Dharmaj Crop Guard Ltd

DHARMAJ

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Market Cap

₹ 785 Cr

P/E

16.14

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

EXCEPTIONAL

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Dharmaj Crop Guard Limited is an agrochemical company involved in manufacturing pesticides, insecticides, herbicides, and agrochemical products. It supports Indian farmers with crop protection solutions, enhancing yield and profitability.

Dharmaj has achieved robust financial growth, reporting a 26% YOY increase in revenue for H1 FY26, driven by strong execution in its core formulations business and active ingredients segment.

The Company strategically expanded its formulation capacity and established a new manufacturing facility in Saykha, reflecting its commitment to scaling operations and achieving vertical integration.

Despite challenges like erratic monsoon patterns impacting demand, Dharmaj has maintained resilience, supported by its focus on core businesses and geographical expansion.

The Company's proactive market engagement through farmer education programs and strategic expansions highlights its growth-oriented approach, aiming for long-term sustainability.

Sector

Agro Chemicals

Industry

Pesticides / Agrochemicals - Indian - Large

Market Cap

785 Cr

Volatility

Moderate Risk

P/E Ratio

16.1

Industry P/E

27.6

PEG Ratio

2.4

P/B Ratio

1.8

52W High

391.25

52W Low

168.05

Sales CAGR

45.40%

34.12%

36.84%

10Y

—

Profit CAGR

-21.52%

6.68%

26.49%

10Y

—

ROE

TTM

10.95%

9.92%

12.87%

10Y

—

ROCE

TTM

13.62%

12.80%

16.06%

10Y

—

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MOL	63.53	1,624 Cr	40.93	1.05	0.00	2.58	7.27	1.21
PUNJABCHEM	1320.40	1,614 Cr	29.49	4.04	0.23	13.08	16.21	7.55
EXCELINDUS	933.95	1,174 Cr	15.96	0.65	1.47	4.07	5.39	3.27
HERANBA	238.95	953 Cr	—	1.13	0.42	-5.59	1.07	-2.19
BESTAGRO	390.05	925 Cr	72.29	1.27	0.77	1.58	6.54	0.65
DHARMAJ	232.10	785 Cr	16.14	1.77	0.00	10.95	13.62	5.09
IGCL	84.00	528 Cr	13.99	1.20	0.00	8.63	10.37	4.39

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2024	Sep 2024	Mar 2025	Jun 2025	Sep 2025
Sales	255	311	210	367	347
Expenses	228	277	206	317	315
Operating Profit	27	34	3.84	51	32
OPM %	10.56	11.08	1.83	13.81	9.16
Other Income	0.38	0.30	1.51	0.77	0.04
Interest	2.68	2.99	3.97	3.12	4.50
Depreciation	4.44	4.59	4.58	4.66	4.79
Profit Before Tax	20	27	-3.20	44	23
Tax %	25.43	22.72	23.13	25.47	23.11
Net Profit	15	21	-2.45	33	17
EPS in Rs	4.46	6.22	-0.73	9.64	5.13

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2024	Mar 2025
Sales	654	951
Expenses	591	876
Operating Profit	63	75
OPM %	9.62	7.86
Other Income	3.43	2.15
Interest	3.45	13
Depreciation	5.44	18
Profit Before Tax	57	46
Tax %	22.81	23.89
Net Profit	44	35
EPS in Rs	—	—
Dividend Payout %	0.00	0.00

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2024	Mar 2025
Equity Capital	34	34
Reserves	326	361
Borrowings	112	116
Other Liabilities	92	223
Total Liabilities	563	733
Fixed Assets	312	311
CWIP	2.06	6.95
Investments	0.00	0.00
Other Assets	249	416
Total Assets	563	733

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2024	Mar 2025
Cash from Operating Activity	7.39	39
Cash from Investing Activity	-62	-33
Cash from Financing Activity	57	-8.55
Net Cash Flow	2.58	-2.77

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	68.65%	70.40%	70.40%	70.40%	70.40%	70.40%	70.40%	70.40%	70.40%	70.40%	70.40%	70.40%
FIIs	7.33%	5.03%	5.01%	4.37%	4.35%	5.50%	6.97%	4.40%	3.77%	4.14%	3.58%	3.09%
DIIs	0.18%	-0.00%	0.00%	0.00%	0.47%	0.61%	0.61%	0.61%	0.91%	0.47%	0.47%	0.47%
Public	23.84%	24.56%	24.58%	25.23%	24.78%	23.48%	22.01%	24.58%	24.92%	24.98%	25.54%	26.03%
Total Shareholders	65,192	63,039	59,936	59,647	47,541	44,014	40,676	39,229	38,056	36,659	33,427	30,284

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Sep 26, 2025	Siddharth savaliya	Insider - Connected Person	Acquisition	327.47	0.36 Cr	11,000	0.03
Sep 26, 2025	Bhupatbhai d khunt huf	Insider - Connected Person	Acquisition	325.48	0.36 Cr	11,000	0.03
Aug 02, 2024	Unico global opportunities fu...	Bulk	Buy	330.63	21.66 Cr	6,55,000	1.93
Aug 02, 2024	Elara india opportunities fun...	Bulk	Sell	330.65	21.99 Cr	6,65,000	1.96
Jul 03, 2024	Elara india opportunities fun...	Bulk	Sell	305.24	6.10 Cr	2,00,000	0.59
Jul 02, 2024	Antara india evergreen fund ltd	Bulk	Sell	301.75	5.30 Cr	1,75,673	0.51
Aug 01, 2023	Krone investments	Bulk	Buy	196.82	2.39 Cr	1,21,420	0.35
Aug 01, 2023	Krone investments	Bulk	Sell	199.12	3.61 Cr	1,81,420	0.53

Projection

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

Investor Presentation

Q2 FY24

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Oscillators

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Bullish

Overall

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Moving Averages

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MOL	63.53	1,624 Cr	40.93	1.05	0.00	2.58	7.27	1.21
PUNJABCHEM	1320.40	1,614 Cr	29.49	4.04	0.23	13.08	16.21	7.55
EXCELINDUS	933.95	1,174 Cr	15.96	0.65	1.47	4.07	5.39	3.27
HERANBA	238.95	953 Cr	—	1.13	0.42	-5.59	1.07	-2.19
BESTAGRO	390.05	925 Cr	72.29	1.27	0.77	1.58	6.54	0.65
DHARMAJ	232.10	785 Cr	16.14	1.77	0.00	10.95	13.62	5.09
IGCL	84.00	528 Cr	13.99	1.20	0.00	8.63	10.37	4.39

Overview

Detailed Summary

Dharmaj has achieved robust financial growth, reporting a 26% YOY increase in revenue for H1 FY26, driven by strong execution in its core formulations business and active ingredients segment.

The Company strategically expanded its formulation capacity and established a new manufacturing facility in Saykha, reflecting its commitment to scaling operations and achieving vertical integration.

Despite challenges like erratic monsoon patterns impacting demand, Dharmaj has maintained resilience, supported by its focus on core businesses and geographical expansion.

The Company's proactive market engagement through farmer education programs and strategic expansions highlights its growth-oriented approach, aiming for long-term sustainability.

Sector

Agro Chemicals

Industry

Pesticides / Agrochemicals - Indian - Large

Market Cap

785 Cr

Volatility

Moderate Risk

P/E Ratio

16.1

Industry P/E

27.6

PEG Ratio

2.4

P/B Ratio

1.8

52W High

391.25

52W Low

168.05

Sales CAGR

45.40%

34.12%

36.84%

10Y

—

Profit CAGR

-21.52%

6.68%

26.49%

10Y

—

ROE

TTM

10.95%

9.92%

12.87%

10Y

—

ROCE

TTM

13.62%

12.80%

16.06%

10Y

—