026, 06:57 PM

Dharmaj Crop Guard Limited has announced that its statutory auditor, M S K A & Associates, has converted from a partnership firm into a Limited Liability Partnership (LLP). The firm is now known as M S K A & Associates LLP, effective from January 13, 2026. This is a structural change under the Limited Liability Partnership Act, 2008, and does not involve a change in the auditing entity itself. The auditors will continue to discharge their duties for the remainder of their appointed tenure.

Statutory Auditor M S K A & Associates converted to M S K A & Associates LLP effective January 13, 2026.
The conversion follows the provisions of the Limited Liability Partnership Act, 2008.
The ICAI Firm Registration Number is updated to 105047W / W101187.
The audit firm will continue its existing tenure as the Statutory Auditor of the company without interruption.

💡 No action is required from investors as this is a routine administrative update regarding the legal structure of the company's existing auditor.

Dharmaj Crop Guard Submits SEBI Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 02:20 PM

Dharmaj Crop Guard Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, covers the quarter ended December 31, 2025. It confirms that all securities received for dematerialization were processed, and physical certificates were mutilated and cancelled according to regulatory standards. This is a standard administrative filing required for all listed companies to ensure the integrity of electronic shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025.
MUFG Intime India Private Limited (formerly Link Intime) acted as the Registrar and Transfer Agent.
Confirms that dematerialization requests were processed and confirmed to depositories within prescribed timelines.
Verification and cancellation of physical security certificates were completed as per SEBI regulations.

💡 No action is required from investors as this is a routine regulatory filing confirming the company's compliance with share processing standards.

Dharmaj Crop Guard to Close Trading Window from Jan 1, 2026, for Q3 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Dec 2025, 04:59 PM

Dharmaj Crop Guard Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI insider trading regulations. This closure is ahead of the declaration of the un-audited financial results for the third quarter and nine months ending December 31, 2025. The restriction applies to all designated persons, including directors and promoters, and will remain in effect until 48 hours after the results are made public. The specific date for the board meeting to approve these results will be communicated separately.

Trading window closure begins on January 1, 2026.
Closure is for the purpose of declaring Q3 and nine-month financial results ending December 31, 2025.
Restriction applies to Directors, Promoters, and Specified Connected Persons.
Trading window will reopen 48 hours after the financial results are disclosed to the exchanges.

💡 This is a routine regulatory announcement with no direct impact on stock fundamentals. Investors should wait for the announcement of the board meeting date to track the company's Q3 performance.

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💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations grew 45.4% YoY to INR 951.04 Cr in FY25, driven by broad-based growth in Branded Formulations (B2C), Institutional Formulations (B2B), and the newly commissioned Active Ingredients (B2B) vertical.

Geographic Revenue Split

Dharmaj operates across 24 states in India with a network of 5,250+ dealers. The export segment contributes approximately 5-10% of total revenue, though it remained static in recent periods.

Profitability Margins

Gross margins improved to 23% in FY25 from 21% in FY24 due to favorable product mix and cost management. However, PAT margin declined from 7% to 4% (INR 34.84 Cr) due to higher operational overheads from the new Sayakha plant.

EBITDA Margin

EBITDA margin compressed to 8% in FY25 from 10% in FY24. While EBITDA absolute value grew 19% to INR 74.8 Cr, margins were impacted by a 279% increase in finance costs (INR 12.90 Cr) and a 239% rise in depreciation (INR 18.27 Cr).

Capital Expenditure

The company utilized INR 105 Cr from its INR 251.15 Cr IPO proceeds for capacity expansion at the Sayakha facility (Unit 2), which commenced operations in January 2024.

Credit Rating & Borrowing

The company maintains a comfortable financial risk profile with a net worth of INR 395 Cr and low gearing of 0.27x. Interest coverage is estimated at 7.66 times for FY25.

⚙️ Operational Drivers

Raw Materials

Key raw materials include agrochemical technicals and intermediates used for formulations such as insecticides, fungicides, and herbicides, representing approximately 77% of total revenue costs.

Capacity Expansion

Unit 1 (Ahmedabad) handles formulations; Unit 2 (Sayakha) is a newly commissioned technical plant for Active Ingredients. Sayakha is expected to reach optimal utilization within 12-18 months.

Raw Material Costs

Raw material costs are managed through a lean inventory approach and just-in-time procurement for volatile materials, supporting a gross profit of INR 206.7 Cr in FY25.

Manufacturing Efficiency

Capacity utilization at the Sayakha plant is currently in a ramp-up phase, with a target to achieve financial break-even for the Active Ingredients vertical in the near term.

Logistics & Distribution

Distribution is supported by a digital dealer app for real-time data and 5,250+ partners across 24 states to ensure supply chain responsiveness.

📈 Strategic Growth

Expected Growth Rate

34%

Growth Strategy

Growth will be driven by ramping up the Sayakha facility to optimal capacity, expanding the Active Ingredients vertical to capture higher margins, and leveraging 168 export registrations currently in the pipeline.

Products & Services

Insecticides, fungicides, herbicides, plant growth regulators, micro-fertilizers, and general insect/pest control chemicals for public and animal health.

Brand Portfolio

Dharmaj owns over 134 brands, including proprietary formulations sold through its B2C distribution network.

New Products/Services

The company has 590 total registrations, with 168 export and 32 technical registrations in the process to drive future revenue contribution.

Market Expansion

Targeting deeper penetration in 24 existing states and expanding the export segment, which currently has 103 exclusive registrations.

Strategic Alliances

The company has established strategic breakthroughs with large agrochemical majors for institutional formulation supply.

🌍 External Factors

Industry Trends

The Indian agrochemical sector is growing due to supportive government policies and increased sowing; Dharmaj is positioning itself by shifting from pure formulations to technical manufacturing.

Competitive Landscape

Faces rising competition in both domestic and international markets from large established agrochemical players and mid-sized formulators.

Competitive Moat

Moat is built on a large registration portfolio (590), a wide distribution reach (5,250+ dealers), and a DSIR-recognized R&D center, which are difficult for new entrants to replicate quickly.

Macro Economic Sensitivity

Highly sensitive to agricultural GDP and monsoon cycles; irregular rainfall in Kharif/Rabi seasons impacts demand for branded formulations.

Consumer Behavior

Increasing farmer preference for branded formulations and high-performance products to improve crop yields.

Geopolitical Risks

Trade barriers or regulatory changes in export markets could impact the 103 exclusive export registrations.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by CIB&RC registrations and NABL accreditation for quality control labs; the company must maintain 590+ active registrations.

Environmental Compliance

Operations are ISO 9001:2015 certified and located in GIDC chemical zones, ensuring adherence to industrial pollution and safety norms.

Taxation Policy Impact

Effective tax rate was approximately 24% in FY25, with a tax provision of INR 10.93 Cr on a standalone PBT of INR 45.77 Cr.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the speed of the Sayakha plant ramp-up; a delay in reaching optimal utilization could prolong the period of depressed ROE (currently 9%).