D

Dharmaj Crop Guard Ltd
NSE:DHARMAJ

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Dharmaj Crop Guard Ltd
NSE:DHARMAJ
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Price: 244.11 INR 4.14% Market Closed
Market Cap: 8.3B INR

Dharmaj Crop Guard Ltd
Investor Relations

Dharmaj Crop Guard Ltd. engages in the manufacturing, distributing, and marketing of agro chemicals. The company is headquartered in Ahmedabad, Gujarat and currently employs 326 full-time employees. The company went IPO on 2022-12-08. The firm is engaged in manufacturing and marketing agrochemical formulations, such as insecticides, fungicides, herbicides, plant growth regulator and micro fertilizers. The firm markets and distributes licensed and generic formulations to business-to-consumer (B2C) customers (farmers) under its brands and to business-to-business (B2B) customers (institutional). The company is also engaged in the business of general insect and pest control chemicals for public and animal health protection. The company manufactures a range of insecticides to suit the requirement of farmers in preventing and curating different crops from being damaged by insects. The company manufactures a range of fungicide that protect the crop from the diseases caused by pathogenic organisms. The firm's herbicides products eliminate weeds and reduce mechanical and manual weeding. The company manufactures micro fertilizers, such as sulfur, zinc, boron and ferrous.

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Last Earnings Call
Fiscal Period
Q2 2026
Call Date
Nov 17, 2025
AI Summary
Q2 2026

Revenue Growth: Dharmaj Crop Guard reported Q2 FY'26 revenue of INR 347 crores, up 12% year-on-year, and H1 FY'26 revenue of INR 715 crores, a 26% year-on-year increase.

Volume Surge: The company achieved strong H1 volume growth of 30% to 35% overall, with 28% to 30% growth in technicals and 35% in formulations.

Margin Outlook: Q2 EBITDA margins were down sequentially and year-on-year, but H1 margins improved versus last year, and management expects EBITDA margin to rise by 1% to 1.5% this year.

Guidance Maintained: Management reiterated full-year revenue growth guidance of 20% to 25% and expects to surpass last year's Rabi season performance.

Export Recovery: Export institutional business grew 51% year-on-year in H1 after challenges last year.

Product Mix & Expansion: Active ingredients, which saw 44% growth in H1, are a key lever for future profitability and margin expansion; the Sayakha facility is expected to remain EBITDA positive.

Interest Subsidy: The company received an interest subsidy of INR 3.53 crores relating to January 2024 to April 2025.

Key Financials
Revenue
INR 347 crores
Revenue (H1)
INR 715 crores
Net Profit (H1)
INR 49.9 crores
Volume Growth (H1)
30% to 35%
Brand Formulation Growth (H1)
17% YoY
Domestic Institutional Formulation Growth (H1)
21% YoY
Active Ingredients Growth (H1)
44% YoY
Export Institutional Business Growth (H1)
51% YoY
Gross Margin (Technical, H1)
22%
Gross Margin (B2C Formulation, H1)
40%
Gross Margin (Formulation, H1)
18%
Gross Margin (Export, H1)
18% to 20%
Technical Business Revenue (FY'26 guidance)
INR 250 crores to INR 260 crores
Interest Subsidy Received
INR 3.53 crores
Other Earnings Calls
2026
2025
2024

Management

Mr. Rameshbhai Ravajibhai Talavia
Chairman & MD
No Bio Available
Mr. Vishal H. Domadia
Chief Executive Officer
No Bio Available
Mr. Vinay Joshi
Chief Financial Officer
No Bio Available
Ms. Malvika Bhadreshbhai Kapasi
Company Secretary & Compliance Officer
No Bio Available
Mr. Jagdishbhai Ravjibhai Savaliya
Whole Time Director
No Bio Available
Mr. Kalpesh C. Patel
Senior Manager of Accounts
No Bio Available
Mr. Hitesh Patel
Vice President of Marketing
No Bio Available
Mr. Bhupendra Varasada
Head of Operations ? Sayakha Unit
No Bio Available

Contacts

Address
GUJARAT
Ahmedabad
B-square 2, Iscon Ambli Road, Office No. 901 to 903 & 911
Contacts
+917929603735
www.dharmajcrop.com