Dhanuka Agritech Limited (DHANUKA)
₹868.50 -0.79% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Dhanuka Agritech's revenue was ₹462 Cr (-12.5% year on year, -4.4% on the previous quarter), and net profit ₹36.3 Cr (-35.2% year on year); the operating margin was 11.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹462 | -12.5% | -4.4% |
| Operating profit | ₹55.0 | -33.7% | -56.0% |
| Net profit | ₹36.3 | -35.2% | -63.0% |
| EPS (₹) | 8.06 | -34.5% | -62.8% |
| Operating margin | 11.9% | — | — |
DHANUKA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 60.79% of the DHANUKA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 55.79%. That is close to its usual level. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 51.3% · 42.2% · 39.9% · 47.8% · 60.8%
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
Dhanuka Agritech announced the domestic launch of 'Tembotrax', a selective systemic post-emergence herbicide for broadleaf and grassy weeds in maize and sugarcane crops. The company aims to bolster its product portfolio in the herbicide segment, though commercial revenue expectations and pricing were not disclosed. In FY24, new molecules contributed 13.29% of company revenue against TTM revenue of ₹1,978 crore.
- Product launch announced on 14th October, 2026
- Product named 'Tembotrax' under the Herbicide category
- Targets domestic market in India for Maize and Sugarcane crops
- Revenue potential or commercial volume was not disclosed
Dhanuka Agritech Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent Abhipra Capital Limited confirms that all securities received for dematerialisation during the quarter were duly processed, accepted or rejected, and verified. Furthermore, the share certificates were mutilated and cancelled, with depository names substituted in the register of members within the mandated 15-day timeline. This represents a standard quarterly regulatory submission with no business or financial impact.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018 for quarter ended September 30, 2026
- Confirmation received from Registrar and Share Transfer Agent Abhipra Capital Limited dated October 5, 2026
- Dematerialisation requests confirmed and member records updated within the 15-day limit
Dhanuka Agritech has received 7 demand orders totaling ₹55.53 crore from the Excise & Taxation Department, Gurugram, under the Haryana Tax on Entry of Goods into Local Areas Act, 2008. The assessment covers seven financial years spanning from FY 2008-09 to FY 2014-15, with annual demands ranging from ₹5.64 crore to ₹10.75 crore. The total demanded amount represents approximately 21% of Dhanuka's TTM net profit of ₹265 crore and ~3.3% of its net worth (₹1,682 crore). Management stated the demands are not maintainable and plans to contest them, including potentially filing a writ petition.
- Received 7 tax demand orders totaling ₹55.53 crore on October 06, 2026
- Demand pertains to entry tax under Haryana Local Areas Act from FY 2008-09 to FY 2014-15
- Annual demands range from ₹5.64 crore (FY09) to ₹10.75 crore (FY15)
- Cumulative demand equals ~21% of TTM PAT (₹265 crore) and ~3.3% of net worth (₹1,682 crore)
- Company is evaluating legal remedies including filing a writ petition against the orders
Dhanuka Agritech announced the domestic commercial launch of two new products on 25th September 2026. The launches include 'Wetcit Neo', an adjuvant containing avocado and blackcurrant oils, and 'Fujita', a systemic fungicide formulated with Isoprothiolane 40% EC targeting rice blast disease. Both products cater to the Indian domestic market, supporting the company's strategy of refreshing its portfolio with specialty formulations. Commercial revenue potential and margin contributions from these launches were not disclosed in the filing.
- Launched 2 new agricultural products for the domestic Indian market on 25th September, 2026
- Introduced 'Fujita', a systemic fungicide containing Isoprothiolane 40% EC for controlling rice blast
- Introduced 'Wetcit Neo', a novel spray adjuvant formulated with avocado oil and blackcurrant oil
- Revenue potential and production targets were not disclosed in the announcement
Dhanuka Agritech has launched a new product named 'POLIN', a 20% SC fungicide developed in collaboration with Nippon Soda, Japan. The product features a novel DHODHI mode of action (FRAC 52) and targets Leaf and Neck Blast in crops. It is introduced specifically for the domestic Indian market, reinforcing Dhanuka's pipeline of specialty 9(3) molecules which generated 13.29% of FY24 revenue. Financial revenue potential and pricing were not disclosed in the filing.
- New fungicide launched under the brand name 'POLIN' with a 20% SC formulation
- Developed in partnership with Nippon Soda, Japan, featuring FRAC 52 mode of action
- Targeted at the domestic Indian market for preventive protection against Leaf & Neck Blast
- Announcement dated September 22, 2026, submitted under Regulation 30
CARE Ratings Limited has reaffirmed Dhanuka Agritech's credit ratings following an annual surveillance review. Long-term bank facilities of ₹30.00 crore have been reaffirmed at 'CARE AA; Stable', while long-term/short-term facilities of ₹33.00 crore stand at 'CARE AA; Stable / CARE A1+'. The total rated bank facilities amount to ₹63.00 crore, which represents a negligible portion of the company's financial base given its strong net worth of ₹1,682 crore and minimal debt of ₹31 crore.
- CARE reaffirmed 'CARE AA; Stable' for ₹30.00 crore long-term bank facilities
- CARE reaffirmed 'CARE AA; Stable / CARE A1+' for ₹33.00 crore long-term/short-term facilities
- Total bank facilities evaluated stand at ₹63.00 crore across HSBC Ltd. and HDFC Bank Ltd.
- Rated facilities comprise ₹30.00 crore fund-based and ₹33.00 crore non-fund-based limits
Dhanuka Agritech has received in-principle approvals from both NSE and BSE on September 16, 2026, for listing up to 50,000 equity shares under its Dhanuka Employee Stock Option Plan 2026. The shares have a face value of ₹2 each and will be issued upon exercise of options by employees. Against the company's current market cap of ₹4,402 crore, this potential issuance represents a negligible dilution of approximately 0.11% of the total equity base. This is an administrative procedural step with negligible financial impact on earnings or shareholding structure.
- Received in-principle listing approval for up to 50,000 equity shares of face value ₹2 each.
- Shares are to be issued under the Dhanuka Employee Stock Option Plan 2026 ('ESOP 2026').
- Approvals granted by NSE (Ref: NSE/LIST/57119) and BSE on September 16, 2026.
- Represents an insignificant equity dilution of approximately 0.11% based on total outstanding equity.
Dhanuka Agritech Limited has completed the incorporation of an overseas wholly owned subsidiary, Dhanuka Agritech Europe Private Limited, in Ireland on August 26, 2026. The initial subscription consideration is EUR 100 for 100 ordinary shares of EUR 1 each, giving Dhanuka 100% control. The entity has been established to conduct agrochemical business activities and allied operations in the European market. Currently, the new entity has nil turnover as operations have not yet commenced.
- Incorporated 100% wholly owned subsidiary named Dhanuka Agritech Europe Private Limited in Ireland
- Subscription consideration of EUR 100 for 100 ordinary shares of EUR 1 each
- Date of incorporation completed on August 26, 2026 following approval from Companies Registration Office (CRO), Ireland
- Turnover stands at Nil as operations have not yet commenced
Dhanuka Agritech Limited has informed the exchanges of the sudden demise of Mr. Raghunath Duvvuri, General Manager (Export), on August 13, 2026. Mr. Duvvuri was categorized as Senior Management Personnel (SMP) of the company. While the loss is significant at a leadership level, the company operates at a large scale with TTM revenue of ₹1,978 crore and a market capitalization of ₹4,569 crore. Investors should monitor for the appointment of a successor to ensure continuity in the company's stated strategy of expanding its export foothold.
- Demise of Mr. Raghunath Duvvuri occurred on August 13, 2026
- The deceased held the position of General Manager (Export) and was part of Senior Management
- Company reported TTM revenue of ₹1,978 crore and TTM PAT of ₹265 crore
- Dhanuka currently reaches approximately 10 million farmers through 10,000+ distributors
Dhanuka Agritech reported a challenging Q1 FY27 with revenue declining 12.56% YoY to Rs 461.93 Cr, impacted by a 40% rainfall deficit in June which delayed sowing. Despite short-term headwinds, the company announced a significant new formulation plant in Nagpur with a Rs 200 Cr outlay and 23,000 MTPA capacity, expected to be operational by April 2028. The company also completed a Rs 70 Cr share buyback at Rs 1,400 per share and is launching 5 new products to drive recovery in the coming quarters.
- Revenue for Q1 FY27 stood at Rs 461.93 Cr, a degrowth of 12.56% compared to Rs 528.29 Cr in Q1 FY26
- New manufacturing plant at Nagpur announced with an estimated outlay of Rs 200 Cr and 23,000 MTPA capacity
- Completed buyback of 5 lakh equity shares at Rs 1,400 per share, absorbing Rs 70 Cr
- Innovation Turnover Index maintained at 13.89% with 5 new products (1 fertilizer, 3 fungicides, 1 herbicide) planned for launch
- Rainfall shortfall of 40% in June significantly impacted seasonal demand and sowing activities
Dhanuka Agritech concluded its 41st Annual General Meeting on August 3, 2026, with shareholders approving all seven proposed resolutions. Key approvals include the adoption of FY26 financial statements, a final dividend, and the re-appointment of two Executive Directors. Notably, the 'Dhanuka Employee Stock Option Plan 2026' was passed with 81.10% total favor, despite a significant 93.22% of institutional votes being cast against it. A Stock Appreciation Rights (SAR) Plan 2026 was also approved with higher overall support of 98.86%.
- 7 resolutions passed including adoption of FY26 financials and final dividend declaration
- ESOP 2026 Plan approved with 81.10% favor, but faced 93.22% institutional opposition
- SAR 2026 Plan approved with 98.86% favor and lower institutional dissent at 5.62%
- Re-appointment of Executive Directors Harsh Dhanuka and Ashish Saraf confirmed with over 99.99% favor
- Total of 3.90 crore votes polled, representing approximately 87.49% of the shares held by participating categories
Dhanuka Agritech concluded its 41st Annual General Meeting (AGM) on August 3, 2026, with 95 members attending via video conferencing. Shareholders approved seven resolutions, including the adoption of FY26 financial statements (Revenue: Rs 1,536.45 Cr, PAT: Rs 189.46 Cr) and the declaration of a final dividend. Notably, the meeting approved the 'Dhanuka Employee Stock Option Plan 2026' and 'Dhanuka Stock Appreciation Rights Plan 2026'. The management addressed queries regarding growth initiatives, including backward integration at the Dahej plant.
- Approval of two new employee incentive schemes: ESOP 2026 and SAR 2026.
- Adoption of FY26 audited financial statements with revenue of Rs 1,536.45 Cr and PAT of Rs 189.46 Cr.
- Re-appointment of Executive Directors Mr. Harsh Dhanuka and Mr. Ashish Saraf.
- 95 members participated in the meeting which concluded in 40 minutes.
- Ratification of remuneration for Cost Auditors and declaration of final dividend for FY26.
Dhanuka Agritech has released the audio recording of its analyst call held on August 3, 2026, following the board's approval of un-audited financial results for the quarter ended June 30, 2026. The company, which has a TTM revenue of Rs 1,978 Cr, uses these calls to discuss operational performance and its strategy for the agrochemical market. This is a procedural filing under SEBI Regulation 30. Investors should focus on management commentary regarding the Dahej plant's ramp-up and the impact of the current monsoon season on demand.
- Analyst call conducted on August 3, 2026, for the quarter ended June 30, 2026
- TTM Revenue of Rs 1,978 Cr and TTM PAT of Rs 265 Cr as per latest context
- Promoter holding is steady at 69.81% as of June 2026
- Company maintains a very low Debt-to-Equity ratio of 0.02
Dhanuka Agritech has appointed Mr. Shalinder Singh as General Manager - Sales, effective August 3, 2026. Mr. Singh brings over 20 years of experience in the agro-inputs sector, having previously held leadership roles at major industry players like Syngenta and Nagarjuna. This appointment is aimed at strengthening the company's sales and marketing execution across diverse geographies, particularly in the cotton and paddy belts of Punjab. Given Dhanuka's TTM revenue of ₹1,978 Cr and its focus on high-margin specialty molecules, experienced sales leadership is key to maintaining its projected 7% growth rate.
- Appointment of Mr. Shalinder Singh as General Manager - Sales effective August 3, 2026.
- Appointee brings over 20 years of rich experience in Sales and Marketing within the Agro-Inputs industry.
- Previous leadership experience includes roles at reputed organizations Syngenta and Nagarjuna.
- Holds a Master of Science (Horticulture) from Punjab Agriculture University, Ludhiana.
- Focus will be on executing sales strategies to increase revenues and profitability across fragmented markets.
Dhanuka Agritech reported a weak Q1 FY27 with revenue declining 12.6% YoY to ₹461.93 Cr, impacted by delayed monsoons and postponed sowing. Profitability saw a sharp contraction as PAT fell 34.6% to ₹36.30 Cr and EBITDA margins dropped from 15.75% to 11.91%. To offset the expiry of incentives at its Udhampur unit, the company announced a ₹200 Cr investment for a new 23,000 MT/Annum plant in Nagpur, expected to be operational by April 2028. Management issued cautious guidance for FY27, expecting only lower single-digit revenue growth and a 200bps decline in EBITDA margins.
- Revenue from operations declined 12.56% YoY to ₹461.93 Cr in Q1 FY27.
- PAT decreased 34.59% YoY to ₹36.30 Cr, with EBITDA margins contracting by 384 bps to 11.91%.
- Announced a new ₹200 Cr manufacturing facility in Nagpur with 23,000 MT/Annum capacity.
- Management guided for a ~200bps decline in EBITDA margins for the full year FY 2026-27.
- Completed a ₹70 Cr buyback of 5 lakh shares at ₹1,400 per share and approved a ₹2/share final dividend.
Financial Performance
Revenue Growth by Segment
Consolidated revenue for H1 FY26 grew 2.1% YoY to INR 768.38 Cr compared to INR 752.56 Cr in H1 FY25. For Q2 FY26, consolidated revenue was INR 384.34 Cr, a slight decline of 2.58% from INR 394.55 Cr in Q2 FY25. The Dahej B2B segment contributed approximately INR 22 Cr in revenue during the quarter.
Geographic Revenue Split
Revenue is well-distributed across India, with meaningful contributions from the South, West, North, and East regions. This balanced presence provides stability against regional demand weaknesses caused by localized climatic variations.
Profitability Margins
The Net Profit Margin for the quarter ended September 30, 2025, stood at 13.31%. Historically, the company has maintained healthy PBILDT margins between 15-19% annually. Consolidated Net Profit for Q2 FY26 was INR 66.95 Cr, down 9.9% from INR 74.34 Cr in Q2 FY25.
EBITDA Margin
The PBILDT margin was 18.63% in FY24. Management expects a near-term impact of approximately 100 basis points on EBITDA margins due to the integration of Bayer molecules and current market challenges. The company aims to achieve positive EBITDA for the Dahej facility by FY27.
Capital Expenditure
The company has invested significantly in a technical manufacturing facility at Dahej, Gujarat, for backward integration. While specific current capex figures for FY26 are not detailed, the facility is a key driver for future revenue growth and margin expansion through the production of active ingredients.
Credit Rating & Borrowing
The company maintains a 'Stable' outlook with a strong financial risk profile. It has an exceptionally high interest coverage ratio of 81.50x (FY25) and a low overall gearing of 0.06x as of March 31, 2025. Total debt to Gross Cash Accrual (TD/GCA) stood at 0.21x in FY25.
Operational Drivers
Raw Materials
The company utilizes technical grade chemicals and active ingredients for its formulations. Specific raw materials include active ingredients for herbicides, fungicides, and insecticides. Imports account for 25% to 35% of total raw material requirements.
Import Sources
Raw materials are imported from international markets including the USA, Japan, and China. Domestic sourcing is also utilized to support its formulation business.
Key Suppliers
Dhanuka maintains strategic technical tie-ups with major MNCs, most notably Nissan Chemicals, which contributes approximately 40-45% of the company's revenue. It also recently acquired brands from Bayer Crop Science.
Capacity Expansion
The Dahej plant in Gujarat represents a major shift toward technical manufacturing and backward integration. The company is currently ramping up this facility to manufacture its second active ingredient, aiming for revenue scalability in FY26 and EBITDA breakeven by FY27.
Raw Material Costs
Raw material costs are susceptible to global price volatility and currency fluctuations. The company lacks a formal hedging policy for its 25-35% import component, exposing it to foreign exchange risks.
Manufacturing Efficiency
Efficiency is currently impacted by the underutilization of the newly commissioned Dahej plant. Improving capacity utilization at this facility is a key monitorable for supporting operating leverage and reaching profitability targets.
Logistics & Distribution
Distribution costs are a function of its wide reach across four regional hubs and multiple warehouses serving a vast network of retail points.
Strategic Growth
Expected Growth Rate
7%
Growth Strategy
Growth will be driven by backward integration at the Dahej plant, increasing the contribution of new 9(3) molecules (which were 13.29% of revenue in FY24), and the acquisition of global rights for brands like Melody Duo and Triadimenol from Bayer. The company is also expanding its B2B and export foothold.
Products & Services
The company sells crop protection products including Herbicides, Fungicides, Insecticides, and Biostimulants.
Brand Portfolio
Key brands include Melody Duo and Triadimenol (acquired from Bayer), along with various specialty molecules developed in partnership with Nissan Chemicals.
New Products/Services
New molecules contributed 13.29% of revenue in FY24. The company continues to launch powerful products in the herbicide and fungicide segments, alongside new biostimulant products to drive growth.
Market Expansion
Dhanuka is expanding its presence in the B2B domestic market and increasing its export foothold to diversify beyond the domestic B2C formulation business.
Market Share & Ranking
Dhanuka is a leading player in the Indian agrochemical formulation industry with a track record of over three decades.
Strategic Alliances
Strategic alliances exist with Nissan Chemicals (contributing 40-45% of revenue) and other MNCs for developing and marketing specialty 9(3) molecules.
External Factors
Industry Trends
The industry is shifting toward technical manufacturing and backward integration to combat global price volatility. There is an increasing focus on specialty molecules and biostimulants, though the latter faces recent regulatory scrutiny (July 2025 stay).
Competitive Landscape
The industry is highly competitive and regulated, featuring both large MNCs and domestic generic players. Dhanuka differentiates itself through specialty molecules and technical partnerships.
Competitive Moat
The moat is built on long-term technical tie-ups with MNCs like Nissan Chemicals and a massive distribution network. These advantages are sustainable due to the high entry barriers in developing 9(3) molecules and the time required to build a pan-India retail reach.
Macro Economic Sensitivity
The business is highly sensitive to agricultural GDP and monsoon performance, as rural demand dictates the consumption of crop protection chemicals.
Consumer Behavior
Farmer demand is shifting toward higher-quality specialty chemicals that offer better crop yields and protection, supporting Dhanuka's focus on new molecule launches.
Geopolitical Risks
Trade dynamics with China, Japan, and the USA are critical due to import dependencies. Regulatory changes or trade barriers in these regions could impact raw material availability.
Regulatory & Governance
Industry Regulations
The company faces significant regulatory risks, including potential government bans on specific molecules. In July 2025, the government imposed a stay on bio-stimulants, although the impact on Dhanuka was expected to be limited due to the segment's small revenue share.
Environmental Compliance
As a chemical manufacturer, the company must comply with stringent pollution control norms, particularly for its technical manufacturing facility in Dahej.
Taxation Policy Impact
The company is subject to standard corporate tax rates in India; specific fiscal incentives for the Dahej plant were not detailed.
Legal Contingencies
The company is subject to ongoing regulatory monitoring regarding molecule safety and environmental impact, typical for the agrochemical sector.
Risk Analysis
Key Uncertainties
Climatic variations (monsoon) and regulatory changes (molecule bans) are the primary uncertainties. A sharp decline in revenue or operating margins falling to 10-12% would materially impact cash generation.
Geographic Concentration Risk
Revenue is well-balanced across India, reducing the risk of total revenue loss from a single regional weather event.
Third Party Dependencies
There is a high dependency on MNC partners like Nissan Chemicals for technical supplies and product development, representing 40-45% of revenue.
Technology Obsolescence Risk
The shift from generics to specialty molecules and biostimulants represents a technological evolution; Dhanuka is addressing this through its R&D and MNC tie-ups.
Credit & Counterparty Risk
The company manages receivables tightly within its 10,000+ distributor network to ensure high liquidity and low credit risk.
