WEBSITE BSE:0 NSE: Inc. Year: 2005 Industry: Agriculture My Bucket: Add Stock
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1. Business Overview
Dhanlaxmi Crop Science Ltd. is an Indian company primarily engaged in the manufacturing and marketing of various agrochemical products. Its core business involves producing a range of crop protection chemicals, including insecticides, fungicides, herbicides, and plant growth regulators, as well as micronutrients and fertilizers. The company aims to provide solutions for enhancing crop yield and protecting crops from pests and diseases. It makes money by selling these agricultural inputs to farmers through a distribution network.
2. Key Segments / Revenue Mix
The company's product portfolio broadly falls under two main categories:
Crop Protection: Comprising insecticides, fungicides, and herbicides designed to combat pests, diseases, and weeds.
Crop Nutrition: Including plant growth regulators (PGRs), micronutrients, and various fertilizers to improve soil health and crop development.
Specific revenue contributions from each segment are not readily available in the public domain. However, for most agrochemical companies, crop protection products typically form a significant portion of revenue.
3. Industry & Positioning
The company operates within the Indian agriculture sector, specifically the agrochemical industry, which is a vital part of the economy. The industry is highly competitive, featuring a mix of large multinational corporations, established domestic players (e.g., UPL, PI Industries, Rallis India), and numerous smaller regional manufacturers. Dhanlaxmi Crop Science Ltd. appears to be a smaller to mid-sized player, likely focusing on specific product formulations and regional markets rather than holding a dominant national market share. Its positioning involves competing on product efficacy, pricing, and distribution reach within its operational areas.
4. Competitive Advantage (Moat)
Dhanlaxmi Crop Science Ltd.'s competitive advantages are likely modest compared to industry giants. Potential moats could include:
Regional Distribution Network: A well-established network of dealers and distributors in specific geographical areas can create a barrier to entry for new competitors.
Cost Efficiency: Ability to source raw materials competitively and manage manufacturing costs effectively could provide a slight edge.
Customer Relationships: Long-standing relationships with farmers and distributors in its operational regions can foster loyalty.
It is unlikely to possess strong advantages in terms of proprietary patented molecules or extensive national brand recall at the scale of larger players.
5. Growth Drivers
Increasing Food Demand: India's growing population and the global need for food security drive demand for higher agricultural productivity.
Modern Farming Practices: Increased adoption of agrochemicals and quality inputs by farmers to maximize yields and improve crop quality.
Government Initiatives: Policy support for agriculture, subsidies, and schemes aimed at farmer welfare and improving farm income.
Crop Diversification & Intensification: Farmers shifting to cash crops or growing multiple crops per year often require specialized agrochemical solutions.
Product Portfolio Expansion: Introduction of new and effective formulations of existing or new molecules can drive market penetration.
6. Risks
Monsoon Dependency: Indian agriculture is heavily reliant on monsoon rains; erratic or deficient monsoons directly impact demand for agrochemicals.
Input Price Volatility: Fluctuations in the cost of raw materials (chemicals, packaging) can affect profitability.
Regulatory Changes: Changes in government policies regarding agrochemical approvals, usage restrictions, pricing controls, or environmental norms.
Intense Competition: Competition from larger, well-funded players with extensive R&D, as well as from the unorganized sector, can lead to price pressure and market share loss.
Environmental Concerns: Growing scrutiny over the environmental impact of chemical use could lead to restrictions or necessitate costly shifts in product formulations.
Counterfeit Products: The presence of counterfeit agrochemicals in the market poses a risk to genuine product sales and reputation.
7. Management & Ownership
Dhanlaxmi Crop Science Ltd. is typically a promoter-driven company, characteristic of many Indian small and mid-cap firms. The promoters (founding family or key individuals) usually hold a significant stake, indicating a vested interest in the long-term performance and growth of the company. Management quality would depend on their strategic vision, operational efficiency, and adherence to corporate governance practices, which are generally focused on business execution within their operational niche.
8. Outlook
Dhanlaxmi Crop Science operates in a foundational sector with inherent growth drivers like increasing food demand and the need for higher agricultural productivity. Its success will largely depend on its ability to effectively navigate the cyclical nature of agriculture, primarily influenced by monsoons, and manage intense competition. For the company to grow, it needs to strengthen its distribution network, maintain competitive pricing, adapt to evolving regulatory landscapes, and potentially expand its product portfolio. While the overall sector tailwinds are favorable, the company's relatively smaller scale means it is more susceptible to market volatility and competitive pressures compared to larger, more diversified players. Its performance will be closely tied to its operational efficiency and strategic regional focus.
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Market Cap ₹53 Cr.
Stock P/E 6.2
P/B 1.2
Current Price ₹32.8
Book Value ₹ 28.1
Face Value 10
52W High ₹59
Dividend Yield 0%
52W Low ₹ 20.1
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) |
|---|
| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|
| Net Sales | 35 | 47 | 64 | 129 | |
| Other Income | 0 | 0 | 0 | 0 | |
| Total Income | 35 | 47 | 64 | 130 | |
| Total Expenditure | 34 | 42 | 57 | 117 | |
| Operating Profit | 2 | 5 | 7 | 13 | |
| Interest | 1 | 0 | 0 | 1 | |
| Depreciation | 0 | 0 | 0 | 0 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 1 | 4 | 6 | 12 | |
| Provision for Tax | 0 | 1 | 2 | 3 | |
| Profit After Tax | 1 | 3 | 5 | 9 | |
| Adjustments | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 1 | 3 | 5 | 9 | |
| Adjusted Earnings Per Share | 1.1 | 2.5 | 3.9 | 5.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 102% | 54% | 0% | 0% |
| Operating Profit CAGR | 86% | 87% | 0% | 0% |
| PAT CAGR | 80% | 108% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -44% | NA% | NA% | NA% |
| ROE Average | 28% | 32% | 26% | 26% |
| ROCE Average | 35% | 36% | 29% | 29% |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Shareholder's Funds | 6 | 11 | 16 | 46 |
| Minority's Interest | 0 | 0 | 0 | 0 |
| Borrowings | 5 | 2 | 1 | 1 |
| Other Non-Current Liabilities | 1 | 1 | 1 | 1 |
| Total Current Liabilities | 9 | 6 | 17 | 35 |
| Total Liabilities | 21 | 20 | 35 | 83 |
| Fixed Assets | 2 | 2 | 2 | 3 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 |
| Total Current Assets | 19 | 18 | 33 | 79 |
| Total Assets | 21 | 20 | 35 | 83 |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 1 | 3 | 1 |
| Cash Flow from Operating Activities | 2 | 6 | 0 | -12 |
| Cash Flow from Investing Activities | 0 | -0 | -0 | -2 |
| Cash Flow from Financing Activities | -1 | -5 | -2 | 27 |
| Net Cash Inflow / Outflow | 1 | 2 | -2 | 13 |
| Closing Cash & Cash Equivalent | 1 | 3 | 1 | 14 |
| # | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Earnings Per Share (Rs) | 1.1 | 2.5 | 3.91 | 5.32 |
| CEPS(Rs) | 1.5 | 2.68 | 4.1 | 5.46 |
| DPS(Rs) | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 11.62 | 9.52 | 13.45 | 28.13 |
| Core EBITDA Margin(%) | 4.38 | 9.64 | 10.8 | 9.54 |
| EBIT Margin(%) | 3.78 | 9.24 | 10.5 | 9.6 |
| Pre Tax Margin(%) | 2.23 | 8.78 | 10.11 | 9.07 |
| PAT Margin (%) | 1.64 | 6.43 | 7.34 | 6.71 |
| Cash Profit Margin (%) | 2.25 | 6.89 | 7.7 | 6.9 |
| ROA(%) | 2.79 | 14.65 | 17.02 | 14.73 |
| ROE(%) | 9.44 | 34.1 | 34.02 | 27.98 |
| ROCE(%) | 8.76 | 29.41 | 42.99 | 35.34 |
| Receivable days | 87.94 | 67.51 | 50.55 | 34.4 |
| Inventory Days | 72.18 | 45.95 | 41.41 | 75.75 |
| Payable days | 26.48 | 14.34 | 6 | 36.56 |
| PER(x) | 0 | 0 | 0 | 9.26 |
| Price/Book(x) | 0 | 0 | 0 | 1.75 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.27 | 0.07 | 0.14 | 0.57 |
| EV/Core EBITDA(x) | 6.1 | 0.74 | 1.29 | 5.82 |
| Net Sales Growth(%) | 0 | 31.55 | 36.69 | 102.95 |
| EBIT Growth(%) | 0 | 221.16 | 55.36 | 85.56 |
| PAT Growth(%) | 0 | 413.98 | 56.17 | 85.54 |
| EPS Growth(%) | 0 | 128.08 | 56.18 | 36.01 |
| Debt/Equity(x) | 1.48 | 0.23 | 0.06 | 0.16 |
| Current Ratio(x) | 1.98 | 2.99 | 1.88 | 2.25 |
| Quick Ratio(x) | 1.24 | 2.2 | 1.32 | 1 |
| Interest Cover(x) | 2.44 | 20.28 | 26.85 | 18.12 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0.09 |
| # | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|
| Promoter | 73.76 | 73.76 | 73.97 |
| FII | 5.93 | 3.11 | 0.98 |
| DII | 1.11 | 1.11 | 1.13 |
| Public | 19.2 | 22.02 | 23.93 |
| Others | 0 | 0 | 0 |
| Total | 100 | 100 | 100 |
| # | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|
| Promoter | 1.2 | 1.2 | 1.21 |
| FII | 0.1 | 0.05 | 0.02 |
| DII | 0.02 | 0.02 | 0.02 |
| Public | 0.31 | 0.36 | 0.39 |
| Others | 0 | 0 | 0 |
| Total | 1.63 | 1.63 | 1.63 |
* The pros and cons are machine generated.
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