DHANUKA
Dhanuka Agritech share price & financials
- Price
- ₹1,017.4
- Market cap
- ₹4.5k Cr
- Sector
- Chemicals
- Calls analysed
- 7
Dhanuka Agritech Limited Q1 FY27
What went well
- New manufacturing plant in Nagpur with an estimated outlay of up to Rs. 200 crores, expected to be operational by April 2028, enhancing formulation capabilities.
- Planning to launch five new products (1 Liquid Fertilizer, 3 Fungicides, 1 Herbicide) in the upcoming months.
- Maintained a strong balance sheet and debt-free status, providing flexibility for future growth.
What to watch
- Revenue from operations degrew by 12.56% YoY to Rs. 461.93 crores in Q1 FY27.
- EBITDA for the quarter stood at Rs. 55.01 crores and PAT at Rs. 36.30 crores, indicating subdued operational and financial performance.
What Dhanuka Agritech Limited does
Dhanuka Agritech manufactures and markets formulated crop-protection chemicals — insecticides, herbicides, fungicides and plant growth regulators — sold under its own brands to farmers across India. It runs a chemical synthesis plant at Dahej, Gujarat alongside its formulation manufacturing units, and operates two in-house research and technology centres focused on applied chemistry and on process technology for generic and late-stage patented products. The company has tie-ups with leading global agrochemical companies from the US, Japan and Europe to introduce new chemistries to Indian farmlands, and has acquired international rights to active ingredients invented by Bayer AG (Germany) to expand its footprint into more than 20 countries.
Segments
- Insecticides
- Herbicides
- Fungicides
- Others
- Manufacturing units
- 4
- Warehouses
- 41
- Distributor network
- 6,500+ distributors
- Retail network
- 80,000+ retailers
- Farmer reach
- 10 million+ farmers
- Product registrations
- 300+ registrations across Herbicides, Insecticides, Fungicides and Plant Growth Regulators
Guidance record · Q1 FY27
what the last two calls moved 17 tracked 3 delivered 3 missed 11 open- FY26 Overall Revenue Growth delivered, diluted said Q4 FY25 Promised: Higher double digit growth Q1 FY27: Promise concluded in Q4 FY26. No new updates.
- FY26 EBITDA Margin went quiet said Q4 FY25 Promised: Remain on similar lines as FY25 Q1 FY27: Promise concluded and ghosted in Q4 FY26. No new updates.
- FY27 Overall Revenue Growth revised down said Q4 FY26 Promised: Low double digits Q1 FY27: Following a 12.56% YoY revenue decline in Q1, management revised full-year guidance down from 'low double digits' to 'small single-digit growth'.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 12.5%, net profit down 35.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 654 | 445 | 442 | 528 | 598 −9% | 410 −8% | 483 +9% | 462 −12% |
| EBITDA | 160 | 76 | 110 | 83 | 137 −14% | 59 −22% | 125 +14% | 55 −34% |
| Net profit | 118 | 55 | 76 | 56 | 94 −20% | 40 −27% | 98 +29% | 36 −36% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −37.9% 1Y
1Y: ₹1,579.1 on 10 Sept 2025 → ₹980. High ₹1,579.1 (10 Sept 2025), low ₹898.4 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +0.1%
- 3 Aug
- Q4 FY26
- +8.8%
- 19 May
- Q3 FY26
- −4.4%
- 5 Feb
- Q2 FY26
- −5.7%
- 31 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 5.9% a year over 3 years, FY23 to FY26. Operating margin widened to 20.0%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.7k Cr | ₹1.8k Cr | ₹2.0k Cr | ₹2.0k Cr |
| Operating profit | ₹279 Cr | ₹328 Cr | ₹418 Cr | ₹404 Cr |
| Operating margin | 16.4% | 18.7% | 20.5% | 20.0% |
| Interest | ₹4 Cr | ₹4 Cr | ₹5 Cr | ₹4 Cr |
| Depreciation | ₹17 Cr | ₹41 Cr | ₹55 Cr | ₹63 Cr |
| Net profit | ₹233 Cr | ₹239 Cr | ₹298 Cr | ₹288 Cr |
| Net margin | 13.7% | 13.6% | 14.6% | 14.3% |
| Cash from operations | ₹136 Cr | ₹134 Cr | ₹263 Cr | — |
| Free cash flow | ₹36 Cr | ₹46 Cr | ₹74 Cr | — |
| ROCE | 27.0% | 27.0% | 28.0% | 24.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr |
| Reserves | ₹787 Cr | ₹951 Cr | ₹1.1k Cr | ₹1.2k Cr | ₹1.4k Cr | ₹1.7k Cr |
| Borrowings | ₹48 Cr | ₹32 Cr | ₹34 Cr | ₹27 Cr | ₹74 Cr | ₹31 Cr |
| Other liabilities | ₹286 Cr | ₹320 Cr | ₹310 Cr | ₹296 Cr | ₹323 Cr | ₹390 Cr |
| Total liabilities | ₹1.1k Cr | ₹1.3k Cr | ₹1.4k Cr | ₹1.6k Cr | ₹1.8k Cr | ₹2.1k Cr |
| Fixed assets | ₹167 Cr | ₹159 Cr | ₹165 Cr | ₹338 Cr | ₹504 Cr | ₹467 Cr |
| Capital work in progress | ₹8 Cr | ₹48 Cr | ₹153 Cr | ₹28 Cr | ₹9 Cr | ₹12 Cr |
| Investments | ₹278 Cr | ₹336 Cr | ₹255 Cr | ₹240 Cr | ₹230 Cr | ₹371 Cr |
| Other assets | ₹679 Cr | ₹769 Cr | ₹833 Cr | ₹973 Cr | ₹1.1k Cr | ₹1.3k Cr |
| Total assets | ₹1.1k Cr | ₹1.3k Cr | ₹1.4k Cr | ₹1.6k Cr | ₹1.8k Cr | ₹2.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
What the price assumes
FairTo justify its price of ₹980, this stock must grow earnings at 10% every year for 7 years. Our analysis caps realistic growth at ~8%. At that growth it is worth ₹888 — downside of 9%.
- Growth the price implies
- 9.9% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 7.3% a year
- net profit, FY23–FY26 · EPS 8.1%
- The gap
- 0.0 pp
- -9% downside if it only repeats history
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Dhanuka Agritech Limited
Guides on how to read this kind of business and the numbers that matter.