Dharmaj Crop Guard Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 3 Aug 2026 | Fertilizers & Agrochemicals | Market Cap: ₹915 Cr
The company expects overall volume growth of 30% to 35% in H1 FY '26, with formulations growing around 28% to 35% and technicals about 28% to 30%. Revenue Growth:** Management expects overall revenue growth of 20% to 25% for FY '26 and beyond, supported by volume growth of 30% to 35% in formulations and 28% to 30% in technicals for H1 FY '26.
From Dharmaj Crop Guard Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹270
Market Cap
₹915 Cr
P/E Ratio
16.7
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Dharmaj Crop Guard Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹234 Cr, net profit ₹4 Cr.
Full financials →📊 Revenue & Sales Performance
- →The company expects overall volume growth of 30% to 35% in H1 FY '26, with formulations growing around 28% to 35% and technicals about 28% to 30%.
- →Management targets a consolidated revenue growth of 20% to 25% for FY'26 and beyond.
- →B2C domestic formulation revenue is projected to grow to INR 220-230 crores for FY'26, a 20-25% increase over last year.
- →B2B bulk and formulation is targeted at INR 630-650 crores, and export revenue at INR 70-80 crores for FY'26.
- →The technical segment's revenue is expected at INR 250-270 crores for FY'26, with a 20-25% growth outlook for FY'27.
- →Plant capacity utilization is planned to increase to around 70-80% over FY'27 and FY'28, supporting the growth trajectory.
- →The company envisions reaching INR 2,000 crores business by 2030, increasing market share across B2B, B2C, technicals, and exports.
📈 Profitability & Margins
- →**Revenue Growth:** Management expects overall revenue growth of 20% to 25% for FY '26 and beyond, supported by volume growth of 30% to 35% in formulations and 28% to 30% in technicals for H1 FY '26.
- →**EBITDA Margin:** EBITDA margins are expected to improve by 1% to 1.5% during the year, targeting around 9% to 9.5% overall for FY '26.
- →**Profitability:** EBITDA for the technical segment is expected to break even or be positive for the full year FY '26, with PBT coverage at approximately 50%.
- →**Volume Growth:** Consistent volume growth of 20-25% is anticipated in the Rabi season and the second half of FY '26.
- →**Capacity Utilization:** Technical plant utilization expected to reach 70%-80% by FY '27, supporting margin and profit growth.
- →**EPS Impact:** While EPS figures are not explicitly stated, improved margins, volume growth, and controlled costs imply positive earnings per share growth trajectory.
🏗️ Capital Expenditure Plans
- →Tentative CAPEX for technicals is estimated at Rs. 75 to Rs. 100 crores.
- →Planning a technical plant for herbicides in the future (next 1-2 years), currently focused on insecticides and fungicides at Saykha plant.
- →Considering expansion for herbicides if opportunities materialize; no final decision yet.
- →Current capacity utilization of the Saykha technical plant is around 65%, expected to increase to 70%+ in FY27. Additional capacity likely needed beyond 80% utilization, possibly by FY27-28.
- →Export registrations for technical products ongoing in regulated countries (Brazil, Poland, US), expected to complete within 1-2 years, enabling business expansion.
- →No immediate plan for debt prepayment as company benefits from interest subsidy.
- →Additional capacity expansion ideas will be evaluated post FY27-28 based on demand.
💰 Fundraising & Capital Structure
- →No explicit mention of any new fundraising through debt or equity in the transcript.
- →Current debt on books is being maintained to avail interest subsidy benefits; prepayment is not planned. (Vikas Agarwal, Page 16)
- →Debt reduction is expected to happen as per schedule but no accelerated repayment is planned due to interest subsidy (INR 3.5 crores received in November). (Page 16)
- →Capacity expansions are planned for technical and herbicide plants, but no details on funding sources provided; future capacity additions will be considered around FY '27-'28. (Pages 12-13)
- →No announcements or discussions about equity fundraising in the provided transcript.
📋 Order Book & Pipeline
- →The transcript does not explicitly mention the current or expected order book or pending orders.
- →However, registration processes for various products and countries are ongoing, with new licenses being obtained monthly, which implies an expanding order pipeline.
- →Export business has grown significantly (50% year-on-year in H1 FY26), with further growth expected due to recent registrations in key markets like Brazil, the US, and Europe.
- →The company is optimistic about the Rabi season and expects 20-25% growth in H2 FY26, indicating strong demand and order inflow.
- →Expansion in formulation and technical businesses with volume growth of 30-35% suggests a healthy order pipeline across segments.
- →Discussions with potential MNC partners in LATAM markets are ongoing, which may lead to future orders.
Key Metrics
Frequently Asked Questions
What were Dharmaj Crop Guard Ltd Q2 FY26 results?
The company expects overall volume growth of 30% to 35% in H1 FY '26, with formulations growing around 28% to 35% and technicals about 28% to 30%. Revenue Growth:** Management expects overall revenue growth of 20% to 25% for FY '26 and beyond, supported by volume growth of 30% to 35% in formulations and 28% to 30% in technicals for H1 FY '26.
What is Dharmaj Crop Guard Ltd share price analysis?
Dharmaj Crop Guard Ltd currently shows a neutral. The stock trades at a P/E of 16.7 with a market cap of ₹915 Cr. Investors should review the full earnings analysis for detailed insights.
Is Dharmaj Crop Guard Ltd planning capital expenditure?
Tentative CAPEX for technicals is estimated at Rs.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.