Dharmaj Crop Guard LtdQ1 FY26Fertilizers & Agrochemicals

Dharmaj Crop Guard Ltd

Q1 FY26 Earnings Call Analysis

Management growth scorecard

Revenue

Category 2

Margin

Category 2

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 2

→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.
→Technical plant capacity utilization targeted to improve from 65-70% to about 75% next year, supporting 15-20% growth in technicals.
→New dedicated herbicide facility to be commissioned in Q3 FY’27 to support herbicide portfolio growth.

Margin guidance

Category 2

→**Revenue Growth:** Expected overall top-line growth of 18% to 20% in FY’27.
→**Branded Formulation:** Branded formulation growth projected at 20% to 25% as seasonal headwinds normalize.
→**Technical Plant:** Capacity utilization to increase to ~75% next year with expected growth of 15%-20% in this vertical. EBITDA margin at technical plant expected to improve by 0.5%-0.75% annually, potentially reaching 8%-10% EBITDA by FY’27.
→**EBITDA Margin:** Overall EBITDA margin expected to improve by 0.5% to 0.75% in FY’27 from current 9%.
→**CAPEX:** Planned CAPEX around Rs. 50 crores to support 3-year growth trajectory, including commissioning of new herbicide facility expected end of Q3 FY’27.
→**Profitability:** Achieved PBT breakeven at technical plant; net profit grew 57% YoY in FY’26, indicating strong earnings momentum.

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Fundraise plans

→There is no mention of any current or planned new fundraising through debt or equity in the transcript.
→The company maintains a healthy balance sheet with gross debt-to-equity ratio stable at 0.29x as of March 31, 2026.
→Long-term borrowings have reduced from Rs. 641 million to Rs. 510 million, while short-term working capital borrowings increased due to inventory buildup.
→The company plans a CAPEX of Rs. 50 crores in the current year for capacity expansion and facility improvement.
→No indication of raising funds through equity or new long-term debt was discussed during the call.

Order book

The transcript provided from the Dharmaj Crop Guard Limited Q4 & FY26 earnings call does not explicitly mention current or expected order book or pending orders details. However, related insights on business outlook and growth include: - 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. - Overall top-line growth guidance is positive at 18%-20% for FY’27, indicating likely increased order volumes. - A new herbicide facility commissioning is anticipated in Q3 FY’27 aiding production capabilities. No specific numeric order book or pending order values are disclosed in the transcript.

Capex plans

Yes

→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.
→This investment will support 18%-20% growth in the next 2-3 years and ease capacity bottlenecks.
→The CAPEX will drive long-term growth and help achieve double-digit EBITDA margins in formulations.

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