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  2. •

    Process industries

  3. •

    Chemicals: agricultural
Dharmaj Crop Guard Ltd.

Dharmaj Crop Guard Ltd.

239.20
INR
-9.30
(-3.74%)
17.72EPS
14.97P/E
8.96BMarket Cap
Dharmaj Crop Guard Ltd.
NSE:DHARMAJ
(National Stock Exchange of India)

Recent

price

239.20

P/E

ratio

14.97

div

yld

- -

ROIC.AI

2020
2021
2022
2023
2024
2025
2026
TTM
INR
58.24
88.84
115.92
189.78
193.11
280.89
336.05
339.47
Revenue per Share
3.18
6.2
8.49
9.76
13.13
10.3
16.17
17.72
Basic EPS, GAAP
-3.73
-1.86
-2.14
-33.72
-54.01
1.94
0.21
- -
Free Cash Flow per Basic Share
- -
- -
0.05
0.09
- -
- -
- -
- -
Dividend per Share
10.48
16.67
25.13
93.26
106.33
116.7
132.86
- -
Book Value per Share
10.45
16.55
24.57
92.36
105.13
114.81
129.88
- -
Tangible Book Value per Share
34
34
34
28
34
34
34
34
Basic Weighted Avg Shares
1,968
3,002
3,918
5,225
6,527
9,493
11,358
11,530
Sales/Revenue/Turnover
8.19
9.57
10.01
8.38
9.13
6.18
8.21
7.62
Operating Margin (%)
22
26
53
51
54
183
191
193
Depreciation Expense
108
210
287
269
444
348
546
602
Net Income, GAAP
25.61
25.65
25.54
29.73
22.81
23.89
24.61
24.55
Effective Tax Rate (%)
5.47
6.98
7.32
5.14
6.8
3.67
4.81
5.22
Profit Margin (%)
111
278
467
2,059
1,186
1,425
1,816
- -
Working Capital
51
152
253
335
761
641
510
- -
LT Debt
354
563
849
3,152
3,594
3,944
4,490
- -
Total Equity
- -
30.84
28.31
10.55
10.62
8.85
12.66
- -
Return on Invested Capital (%)
- -
31.52
29.71
11.6
11.14
8.81
11.43
- -
Return on Capital (%)
- -
45.68
40.62
13.43
13.16
9.24
12.96
- -
Return on Common Equity (%)

Capital Structure

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
ST Debt
- -
809
- -
LT Borrowings
- -
510
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
34
34
34
Market Capitalization
8,142
7,780
8,965

Working Capital

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
Total Current Assets
- -
5,127
- -
Cash, Cash Equivalents & STI
- -
67
- -
Accounts Receivable, Net
- -
2,807
- -
Inventories
- -
2,074
- -
Total Current Liabilities
- -
3,311
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
809
- -
Deferred Revenue
- -
- -
- -

Growth Rates

INR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
71.9%
13.85%
Free Cash Flow
- -
220.23%
-89.42%
Net Income, GAAP
- -
26.22%
56.92%
Sales/Revenue/Turnover
- -
30.77%
19.64%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
2,553
3,113
1,745
2,099
9,493
2026
3,674
3,473
1,895
2,338
11,358
2027
3,824
- -
- -
- -
- -

Quarterly Earnings Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
4.46
6.22
0.35
-0.73
10.3
2026
9.64
5.13
0.22
1.17
16.17
2027
11.28
- -
- -
- -
- -

Quarterly Dividends Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
2027
- -
- -
- -
- -
- -
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Business
Dharmaj Crop Guard Limited Dharmaj Crop Guard Limited manufactures, distributes and markets agrochemical formulations including insecticides such as Padgham, Lubrio, Nilaayan, Dahaad, Prudhar and Remora; fungicides such as Gagandip, Sajaag, Lokraj, Rishmat and Kaviraj; herbicides such as Dharozar, Aatmaj, Rodular, Dharolik, Kohha, Kawayat Super and Sadavirum; plant growth regulators such as Rujuta, Greenoka and Stabilizer; micro fertilizers such as Aakuko, Thandaj, Zusta, Suffar 90 and Greentora; and antibiotics such as Retardo, in granule, powder and liquid forms for crop protection, public health and animal health applications. The company provides these products to B2C farmers and B2B institutional customers through a pan-India network covering 24 states with over 5,000 dealers and 15,000 touchpoints, while exporting to approximately 38 countries in Latin America, East Africa, the Middle East and Far East Asia. Founded in 2015 and headquartered in Ahmedabad, Gujarat, Dharmaj Crop Guard Limited operates formulations manufacturing facilities with 25,500 TPA capacity at Kerala GIDC, Bavla, and a multi-purpose technicals and intermediates plant with 8,000 TPA capacity at Sayakha GIDC, Bharuch, supported by an in-house R&D center and NABL-accredited quality control laboratory. In January 2024, the company commissions its Sayakha facility following a 2022 IPO that raised Rs 251 crore for backward integration into synthetic pyrethroids and non-synthetics production, targeting 30% utilization in FY25 with Rs 200-220 crore sales contribution including captive consumption to enhance margins by 100 basis points; it secures approvals for 6-7 products from Rallis India and initiates supplies while pursuing partnerships and bartering deals with Coromandel International, UPL, Hemani Industries, Heranba Industries and Bharat Rasayan for cost efficiencies and PAN-India B2B expansion among 1,500 small formulators. Dharmaj Crop Guard Limited holds 607 CIB&RC registrations including 236 for export formulations and 75 for technicals, with 202 export-grade formulations and 28 technicals pending, positioning it for sustained growth across the agri-value chain amid a 40% revenue CAGR to Rs 650 crore over the past five years.