• The document is a regulatory filing disclosing the transcript of the Q2 & H1FY27 Earnings Conference Call held on November 06, 2026, at 12:00 PM IST.
  • The call was hosted by TIL Advisors and featured management participants including Mr. Ramesh Talavia (Chairman and Managing Director), Mr. Vishal Domadia (Chief Executive Officer), and Mr. Vikas Agarwal (Chief Financial Officer).
  • The stated purpose was to discuss the company's Q2 and H1 FY27 financial results and business performance amid challenging monsoon conditions.
  • The transcript has been made available on the company's website at https://www.dharmajcrop.com/investor/investors-analyst-meet-conference-call/ as required under Regulation 30 of SEBI LODR Regulations.

Financial Highlights Discussed

Q2 FY27 Performance:

  • Revenue from operations: ₹332.6 crore (down 4% YoY)
  • Gross profit: ₹61.9 crore
  • Gross margin: 18.6% (vs 21.8% in Q2 FY26)
  • EBITDA: ₹24.3 crore (down 20% YoY)
  • EBITDA margin: 7.3% (vs 9.2% in Q2 FY26)
  • Profit after tax: ₹13.3 crore (down 24% YoY)
  • PAT margin: 4%
  • EPS: ₹3.93 (vs ₹5.13 in Q2 FY26)

H1 FY27 Performance:

  • Revenue from operations: ₹716.7 crore (flat YoY)
  • EBITDA: ₹81.6 crore (vs ₹82.5 crore in H1 FY26)
  • EBITDA margin: 11.4% (vs 11.5%)
  • Profit after tax: ₹51.3 crore (up 3% YoY)
  • PAT margin: 7.1% (vs 7%)
  • EPS: ₹15.19 (vs ₹15.78)

Business Segment Performance (H1 FY27)

  • Institutional formulation: 55% of revenue (grew 3% YoY)
  • Branded formulation: 19% of revenue (grew 2% YoY)
  • Export: 8% of revenue (grew 50% YoY to ₹60 crore)
  • Technical: 18% of revenue (declined 20% YoY)

Balance Sheet Position (as of September 30, 2026)

  • Inventory: ₹174 crore (vs ₹207.4 crore as of March 31, 2026)
  • Trade receivables: ₹409.9 crore
  • Working capital borrowing: ₹74 crore
  • Long-term borrowing: ₹45 crore
  • Gross debt: ₹119 crore
  • Gross debt-to-equity: 0.24x
  • Net worth: ₹500.5 crore
  • Capital work-in-progress: ₹11.7 crore (herbicide facility)

Outlook and Guidance

  • Company revised FY27 revenue growth expectation to single-digit from previous 18-20% guidance due to weak monsoon (weakest in over a decade) and technical market challenges
  • Focus for second half: push higher exports, sustain domestic formulation business, restore technical margins through better cost pass-through
  • Long-term ₹2000 crore revenue vision by 2030 remains unchanged
  • New herbicide formulation facility near Kerala GIDC Ahmedabad on track for commissioning

Additional Notes

  • The document includes the complete transcript of the earnings call with Q&A session
  • Management emphasized no sales return policy and normal inventory levels
  • The company confirmed working on cost pass-through to end customers in Q3 to recover margins
  • Export business is expected to remain a growth driver in the second half
  • The filing contains digital signature of Malvika Bhadreshbhai Kapasi, Company Secretary & Compliance Officer