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Dhanuka Agritech Ltd

Q2 FY26Fertilizers & Agrochemicals

Dhanuka Agritech Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹869
Market cap₹3.9K Cr
P/E14.4
Updated16 Oct 2026
Read4 min read

The short version

Expectation of a relatively better second half for FY '26 due to good soil moisture and water availability, despite October rains delaying rabi season start. Management expects Q3 2025 results to be significantly better than Q2, indicating growth momentum.

From Dhanuka Agritech Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

  • Expectation of a relatively better second half for FY '26 due to good soil moisture and water availability, despite October rains delaying rabi season start.
  • FY '27 is anticipated to see growth normalization with a positive rabi season and favorable Indian rural economy macros.
  • Management expects a 2%-3% growth in H2 FY '26, aiming for flat overall annual revenue compared to FY '25.
  • Revenue from Bayer products delayed due to registration, expected to increase significantly in FY '27 with INR40 crores estimated for FY '26.
  • New product launches and portfolio additions (e.g., MYCORe Super, Wardu) to drive growth going forward.
  • Strategic leveraging of strong distribution, farmer connect, and digital platforms to fuel demand generation and market reach.

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Profitability & Margins

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Capital Expenditure Plans

  • Dhanuka Agritech is continuing investments in digital farmer education platforms, with ongoing and planned ramp-ups (Page 16). Current spend on this is small, a few crores annually.
  • They have backward integrated by adding manufacturing capabilities, e.g., production of second active ingredients at Dahej plant and planning to manufacture Bayer’s Iprovalicarb product in India starting FY '27 (Pages 16, 9).
  • The company is exploring further portfolio additions including other ag-input categories like seeds and water-soluble fertilizers leveraging their strong distribution and farmer connect platforms (Page 18).

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Top-ranked in Fertilizers & Agrochemicals

Ranked on what management guided this quarter

Guidance-ranked
Rev 3Mar 3
3
Rev 3Mar 3
4
Rev 3Mar 3
5
Rev 3Mar 3
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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

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Order Book & Pipeline

The transcript does not explicitly mention the current or expected order book or pending orders. However, relevant insights on business outlook can be summarized as: - Expectation of improved growth in FY '27, assuming normalized season after seasonal impacts in H1 FY '26. - Robust demand pipeline with new product launches like MYCORe Super and Wardu fertilizers. - Bayer product integration progressing with revenue expected to scale up, targeting around INR 40 crores in FY '26 and INR 100 crores in FY '27. - Strong distribution and farmer connect platforms to be leveraged for portfolio expansion including other agri-inputs like seeds and water-soluble fertilizers.

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Dhanuka Agritech Ltd — Quarterly revenue & net profit

Revenue Net profit
Dec 2024
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹483 Cr, net profit ₹98 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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Frequently Asked Questions

What were Dhanuka Agritech Ltd Q2 FY26 results?

Expectation of a relatively better second half for FY '26 due to good soil moisture and water availability, despite October rains delaying rabi season start. Management expects Q3 2025 results to be significantly better than Q2, indicating growth momentum.

What is Dhanuka Agritech Ltd share price analysis?

Dhanuka Agritech Ltd currently shows a neutral. The stock trades at a P/E of 14.4 with a market cap of ₹3,873 Cr. Investors should review the full earnings analysis for detailed insights.

Is Dhanuka Agritech Ltd planning capital expenditure?

Dhanuka Agritech is continuing investments in digital farmer education platforms, with ongoing and planned ramp-ups (Page 16).

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.