Date: May 27, 2026

Financial Performance Summary

FY26 Financial Highlights (₹ Mn):

  • Revenue: ₹2,338 million (20% YoY growth)
  • EBITDA: ₹1,005 million (34% YoY growth)
  • PAT: ₹547 million (57% YoY growth)

Q4FY26 Financial Highlights (₹ Mn):

  • Revenue: Not quantified but reported 11% YoY growth
  • EBITDA: ₹106 million (176% YoY growth)
  • PAT: ₹40 million (263% YoY growth)

Operational Performance Drivers

Margin Improvement:

  • Gross margins improved by 1% for FY26
  • Q4FY26 EBITDA margins expanded to 5% compared to 2% in Q4FY25
  • Improvement driven by better contribution margins and product mix optimization

Segment-wise Performance:

Formulations Business:

  • Domestic Institutional segment: 15% YoY growth for FY26
  • Branded Formulations vertical: 3% YoY growth for FY26
  • Muted Rabi season demand due to lower pest attacks and higher channel inventories

Exports and Technicals Business:

  • Strong comeback in FY26 after challenging FY25
  • Domestic Active Ingredients: 37% YoY growth for FY26
  • Operated ahead of capacity utilization targets
  • Achieved strategic breakeven at PBT level for Technicals unit

Strategic Developments

Capacity Utilization:

  • Technicals unit achieved better utilization and improved contribution margins
  • Breaking even at Technicals unit was a key strategic objective for FY26

Inventory Management:

  • Management secured additional inventories in March 2026 to insulate against input cost volatility
  • Higher inventories stretched working capital requirements at year-end
  • Secured supplies for smooth operation through upcoming Kharif season

Market Conditions:

  • Technicals realizations remained under pressure through most of FY26
  • Realizations improved from March 2026 due to higher input costs from West Asia crisis and crude price movements
  • Industry facing volatility in input prices, currency risks, and potential fertilizer shortages

Expansion Projects

New Herbicides Facility:

  • Dedicated herbicides facility at Formulations site in Kerala GIDC, Ahmedabad
  • Progressing as per plan
  • Expected commissioning towards end of Q3FY27
  • Will support long-term growth of herbicides portfolio and release capacity at existing facility

Management Outlook

Growth Strategy:

  • Focus on improving capacity utilization and optimizing product mix
  • Strengthening overall profitability margins
  • Aligning Technicals production with in-house requirements of Formulations division

Forward Guidance:

  • Positive growth outlook for coming year
  • Confident of delivering growth despite ongoing disruptions from West Asia crisis
  • Organization geared to overcome challenges including input price volatility, currency risks, and potential Kharif season risks

Company Background

Dharmaj Crop Guard Limited is an agrochemicals company manufacturing and marketing insecticides, fungicides, herbicides, plant growth regulators, and micro fertilizers. The company serves both B2C customers (farmers) under its brands and B2B customers (institutional). The company recently entered active ingredients manufacturing with its 8,000 TPA intermediates & technicals greenfield unit at Sayakha, commissioned in Q4FY24.