Dharmaj Crop Guard Q1FY27: Margins hold as monsoon delays test demand

Revenue from operations was 3,841 Mn, EBITDA was 573 Mn (15% margin), and PAT was 381 Mn (10% margin) for Q1FY27.

Revenue from operations increased 5% YoY in Q1FY27 versus Q1FY26.

Branded Formulations: 764 Mn; Domestic Institutional Formulations: 1,980 Mn; Export Institutional: 375 Mn; Domestic Active Ingredients: 721 Mn in Q1FY27.

Management cited El Nino impact, delayed monsoon onset across key regions, and delayed Kharif sowing, which reduced demand during the quarter.

Management attributed the 14% YoY decline to the ongoing West Asia crisis and related macro headwinds affecting input availability and demand patterns.

Management said it is on track with a new formulations facility at Kerala GIDC, Ahmedabad, dedicated to herbicides manufacturing, which should also free capacity at the existing plant.

Retail touchpoints increased from 19.3K+ to 19.5K+, supported by 5,300+ dealers and distributors; 21 members were added to the sales team; and a new B2C product, ORMARA, was launched in the current season.