Financial Results Highlights

H1FY27 Performance (₹ Million)

  • Revenue: ₹7,167 million (0% YoY change compared to ₹7,146 million in H1FY26)
  • EBITDA: ₹816 million (1% YoY growth)
  • PAT: ₹513 million (3% YoY growth)
  • EBITDA Margin: 11.4% (flat compared to 11.5% in H1FY26)

Q2FY27 Performance (₹ Million)

  • Revenue: ₹3,326 million (4% YoY decline)
  • EBITDA: ₹243 million (24% YoY growth)
  • PAT: ₹133 million (24% YoY growth)

Management Commentary

Mr. Ramesh Talavia, Chairman & Managing Director, provided context for the results, noting that the 2026 monsoon has been one of the weakest in over a decade, with seasonal rainfall at 87% of long period average (fourth lowest since 2001 and weakest since 2015).

Business Segment Performance

Q2FY27 Segment Performance

  • Institutional Formulations: 2% YoY growth
  • Branded Formulations: 5% YoY growth
  • Exports: Flat YoY
  • Technicals Division: 27% YoY decline

H1FY27 Segment Performance

  • Institutional Formulations: 3% YoY growth
  • Branded Formulations: 2% YoY growth
  • Exports: 50% YoY growth
  • Technicals Division: 20% YoY decline

Operational Challenges and Outlook

The company cited margin compression in Q2FY27 due to higher input costs resulting from purchases made after the West Asia crisis, coupled with tepid margins in the Technicals business. The company is working to pass on these higher costs to end-customers and expects Technicals margins to recover in coming quarters.

For the second half of FY27, management maintains a cautiously optimistic outlook, noting potential challenges for the domestic Rabi season due to weak monsoon and lower water reservoir levels. The focus will be on pushing higher exports while sustaining resilience in the domestic business.

Project Update

The company remains on track with its new Formulations facility at Kerala GIDC, Ahmedabad, dedicated to Herbicides manufacturing.

Company Description

Dharmaj Crop Guard Limited is an agrochemicals company engaged in manufacturing & marketing agrochemical formulations including insecticides, fungicides, herbicides, plant growth regulators, and micro fertilisers. The company markets to both B2C customers (farmers) under its brands and B2B customers (institutional), and also produces general insect and pest control chemicals for public and animal health protection. The company has recently entered active ingredients manufacturing with its 8,000 TPA intermediates & technicals greenfield unit at Sayakha.