Dhanuka Agritech Ltd

DHANUKA

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Market Cap

₹ 5,376 Cr

P/E

18.42

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

EXCEPTIONAL

Profitability

HIGH MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Dhanuka Agritech is a leading Indian agrochemical company, focusing on providing innovative agricultural solutions.

The company has faced recent challenges, including adverse weather conditions that affected crop yields and farmer demand for agrochemicals.

Dhanuka Agritech has started trial production of Difenoconazole at its Dahej plant, aiming to capture market potential in India while avoiding international competition.

It has an extensive distribution network reaching over 10 million farmers, emphasizing its significant market presence.

The company's collaborations with global agrochemical leaders enable the introduction of advanced agricultural technologies in India.

Sector

Agro Chemicals

Industry

Pesticides / Agrochemicals - Indian - Large

Market Cap

5,376 Cr

Volatility

Moderate Risk

P/E Ratio

18.4

Industry P/E

27.6

PEG Ratio

1.6

P/B Ratio

3.8

52W High

1,960.00

52W Low

1,091.60

Sales CAGR

15.73%

11.26%

12.69%

10Y

9.38%

Profit CAGR

24.20%

12.46%

15.99%

10Y

11.97%

ROE

TTM

21.17%

20.69%

21.71%

10Y

21.25%

ROCE

TTM

26.61%

26.55%

27.84%

10Y

27.21%

Technicals

‌

Forecasts

No. of Analysts

16

1Y Price Target

1669.63 ▲ 38.80%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SHARDACROP	924.00	8,382 Cr	18.55	3.13	0.97	16.89	20.61	9.22
DHANUKA	1195.00	5,376 Cr	18.42	3.83	0.17	21.17	26.61	16.50
RALLIS	264.25	5,146 Cr	30.14	2.51	0.94	8.58	12.11	5.29
KSCL	983.25	5,019 Cr	16.56	2.80	0.51	16.88	17.43	11.47
BHARATRAS	2512.65	4,176 Cr	29.07	3.49	0.01	11.13	14.06	9.15
NACLIND	169.90	3,964 Cr	—	5.72	0.00	-19.44	-4.63	-4.75
INSECTICID	700.10	2,042 Cr	13.75	1.70	0.29	12.34	14.63	7.44

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Sales	393	371	369	618	403	368	494	654	445	442
Expenses	342	293	325	476	341	288	422	495	370	332
Operating Profit	52	78	44	142	62	80	72	160	76	110
OPM %	13.18	20.98	11.81	22.91	15.42	21.75	14.53	24.39	16.97	24.83
Other Income	7.66	15	6.64	5.76	7.28	15	7.13	11	7.01	11
Interest	0.77	0.77	0.89	0.76	0.74	0.70	0.83	1.05	1.43	1.79
Depreciation	4.46	5.10	4.62	9.88	13	13	12	13	13	17
Profit Before Tax	54	87	45	137	56	82	66	157	68	102
Tax %	15.09	24.72	26.36	25.55	18.74	27.58	25.63	24.98	19.14	25.73
Net Profit	46	65	33	102	45	59	49	118	55	76
EPS in Rs	10.22	14.40	7.31	22.58	10.06	13.09	10.85	25.83	12.25	16.74

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,001	976	1,006	1,120	1,387	1,478	1,700	1,759	2,035	2,035
Expenses	713	797	860	947	1,118	1,214	1,422	1,431	1,619	1,619
Operating Profit	287	180	146	173	269	263	279	327	417	417
OPM %	28.71	18.40	14.51	15.48	19.40	17.83	16.39	18.62	20.47	20.47
Other Income	18	16	21	25	34	34	45	35	36	36
Interest	0.99	0.87	0.89	1.56	2.69	3.20	3.12	3.09	5.11	5.10
Depreciation	15	14	12	16	15	16	18	41	55	55
Profit Before Tax	172	167	154	181	285	278	303	319	392	392
Tax %	28.96	24.45	26.88	21.70	26.10	24.75	22.87	24.99	24.27	24.27
Net Profit	122	126	113	141	211	209	234	239	297	297
EPS in Rs	26.81	27.99	24.87	31.36	46.66	46.34	51.71	53.04	65.67	65.67
Dividend Payout %	2.46	21.39	2.61	40.39	4.48	31.22	3.97	26.69	3.05	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	10	9.82	9.82	9.52	9.52	9.32	9.32	9.12	9.12	9.02
Reserves	470	512	624	633	698	787	951	1,052	1,247	1,394
Borrowings	7.69	7.89	4.72	22	7.98	48	32	34	27	74
Other Liabilities	169	185	185	171	217	286	320	310	296	323
Total Liabilities	657	715	823	835	932	1,131	1,312	1,405	1,579	1,800
Fixed Assets	133	138	131	117	117	167	159	165	322	489
CWIP	0.05	0.44	0.08	0.99	3.67	7.59	48	153	28	8.51
Investments	92	66	182	120	159	278	336	255	256	246
Other Assets	431	510	510	597	652	679	769	833	973	1,057
Total Assets	657	715	823	835	932	1,131	1,312	1,405	1,579	1,800

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	140	63	138	13	162	231	104	136	134	263
Cash from Investing Activity	-66	20	-111	63	-44	-127	-43	2.56	-81	-143
Cash from Financing Activity	-76	-81	-20	-87	-93	-129	-61	-137	-57	-120
Net Cash Flow	-1.69	2.59	7.08	-10	25	-25	0.87	2.00	-2.97	0.06

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jan 2023	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	70.18%	70.18%	70.18%	70.18%	70.18%	70.18%	70.18%	70.29%	70.29%	70.32%	69.87%	69.71%
FIIs	4.01%	4.06%	3.55%	2.21%	1.34%	1.49%	1.53%	2.01%	2.16%	2.19%	2.66%	2.30%
DIIs	16.64%	16.63%	17.24%	18.22%	18.41%	18.90%	19.29%	19.02%	18.74%	18.06%	17.63%	18.07%
Public	9.16%	9.13%	9.03%	9.38%	10.06%	9.43%	9.00%	8.68%	8.81%	9.43%	9.84%	9.91%
Total Shareholders	36,859	36,587	34,221	33,688	32,512	33,812	32,777	40,466	40,407	41,011	41,813	40,916

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Dec 12, 2023	Abhishek dhanuka	Insider - Promoter Group	Disposal	970.92	0.01 Cr	100	0.00
Dec 12, 2023	Ram gopal agarwal	Insider - Promoter	Acquisition	966.56	0.98 Cr	10,100	0.02
Dec 12, 2023	Satya narain agarwal	Insider - Promoter Group	Disposal	921.37	0.92 Cr	10,000	0.02
Aug 11, 2023	Ram gopal agarwal	Insider - Promoter	Disposal	—	—	1,22,500	0.26
Aug 11, 2023	Satya narain agarwal	Insider - Promoter Group	Acquisition	—	—	1,22,500	0.26
Jan 17, 2023	Satyanarain agarwal huf	Insider - Promoter Group	Disposal	850.00	0.12 Cr	1,387	0.00
Jan 17, 2023	Ram gopal agarwal	Insider - Promoter	Disposal	850.00	0.31 Cr	3,611	0.00
Jan 17, 2023	Triveni trust mahendra kumar ...	Insider - Promoter Group	Disposal	850.00	42.16 Cr	4,95,993	1.06
Jan 17, 2023	Satya narain agarwal	Insider - Promoter Group	Disposal	850.00	0.50 Cr	5,934	0.01
Jan 17, 2023	Rahul dhanuka	Insider - Promoter Group	Disposal	850.00	0.33 Cr	3,847	0.00

Projection

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Actions

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Announcements

Last 7 days

Newest

Sentiment

Change in Directors/KMP

1 day ago

Appointment of Senior Management Personnel

Mr. Mahesh Parshuram Sonawane appointed as General Manager- Quality at Dhanuka Agritech, effective December 15, 2025.

Regulatory Filing

6 days ago

GST Demand Order Received

The company Dhanuka Agritech Limited has received a GST demand order totaling Rs. 121.32 crore but assesses the demand as not maintainable and is considering an appeal.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

Showing 1 - 8 of 30

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Sales	393	371	369	618	403	368	494	654	445	442
Expenses	342	293	325	476	341	288	422	495	370	332
Operating Profit	52	78	44	142	62	80	72	160	76	110
OPM %	13.18	20.98	11.81	22.91	15.42	21.75	14.53	24.39	16.97	24.83
Other Income	7.66	15	6.64	5.76	7.28	15	7.13	11	7.01	11
Interest	0.77	0.77	0.89	0.76	0.74	0.70	0.83	1.05	1.43	1.79
Depreciation	4.46	5.10	4.62	9.88	13	13	12	13	13	17
Profit Before Tax	54	87	45	137	56	82	66	157	68	102
Tax %	15.09	24.72	26.36	25.55	18.74	27.58	25.63	24.98	19.14	25.73
Net Profit	46	65	33	102	45	59	49	118	55	76
EPS in Rs	10.22	14.40	7.31	22.58	10.06	13.09	10.85	25.83	12.25	16.74

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,001	976	1,006	1,120	1,387	1,478	1,700	1,759	2,035	2,035
Expenses	713	797	860	947	1,118	1,214	1,422	1,431	1,619	1,619
Operating Profit	287	180	146	173	269	263	279	327	417	417
OPM %	28.71	18.40	14.51	15.48	19.40	17.83	16.39	18.62	20.47	20.47
Other Income	18	16	21	25	34	34	45	35	36	36
Interest	0.99	0.87	0.89	1.56	2.69	3.20	3.12	3.09	5.11	5.10
Depreciation	15	14	12	16	15	16	18	41	55	55
Profit Before Tax	172	167	154	181	285	278	303	319	392	392
Tax %	28.96	24.45	26.88	21.70	26.10	24.75	22.87	24.99	24.27	24.27
Net Profit	122	126	113	141	211	209	234	239	297	297
EPS in Rs	26.81	27.99	24.87	31.36	46.66	46.34	51.71	53.04	65.67	65.67
Dividend Payout %	2.46	21.39	2.61	40.39	4.48	31.22	3.97	26.69	3.05	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	10	9.82	9.82	9.52	9.52	9.32	9.32	9.12	9.12	9.02
Reserves	470	512	624	633	698	787	951	1,052	1,247	1,394
Borrowings	7.69	7.89	4.72	22	7.98	48	32	34	27	74
Other Liabilities	169	185	185	171	217	286	320	310	296	323
Total Liabilities	657	715	823	835	932	1,131	1,312	1,405	1,579	1,800
Fixed Assets	133	138	131	117	117	167	159	165	322	489
CWIP	0.05	0.44	0.08	0.99	3.67	7.59	48	153	28	8.51
Investments	92	66	182	120	159	278	336	255	256	246
Other Assets	431	510	510	597	652	679	769	833	973	1,057
Total Assets	657	715	823	835	932	1,131	1,312	1,405	1,579	1,800

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	140	63	138	13	162	231	104	136	134	263
Cash from Investing Activity	-66	20	-111	63	-44	-127	-43	2.56	-81	-143
Cash from Financing Activity	-76	-81	-20	-87	-93	-129	-61	-137	-57	-120
Net Cash Flow	-1.69	2.59	7.08	-10	25	-25	0.87	2.00	-2.97	0.06

Overview

Detailed Summary

Dhanuka Agritech is a leading Indian agrochemical company, focusing on providing innovative agricultural solutions.

The company has faced recent challenges, including adverse weather conditions that affected crop yields and farmer demand for agrochemicals.

Dhanuka Agritech has started trial production of Difenoconazole at its Dahej plant, aiming to capture market potential in India while avoiding international competition.

It has an extensive distribution network reaching over 10 million farmers, emphasizing its significant market presence.

The company's collaborations with global agrochemical leaders enable the introduction of advanced agricultural technologies in India.

Sector

Agro Chemicals

Industry

Pesticides / Agrochemicals - Indian - Large

Market Cap

5,376 Cr

Volatility

Moderate Risk

P/E Ratio

18.4

Industry P/E

27.6

PEG Ratio

1.6

P/B Ratio

3.8

52W High

1,960.00

52W Low

1,091.60

Sales CAGR

15.73%

11.26%

12.69%

10Y

9.38%

Profit CAGR

24.20%

12.46%

15.99%

10Y

11.97%

ROE

TTM

21.17%

20.69%

21.71%

10Y

21.25%

ROCE

TTM

26.61%

26.55%

27.84%

10Y

27.21%