Retail touchpoints increased by 200+ from 19.3K+ to 19.5K+, supported by 5,300+ dealers & distributors.
Sales team expanded by 21 members (On-Ground Marketing & B2B).
Product registration activity: 47 cumulative technical registrations received with 11 additional awaited; 125 cumulative export market registrations received with 165 additional awaited.
Recently launched product ORMARA in the B2C portfolio within Branded Formulations vertical.
Key drivers: Demand generation activities including dealer meets, field days, and product demonstrations in new and existing markets.
Segment-wise Performance
Domestic Branded Formulations: Performance stood flattish Year-over-Year (YoY) due to delayed monsoon onset compared to an early start in Q1 FY26.
Exports: Reported robust growth of 116% YoY, continuing the recovery trend seen through FY26.
Active Ingredients: Revenue declined by 14% YoY due to the ongoing West Asia crisis affecting input availability and demand patterns.
Explanation of changes: Domestic performance impacted by delayed Kharif sowing; Export growth on a smaller base; Active Ingredients affected by geopolitical macro headwinds.
Financial Highlights
Revenue from Operations: ₹3,841 Mn (Q1 FY27), compared to ₹3,674 Mn in Q1 FY26 (5% YoY growth).
Total Income: ₹3,853 Mn (Q1 FY27), compared to ₹3,682 Mn in Q1 FY26 (5% YoY growth).
Gross Profit: ₹997 Mn (Q1 FY27), compared to ₹888 Mn in Q1 FY26 (12% YoY growth).
Gross Profit Margin: 26% (Q1 FY27), compared to 24% in Q1 FY26 (179 basis points improvement).
Operating Expenses: ₹424 Mn (Q1 FY27), compared to ₹380 Mn in Q1 FY26 (11% YoY increase).
EBITDA (Excluding OI & EI): ₹573 Mn (Q1 FY27), compared to ₹507 Mn in Q1 FY26 (13% YoY growth).
EBITDA Margin: 15% (Q1 FY27), compared to 14% in Q1 FY26 (111 basis points improvement).
Finance Cost: ₹27 Mn (Q1 FY27), compared to ₹31 Mn in Q1 FY26 (-14% YoY).
Depreciation & Amortisation: ₹49 Mn (Q1 FY27), compared to ₹47 Mn in Q1 FY26 (4% YoY increase).
Profit Before Taxes (and EI): ₹509 Mn (Q1 FY27), compared to ₹437 Mn in Q1 FY26 (16% YoY growth).
Profit After Taxes: ₹381 Mn (Q1 FY27), compared to ₹326 Mn in Q1 FY26 (17% YoY growth).
Profit After Taxes Margin: 10% (Q1 FY27), compared to 9% in Q1 FY26 (102 basis points improvement).
Earnings Per Share (₹): 11.26 (Q1 FY27), compared to 9.64 in Q1 FY26 (17% YoY growth).
YoY/QoQ comparison: QoQ comparison provided with Q4 FY26 figures but primary focus is YoY growth from Q1 FY26 to Q1 FY27.
Drivers of financial performance: Better product mix within Domestic Branded Formulations, price realizations, and export growth.
Key Risks: El Nino effect, delayed monsoon season, West Asia crisis affecting Active Ingredients business.
Geographical Revenue Split
Domestic vs Export Revenue: Not explicitly quantified in percentage or value terms. Export vertical reported 116% YoY growth, while Domestic Branded Formulations was flattish.
Regional Breakdown: Not specified.
Balance Sheet Snapshot
Not specified in the provided data.
Capex & Cash Flow Health
Capital Expenditure: New Formulations facility at Kerala GIDC, Ahmedabad, dedicated to Herbicides manufacturing. Project remains on track.
Free Cash Flow: Not specified.
Operating Cash Flow: Not specified.
Net Debt Movement: Not specified.
Investment Rationale: Herbicides to play increasingly important role in formulations mix; facility will release capacity at existing facility to improve throughput during peak Kharif season.
Strategic & R&D Initiatives
Investments in Innovation: New Herbicides manufacturing facility; focus on aligning Active Ingredients production with captive requirements of Formulations business.
Expected impact on growth: Herbicides facility provides foundation for growth in formulations product mix.
Strategic Rationale: Improve blended profitability at company level and better utilize existing capacity.
Industry Trends & Business Environment
Macro/Industry Trends: El Nino effect; delayed monsoon onset across key agricultural regions postponing Kharif sowing; West Asia crisis creating macro headwinds for Technicals market.
Impact on Company: Reduced product demand due to delayed sowing; affected input availability and demand patterns in Active Ingredients business.
Management Commentary & Growth Outlook
Strategic Outlook: "Dharmaj has delivered a healthy start to FY27 in what has been a challenging operating environment." "The organisation remains fully geared to navigate the near-term challenges while staying focused on sustainable long-term growth."
FY Guidance: Reaffirmed annual growth targets.
Market Share Targets: Not specified.
Risks and Opportunities: Near-term challenges from monsoon timing and geopolitical situation; confidence based on strength of Branded Formulations, scale-up of Active Ingredients, and resurgence in Exports.
