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Dharmaj Crop Guard Limited (DHARMAJ)

📊 NSE: DHARMAJ 🏢 Pesticides / Agrochemicals - Indian 📅 Last Updated: 12/13/2025 21:31

📢 Recent Corporate Announcements

Dharmaj Crop Guard Dispatches 12th AGM Notice & FY26 Annual Report Link Under Reg 36(1)(b)

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 29 Aug 2026, 02:51 PM

Dharmaj Crop Guard Limited has issued communication to shareholders who have not registered their email addresses, providing access to the Notice of the 12th Annual General Meeting (AGM) and Integrated Annual Report for FY 2025-26. The 12th AGM is scheduled to take place on Thursday, September 24, 2026, at 11:30 AM IST via Video Conferencing/OAVM. The cut-off date for identifying eligible recipients without email records was August 21, 2026. This is a standard statutory compliance filing under SEBI LODR Regulation 36(1)(b).

12th Annual General Meeting scheduled for September 24, 2026, at 11:30 AM IST via VC/OAVM
Notice and FY26 Integrated Annual Report weblinks dispatched to unregistered email holders under Reg 36(1)(b)
Cut-off date for physical dispatch list established as August 21, 2026

💡 Shareholders may track the AGM proceedings and voting resolutions on September 24, 2026, and access the FY26 Annual Report via the company website or stock exchanges.

Dharmaj Crop Guard to Hold 12th AGM on September 24, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Aug 2026, 02:48 PM

Dharmaj Crop Guard Limited has issued the notice for its 12th Annual General Meeting (AGM) scheduled for September 24, 2026, via video conferencing. Key resolutions include the adoption of FY26 financial statements, the appointment of Mrs. Megha Joshi as an Independent Director for a 5-year term, and the re-appointment of Whole-Time Director Mr. Jamankumar H. Talavia for 3 years starting August 1, 2027, with a monthly remuneration cap of ₹10,00,000. Additionally, the ratification of ₹65,000 in cost auditor remuneration for FY27 will be tabled for shareholder approval.

12th Annual General Meeting scheduled for September 24, 2026, at 11:30 AM IST
Appointment of Mrs. Megha Joshi as Independent Director for 5 consecutive years from August 8, 2026 to August 7, 2031
Re-appointment of Whole-Time Director Mr. Jamankumar H. Talavia for 3 years (August 1, 2027 to July 31, 2030) with remuneration capped at ₹10,00,000 per month
Ratification of ₹65,000 plus taxes as remuneration for Cost Auditors M/s. Dalwadi & Associates for FY27

💡 Track the outcome of voting on AGM resolutions following the meeting on September 24, 2026, and monitor commentary from management regarding the Sayakha plant ramp-up in the annual report.

Dharmaj Crop Guard Q1 FY27 PAT Up 17% to ₹38.1 Cr; EBITDA Margin Expands to 14.9%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 07 Aug 2026, 07:11 PM

Dharmaj Crop Guard reported a 5% YoY revenue increase to ₹384.1 Cr for Q1 FY27, successfully navigating a delayed monsoon season. Net profit (PAT) grew 17% to ₹38.1 Cr, supported by a 111 bps expansion in EBITDA margins to 14.9% due to a better product mix. While the Active Ingredients segment saw a 14% revenue dip due to West Asia macro headwinds, the Export vertical surged 116% YoY. The company is currently tracking 165 pending export registrations and progressing with a new herbicide facility in Ahmedabad.

Revenue from operations grew 5% YoY to ₹384.1 Cr despite a slow start to the monsoon.
EBITDA increased 13% YoY to ₹57.3 Cr with margins improving from 13.8% to 14.9%.
Export institutional revenue surged 116% YoY to ₹37.5 Cr, continuing its recovery trend.
Active Ingredients revenue fell 14% YoY to ₹76.4 Cr due to geopolitical headwinds and input availability.
Retail touchpoints expanded to 19,500+ supported by a network of 5,300+ dealers.

💡 Watch the execution timeline of the new Kerala GIDC herbicide facility and the capacity utilization levels of the Sayakha plant, as these are key to sustaining the current margin expansion.

17% PAT Growth in Q1FY27; Revenue up 5% to ₹384.1 Cr Despite Delayed Monsoon

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 07 Aug 2026, 07:10 PM

Dharmaj Crop Guard reported a resilient Q1FY27 with revenue growing 5% YoY to ₹384.1 Cr, despite a delayed monsoon impacting domestic demand. Profitability showed strong momentum as PAT rose 17% YoY to ₹38.1 Cr and EBITDA margins expanded by 110 bps to 14.9%. While the Active Ingredients segment faced a 14% decline due to geopolitical tensions in West Asia, the Exports vertical surged by 116% YoY. The company remains on track with its new herbicide facility in Ahmedabad to further diversify its product mix.

Revenue increased 5% YoY to ₹384.1 Cr, representing approximately 33.7% of TTM revenue.
EBITDA margins improved to 14.9% from 13.8% in Q1FY26, driven by a better product mix.
Export revenue grew by 116% YoY, continuing a recovery trend from the previous fiscal year.
Active Ingredients (Technicals) revenue declined 14% YoY due to macro headwinds and the West Asia crisis.
PAT grew 17% YoY to ₹38.1 Cr, significantly outperforming revenue growth.

💡 Monitor the utilization levels of the Sayakha technical plant and the commissioning timeline of the new herbicide facility in Ahmedabad. Investors should also track the recovery of the Active Ingredients segment as geopolitical headwinds stabilize.

Dharmaj Crop Guard Appoints Mrs. Megha Joshi as Independent Director for 5-Year Term

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 07 Aug 2026, 05:40 PM

Dharmaj Crop Guard Limited has appointed Mrs. Megha Joshi, a Chartered Accountant with over 16 years of experience in banking and credit appraisal, as an Additional Non-Executive Independent Director for a five-year term starting August 08, 2026. This appointment follows the resignation of Mrs. Amisha Shah, who stepped down on August 07, 2026, due to other professional commitments. Mrs. Joshi will also serve on the Audit and Nomination & Remuneration Committees, bringing expertise from her 15-year tenure at State Bank of India. This transition occurs as the company manages a debt of ‡132 Cr and ramps up its Sayakha facility.

Appointment of Mrs. Megha Joshi as Independent Director for a 5-year term ending August 07, 2031
Mrs. Joshi brings 16+ years of experience in credit appraisal and corporate finance, including a career at SBI from 2010 to 2025
Resignation of Mrs. Amisha Shah effective from the close of business hours on August 07, 2026
The new appointee will be inducted into the Audit and Nomination & Remuneration Committees immediately
Company maintains a conservative Debt/Equity ratio of 0.29 against a net worth of ‡449 Cr

💡 Investors should monitor the board's oversight of the Sayakha facility ramp-up, which is critical for improving the current 8.8% operating margins.

Dharmaj Crop Guard Appoints CA Megha Joshi as Independent Director; Amisha Shah Resigns

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 07 Aug 2026, 05:37 PM

Dharmaj Crop Guard Limited has announced a transition in its board of directors effective August 07, 2026. Mrs. Amisha Shah has resigned as a Non-Executive Independent Director due to professional commitments. To fill the vacancy, the board has appointed Mrs. Megha Joshi, a Chartered Accountant with 16 years of experience in banking and credit appraisal (formerly with SBI), for a five-year term. This change also involves the reconstitution of the Audit and Nomination and Remuneration Committees.

Mrs. Megha Joshi appointed as Independent Director for a 5-year term from August 08, 2026, to August 07, 2031
New appointee Mrs. Joshi brings 16+ years of experience in banking, credit appraisal, and corporate finance
Mrs. Amisha Shah resigned from the board and its committees effective August 07, 2026
Company maintains a Debt-to-Equity ratio of 0.29 on a net worth of Rs 449 Cr

💡 Investors should monitor if the new director's expertise in credit and risk management assists the company in managing its Rs 132 Cr debt and working capital during the Sayakha plant ramp-up.

Dharmaj Crop Guard Q1 PAT Grows 17% YoY to ₹38.11 Cr; Margins Improve to 13.3%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 07 Aug 2026, 05:33 PM

Dharmaj Crop Guard reported a steady Q1 FY27 with revenue growing 4% YoY to ₹382.38 Cr. Net profit saw a stronger growth of 16.9% YoY, reaching ₹38.11 Cr, driven by improved operational efficiency as PBT margins rose to 13.3% from 11.9% in the year-ago quarter. Finance costs decreased by 13.9% YoY to ₹2.68 Cr, while the company also strengthened its board by appointing a former SBI Vice President as an Independent Director.

Revenue from operations increased to ₹382.38 Cr in Q1 FY27 from ₹367.38 Cr in Q1 FY26.
Net Profit (PAT) grew by 16.9% YoY to ₹38.11 Cr compared to ₹32.59 Cr in the previous year.
Profit Before Tax (PBT) margin improved to 13.3% from 11.9% YoY, indicating better cost management.
Finance costs reduced to ₹2.68 Cr from ₹3.12 Cr in the corresponding quarter last year.
Appointment of Mrs. Megha Joshi (Chartered Accountant with 16 years banking experience) as Independent Director for a 5-year term.

💡 Investors should monitor the capacity utilization levels of the Sayakha facility over the next 12 months, as its ramp-up is critical for sustaining the current margin expansion.

Dharmaj Q1 PAT Rises 17% YoY to ₹38.1 Cr; Revenue Up 4% to ₹382.4 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 07 Aug 2026, 05:11 PM

Dharmaj Crop Guard reported a 16.9% YoY increase in net profit to ₹38.11 crore for Q1 FY27, outstripping revenue growth of 4.1% (₹382.38 crore). The company showed significant sequential recovery, with revenue jumping 63.6% from the March 2026 quarter (₹233.78 crore), highlighting the seasonal strength of the June quarter in the agrochemical sector. Profit Before Tax (PBT) rose 16.6% YoY to ₹50.99 crore, while finance costs were reduced by 13.9% to ₹2.68 crore. The board also appointed Mrs. Megha Joshi, a former SBI Vice President, as an Independent Director for a five-year term.

Revenue from operations increased 4.1% YoY to ₹382.38 crore from ₹367.38 crore.
Net profit (PAT) grew 16.9% YoY to ₹38.11 crore compared to ₹32.59 crore in the previous year's quarter.
Finance costs declined to ₹2.68 crore from ₹3.12 crore in Q1 FY26.
Sequential revenue growth of 63.6% recorded against the preceding quarter (Q4 FY26).
Appointment of Mrs. Megha Joshi as Independent Director for a 5-year term starting August 08, 2026.

💡 Investors should monitor the utilization levels of the Sayakha facility over the next 12 months, as its ramp-up is critical for margin expansion in the Active Ingredients vertical.

Resignation of Head of Operations at Key Sayakha Unit Effective July 08, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 08 Jul 2026, 04:11 PM

Mr. Bhupendra Varasada has resigned from his position as Senior Managerial Personnel (SMP) and Head of Operations at the Sayakha unit, effective July 08, 2026. The Sayakha facility is the company's newly commissioned technical plant for Active Ingredients, which is central to its strategy for margin expansion. The resignation is attributed to the pursuit of a new career opportunity. Given that the Sayakha plant is expected to reach optimal utilization within 12-18 months and carries significant fixed costs like ₹18.27 Cr in depreciation, leadership stability at this site is important for operational break-even.

Resignation of Mr. Bhupendra Varasada as Head of Operations - Sayakha unit effective July 08, 2026.
The Sayakha facility is a newly commissioned technical plant for Active Ingredients targeting higher margins.
Management expects the Sayakha unit to reach optimal utilization within a 12-18 month window.
The company faces high fixed costs from this plant, including ₹18.27 Cr in annual depreciation.
The resignation is for a 'better opportunity' with no other material reasons cited.

💡 Monitor the appointment of a successor for the Sayakha unit to ensure the ramp-up of the Active Ingredients vertical and the 34% expected growth rate remain on track.

June 30, 2026: Dharmaj Crop Guard Files Quarterly Dematerialization Compliance Certificate

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jul 2026, 03:17 PM

Dharmaj Crop Guard Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that securities received for dematerialization during the quarter ended June 30, 2026, were processed within prescribed timelines. It verifies that physical certificates were mutilated and cancelled, and the depositories' names were updated in the register of members. This is a standard procedural filing required for all listed companies.

Compliance confirmed for the quarter ended June 30, 2026
Registrar MUFG Intime India confirmed processing within prescribed timelines
Physical certificates were mutilated and cancelled as per SEBI norms

💡 No action is required as this is a routine administrative filing. Investors should monitor the upcoming Q1 FY27 earnings release for operational updates.

Dharmaj Crop Guard to Close Trading Window from July 01, 2026, for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Jun 2026, 02:53 PM

Dharmaj Crop Guard Limited has announced the mandatory closure of its trading window starting July 01, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is in anticipation of the un-audited financial results for the first quarter ending June 30, 2026. The restriction applies to directors, promoters, and designated persons and will remain in effect until 48 hours after the results are officially declared. This is a standard administrative procedure for all listed entities at the end of a financial quarter.

Trading window closure commences on July 01, 2026.
Closure relates to the un-audited financial results for the quarter ended June 30, 2026.
The window will reopen 48 hours after the financial results are declared to the exchanges.
Restriction applies to Directors, Promoters, and Designated Persons as per the company's Code of Conduct.

💡 Investors should watch for the upcoming announcement of the Board Meeting date, which will determine when the Q1 FY27 financial results will be released.

Dharmaj Crop Guard FY26 PAT Jumps 57% to ₹55 Cr; Revenue Grows 20% to ₹1,138 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 03 Jun 2026, 06:48 PM

Dharmaj Crop Guard delivered a strong FY26 performance with revenue reaching ₹1,138 crores, a 20% YoY increase, and PAT surging 57% to ₹55 crores. The active ingredient (technical) segment was a major driver, growing 37% YoY and achieving a strategic milestone of PBT-level break-even. While branded formulations were muted at 3% growth due to erratic monsoons, the company maintained healthy margins and improved its ROCE to 18%. Management has provided a positive growth guidance of 18-20% for FY27, supported by upcoming capacity expansions.

FY26 Revenue grew 20% YoY to ₹1,138 crores, while Q4 FY26 revenue rose 11% to ₹234 crores.
Net Profit for the full year increased by 57% YoY to ₹55 crores, with EBITDA margins expanding to 9%.
The technical plant achieved PBT-level break-even, with the active ingredient business growing 37% YoY.
Inventory levels increased to ₹2,074 million as a strategic move to secure raw materials amid the West Asia crisis.
A new dedicated herbicide facility in Ahmedabad is on track for commissioning in Q3 FY27.

💡 Investors should focus on the company's transition toward higher-margin technical products and the expected recovery in the branded formulation segment in FY27. The successful PBT break-even of the technical plant and the 18-20% growth guidance make it a positive outlook for long-term holders.

Dharmaj Crop Guard Releases Q4 & FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 29 May 2026, 03:19 PM

Dharmaj Crop Guard Limited has released the audio recording of its Q4 and FY26 earnings conference call held on May 29, 2026. This disclosure is a mandatory regulatory requirement under SEBI (LODR) Regulations to ensure transparency for all shareholders. The recording provides a detailed account of management's discussion on the company's financial performance and future outlook. Investors can access the recording through the company's website or the direct link provided in the exchange filing.

Earnings conference call for Q4 and FY26 was successfully conducted on May 29, 2026, at 12:00 PM IST.
Audio recording is now available for public access via the company's investor relations portal.
The filing complies with Regulation 30 and Schedule-III Part-A of the SEBI (LODR) Regulations, 2015.
The recording contains management's detailed commentary on the annual financial results for the period ending March 2026.

💡 Investors should listen to the recording to understand management's guidance on the agrochemical industry trends and the company's specific growth plans for the next fiscal year. This is a key resource for fundamental analysis beyond the reported numbers.

Dharmaj Crop Guard Reports Strong FY26 Performance; PAT Surges 57% to ₹547 Million

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 28 May 2026, 05:12 PM

Dharmaj Crop Guard Limited delivered a robust financial performance for FY26, with revenue growing 20% YoY to ₹11,380 million. Profitability saw a significant boost as PAT jumped 57% to ₹547 million, driven by improved capacity utilization and a successful break-even at the Technicals unit. The company's Domestic Active Ingredients segment grew by 37%, while Export Institutional sales recovered strongly with 58% growth. Management has proactively secured inventory to mitigate potential supply chain disruptions and rising input costs due to the West Asia crisis.

FY26 Revenue increased 20% YoY to ₹11,380 Mn; Q4FY26 Revenue grew 11% to ₹2,338 Mn.
Full-year EBITDA grew 34% YoY to ₹1,005 Mn, with margins expanding to 9%.
Domestic Active Ingredients segment registered 37% YoY growth, reaching ₹2,734 Mn in FY26.
Export Institutional business showed a strong recovery, growing 58% YoY to ₹834 Mn.
New Herbicides facility at Ahmedabad is on track for commissioning by Q3FY27.

💡 Investors should monitor the ramp-up of the new Herbicides facility and the company's ability to maintain margins amidst volatile global raw material prices. The successful integration of the Technicals business provides a positive outlook for long-term margin sustainability.

Dharmaj Crop Guard Submits Annual Secretarial Compliance Report for FY 2025-26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 28 May 2026, 04:43 PM

Dharmaj Crop Guard Limited has submitted its Annual Secretarial Compliance Report for the financial year ended March 31, 2026. This filing is a mandatory requirement under Regulation 24A(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report was prepared and issued by M/s. Parikh Dave & Associates, an external firm of practicing company secretaries. This routine disclosure confirms the company's adherence to statutory compliance frameworks for the preceding fiscal year.

Submission of Annual Secretarial Compliance Report for the financial year ended March 31, 2026
Compliance audit performed by M/s. Parikh Dave & Associates, Company Secretaries
Filing completed on May 28, 2026, in compliance with SEBI LODR Regulation 24A(2)

💡 No action is required as this is a standard regulatory filing. Investors should continue to monitor core business fundamentals and quarterly financial results.

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💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations grew 45.4% YoY to INR 951.04 Cr in FY25, driven by broad-based growth in Branded Formulations (B2C), Institutional Formulations (B2B), and the newly commissioned Active Ingredients (B2B) vertical.

Geographic Revenue Split

Dharmaj operates across 24 states in India with a network of 5,250+ dealers. The export segment contributes approximately 5-10% of total revenue, though it remained static in recent periods.

Profitability Margins

Gross margins improved to 23% in FY25 from 21% in FY24 due to favorable product mix and cost management. However, PAT margin declined from 7% to 4% (INR 34.84 Cr) due to higher operational overheads from the new Sayakha plant.

EBITDA Margin

EBITDA margin compressed to 8% in FY25 from 10% in FY24. While EBITDA absolute value grew 19% to INR 74.8 Cr, margins were impacted by a 279% increase in finance costs (INR 12.90 Cr) and a 239% rise in depreciation (INR 18.27 Cr).

Capital Expenditure

The company utilized INR 105 Cr from its INR 251.15 Cr IPO proceeds for capacity expansion at the Sayakha facility (Unit 2), which commenced operations in January 2024.

Credit Rating & Borrowing

The company maintains a comfortable financial risk profile with a net worth of INR 395 Cr and low gearing of 0.27x. Interest coverage is estimated at 7.66 times for FY25.

⚙️ Operational Drivers

Raw Materials

Key raw materials include agrochemical technicals and intermediates used for formulations such as insecticides, fungicides, and herbicides, representing approximately 77% of total revenue costs.

Capacity Expansion

Unit 1 (Ahmedabad) handles formulations; Unit 2 (Sayakha) is a newly commissioned technical plant for Active Ingredients. Sayakha is expected to reach optimal utilization within 12-18 months.

Raw Material Costs

Raw material costs are managed through a lean inventory approach and just-in-time procurement for volatile materials, supporting a gross profit of INR 206.7 Cr in FY25.

Manufacturing Efficiency

Capacity utilization at the Sayakha plant is currently in a ramp-up phase, with a target to achieve financial break-even for the Active Ingredients vertical in the near term.

Logistics & Distribution

Distribution is supported by a digital dealer app for real-time data and 5,250+ partners across 24 states to ensure supply chain responsiveness.

📈 Strategic Growth

Expected Growth Rate

34%

Growth Strategy

Growth will be driven by ramping up the Sayakha facility to optimal capacity, expanding the Active Ingredients vertical to capture higher margins, and leveraging 168 export registrations currently in the pipeline.

Products & Services

Insecticides, fungicides, herbicides, plant growth regulators, micro-fertilizers, and general insect/pest control chemicals for public and animal health.

Brand Portfolio

Dharmaj owns over 134 brands, including proprietary formulations sold through its B2C distribution network.

New Products/Services

The company has 590 total registrations, with 168 export and 32 technical registrations in the process to drive future revenue contribution.

Market Expansion

Targeting deeper penetration in 24 existing states and expanding the export segment, which currently has 103 exclusive registrations.

Strategic Alliances

The company has established strategic breakthroughs with large agrochemical majors for institutional formulation supply.

🌍 External Factors

Industry Trends

The Indian agrochemical sector is growing due to supportive government policies and increased sowing; Dharmaj is positioning itself by shifting from pure formulations to technical manufacturing.

Competitive Landscape

Faces rising competition in both domestic and international markets from large established agrochemical players and mid-sized formulators.

Competitive Moat

Moat is built on a large registration portfolio (590), a wide distribution reach (5,250+ dealers), and a DSIR-recognized R&D center, which are difficult for new entrants to replicate quickly.

Macro Economic Sensitivity

Highly sensitive to agricultural GDP and monsoon cycles; irregular rainfall in Kharif/Rabi seasons impacts demand for branded formulations.

Consumer Behavior

Increasing farmer preference for branded formulations and high-performance products to improve crop yields.

Geopolitical Risks

Trade barriers or regulatory changes in export markets could impact the 103 exclusive export registrations.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by CIB&RC registrations and NABL accreditation for quality control labs; the company must maintain 590+ active registrations.

Environmental Compliance

Operations are ISO 9001:2015 certified and located in GIDC chemical zones, ensuring adherence to industrial pollution and safety norms.

Taxation Policy Impact

Effective tax rate was approximately 24% in FY25, with a tax provision of INR 10.93 Cr on a standalone PBT of INR 45.77 Cr.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the speed of the Sayakha plant ramp-up; a delay in reaching optimal utilization could prolong the period of depressed ROE (currently 9%).