Dhanlaxmi Crop Science Limited (DHANLAXMI)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Dhanlaxmi Crop's revenue was ₹9.3 Cr (-0.1% year on year, -67.6% on the previous half-year), and net profit ₹-5.1 Cr (against a profit a year earlier); the operating margin was -63.1%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹9.3 | -0.1% | -67.6% |
| Operating profit | ₹-5.9 | to loss | to loss |
| Net profit | ₹-5.1 | to loss | to loss |
| EPS (₹) | -3.14 | to loss | to loss |
| Operating margin | -63.1% | — | — |
DHANLAXMI delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 50.0% of the DHANLAXMI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 92.43%. That is lower than usual for this stock. Turnover was only ₹1 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 100.0% · 87.5% · 87.5% · 94.1% · 50.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Dhanlaxmi Crop Science Limited has issued the notice for its 21st Annual General Meeting (AGM) scheduled for September 30, 2026, via video conferencing. Key agenda items include the adoption of audited financial statements for FY 2025-26 and the re-appointment of director Mr. Pankaj Dahyabhai Patel. Additionally, shareholder approval is sought for the appointment of Mr. Piyush Jagdishbhai Patel as an Independent Director for a 5-year term from January 3, 2026, to January 2, 2031. Remote e-voting will be facilitated via NSDL for eligible shareholders.
- 21st Annual General Meeting scheduled for Wednesday, September 30, 2026 at 2:00 PM IST via VC/OAVM
- Special Resolution proposed for the appointment of Mr. Piyush Jagdishbhai Patel as an Independent Director for a 5-year term (January 3, 2026 to January 2, 2031)
- Ordinary business includes adoption of FY26 financial statements and director re-appointment by rotation
- Remote e-voting facility arranged through National Securities Depository Limited (NSDL)
Dhanlaxmi Crop Science Limited has submitted the outcome of its Board of Directors meeting held on August 25, 2026. The exchange filing extract contains administrative digital signature details without specific resolution text. The micro-cap company currently operates with a market capitalization of Rs 30 Cr and reported TTM revenue of Rs 167 Cr with PAT of Rs 8 Cr. Investors await further detailed disclosures regarding any specific corporate or strategic decisions considered during the meeting.
- Board meeting conducted and concluded on August 25, 2026
- Filing digitally signed by Alpeshkumar Jayantilal Patel on August 25, 2026 at 16:02 IST
- Specific agenda items and resolutions are not detailed in the filing extract
Dhanlaxmi Crop Science has secured regulatory approval to sell multiple hybrid and varietal field crops in Chhattisgarh, marking a concrete step in its national expansion strategy. The company, which currently operates in 5 states, is targeting high-growth segments like Maize and Wheat, which are growing at 31% and 39.65% respectively. With a micro-cap valuation of Rs 32 Cr and TTM revenue of Rs 167 Cr, this geographic entry is material to its growth plan for FY26. Investors should note the company is coming off a challenging Mar 2026 quarter where it reported a net loss of Rs 5.13 Cr.
- Received regulatory approval on August 01, 2026, to sell seeds in the state of Chhattisgarh.
- Expansion covers multiple hybrid and varietal field crops, aligning with the strategy to focus on high-margin segments.
- Targets industry growth trends where Maize and Wheat segments are growing at 31% and 39.65% respectively.
- Part of a broader FY26 plan to expand beyond the current 5-state footprint and scale R&D capabilities.
- Company maintains a high promoter holding of 73.97% as of March 2026.
Dhanlaxmi Crop Science has appointed Fin Portal Investments Private Limited as its Investor Relations (IR) agency, effective August 01, 2026. This move follows a period of high volatility in earnings, including a net loss of ₹5.13 Cr in the March 2026 quarter. For a micro-cap company with a market capitalization of just ₹32 Cr, this appointment indicates an intent to improve market visibility and communication with shareholders. The company currently trades at a low P/E of 4.0 despite TTM revenues of ₹167 Cr.
- Appointment of Fin Portal Investments Private Limited as IR agency effective August 01, 2026
- Company market capitalization is approximately ₹32 Cr as of the announcement date
- TTM revenue stands at ₹167 Cr, significantly higher than the current market cap
- Recent quarterly performance showed a net loss of ₹5.13 Cr for the period ending March 2026
- Promoter holding remains high at 73.97% as of March 2026
Financial Performance
Revenue Growth by Segment
Total revenue grew 102.95% YoY to INR 129.62 Cr. Maize segment posted 31% YoY growth, while Wheat increased 39.65% YoY. Cotton segment maintained sales of INR 114 Cr despite market headwinds. The Non-Cotton (NC) portfolio decreased from 23.37% to 11.78% of total revenue.
Geographic Revenue Split
The company operates a distribution footprint across 5 States in India with over 1,100 distributors. Key facilities including HQ, R&D, and processing plants are centralized in Himatnagar, Gujarat.
Profitability Margins
Gross profit rose 16.13% to INR 11.73 Cr. Profit After Tax (PAT) grew 85.53% to INR 8.68 Cr. Net profit margin stood at approximately 6.7% for FY25.
EBITDA Margin
EBITDA stood at INR 12.65 Cr for FY25, representing an EBITDA margin of 9.76%, which moderated from 10.86% in FY24 due to seasonal business nature and external headwinds in the cotton segment.
Capital Expenditure
The company operates modern processing units designed to minimize capex while maintaining operational flexibility. Specific historical capex figures in INR Cr were not disclosed, but the company raised INR 23.80 Cr through an IPO in December 2024 for fresh issue requirements.
Credit Rating & Borrowing
Finance costs increased 174.96% YoY to INR 0.69 Cr. Long-term borrowings stood at INR 0.78 Cr as of March 31, 2025. Specific credit ratings and interest rate percentages were not disclosed.
Operational Drivers
Raw Materials
Agriculture seeds (raw/unprocessed) represent the primary raw material, with the cost of materials consumed totaling INR 102.55 Cr, accounting for 79.1% of total revenue.
Import Sources
Sourced domestically within India, primarily supporting the government's goal of strengthening domestic seed production.
Key Suppliers
Not specifically disclosed; however, the company works with a network of 1,100+ distributors for its supply chain.
Capacity Expansion
Current capacity includes centralized R&D laboratory, seed processing plants, and storage warehouses in Himatnagar, Gujarat. Expansion plans focus on scaling R&D capabilities and national sales expansion in FY26.
Raw Material Costs
Raw material costs were INR 102.55 Cr in FY25, a 105.64% increase from INR 49.87 Cr in FY24, tracking closely with the 102.95% revenue growth.
Manufacturing Efficiency
The company utilizes decentralized processing units across multiple states to enhance geographic resilience and ensure seed viability through faster distribution.
Logistics & Distribution
Distribution is handled through 1,100+ distributors across 5 states. The company generates 95% of its revenue in the first half of the financial year (April-September) due to the seasonal nature of agriculture.
Strategic Growth
Expected Growth Rate
102.95%
Growth Strategy
Growth will be achieved by sharpening focus on high-margin segments like vegetables, maize, and hybrid paddy. The company plans to scale R&D capabilities, expand its national sales footprint, and maintain cotton leadership through innovation and advocacy.
Products & Services
Agriculture seeds for Cotton (ZCH-511, 25D51, 25D55), Wheat (46D44, 46D46, Sarvottam), Maize (Mahashakti), Gram (Phule Vikram, Phule Vikrant), Cumin (33D61, Phoenix), and Vegetables (Bhimashakti).
Brand Portfolio
Dhanlaxmi Crop Science, ZCH-511, 25D51, 25D55, Mahashakti, Bhimashakti, Phoenix.
New Products/Services
Focusing on Hybrid Paddy and high-margin Vegetable seeds; five applications are filed under the PPV & FR Act for new varieties including cotton, wheat, and green gram.
Market Expansion
National expansion into new Indian states beyond the current 5-state footprint is planned for FY26.
Market Share & Ranking
Not disclosed; company is positioned as a well-known seeds supplier in the SME segment.
Strategic Alliances
Collaborations with well-known institutions for agri-skilling and capacity building of its 72-member team.
External Factors
Industry Trends
The industry is shifting toward resilient seed solutions due to global demand and domestic goals for traceability and quality certification. Maize and Wheat segments are growing at 31% and 39.65% respectively.
Competitive Landscape
Faces increased competition from both domestic and foreign players in the seeds space, leading to tighter regulatory norms.
Competitive Moat
Moat is built on R&D (5 pending/received certifications under PPV & FR Act), a centralized Gujarat-based infrastructure, and a robust 1,100+ distributor network. Sustainability is driven by the development of climate-resilient seeds.
Macro Economic Sensitivity
Highly sensitive to monsoon patterns and natural calamities, as 95% of revenue is seasonal (H1).
Consumer Behavior
Farmers are increasingly demanding seeds that can withstand drought and heat waves, shifting demand toward R&D-heavy hybrid varieties.
Geopolitical Risks
Government goals to reduce reliance on seed imports provide a favorable domestic regulatory environment.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013, SEBI (LODR) Regulations 2015, and the Protection of Plant Varieties and Farmers' Rights (PPV & FR) Act.
Environmental Compliance
The company is subject to increasingly stringent ESG and biosafety norms within the agriculture sector.
Taxation Policy Impact
Current year tax expense was INR 2.98 Cr on a PBT of INR 11.73 Cr, representing an effective tax rate of approximately 25.4%.
Legal Contingencies
No material unspent amounts for CSR were required to be transferred under Section 135. No other specific pending court case values were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Regulatory risks regarding seed norms and the impact of illegal HTBT seeds on the core cotton business (INR 114 Cr segment).
Geographic Concentration Risk
Operations and key facilities are heavily concentrated in Himatnagar, Gujarat, though distribution covers 5 states.
Third Party Dependencies
High dependency on the 1,100+ distributor network for reaching end-farmers.
Technology Obsolescence Risk
Risk of falling behind in biosafety and digital traceability norms; mitigated by a dedicated R&D team and audit committee oversight.
Credit & Counterparty Risk
The company maintains 'tight receivable control' to manage credit exposure and ensure a resilient financial profile.
