DHARMAJ
Dharmaj Crop Guard financials
- Market cap
- ₹910 Cr
- Sector
- Chemicals
- Calls analysed
- 3
Dharmaj Crop Q4 FY26
What went well
- FY26 Revenue grew 20% year-on-year to ₹1138 crores.
- FY26 Net Profit increased 57% year-on-year to ₹55 crores.
- FY26 EBITDA grew 34% year-on-year to ₹101 crores, with margin expanding to 9% from 8% in FY25.
What to watch
- Branded formulation vertical showed muted growth of 3% for the year due to erratic monsoon and elevated channel inventories.
- Cash conversion cycle extended to 87 days from 67 days in FY25 due to strategic inventory build-up.
What Dharmaj Crop Guard Limited does
Dharmaj Crop Guard manufactures and markets agrochemicals — insecticides, fungicides, herbicides, plant growth regulators and micro-fertilizers — across three verticals: Branded Formulations (B2C, sold through its own dealer/retail network), Institutional Formulations (B2B, bulk supply to domestic and international agrochemical companies), and Active Ingredients/Technicals (B2B, backward-integrated manufacturing of technicals and intermediates used captively and sold externally). It runs a formulations plant at Kerala GIDC, Ahmedabad and a multi-purpose active-ingredients (technicals) facility at Sayakha, Bharuch, commissioned in January 2024. Products reach farmers through a pan-India retail and dealer network and reach institutional/export customers directly.
Segments
- Branded Formulations (B2C)
- Institutional Formulations (B2B)
- Active Ingredients / Technicals (B2B)
- Formulations manufacturing capacity
- 25,500 MT/TPA (Kerala GIDC, Ahmedabad)
- Active ingredients / technicals capacity
- 8,000 MT/TPA (Sayakha, Bharuch — on-stream since Jan 2024)
- Retail touchpoints
- 19,300+
- Dealers & distributors
- 5,300+
- States present (Branded/B2C)
- 24 states with 20 stock depots
- Institutional customer base
- 700+ customers across 41 countries
Guidance record · Q4 FY26
what the last two calls moved 12 tracked 2 delivered 1 missed 9 open- Topline Growth delivered, diluted said Q4 FY25 Promised: 20% to 25% in all segments Q4 FY26: Achieved 20% YoY revenue growth for FY26 (₹1138 cr), hitting the low end of the 20-25% guidance. However, this was below the refined ₹1150-1200 cr target and branded formulation growth was only 3%, missing the 'all segments' qualifier.
- Technical Segment Revenue went quiet said Q4 FY25 Promised: Rs. 250 crores to Rs. 260 crores Q4 FY26: Management did not provide the final FY26 revenue figure for the technical plant. They stated the plant achieved PBT breakeven and the domestic active ingredient business grew 37%, but the specific ₹250-260 crore target was not addressed.
- Brazil Subsidiary Registration delayed said Q2 FY26 Promised: Register subsidiary and start business Q4 FY26: No update provided on the Brazil subsidiary registration, which remains on hold as per Q2 FY26 update.
All 12 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 4.1%, net profit up 15.2% 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 | 311 | 175 | 210 | 367 | 347 +12% | 190 +9% | 234 +11% | 382 +4% |
| EBITDA | 34 | 10 | 4 | 51 | 32 −6% | 7 −30% | 11 +175% | 57 +12% |
| Net profit | 21 | 1 | -2 | 33 | 17 −19% | 1 +0% | 4 +300% | 38 +15% |
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 −22.1% 1Y
1Y: ₹345.85 on 10 Sept 2025 → ₹269.35. High ₹345.85 (10 Sept 2025), low ₹215.8 (27 Jan 2026).
How the price took the results
close before → close after
- Q4 FY26
- −1.0%
- 29 May
- Q2 FY26
- −2.3%
- 17 Nov
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 31.9% a year over 2 years, FY24 to FY26. Operating margin held at 8.9%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹654 Cr | ₹951 Cr | ₹1.1k Cr |
| Operating profit | ₹61 Cr | ₹75 Cr | ₹101 Cr |
| Operating margin | 9.3% | 7.9% | 8.9% |
| Interest | ₹3 Cr | ₹13 Cr | ₹17 Cr |
| Depreciation | ₹5 Cr | ₹19 Cr | ₹20 Cr |
| Net profit | ₹43 Cr | ₹35 Cr | ₹55 Cr |
| Net margin | 6.6% | 3.7% | 4.8% |
| Cash from operations | ₹7 Cr | ₹39 Cr | ₹28 Cr |
| Free cash flow | ₹-182 Cr | ₹9 Cr | ₹1 Cr |
| ROCE | — | 12.0% | 17.0% |
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 | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity capital | ₹34 Cr | ₹34 Cr | ₹34 Cr |
| Reserves | ₹326 Cr | ₹411 Cr | ₹415 Cr |
| Borrowings | ₹112 Cr | ₹139 Cr | ₹132 Cr |
| Other liabilities | ₹92 Cr | ₹373 Cr | ₹260 Cr |
| Total liabilities | ₹563 Cr | ₹956 Cr | ₹841 Cr |
| Fixed assets | ₹312 Cr | ₹321 Cr | ₹312 Cr |
| Capital work in progress | ₹2 Cr | ₹2 Cr | ₹14 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹249 Cr | ₹632 Cr | ₹515 Cr |
| Total assets | ₹563 Cr | ₹956 Cr | ₹841 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.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −0.45 pp while the public added +0.43 pp. The shareholder count shrank 21% to 26,567.
- Promoters
- 70.4%
- FIIs
- 3.1%
- DIIs
- 0.5%
- Public
- 26.0%
Since Jun 2025
- FIIs −0.45 pp
- Public +0.43 pp
- DIIs +0.03 pp
How it drifted, 12 quarters
Over this window FIIs fell from 4.4% to 3.1% — −1.2 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 70.4%, FIIs 4.4%, Public 25.2%.Dec '23: Promoters 70.4%, FIIs 4.3%, Public 25.3%.Mar '24: Promoters 70.4%, FIIs 5.5%, DIIs 0.1%, Public 23.9%.Jun '24: Promoters 70.4%, FIIs 7.0%, DIIs 0.1%, Public 22.5%.Sep '24: Promoters 70.4%, FIIs 4.4%, DIIs 0.1%, Public 25.0%.Dec '24: Promoters 70.4%, FIIs 3.8%, DIIs 0.9%, Public 24.9%.Mar '25: Promoters 70.4%, FIIs 4.1%, DIIs 0.5%, Public 25.0%.Jun '25: Promoters 70.4%, FIIs 3.6%, DIIs 0.5%, Public 25.5%.Sep '25: Promoters 70.4%, FIIs 3.1%, DIIs 0.5%, Public 26.0%.Dec '25: Promoters 70.4%, FIIs 3.5%, DIIs 0.5%, Public 25.6%.Mar '26: Promoters 70.4%, FIIs 3.1%, DIIs 0.5%, Public 26.0%.Jun '26: Promoters 70.4%, FIIs 3.1%, DIIs 0.5%, Public 26.0%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Dharmaj Crop Guard Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Talavia Rameshbhai Ravajibhai | 26.67% | unchanged |
| Jamankumar Hansarajbhai Talavia | 24.45% | unchanged |
| Manjulaben R Talaviya | 6.62% | unchanged |
| Talavia Muktaben Jamanbhai | 6.29% | unchanged |
| Vishal Domadia | 3.82% | unchanged |
| Gymkhana Partners L.P. VC / PE | 1.56% | unchanged |
| Savaliya Jagdishbhai R | 1.50% | unchanged |
| Unico Global Opportunities Fund Limited FPI fund | 1.48% | unchanged |
| Prafullaben Shantilal Savaliya | 0.68% | unchanged |
| Domadia Artiben | 0.27% | unchanged |
| Ilaben Jagdishbhai Savaliya | 0.04% | unchanged |
| Jinal Jamanbhai Talavia | 0.03% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse Dharmaj Crop Guard Limited
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