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Dharmaj Crop Guard Q3 Revenue Rises 8.6% to ₹1,895M; 9M PAT Surges 36% YoY
Dharmaj Crop Guard reported a consolidated revenue of ₹1,895.40 million for Q3 FY26, an 8.6% increase compared to ₹1,745.08 million in Q3 FY25. While quarterly net profit saw a dip to ₹7.56 million from ₹11.79 million due to seasonality and higher expenses, the 9-month performance remains robust. For the period ending December 31, 2025, cumulative revenue grew 22% to ₹9,041.86 million, and PAT rose significantly by 36% to ₹506.78 million. The company also noted a ₹4.75 million impact from newly effective Labour Codes.
Key Highlights
Q3 FY26 Revenue from operations grew 8.6% YoY to ₹1,895.40 million.
9M FY26 Net Profit increased to ₹506.78 million, up from ₹372.76 million in the previous year.
Earnings Per Share (EPS) for the 9-month period improved to ₹14.99 from ₹11.03 YoY.
Total Expenses for Q3 FY26 rose to ₹1,917.36 million compared to ₹1,729.32 million in Q3 FY25.
The company disclosed a one-time financial implication of ₹4.75 million related to the new unified Labour Codes.
💼 Action for Investors
Investors should look past the volatile Q3 results, which are impacted by the seasonal nature of the agri-input business, and focus on the strong 9-month growth trajectory. Monitor the progress of the new subsidiary, DCGL Industries Limited, as it begins operations to drive future revenue.
Dharmaj Crop Guard Assigned 'CARE A-; Stable' Rating; H1FY26 PAT Surges to ₹49.92 Cr
CARE Ratings has assigned a 'CARE A-; Stable' rating to Dharmaj Crop Guard's long-term bank facilities and 'CARE A2+' to short-term facilities. The company demonstrated strong growth with H1FY26 revenue reaching ₹714.65 crore, a 26% YoY increase, while H1FY26 PAT of ₹49.92 crore has already surpassed the full-year FY25 PAT of ₹34.84 crore. Financial risk remains low with a comfortable gearing of 0.32x and an improved interest coverage ratio of 10.83x. The recent ramp-up of the technical plant has successfully improved PBILDT margins to 11.55% in H1FY26 from 7.94% in FY25.
Key Highlights
Assigned 'CARE A-; Stable' rating for ₹69.93 Cr long-term and 'CARE A2+' for ₹57.20 Cr short-term facilities.
H1FY26 PAT reached ₹49.92 Cr, significantly exceeding the total FY25 PAT of ₹34.84 Cr.
Total Operating Income grew at a 37% CAGR over the last five years, hitting ₹951.66 Cr in FY25.
Overall gearing remains healthy at 0.32x with interest coverage improving to 10.83x in H1FY26.
PBILDT margins recovered to 11.55% in H1FY26 following the commercialization of the technical plant.
💼 Action for Investors
The investment-grade rating and sharp recovery in H1FY26 profitability suggest strong operational execution following recent capacity expansions. Investors should monitor the sustainability of these margins and the company's working capital cycle, which remains seasonally intensive.
Dharmaj Crop Guard Appoints Rohit Sharma as Brand Ambassador to Drive Brand Business Growth
Dharmaj Crop Guard has signed Indian cricketer Rohit Sharma as its brand ambassador to bolster its domestic brand business division. This strategic move aims to enhance brand visibility and trust across the 24 Indian states where the company currently operates. By leveraging Sharma's mass appeal, the company intends to deepen its penetration into rural markets and strengthen its identity among farmers and channel partners. This initiative aligns with Dharmaj's recent expansion into active ingredient manufacturing at its 8,000 TPA Sayakha facility.
Key Highlights
Appointment of Rohit Sharma as brand ambassador to drive the next growth phase in the brand business division.
Targeting deeper penetration across 24 Indian states where the company currently has a presence.
Focus on strengthening trust and brand identity among farmers and B2C channel partners.
Strategic alignment with the company's recent commissioning of an 8,000 TPA technicals unit at Sayakha.
Aims to leverage leadership stature to drive impactful marketing and brand-building initiatives.
💼 Action for Investors
Monitor the impact of this branding exercise on the company's B2C segment sales and market share in the upcoming quarters. This move indicates aggressive marketing to complement their recent backward integration into technicals manufacturing.
Dharmaj Crop Guard Q3 Revenue Up 9% to ₹1,895 Mn; 9M PAT Grows 36% to ₹507 Mn
Dharmaj Crop Guard reported a mixed Q3FY26 with revenue growth of 9% YoY to ₹1,895 Mn, though quarterly PAT declined 35% to ₹8 Mn due to a one-time labor provision of ₹4.75 Mn and lower formulation sales. However, the 9-month performance remains robust with revenue up 22% to ₹9,042 Mn and PAT rising 36% to ₹507 Mn, supported by better capacity utilization at the Saykha facility. The company also announced a new ₹330 Mn CAPEX for a dedicated herbicide unit in Ahmedabad, expected to be operational by Q2FY27. Despite industry-wide inventory headwinds, 9M EBITDA margins improved slightly to 9.9% from 9.6% YoY.
Key Highlights
9MFY26 Revenue grew 22% YoY to ₹9,042 Mn, with PAT increasing 36% to ₹507 Mn.
Q3FY26 Revenue stood at ₹1,895 Mn (+9% YoY), but EBITDA fell 23% YoY to ₹73 Mn due to margin pressure.
Announced ₹330 Mn CAPEX for a new Herbicides Formulations Unit in Ahmedabad to be operational by Q2FY27.
9M EBITDA margins improved to 9.9% compared to 9.6% in the previous year, aided by operational leverage.
Q3 results were impacted by a one-time provision of ₹4.75 Mn for labor code amendments and high channel inventory.
💼 Action for Investors
Investors should focus on the strong 9-month growth trajectory and the strategic expansion into herbicides, while monitoring the recovery of formulation margins in the upcoming quarters. The stock remains a watch for long-term growth as the Saykha facility scales up and technical realizations stabilize.
Dharmaj Crop Guard Q3 Revenue Up 9% to ₹1,895 Mn; PAT Down 35% on Margin Pressure
Dharmaj Crop Guard reported a mixed Q3FY26, with revenue growing 9% YoY to ₹1,895 Mn, while PAT declined 35% to ₹8 Mn due to a muted Rabi season and a one-time labor code provision of ₹4.75 Mn. Despite the quarterly dip, the 9MFY26 performance remains robust with revenue up 22% and PAT up 36% YoY to ₹507 Mn. The company announced a new ₹330 Mn CAPEX for a herbicide unit in Ahmedabad, expected to be operational by Q2FY27. Management is focusing on captive consumption of technicals to optimize margins amid a challenging market for active ingredients.
Key Highlights
Q3FY26 Revenue grew 9% YoY to ₹1,895 Mn, but EBITDA margins contracted from 5.4% to 3.9% YoY.
9MFY26 PAT increased 36% YoY to ₹507 Mn with EBITDA margins improving to 9.9%.
Announced ₹330 Mn CAPEX for a dedicated Herbicides Formulations Unit at Kerala GIDC, Ahmedabad.
Export Institutional segment showed strong growth of 134% YoY in Q3, reaching ₹242 Mn.
Retail touchpoints expanded from 17,000 to over 19,000 in the first nine months of FY26.
💼 Action for Investors
While Q3 was impacted by industry-wide inventory issues and lower formulation sales, the strong 9M growth and new herbicide capex signal long-term potential. Investors should monitor the recovery of formulation margins and the timely execution of the new Ahmedabad facility.
Dharmaj Crop Guard Approves Q3 and Nine Months FY26 Financial Results
Dharmaj Crop Guard's Board of Directors met on February 10, 2026, to approve the unaudited financial results for the quarter and nine months ended December 31, 2025. The results include both standalone and consolidated figures, which have undergone a limited review by MSKA & Associates LLP. This announcement confirms the company's compliance with SEBI's regulatory filing timelines. Investors should now look for the detailed P&L and Balance Sheet statements to evaluate operational performance.
Key Highlights
Approval of Unaudited Consolidated and Standalone Financial Results for the period ending Dec 31, 2025
Limited Review Report issued by Statutory Auditors M/s. MSKA & Associates LLP was taken on record
The Audit Committee reviewed and recommended the results before the Board's final approval
Compliance maintained under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements)
💼 Action for Investors
Analyze the specific revenue and PAT figures in the full report to gauge the company's growth trajectory. Compare these results against industry peers in the agrochemical sector.
Dharmaj Crop Guard Approves Q3 and Nine Months FY26 Financial Results
Dharmaj Crop Guard Limited's Board of Directors approved the unaudited standalone and consolidated financial results for the third quarter and nine months ending December 31, 2025. The meeting, held on February 10, 2026, also took on record the Limited Review Report from statutory auditors MSKA & Associates LLP. While the specific financial figures were not detailed in this cover letter, the approval confirms the completion of the regulatory reporting cycle for the period. Investors should now examine the detailed financial tables for specific revenue and profit trends.
Key Highlights
Board approved Unaudited Consolidated and Standalone Financial Results for Q3 FY26.
Results for the nine-month period ended December 31, 2025, were finalized and taken on record.
Statutory auditors M/s. MSKA & Associates LLP issued a Limited Review Report on the results.
The Audit Committee reviewed and recommended the financial results prior to board approval.
💼 Action for Investors
Investors should download the full financial results from the stock exchange websites to analyze year-on-year growth and margin performance. Monitor the company's performance relative to peers in the agrochemical sector for the December quarter.