Dollex Agrotech Limited (DOLLEX)
₹36.40 +1.05% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Dollex Agrotech's revenue was ₹39.9 Cr (+10.3% year on year, -63.2% on the previous quarter), and net profit ₹1.3 Cr (-27.0% year on year); the operating margin was 8.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹39.9 | +10.3% | -63.2% |
| Operating profit | ₹3.4 | -3.4% | -56.4% |
| Net profit | ₹1.3 | -27.0% | -72.5% |
| EPS (₹) | 0.32 | -27.3% | -72.4% |
| Operating margin | 8.5% | — | — |
DOLLEX delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 84.82% of the DOLLEX shares traded on NSE were taken to delivery, against the stock's own 20-session average of 81.13%. That is close to its usual level. Turnover was only ₹1 lakh, so a handful of trades can move this figure. Volume was under a tenth of its average.
Delivery in the last 5 sessions: 95.3% · 91.0% · 66.2% · 97.0% · 84.8%
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
Dollex Agrotech has extended the Scheduled Commercial Operation Date (SCOD) of its ethanol project to December 31, 2026. While plant and machinery installation is complete, commercial operations are awaiting key statutory clearances, specifically PESO approval for ethanol storage and Consent to Operate (CTO) from the MP Pollution Control Board. The delay pushes back cash flows from the new ethanol capacity, which was expected to diversify revenue and service its debt load of ₹157 Cr.
- SCOD extended up to 31st December, 2026
- Installation of plant and machinery completed
- Commercial operations pending PESO approval for ethanol storage
- Operations also pending Consent to Operate (CTO) from Madhya Pradesh Pollution Control Board (MPPCB)
Dollex Agrotech Limited has received listing and trading approval from BSE Limited for the migration of its equity shares from the NSE Emerge SME platform to the Main Board of BSE. The shares will be admitted to dealings on the BSE Main Board effective September 11, 2026. The approval was granted pursuant to BSE Letter dated September 10, 2026.
- Approval granted vide BSE Letter Ref. No. LO\DL\PJ\TP\267\2026- 27 dated September 10, 2026
- Listing and trading on BSE Main Board effective from September 11, 2026
- Migration is from the NSE Emerge SME platform to the Main Board of BSE Limited
Dollex Agrotech Limited has received approval from the National Stock Exchange (NSE) to migrate its equity shares from the SME Emerge platform to the Capital Market Segment (Main Board). A total of 3,99,48,800 equity shares of face value Rs 10 each will trade on the Main Board under the symbol DOLLEX with a market lot of 1, starting September 11, 2026. Consequently, trading on the SME Emerge platform will be suspended from September 11, 2026. This migration enhances trading liquidity by eliminating SME lot size constraints for retail and institutional investors.
- Approval received from NSE (letter Ref: NSE/LIST/314) dated September 09, 2026
- 3,99,48,800 equity shares of Rs 10 face value migrating to NSE Main Board
- Trading on Main Board effective from September 11, 2026 under symbol DOLLEX and series EQ
- Market lot size reduced to 1 share, removing SME lot trading restrictions
- Trading on the SME Platform (EMERGE) suspended effective September 11, 2026
Dollex Agrotech Limited announced that shareholders approved key board appointments at its 13th Annual General Meeting held on August 27, 2026. Mr. Mehmood Khan has been re-appointed as Managing Director for a 5-year term from April 1, 2027, to March 31, 2032. Additionally, shareholders confirmed the appointment of Mr. Narendra Gupta as Non-Executive Independent Director for a 5-year term from May 30, 2026, to May 29, 2031.
- Re-appointment of Promoter Mr. Mehmood Khan as MD for 5 consecutive years effective April 1, 2027, to March 31, 2032
- Appointment of Mr. Narendra Gupta as Non-Executive Independent Director for a 5-year term ending May 29, 2031
- Mr. Mehmood Khan brings over 41 years of business experience, including 26+ years in sugar, RS/ENA, and ethanol sectors
- Approvals concluded at the 13th AGM held on August 27, 2026
Dollex Agrotech Limited has amended Clause V (Capital Clause) of its Memorandum of Association (MOA) following shareholder approval at its 13th AGM on August 27, 2026. The company's authorized share capital has been raised from ₹40.00 crore to ₹75.00 crore, increasing authorized equity shares from 4.00 crore to 7.50 crore of ₹10 face value each. This procedural change creates headroom for potential future equity issuances, rights issues, or capital restructuring.
- Authorized share capital increased from ₹40.00 crore to ₹75.00 crore
- Authorized share count expanded from 4,00,00,000 to 7,50,00,000 equity shares of ₹10 each
- Shareholder approval secured at the 13th Annual General Meeting held on August 27, 2026
Dollex Agrotech Limited announced the voting results and Scrutinizer's Report for its 13th Annual General Meeting held on August 27, 2026. All 10 proposed resolutions were passed unanimously with 100% votes in favor via remote e-voting. Key approvals include the re-appointment of Mr. Mehmood Khan as Managing Director for a 5-year term, approval and waiver of managerial remuneration under Section 197, and an increase in the authorized share capital of the company.
- All 10 AGM resolutions approved with 100% votes cast in favor through remote e-voting.
- Re-appointment of Mr. Mehmood Khan as Managing Director approved for a 5-year term.
- Shareholders approved an increase in the Authorized Share Capital and consequential amendment to the Memorandum of Association.
- Approved waiver of recovery of excess remuneration under Section 197 of the Companies Act, 2013.
Dollex Agrotech Limited has received in-principle approval from BSE Limited for the migration of its equity shares from the NSE Emerge SME platform to the BSE Main Board (Capital Market Segment). The approval was communicated via BSE letter dated August 27, 2026. Migration to the main board generally enhances stock liquidity, broadens institutional participation, and removes SME-specific lot size trading restrictions.
- Received in-principle approval from BSE Limited on August 27, 2026 (Letter No. LO\DL\PJ\IP\234\2026-27)
- Proposed migration of equity shares from NSE Emerge (SME platform) to BSE Main Board Capital Market Segment
- Filing made on August 28, 2026 under SEBI Listing Obligations and Disclosure Requirements (LODR)
Dollex Agrotech Limited held its 13th Annual General Meeting (AGM) on August 27, 2026, with 27 members attending via video conference. The company placed 10 resolutions before shareholders, including the adoption of FY26 financial statements, re-appointment of Managing Director Mr. Mehmood Khan for a 5-year term, and an increase in authorized share capital. Other key proposals include the waiver of recovery of excess managerial remuneration under Section 197 and fixing FY27 executive remuneration. Final voting results with the scrutinizer report will be submitted separately under Regulation 44.
- 13th AGM conducted on August 27, 2026, with a total of 27 members present via video conferencing
- 10 resolutions tabled, including the re-appointment of MD Mr. Mehmood Khan for a 5-year term
- Proposed increase in Authorized Share Capital and consequential alteration of the Memorandum of Association
- Proposed approval for waiver of recovery of excess sum refundable under Section 197 of the Companies Act, 2013
- Remote e-voting held between August 24, 2026 (09:00 AM) and August 26, 2026 (05:00 PM)
Dollex Agrotech Limited has submitted a continual disclosure to the exchange pursuant to Regulation 7(2)(b) of the SEBI (Prohibition of Insider Trading) Regulations, 2015. The filing encloses Form C disclosures received from Designated Person(s) regarding the sale of equity shares of the company. Detailed transaction figures, share volumes, and specific seller identities were not detailed in the cover announcement text.
- Disclosure submitted on 17th August, 2026 under SEBI PIT Regulation 7(2)(b).
- Form C disclosures received regarding the sale of shares by Designated Person(s).
- Specific volume, value, and identity of the sellers were not disclosed in the cover text.
Mrs. Munni Khan, a Promoter and Whole Time Director of Dollex Agrotech, sold a total of 3,48,000 equity shares across two market transactions on August 7 and August 10, 2026. The total disposal value amounted to approximately Rs 1.02 crore, executed via open market sales on the NSE. This transaction reduced her individual shareholding from 17.52% to 16.65%. While the overall promoter group holding was 54.2% as of March 2026, selling by a key director often warrants caution from retail investors.
- Sold 1,80,000 shares on August 7, 2026, valued at Rs 51,40,500
- Sold 1,68,000 shares on August 10, 2026, valued at Rs 50,90,400
- Total stake reduction of 0.87% in the company's equity capital
- Individual holding decreased from 17.52% (70,00,000 shares) to 16.65% (66,52,000 shares)
- Transactions were conducted via 'On Market' mode on the NSE
Dollex Agrotech has received in-principle approval from the National Stock Exchange (NSE) to migrate its listing from the SME Emerge platform to the NSE Main Board. The approval, dated August 07, 2026, covers 3,99,48,800 equity shares with a face value of Rs. 10 each. This transition is a significant step for the company, which is currently expanding into ethanol production with a 60 KLPD plant. The in-principle approval is valid for 45 days, during which the company must submit its final listing application.
- Received in-principle approval for migration of 3,99,48,800 equity shares to the NSE Main Board
- Approval letter Ref: NSE/LIST/299 issued on August 07, 2026
- In-principle approval remains valid for a period of 45 days from the date of issuance
- Migration involves moving from the SME Platform (EMERGE) to the Main Board
- Company must now submit a final listing application and equity listing agreement for final approval
Dollex Agrotech Limited has announced its 13th Annual General Meeting (AGM) to be held on August 27, 2026, via video conferencing. The company has established August 20, 2026, as the cut-off date for determining shareholder eligibility for e-voting. The register of members and share transfer books will be closed from August 21 to August 27, 2026. This is a standard regulatory procedure for listed entities to conduct annual business and shareholder voting.
- 13th Annual General Meeting scheduled for August 27, 2026, at 3:00 PM
- Book closure period set from August 21, 2026, to August 27, 2026
- Cut-off date for e-voting eligibility is August 20, 2026
- Remote e-voting window opens August 24 and closes August 26, 2026
Dollex Agrotech's board has approved an increase in the company's Authorized Share Capital from ₹40 crore to ₹75 crore. This 87.5% increase in the capital ceiling involves amending Clause V of the Memorandum of Association (MOA) and is subject to shareholder approval. The move follows a ₹49.44 crore Rights Issue in June 2025 and provides the necessary headroom for potential future equity issuances. Given the company's debt of ₹157 crore and a D/E ratio of 1.27, this administrative step likely precedes further capital infusion or debt restructuring.
- Authorized Share Capital increased from ₹40,00,00,000 to ₹75,00,00,000.
- Total equity shares of ₹10 face value increased from 4,00,00,000 to 7,50,00,000 units.
- Board approval finalized on August 3, 2026, pending shareholder consent.
- Follows a previous fundraise of ₹49.44 Cr via Rights Issue in June 2025.
- Company is currently transitioning towards a 60 KLPD ethanol plant expected to start by December 2025.
Dollex Agrotech has scheduled its 13th Annual General Meeting (AGM) for August 27, 2026, to adopt FY26 financials and approve key leadership appointments. A notable agenda item is the proposal to rescind a March 2026 resolution that intended to increase the authorized share capital from ₹40 crore to ₹60 crore, as the expansion was not implemented. The company is also seeking shareholder approval to re-appoint Mr. Mehmood Khan as Managing Director for a five-year term starting April 2027, including his continuation beyond the age of 70. Additionally, the cost auditor's remuneration for FY27 is proposed at ₹75,000.
- 13th AGM scheduled for August 27, 2026, to be held via video conferencing
- Proposal to rescind the increase in Authorised Share Capital from ₹40,00,00,000 to ₹60,00,00,000
- Re-appointment of Mr. Mehmood Khan as MD for a 5-year term (April 2027 to March 2032)
- Ratification of ₹75,000 plus taxes as remuneration for Cost Auditors for FY 2026-27
- Appointment of Mr. Narendra Gupta as Independent Director for a 5-year term until May 2031
Dollex Agrotech reported a Q1 FY27 net profit of ₹1.28 Cr, representing a 26.8% decline from ₹1.75 Cr in the same quarter last year. Revenue from operations grew 10.3% YoY to ₹39.95 Cr, indicating margin pressure as expenses rose to ₹38.18 Cr. A significant proposal to increase authorized share capital from ₹40 Cr to ₹75 Cr was approved, providing headroom for future equity actions. The Board also re-appointed Managing Director Mehmood Khan for a five-year term starting April 2027.
- Revenue from operations increased to ₹39.95 Cr in Q1 FY27 from ₹36.22 Cr in Q1 FY26.
- Net profit declined to ₹1.28 Cr for the quarter ended June 30, 2026, compared to ₹1.75 Cr YoY.
- Authorized share capital proposed to increase by 87.5% from ₹40 Cr to ₹75 Cr.
- Managing Director Mehmood Khan re-appointed for a 5-year term effective April 1, 2027.
- Total expenses for the quarter rose to ₹38.18 Cr from ₹34.22 Cr in the previous year's corresponding quarter.
Financial Performance
Revenue Growth by Segment
Total revenue grew by 75.2% in FY2025 to INR 237.43 Cr from INR 135.59 Cr in FY2024. Growth was driven by incremental production in the manufacturing segment, specifically Khandsari Sugar, and supported by sugar trading. Revenue in FY2024 had previously grown 22.6% YoY from INR 110.53 Cr in FY2023.
Geographic Revenue Split
Operations are primarily centered in Indore and Datia, Madhya Pradesh, with 100% of manufacturing assets located in the state. Specific regional sales percentages are not disclosed.
Profitability Margins
Net Profit Margin (PAT) declined to 3.49% in FY2025 from 5.18% in FY2024. This compression was primarily due to a sharp rise in raw material (sugarcane) costs which outpaced revenue growth.
EBITDA Margin
EBITDA margin stood at 6.88% in FY2025, a significant contraction from 10.39% in FY2024 and 11.68% in FY2023. The 351 bps YoY decline in FY2025 reflects higher procurement costs for sugarcane.
Capital Expenditure
The company is executing a major debt-funded capex of INR 99.29 Cr to set up a 60 KLPD Ethanol plant in Datia, MP. Funding includes an INR 86.68 Cr term loan from IREDA and INR 12.16 Cr from equity/internal accruals.
Credit Rating & Borrowing
Long-term rating is 'ACUITE BBB-' with a 'Stable' outlook as of September 2025. The outlook was previously 'Negative' in June 2024 due to delays in capital infusion. Average fund-based bank limit utilization was 79.93% for the six months ending July 2025.
Operational Drivers
Raw Materials
Sugarcane is the primary raw material, representing the bulk of manufacturing costs. Other inputs include chemicals for processing and packaging materials.
Import Sources
Sourced locally from farmers in Madhya Pradesh, particularly around the Indore and Datia manufacturing belts to ensure freshness and minimize transport costs.
Key Suppliers
Procurement is primarily from individual local farmers and agricultural cooperatives rather than large corporate suppliers.
Capacity Expansion
Current sugar crushing capacity is 2500 TCD (Tons Crushed per Day). A new 60 KLPD Ethanol plant is completed and awaiting departmental approvals, with commercial operations expected by December 2025 (FY2026). The plant features multi-feed technology allowing expansion to 120 KLPD.
Raw Material Costs
Raw material costs increased significantly in FY2025, leading to a drop in EBITDA margins from 10.39% to 6.88%. Procurement strategies involve providing subsidized insecticides and educating farmers to improve cane quality and yield.
Manufacturing Efficiency
The sugar plant operated at 98% capacity utilization in FY2024, running for 125 days. The company aims to increase operational days to 140-150 to improve fixed cost absorption.
Logistics & Distribution
Distribution is managed through a network of traders and direct sales; costs are influenced by the proximity of the Datia and Indore plants to regional markets.
Strategic Growth
Expected Growth Rate
25-30%
Growth Strategy
Growth will be achieved through the commencement of the 60 KLPD ethanol plant in Q3 FY2026, which diversifies revenue away from cyclical sugar. The company also raised INR 49.44 Cr via a Rights Issue in June 2025 to strengthen the balance sheet and fund the transition to a multi-product agro-processing model.
Products & Services
White Sugar, Jaggery (Gur), Khandsari Sugar, and upcoming Ethanol (fuel grade).
Brand Portfolio
Dollex Agrotech.
New Products/Services
Ethanol production is the primary new launch, expected to contribute significantly to the topline from FY2026 onwards.
Market Expansion
Expansion is focused on the Ethanol blending market in India, targeting OMCs (Oil Marketing Companies) as primary off-takers.
Strategic Alliances
The company has a reverse merger history with Parvati Sweeteners And Power Limited; no current JVs are disclosed.
External Factors
Industry Trends
The industry is shifting toward the 'Sugar-to-Ethanol' model encouraged by the Government of India's Ethanol Blending Program (EBP), which aims for 20% blending. This shift provides a more stable, non-cyclical revenue stream compared to traditional sugar manufacturing.
Competitive Landscape
Competes with other regional sugar mills in Madhya Pradesh and large integrated players like Parvati Sweeteners.
Competitive Moat
Moat is based on the 'catchment area' advantage (proximity to sugarcane farmers) and the high capital cost of setting up integrated sugar-ethanol plants. Sustainability is linked to the 10+ years of promoter experience in the Indore region.
Macro Economic Sensitivity
Highly sensitive to agricultural GDP and monsoon performance. A deficit monsoon can reduce raw material availability by over 20%.
Consumer Behavior
Increasing demand for ethanol as a green fuel and steady domestic demand for sugar and jaggery.
Geopolitical Risks
Low direct impact, though global sugar price fluctuations can influence domestic regulatory policy on exports.
Regulatory & Governance
Industry Regulations
Operations are heavily regulated by the Essential Commodities Act, including monthly sugar release quotas and government-fixed sugarcane prices (FRP).
Environmental Compliance
Ethanol plants require stringent 'Zero Liquid Discharge' (ZLD) compliance; costs are integrated into the INR 99.29 Cr project cost.
Taxation Policy Impact
Subject to standard corporate tax rates; ethanol production often benefits from lower GST rates (5%) to encourage green fuel.
Legal Contingencies
No specific pending court cases or values disclosed in the provided documents.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timing of departmental approvals for the ethanol plant; any delay beyond December 2025 will defer expected revenue growth and impact debt servicing.
Geographic Concentration Risk
100% of manufacturing revenue is concentrated in Madhya Pradesh, making the company vulnerable to state-specific agricultural policies or regional weather patterns.
Third Party Dependencies
High dependency on local farmers for sugarcane; any labor unrest or shift in crop preference by farmers would halt production.
Technology Obsolescence Risk
Low risk in sugar; however, the new ethanol plant uses multi-feed technology to mitigate the risk of being tied to a single feedstock.
Credit & Counterparty Risk
Receivable days are low (21 days in FY2025), indicating good credit quality and timely payments from sugar traders.
