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Dhanuka Agritech Q3 FY26 Revenue Drops 8% to ₹410 Cr Amid Weak Agrochemical Demand
Dhanuka Agritech reported a challenging Q3 FY26 with revenue declining 7.9% YoY to ₹409.92 crores and PAT falling 27.3% to ₹40 crores. The performance was hampered by weak demand in South and West India, lower crop prices, and regulatory hurdles in the biologicals segment which caused a ₹49 crore impact over nine months. However, management expressed optimism for Q4, citing a strong start in January and the commercialization of new products from the Dahej plant. The company maintains a healthy cash position of over ₹250 crores and expects biostimulant approvals by the end of the current quarter.
Key Highlights
Revenue from operations decreased to ₹409.92 crores in Q3 FY26 from ₹445.27 crores in Q3 FY25
EBITDA fell significantly to ₹58.66 crores compared to ₹75.56 crores in the previous year's quarter
Regulatory changes in biostimulants led to a significant sales impact of ₹49 crores during the first nine months of FY26
Management targets EBITDA-positive operations for the Dahej plant in FY27 with 80% capacity utilization
Cash and liquid investments remain strong at over ₹250 crores as of December 2025
💼 Action for Investors
Investors should monitor the recovery in Q4 and the successful re-launch of biostimulant products in Q1 FY27. While Q3 was weak, the management's commentary on January performance and Dahej plant scaling suggests a potential turnaround.
Dhanuka Agritech Q3 FY26 PAT Drops 27% YoY to ₹40 Cr Amid Weak Agrochemical Demand
Dhanuka Agritech reported a weak set of numbers for Q3 FY26, with revenue from operations declining 7.94% YoY to ₹409.92 Crores. Profitability took a significant hit as PAT fell 27.33% to ₹40 Crores, and EBITDA margins contracted by 266 bps to 14.31%. The company attributed the decline to stressed demand drivers, including adverse weather and low crop prices, particularly in South and West India. Management has issued a cautious guidance for the full year FY26, expecting flat revenue and a 100 bps decline in EBITDA margins.
Key Highlights
Revenue from operations decreased 7.94% YoY to ₹409.92 Crores in Q3 FY26.
EBITDA declined by 22.37% YoY to ₹58.66 Crores, with margins contracting to 14.31%.
Net Profit (PAT) dropped 27.33% YoY to ₹40.00 Crores from ₹55.04 Crores in Q3 FY25.
Management expects flat revenue for FY26 and a margin compression of approximately 100 bps.
Innovation Turnover Index (new molecules) contributed 16.32% to total revenue for 9M FY26.
💼 Action for Investors
Investors should exercise caution as the company faces headwinds from weak rural demand and margin pressure. The focus should be on the Dahej plant's progress, which is targeted to become EBITDA positive in FY27.
Dhanuka Agritech Q3 PAT Drops 27.3% YoY to ₹40 Cr; Revenue Declines 8%
Dhanuka Agritech reported a weak performance for the quarter ended December 31, 2025, with revenue from operations falling 7.9% YoY to ₹409.91 crore. Net profit witnessed a sharper decline of 27.3% YoY, dropping to ₹39.99 crore from ₹55.04 crore in the previous year's corresponding quarter. The company's profitability was impacted by higher material costs and a ₹2.5 crore provision related to the new Government Labour Codes. Additionally, the board announced the appointment of Mr. Sanjiv Goel as an Independent Director following the completion of Mr. Sachin Kumar Bhartiya's tenure.
Key Highlights
Revenue from operations decreased 7.9% YoY to ₹409.91 crore in Q3 FY26.
Net Profit (PAT) declined by 27.3% YoY to ₹39.99 crore from ₹55.04 crore.
Profit Before Tax (PBT) fell to ₹49.73 crore, down from ₹68.08 crore in Q3 FY25.
Nine-month (9M FY26) PAT stands at ₹189.46 crore compared to ₹221.46 crore in 9M FY25.
Recognized an incremental impact of ₹2.50 crore in employee benefits due to the new Code on Wages.
💼 Action for Investors
The significant decline in both top-line and bottom-line suggests a challenging demand environment and margin pressure in the agrochemical space. Investors should exercise caution and monitor management's guidance on inventory levels and pricing power in upcoming quarters.
Dhanuka Agritech Q3 FY26 Net Profit Drops 27% YoY to ₹40 Crore; New Director Appointed
Dhanuka Agritech reported a weak set of numbers for Q3 FY26, with revenue from operations declining 7.9% YoY to ₹409.92 crore. Net profit saw a significant contraction of 27.3% YoY, falling to ₹40 crore from ₹55 crore in the same period last year. The company also recognized a ₹2.5 crore impact on employee benefits due to the new Labour Code provisions. Alongside results, the board announced the appointment of Mr. Sanjiv Goel as an Independent Director for five years, replacing Mr. Sachin Kumar Bhartiya.
Key Highlights
Revenue from operations fell to ₹40,991.67 lacs in Q3 FY26 compared to ₹44,527.21 lacs in Q3 FY25.
Net Profit for the quarter declined 27.3% YoY to ₹3,999.54 lacs.
Nine-month (9M) PAT decreased to ₹18,946.43 lacs from ₹22,145.80 lacs in the previous year.
Recognized an incremental impact of ₹250 lakhs in employee expenses due to the Code on Wages, 2019.
Mr. Sanjiv Goel appointed as Independent Director for a 5-year term effective February 5, 2026.
💼 Action for Investors
Investors should be cautious as the company faces margin pressure and declining YoY growth in a seasonally dependent sector. Monitor management's commentary on inventory levels and demand outlook for the next kharif season.
Dhanuka Agritech Q3 Net Profit Drops 27% to ₹40 Crore; New Independent Director Appointed
Dhanuka Agritech reported a weak set of numbers for Q3 FY26, with revenue from operations declining 7.9% year-on-year to ₹409.92 crore. Net profit for the quarter fell significantly by 27.3% to ₹40 crore, down from ₹55.04 crore in the same period last year. The company attributed performance variations to seasonal factors like monsoon and pest infestation patterns. Additionally, the board has appointed Mr. Sanjiv Goel as an Independent Director for a five-year term starting February 2026, following the cessation of Mr. Sachin Kumar Bhartiya's term.
Key Highlights
Revenue from operations decreased to ₹409.92 crore in Q3 FY26 compared to ₹445.27 crore in Q3 FY25.
Net profit for the quarter declined 27.3% YoY to ₹40 crore, with EPS dropping to ₹8.87 from ₹12.25.
Nine-month PAT for FY26 stands at ₹189.46 crore, a 14.4% decrease from ₹221.46 crore in the previous year.
Recognized a ₹2.5 crore incremental impact in employee benefits due to the new Code on Wages compliance.
Mr. Sanjiv Goel appointed as Independent Director for 5 years; Mr. Sachin Kumar Bhartiya to exit on Feb 8, 2026.
💼 Action for Investors
Investors should exercise caution as the company faces margin pressure and declining year-on-year growth. Monitor the upcoming monsoon outlook and management's strategy to counter seasonal volatility in the agro-chemical segment.
Dhanuka Agritech Q3 Net Profit Drops 27.3% YoY to ₹40 Crore; Revenue Declines 8%
Dhanuka Agritech reported a weak performance for the quarter ended December 31, 2025, with revenue from operations falling 7.9% YoY to ₹409.92 crore. Net profit saw a sharper decline of 27.3% YoY, landing at ₹40 crore compared to ₹55.04 crore in the previous year's quarter. The nine-month profit for FY26 also showed a downward trend, decreasing by 14.4% to ₹189.46 crore. Alongside financial results, the company announced the appointment of Mr. Sanjiv Goel as an Independent Director and the cessation of Mr. Sachin Kumar Bhartiya's term.
Key Highlights
Revenue from operations decreased 7.9% YoY to ₹409.92 crore in Q3 FY26.
Net profit for the quarter fell 27.3% YoY to ₹40 crore from ₹55.04 crore.
Nine-month revenue stands at ₹1,536.45 crore, down 3.5% from ₹1,593.13 crore in the previous year.
Earnings Per Share (EPS) for the quarter dropped to ₹8.87 from ₹12.25 YoY.
Recognized a ₹2.5 crore incremental impact on employee benefits due to the notification of new Labour Codes.
💼 Action for Investors
The significant decline in both top-line and bottom-line figures suggests a challenging period for the agrochemical major. Investors should exercise caution and monitor management's commentary regarding inventory levels and demand outlook for the upcoming Kharif season.
Dhanuka Agritech Q2 FY26 Net Profit Declines 20% YoY to ₹93.97 Crore
Dhanuka Agritech reported a weak set of numbers for the quarter ended September 30, 2025. Revenue from operations decreased by 8.5% YoY to ₹598.25 crore, while Net Profit saw a significant drop of 20% to ₹93.97 crore compared to the same period last year. For the first half of FY26, the company's net profit stood at ₹149.47 crore, down from ₹166.41 crore in H1 FY25. The management attributed performance variations to seasonal factors like monsoon and pest infestation patterns.
Key Highlights
Revenue from operations fell 8.5% YoY to ₹598.25 crore in Q2 FY26.
Net Profit for the quarter declined 20% YoY to ₹93.97 crore from ₹117.52 crore.
Earnings Per Share (EPS) dropped to ₹20.85 in Q2 FY26 from ₹25.83 in Q2 FY25.
H1 FY26 total income stood at ₹1,140.90 crore, a slight decrease from ₹1,165.79 crore in H1 FY25.
Inventory levels increased significantly to ₹478.21 crore as of Sept 30, 2025, compared to ₹398.74 crore in March 2025.
💼 Action for Investors
The decline in both top-line and bottom-line performance indicates a challenging environment for the agrochemical major. Investors should exercise caution and monitor the company's ability to manage rising inventory and recovery in demand during the upcoming rabi season.
Dhanuka Agritech Receives Rs 121.32 Crore GST Demand Order
Dhanuka Agritech has received a GST demand order from the Central Goods & Service Tax authority in Ahmedabad totaling Rs 121.32 crore. The demand consists of a tax component of Rs 60.66 crore and a penalty of Rs 60.66 crore. The dispute centers on the classification of products as fertilizers (5% GST) versus plant growth regulators (18% GST). The company believes the demand is not maintainable and is preparing to file an appeal, stating there is no immediate impact on operations.
Key Highlights
Total demand of Rs 121.32 crore includes Rs 60.66 crore tax and Rs 60.66 crore penalty
Dispute involves classification of products under HSN 3101 (5% GST) vs HSN 3808 (18% GST)
The order was received from the office of the Central Goods & Service Tax, Ahmedabad on December 9, 2025
Company is evaluating legal options and intends to file an appeal against the adjudicating authority
💼 Action for Investors
Investors should monitor the legal proceedings as the demand amount is significant; however, the company's intent to appeal suggests no immediate cash outflow.