Dharmaj Crop Guard Q2 FY26: profit -18%, sales +12%

What Dharmaj Crop Guard reported for the September 2025 quarter

Dharmaj Crop Guard reported mixed numbers for the quarter ended September 2025 (Q2 FY26). Standalone net profit declined 17.50% to Rs 17.35 crore, compared with Rs 21.03 crore in the quarter ended September 2024. Revenue from operations (sales) increased 11.54% to Rs 347.26 crore, compared with Rs 311.33 crore in the year-ago quarter. In another disclosure snapshot, revenue was also cited as Rs 347.263 crore (3,472.63 million rupees), aligning with the same topline figure after unit conversion. Net profit was similarly cited at around Rs 17.30 crore (173.00 million rupees), close to the Rs 17.35 crore standalone profit reported elsewhere in the update. The numbers indicate stronger sales but weaker profitability for the period.

Profit down despite revenue growth: the key takeaway

The key detail from the quarter is the divergence between revenue and profit trends. Sales grew in double digits year-on-year, suggesting higher volumes, improved realisations, or a broader distribution push. But net profit fell in the same period, indicating pressure on margins or higher costs below the revenue line. The update does not provide itemised expense details, so the specific drivers behind the profit decline are not stated. Still, the headline outcome is clear: the company delivered growth in turnover while earnings contracted. For investors tracking quarterly consistency, this kind of print usually shifts attention to margin commentary, working capital movement, and the pace of recovery in subsequent quarters.

Board meeting and regulatory filing context

The company had informed BSE that a Board of Directors meeting was scheduled on 13 November 2025. The purpose stated was to consider and approve the un-audited consolidated and standalone financial results for the quarter (Q2) and half year ended September 30, 2025, along with other business. Following the meeting held on 13 November 2025 (Thursday), the board approved the un-audited consolidated and standalone financial results for the second quarter and half year ended September 30, 2025. The company also stated it took on record the Limited Review Report issued by its statutory auditor, M/s MSKA & Associates. These references were made under applicable SEBI (Listing Obligations and Disclosure Requirements) Regulations, including Regulation 33, as mentioned in the disclosure.

Where the results were published and how investors can access them

Dharmaj Crop Guard also published newspaper advertisements relating to its consolidated and standalone un-audited financial results for Q2 and H1 ended September 30, 2025. These advertisements were published on November 14, 2025, in the English and Gujarati editions of the Financial Express. The update added that the board approved the results based on the recommendation of the Audit Committee. It also stated that the financial results and Limited Review Reports were made available on the websites of BSE, NSE, and the company’s website (www.dharmajcrop.com). The company further noted that the results could be accessed by scanning a Quick Response (QR) Code provided in the advertisement. This disclosure trail is relevant because it outlines the formal process used for releasing un-audited quarterly numbers and their auditor review.

Stock price references and the day’s move

The update included multiple price references for Dharmaj Crop Guard Ltd shares. It stated that the Dharmaj Crop Guard share price on NSE was Rs 240.07 and on BSE was Rs 239.30 “as on today”. Separately, it also reported that the share price moved down by -5.80% from its previous close of Rs 227.62, with the last traded price cited as Rs 214.44. Since these price points appear in the same information set but at different levels, they likely reflect different snapshots or timestamps of market data. What is explicitly stated is the magnitude of the reported fall of 5.80% from Rs 227.62 to Rs 214.44, which indicates volatility around the time of the update.

Key numbers at a glance

Corporate actions and meeting timeline disclosed

Along with the Q2 approval note, the update carried a list of meeting dates and purposes. It showed the Q2 results board meeting on Nov 13, 2025, with the meeting date announced on Nov 03, 2025. It also included other entries such as an AGM and earlier board meetings for quarterly and audited results. While the details of outcomes for those older meetings are not included here, the dates provide context on the company’s compliance calendar.

What the disclosures say about audit review and governance

A recurring point in the disclosures is the “Limited Review Report” for the un-audited results. The company explicitly named MSKA & Associates as the statutory auditor that issued the report. It also referenced that the board approval followed the recommendation of the Audit Committee. These points matter because they indicate the company followed the standard governance steps for quarterly reporting under SEBI’s listing framework. The disclosures also referenced both consolidated and standalone financial results, even though the headline figures highlighted are standalone net profit and sales. This suggests the company is providing both views to the market as part of its reporting package.

Market impact: what investors can infer from the numbers provided

From the financial data stated, the market signal is a quarter where sales growth did not translate into profit growth. That gap often increases investor focus on cost structure and operating leverage, though this update does not provide those line items. On the trading side, the update explicitly mentions a -5.80% move from Rs 227.62 to Rs 214.44, highlighting a negative price reaction in at least one quoted data point. At the same time, other quoted prices of around Rs 239 to Rs 240 indicate that reported prices vary across the provided snapshots. Investors relying on the disclosure should treat the reported percentage move and the quarter’s headline profit decline as the most concrete datapoints present here.

Analysis: why the Q2 FY26 print matters

The September quarter is a key reporting point because it includes both Q2 and half-year numbers, and the company’s filing process references both periods. With topline up 11.54% and profit down 17.50%, the quarter stands out as a margin-pressure print. The board’s approval of un-audited results and the auditor’s limited review indicate the numbers have been reviewed under the standard framework used for quarterly disclosures. The additional step of newspaper advertisements and publication across exchange and company websites expands the visibility of the financial results and aligns with disclosure norms. For investors, the central question raised by the data provided is the reason profitability weakened even as revenue rose, but that explanation is not included in the text.

Conclusion

Dharmaj Crop Guard’s Q2 FY26 update shows revenue rising to Rs 347.26 crore while standalone net profit declined to Rs 17.35 crore for the quarter ended September 2025. The board approved the un-audited consolidated and standalone results on 13 November 2025, and the statutory auditor’s limited review report was taken on record. The company also disclosed publication of advertisements on November 14, 2025 and availability of results on BSE, NSE, and its own website. The next key reference point for readers is the detailed results document hosted on the exchange portals and the company website, which contains the full set of financial statements for Q2 and H1 ended September 30, 2025.