Dharmaj Crop Guard Q2 profit falls 24% as revenue slips

Dharmaj Crop Guard Limited reported consolidated profit of Rs 13.206 crore for the quarter ended September 30, 2026, down 24% from Rs 17.334 crore a year earlier, as revenue from operations declined 4% to Rs 332.621 crore. Dharmaj Crop Guard’s first-half profit nevertheless rose to Rs 51.315 crore from Rs 49.923 crore.

How did Dharmaj Crop Guard perform in the September quarter?

Dharmaj Crop Guard’s consolidated revenue from operations was Rs 332.621 crore in the September 2026 quarter, compared with Rs 347.263 crore in the September 2025 quarter and Rs 382.375 crore in the June 2026 quarter. The year-on-year revenue decrease was Rs 14.642 crore, while sequential revenue was lower by Rs 49.754 crore.

Profit for the September quarter was Rs 13.206 crore, compared with Rs 17.334 crore a year earlier and Rs 38.110 crore in the preceding June quarter. Basic and diluted earnings per share were Rs 3.91, versus Rs 5.13 in the year-earlier quarter and Rs 11.28 in the June quarter; Dharmaj Crop Guard said quarterly earnings per share were not annualised.

Other income was Rs 1.633 crore in the September 2026 quarter, compared with Rs 36,000 in the same quarter of 2025 and Rs 1.132 crore in June 2026. Despite the year-on-year increase in other income, profit before tax fell to Rs 17.633 crore from Rs 22.544 crore, while tax expense declined to Rs 4.427 crore from Rs 5.210 crore.

Which costs changed during Dharmaj Crop Guard’s quarter?

Dharmaj Crop Guard’s total expenses fell to Rs 316.621 crore in the September 2026 quarter from Rs 324.755 crore a year earlier, a reduction of Rs 8.134 crore that was smaller than the Rs 14.642 crore reduction in revenue from operations. Total expenses were also below Rs 332.513 crore in the June 2026 quarter.

Cost of materials consumed decreased to Rs 203.191 crore from Rs 235.108 crore year on year. Purchases of stock-in-trade and work-in-progress declined to Rs 51.122 crore from Rs 52.724 crore, while other expenses dropped to Rs 23.837 crore from Rs 29.145 crore. Employee benefits expense was Rs 13.807 crore, compared with Rs 14.712 crore a year earlier.

The principal offset within expenses was a Rs 16.455 crore charge from changes in inventories of finished goods, work-in-progress and stock-in-trade, compared with a Rs 16.222 crore credit in the September 2025 quarter. Finance costs fell to Rs 3.267 crore from Rs 4.503 crore, and depreciation and amortisation increased to Rs 4.942 crore from Rs 4.785 crore.

What did Dharmaj Crop Guard report for the first half?

Dharmaj Crop Guard reported first-half revenue from operations of Rs 714.995 crore for the period ended September 30, 2026, marginally above Rs 714.646 crore in the corresponding period of 2025. The Rs 34.9 lakh increase contrasts with the decline in the September quarter because June-quarter revenue was Rs 382.375 crore.

First-half consolidated profit rose 3% to Rs 51.315 crore from Rs 49.923 crore a year earlier. Profit before tax was Rs 68.626 crore, compared with Rs 66.273 crore, while total tax expense increased to Rs 17.311 crore from Rs 16.350 crore. First-half basic and diluted earnings per share increased to Rs 15.18 from Rs 14.77.

First-half expenses were nearly unchanged at Rs 649.134 crore, compared with Rs 649.182 crore in the prior-year period. Material consumption declined to Rs 439.302 crore from Rs 441.013 crore, while employee benefits expense increased to Rs 29.044 crore from Rs 27.778 crore and depreciation and amortisation rose to Rs 9.801 crore from Rs 9.442 crore.

What do the half-year cash flows show for Dharmaj Crop Guard?

Dharmaj Crop Guard generated net cash from operating activities of Rs 31.082 crore in the half year ended September 30, 2026, compared with Rs 24.5 lakh in the corresponding 2025 period. Cash generated from operations before tax was Rs 39.392 crore, versus Rs 8.525 crore, and income taxes paid were Rs 8.310 crore.

Working-capital movements included a Rs 130.783 crore increase in trade receivables, partly offset by a Rs 45.687 crore contribution from non-current and current financial and other liabilities, provisions and trade payables. Inventories released Rs 33.372 crore of cash, compared with an inventory use of Rs 26.907 crore in the previous first half.

Investing activities used Rs 10.381 crore, including Rs 10.771 crore spent on property, plant, equipment and intangible assets. Financing activities used Rs 20.517 crore, comprising Rs 6.296 crore of long-term borrowing repayments, Rs 8.047 crore of net short-term borrowing repayments and Rs 6.174 crore of finance costs paid. Cash and cash equivalents ended September 30, 2026 at Rs 45.9 lakh, compared with Rs 27.5 lakh at March 31, 2026.

What business and corporate developments did Dharmaj Crop Guard disclose?

Dharmaj Crop Guard operates in one reportable business segment, Agri-Inputs, covering the manufacture and dealing of pesticides, public-health pest-control products, insecticides, herbicides, fertilisers, research and technical formulations. Dharmaj Crop Guard said its business is seasonal, meaning quarterly results may be affected by weather conditions and cropping patterns.

The consolidated results include subsidiary DCGL Industries Limited. Dharmaj Crop Guard said it is planning to obtain necessary approvals to incorporate a wholly owned subsidiary in Brazil; the November 4, 2026 filing did not state a timeline, investment amount or operating target for the proposed foreign subsidiary.

The board approved the unaudited consolidated and standalone results on November 4, 2026, after they were reviewed and recommended by the audit committee. The statutory auditor, M S K A & Associates LLP, reported that nothing had come to its attention in its limited review to indicate that the consolidated statement contained a material misstatement.

Conclusion

Dharmaj Crop Guard’s September-quarter results show lower revenue and a 24% year-on-year decline in consolidated profit, with profit before tax falling to Rs 17.633 crore from Rs 22.544 crore. The first half was more stable: revenue was broadly flat at Rs 714.995 crore and profit rose to Rs 51.315 crore, supported by the June-quarter outcome.

The next disclosed matter to watch is Dharmaj Crop Guard’s plan to seek approvals for a wholly owned Brazilian subsidiary. The filing provides no timetable or capital commitment, while Dharmaj Crop Guard’s stated exposure to weather conditions and cropping patterns remains relevant to future quarterly performance.