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Dharmaj Crop Guard Ltd

Q2 FY26Fertilizers & Agrochemicals

Dharmaj Crop Guard Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹270
Market cap₹915 Cr
P/E16.7
Updated23 Aug 2026
Read4 min read

The short version

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.

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.

2 more points from Dharmaj Crop Guard Ltd's call on revenue

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Profitability & Margins

See what Dharmaj Crop Guard Ltd said on profitability & margins — free account, 30 seconds.

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.

2 more points from Dharmaj Crop Guard Ltd's call on capex

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Top-ranked in Fertilizers & Agrochemicals

Ranked on what management guided this quarter

Guidance-ranked
1Anya Polytech &
Rev 2Mar 1
2M B Agro Prod.
Rev 2Mar 3
3
Rev 2Mar 3
4
Rev 3Mar 1
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

  • 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.

2 more points from Dharmaj Crop Guard Ltd's call on order book

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Dharmaj Crop Guard Ltd — Quarterly revenue & net profit

Revenue Net profit Net loss
Dec 2024Q3 FY25
Mar 2025Q4 FY25
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26
Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹234 Cr, net profit ₹4 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Dharmaj Crop Guard Ltd's management said in earlier quarters

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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 the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.