Dharmaj Crop Guard Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹866 Cr
- P/E
- 14.40
- ROE
- 13.27%
- PEG
- 0.52
- Price to sales
- 0.75
- Debt to equity
- 0.29
- 52W high / low
- ₹301 / ₹216
- Sales growth (5Y)
- 30.76%
- EBITDA margin
- 9.27%
- Net profit margin
- 4.92%
- Promoter holding
- 70.40%
- Sales (last year)
- ₹1,155 Cr
Incorporated in 2015, Dharmaj Crop Guard manufactures and deals in pesticides including concessionaires of public health products for pest control, insecticides, herbicide, fertilizers and allied products related to research and technical formulations[1]
Guidance scorecard · Q1 FY27 call
What Dharmaj Crop Guard Ltd's management guided
and where it ranks in Fertilizers & Agrochemicals
Fertilizers & Agrochemicals
RevenueQ4 FY26 call
20–40%- Overall top-line growth expected at 18% to 20% in FY’27.
- Branded formulations projected to grow 20% to 25% going forward, with recovery expected as seasonal headwinds normalize.
- Domestic institutional formulations showed healthy 15% year-on-year growth; momentum to continue.
- Growth driven by increased capacity utilization, improved product mix, and greater capacity consumption of active ingredients in formulations.
- New state expansions ongoing; contribution from new states increased from 7% to 14%.
- Marketing efforts enhanced with brand ambassador Rohit Sharma to boost visibility and sales.
- Exports expected to improve with ongoing registrations in new countries; export margin at 10-12% EBITDA.
2 more points from Dharmaj Crop Guard Ltd's call on revenue
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MarginsQ4 FY26 call
Up 0–2%See what Dharmaj Crop Guard Ltd said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- Dharmaj Crop Guard Limited plans a CAPEX of around Rs. 50 crores for the current year (FY’27).
- The CAPEX is focused on separating the herbicide formulation facility to a new location near the existing plant due to space constraints.
- The existing herbicide production will shift to this new dedicated plant, enabling capacity expansion and better material movement.
- The current herbicide unit will be converted into insecticide and fungicide production to support major formulation growth (~75% of business).
- The new herbicide facility is expected to be ready and commercialized by the third quarter of FY’27, benefiting the upcoming Kharif season.
2 more points from Dharmaj Crop Guard Ltd's call on capex
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FundraisingQ4 FY26 call
See what Dharmaj Crop Guard Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
- The company expects strong growth in branded formulations, especially if the season goes well due to a low base.
- Export registrations in 2-3 new countries contribute to new market opportunities and order inflow.
- Domestic institutional and export segments are expected to show good growth in the current year.
- The technical plant capacity utilization is around 65-70%, expected to improve with growing product mix.
2 more points from Dharmaj Crop Guard Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Fertilizers & Agrochemicals
on management's own guidance
- 2
- Anya Polytech &Good growth1
- M B Agro Prod.Good growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Fertilizers & Agrochemicals companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | Anya Polytech & | 20–40% | Up 2%+ | ₹209 Cr | 25.1 |
| 2 | Dharmaj CropThis stock | 20–40% | Up 0–2% | ₹882 Cr | 14.7 |
| 3 | M B Agro Prod. | 20–40% | Flat | ₹7,668 Cr | 49.5 |
| 4 | 20–40% | Flat | ₹6,453 Cr | 32.8 | |
| 5 | 10–20% | Up 2%+ | ₹1,226 Cr | 18.3 | |
| 6 | 10–20% | Flat | ₹51,882 Cr | 27.8 |
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Pro shows every company guiding 40%+ revenue growth →Full Fertilizers & Agrochemicals rankingDharmaj Crop Guard Ltd announcements
All announcements →- OtherNotable· Adverse for the businessDharmaj Crop Guard Ltd reports dismissal of interim injunction in patent suit by Himachal HC
Financials of Dharmaj Crop Guard Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Dharmaj Crop Guard Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 68.79 | 161.94 | 252.67 | 123.42 | 116.07 | 255.28 | 311.33 | 174.51 | 209.93 | 367.38 | 347.26 | 189.54 | 233.78 |
| Expenses + | 68.23 | 142.94 | 221.95 | 112.70 | 116.08 | 228.33 | 276.85 | 165.01 | 206.07 | 316.64 | 315.46 | 182.22 | 223.14 |
| Operating Profit | 0.56 | 19.00 | 30.72 | 10.72 | -0.01 | 26.95 | 34.48 | 9.50 | 3.86 | 50.74 | 31.80 | 7.32 | 10.64 |
| OPM % | 0.81% | 11.73% | 12.16% | 8.69% | -0.01% | 10.56% | 11.08% | 5.44% | 1.84% | 13.81% | 9.16% | 3.86% | 4.55% |
| Other Income + | 3.08 | 2.42 | 0.60 | 0.25 | 0.16 | 0.38 | 0.30 | -0.04 | 1.51 | 0.77 | 0.05 | 3.18 | 4.38 |
| Interest | 0.36 | 0.66 | 0.44 | 0.33 | 2.01 | 2.68 | 2.99 | 3.26 | 3.97 | 3.12 | 4.50 | 4.64 | 4.95 |
| Depreciation | 1.53 | 1.25 | 0.07 | 1.03 | 3.08 | 4.44 | 4.59 | 4.66 | 4.58 | 4.66 | 4.79 | 4.88 | 4.81 |
| Profit before tax | 1.75 | 19.51 | 30.81 | 9.61 | -4.94 | 20.21 | 27.20 | 1.54 | -3.18 | 43.73 | 22.56 | 0.98 | 5.26 |
| Tax % | 28.57% | 25.63% | 25.25% | 19.67% | -31.58% | 25.43% | 22.68% | 23.38% | -23.27% | 25.47% | 23.09% | 22.45% | 24.14% |
| Net Profit + | 1.25 | 14.51 | 23.03 | 7.73 | -3.39 | 15.07 | 21.03 | 1.18 | -2.44 | 32.59 | 17.35 | 0.77 | 3.99 |
| EPS in Rs | 0.37 | 4.29 | 6.81 | 2.29 | -1.00 | 4.46 | 6.22 | 0.35 | -0.72 | 9.64 | 5.13 | 0.23 | 1.18 |
Financials of Dharmaj Crop Guard Ltd
Profit & Loss
Annual income statement trend
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 136 | 193 | 298 | 388 | 524 | 654 | 951 | 1,138 |
| Expenses + | 126 | 175 | 267 | 344 | 483 | 591 | 876 | 1,037 |
| Operating Profit | 10 | 18 | 31 | 44 | 41 | 63 | 75 | 100 |
| OPM % | 8% | 9% | 10% | 11% | 8% | 10% | 8% | 9% |
| Other Income + | 1 | 1 | 1 | 2 | 4 | 3 | 2 | 8 |
| Interest | 2 | 2 | 1 | 3 | 2 | 3 | 13 | 17 |
| Depreciation | 2 | 2 | 3 | 5 | 5 | 5 | 18 | 19 |
| Profit before tax | 7 | 14 | 28 | 39 | 38 | 57 | 46 | 73 |
| Tax % | 28% | 26% | 26% | 26% | 30% | 23% | 24% | 25% |
| Net Profit + | 5 | 11 | 21 | 29 | 27 | 44 | 35 | 55 |
| EPS in Rs | 25.10 | 6.54 | 12.74 | 11.62 | 7.95 | 13.13 | 10.31 | 16.18 |
| Dividend Payout % | 0% | 0% | 0% | 1% | 0% | 0% | 0% | 0% |
Financials of Dharmaj Crop Guard Ltd
Balance Sheet
Capital structure and asset base
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 16 | 16 | 25 | 34 | 34 | 34 | 34 |
| Reserves | 9 | 19 | 40 | 60 | 281 | 326 | 361 | 415 |
| Borrowings + | 20 | 20 | 27 | 37 | 52 | 112 | 116 | 132 |
| Other Liabilities + | 17 | 37 | 46 | 98 | 65 | 92 | 223 | 260 |
| Total Liabilities | 48 | 93 | 129 | 220 | 432 | 563 | 733 | 841 |
| Fixed Assets + | 12 | 22 | 39 | 40 | 40 | 312 | 311 | 320 |
| CWIP | 0 | 2 | 1 | 18 | 90 | 2 | 7 | 6 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets + | 36 | 68 | 89 | 161 | 302 | 249 | 416 | 516 |
| Total Assets | 48 | 93 | 129 | 220 | 432 | 563 | 733 | 841 |
Financials of Dharmaj Crop Guard Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 3 | 2 | 13 | 16 | -24 | 7 | 39 | |
| Cash from Investing Activity + | -4 | -15 | -18 | -24 | -191 | -62 | -33 | |
| Cash from Financing Activity + | 0 | 12 | 6 | 7 | 214 | 57 | -9 | |
| Net Cash Flow | -0 | -1 | 1 | 0 | -1 | 3 | -3 | |
| Free Cash Flow | 0 | -13 | -5 | -7 | -93 | -182 | 9 | |
| CFO/OP | 50% | 32% | 64% | 59% | -30% | 33% | 58% |
Financials of Dharmaj Crop Guard Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 46 | 63 | 44 | 81 | 51 | 66 | 95 | 90 |
| Inventory Days | 52 | 67 | 68 | 74 | 62 | 66 | 68 | 86 |
| Days Payable | 44 | 80 | 61 | 108 | 31 | 47 | 96 | 89 |
| Cash Conversion Cycle | 54 | 49 | 51 | 47 | 81 | 84 | 67 | 87 |
| Working Capital Days | 36 | 20 | 33 | 43 | 56 | 65 | 53 | 56 |
| ROCE % | 39% | 42% | 40% | 17% | 15% | 12% | 16% |
Guidance history
How Dharmaj Crop Guard Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 20–40% | Up 0–2% | Planned | — | — |
| Q2 FY26 call → | 20–40% | Up 0–2% | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
25 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −12.6% | 46% |
| Last 6 months | −1.3% | 51% |
| Last 3 months | −5.1% | 53% |
The price is 31.8% below its all-time high of ₹374.95 (30 Aug 2024). Stocks more than 20% below their peak have their score halved, so 49 became 25.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Dharmaj Crop Guard Ltd: 0.4 × 46 + 0.4 × 51 + 0.2 × 53 = 49, halved to 25 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Dharmaj Crop Guard Ltd's management said in earlier quarters
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