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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹968 Cr.
Stock P/E
27.8
P/B
2.2
Current Price
₹286.4
Book Value
₹ 131.7
Face Value
10
52W High
₹391.3
52W Low
₹ 211.1
Dividend Yield
0%

Dharmaj Crop Guard Overview

Business

Dharmaj Crop Guard Ltd. is an agrochemical company primarily engaged in the manufacturing, formulating, and marketing of a diverse range of crop protection products. Its product portfolio includes insecticides, fungicides, herbicides, plant growth regulators, micro-fertilizers, and antibiotics. The company caters to farmers across India through an extensive distribution network, helping them protect crops and improve yields. It operates on a B2C model (selling formulations to farmers via distributors) and also undertakes institutional sales and contract manufacturing. The core business model involves developing, registering, and distributing a wide array of agrochemical formulations tailored to different crops and pests.

Revenue Mix

Dharmaj Crop Guard's revenue is primarily derived from the sale of its agrochemical formulations. While specific segment-wise revenue percentages are not always disaggregated publicly beyond broad categories, the major product types contributing include:

Insecticides: Products designed to control insect pests.

Fungicides: Products used to control fungal diseases in crops.

Herbicides: Products for weed control.

Plant Growth Regulators (PGRs) & Micro-fertilizers: Products that enhance crop growth and nutrient uptake.

The company has a significant domestic market presence through its distribution network and also engages in exports to various countries.

Industry

The Indian Pesticides & Agrochemicals industry is one of the largest globally, driven by the country's vast agricultural sector. It is characterized by a mix of large multinational corporations and numerous domestic players. The industry is sensitive to monsoon patterns, government policies, and global raw material prices. Dharmaj Crop Guard is positioned as a mid-sized domestic player, focusing on a wide product portfolio and an extensive distribution network, particularly in key agricultural states of India. It competes by offering a range of effective and affordable crop protection solutions, aiming to capture market share from both organized and unorganized segments.

MOAT

Dharmaj Crop Guard possesses developing competitive advantages:

Extensive Distribution Network: A wide and deep reach into rural Indian markets through a multi-tier distribution system is a significant barrier to entry and a key asset in reaching farmers.

Diversified Product Portfolio: Offering a broad range of products across different categories (insecticides, fungicides, herbicides, PGRs) reduces dependence on a single product or crop, providing resilience.

Product Registration & Development: Continuous efforts in obtaining new product registrations and developing new formulations enhance its market offerings and intellectual property.

Cost-Effective Manufacturing: Leveraging local manufacturing capabilities to offer competitive pricing.

Growth Drivers

Increasing Food Demand: Growing population and increasing per capita consumption drive demand for higher agricultural output, necessitating crop protection.

Awareness & Adoption: Increasing awareness among farmers about the benefits of quality agrochemicals for yield enhancement and pest control.

New Product Launches & Registrations: Continuous introduction of new and effective formulations and obtaining necessary regulatory registrations expands market opportunities.

Expansion of Distribution Network: Further penetration into untapped agricultural regions within India and potential expansion into new export markets.

Government Support: Initiatives to boost agricultural productivity and farmer income can indirectly support agrochemical demand.

Risks

Monsoon Dependency: The performance of the agricultural sector, and consequently agrochemical sales, is heavily reliant on timely and adequate monsoons.

Raw Material Price Volatility: Fluctuations in the prices of key raw materials and intermediates can impact manufacturing costs and profitability.

Regulatory Changes: Changes in government policies regarding agrochemical use, environmental regulations, or bans on specific molecules can significantly affect operations.

Intense Competition: The presence of numerous domestic and international players leads to pricing pressure and market share battles.

Pest Resistance: Continuous use of certain agrochemicals can lead to pest resistance, requiring constant R&D for new solutions.

Environmental & Health Concerns: Growing scrutiny over the environmental and health impact of pesticides can lead to tighter regulations and consumer aversion.

Management & Ownership

Dharmaj Crop Guard is a promoter-driven company. The management team, led by its founders, brings significant experience and expertise in the agrochemical industry, particularly in product development, manufacturing, and marketing within the Indian context. As of recent data, the promoter group holds a substantial majority stake in the company, aligning their interests with long-term growth. The company became publicly listed relatively recently (late 2022), indicating a move towards greater transparency and corporate governance standards.

Outlook

Dharmaj Crop Guard is positioned to benefit from the fundamental demand for food security and improving agricultural productivity in India. Its established distribution network, diverse product portfolio, and focus on new registrations provide a strong foundation for future growth. The company's strategy to expand its market reach and introduce new products aligns with the increasing adoption of crop protection solutions by farmers. However, its performance remains susceptible to the inherent volatility of the agriculture sector, including monsoon dependency, fluctuations in raw material costs, and evolving regulatory landscapes. Intense competition and the continuous need for R&D to counter pest resistance are also ongoing challenges that could impact profitability.

Dharmaj Crop Guard Share Price

Live · BSE / NSE · Inception: 2015
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Dharmaj Crop Guard Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 116 255 311 175 210 367 347 190
Other Income 0 0 0 -0 2 1 0 3
Total Income 116 256 312 174 211 368 347 193
Total Expenditure 116 228 277 165 206 317 315 182
Operating Profit 0 27 35 9 5 52 32 10
Interest 2 3 3 3 4 3 5 5
Depreciation 3 4 5 5 5 5 5 5
Exceptional Income / Expenses 0 0 0 0 0 0 0 0
Profit Before Tax -5 20 27 2 -3 44 23 1
Provision for Tax -2 5 6 0 -1 11 5 0
Profit After Tax -3 15 21 1 -2 33 17 1
Adjustments 0 0 0 0 0 0 0 0
Profit After Adjustments -3 15 21 1 -2 33 17 1
Adjusted Earnings Per Share -1 4.5 6.2 0.3 -0.7 9.6 5.1 0.2

Dharmaj Crop Guard Profit & Loss

#(Fig in Cr.) Mar 2024 Mar 2025 TTM
Net Sales 654 951 1114
Other Income 3 2 6
Total Income 658 953 1119
Total Expenditure 591 876 1020
Operating Profit 66 77 99
Interest 3 13 17
Depreciation 5 18 20
Exceptional Income / Expenses 0 0 0
Profit Before Tax 57 46 65
Provision for Tax 13 11 15
Profit After Tax 44 35 49
Adjustments 0 0 0
Profit After Adjustments 44 35 49
Adjusted Earnings Per Share 13.1 10.3 14.2

Dharmaj Crop Guard Balance Sheet

#(Fig in Cr.) Mar 2024 Mar 2025
Shareholder's Funds 359 394
Minority's Interest 0 0
Borrowings 76 64
Other Non-Current Liabilities 2 6
Total Current Liabilities 126 269
Total Liabilities 563 733
Fixed Assets 312 311
Other Non-Current Assets 6 12
Total Current Assets 244 411
Total Assets 563 733

Dharmaj Crop Guard Cash Flow

#(Fig in Cr.) Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 0 3
Cash Flow from Operating Activities 7 39
Cash Flow from Investing Activities -62 -33
Cash Flow from Financing Activities 57 -9
Net Cash Inflow / Outflow 3 -3
Closing Cash & Cash Equivalent 3 0

Dharmaj Crop Guard Ratios

# Mar 2024 Mar 2025
Earnings Per Share (Rs) 13.13 10.3
CEPS(Rs) 14.74 15.71
DPS(Rs) 0 0
Book NAV/Share(Rs) 106.33 116.7
Core EBITDA Margin(%) 9.29 7.61
EBIT Margin(%) 8.99 5.97
Pre Tax Margin(%) 8.48 4.66
PAT Margin (%) 6.55 3.54
Cash Profit Margin (%) 7.35 5.4
ROA(%) 7.88 5.37
ROE(%) 12.35 9.24
ROCE(%) 12.93 11.96
Receivable days 63.93 68.17
Inventory Days 50.3 43.06
Payable days 47.4 64.5
PER(x) 17 17.58
Price/Book(x) 2.1 1.55
Dividend Yield(%) 0 0
EV/Net Sales(x) 1.32 0.76
EV/Core EBITDA(x) 13.01 9.42
Net Sales Growth(%) 0 45.4
EBIT Growth(%) 0 -3.74
PAT Growth(%) 0 -21.52
EPS Growth(%) 0 -21.52
Debt/Equity(x) 0.31 0.29
Current Ratio(x) 1.94 1.53
Quick Ratio(x) 1.2 1.02
Interest Cover(x) 17.69 4.55
Total Debt/Mcap(x) 0.15 0.19

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +45%
Operating Profit CAGR +17%
PAT CAGR -20%
Share Price CAGR +26% +20%
ROE Average +9% +11% +11% +11%
ROCE Average +12% +12% +12% +12%

Dharmaj Crop Guard Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 70.4 %
FII 3.13 %
DII (MF + Insurance) 0 %
Public (retail) 29.6 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 70.470.470.470.470.470.470.470.470.470.4
FII 4.355.56.974.43.774.143.583.093.493.13
DII 00.140.140.140.4300000
Public 29.629.629.629.629.629.629.629.629.629.6
Others 0000000000
Total 100100100100100100100100100100

Dharmaj Crop Guard Peer Comparison

Pesticides & Agrochemicals Edit Columns

Dharmaj Crop Guard Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Dharmaj Crop Guard Pros & Cons

Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 11% over the last 3 years.
  • Debtor days have increased from 47.4 to 64.5days.
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