Dhanuka Agritech Limited (DHANUKA)

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Dhanuka Agritech Limited (DHANUKA) · mywealthgrid

About

Dhanuka Agritech operates in pesticides and agrochemicals within the materials sector, serving Indian agriculture with a market cap of ₹4,553.75 Cr and recent quarterly revenues ranging from ₹409–598 Cr (standalone). The company has established solid profitability with 22.34% ROE and an average operating margin of 20.47%, supported by a capital-light model (D/E 0.03) and recent capital returns via dividend and buyback. However, Q1 FY26 results show revenue declining 12.5% YoY and margins compressing to 11.91%, signaling near-term headwinds that contrast with the company's historical profitability.

Face value: ₹2

Market cap

₹4,217 Cr

P/E

14.2×

P/B

3.0×

Dividend yield

0.4%

ROE

22.3%

ROCE

28.9%

Debt / equity

0.03

OPM

20.5%

EPS (TTM)

₹65.8

Book value

₹311.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Q1 FY26 revenue of ₹461.93 Cr is down 12.5% YoY (vs ₹528.29 Cr Jun 2025) paired with OPM compression to 11.91% (vs 15.75% prior year)—verify if seasonal or structural.
Operating margin ranges from 11.91% to 25.84% across recent quarters, indicating either strong seasonality or exposure to input-cost volatility or pricing pressure—determine sustainability at historical 20%+ levels.
Stock declined 36.2% over 1 year despite 22.34% ROE and 20.47% average OPM, signaling market concerns not evident in reported metrics—verify sector headwinds, category-specific risks, or updated guidance.
Agrochemicals sector faces regulatory tightening on pesticide residues and bans, raw-material cost inflation tied to commodities, and farmer purchasing power cyclicality—verify regulatory pipeline and input-cost trends.

Generated analysis · source review pending

Growth drivers

Quarterly margin volatility (11.91% Q1 to 25.84% Q4) suggests strong seasonality; if demand normalizes in higher-margin quarters (Q2 averaged 22.86%, Q4 averaged 25.24%), profits could expand significantly on stable revenues.
September 2025 revenue of ₹598.25 Cr was the highest in recent quarters; recovery to or above that level in stronger-margin periods would lift profitability without requiring new demand.
ROE of 22.34% and D/E of 0.03 create balance-sheet capacity for organic capex or inorganic growth if deployed—verify management's capital allocation priorities and any announced initiatives.
Agrochemicals demand typically correlates with monsoon adequacy and farmer profitability; verify upcoming season outlook, crop trends, and company-specific plans for product mix (bio-pesticides, safer formulations).

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹935.1+0.5%1Y

Quick read

rule-based

Pros

+Strong return on equity of 22% (3-yr avg)
+High return on capital employed of 28.2%
+Healthy operating margin of 20.5%
+Profit CAGR of 16% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 77.7×
+High promoter holding of 69.8% with no pledge

Cons

−Low dividend payout of 6.1% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

75/100

Business quality: 80
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	976	976	1,120	1,387	1,478	1,700	1,759	2,035
COGS	562	562	712	863	939	1,115	1,072	1,219
Gross profit	414	414	408	524	539	585	686	816
	248	248	235	255	275	306	359	400
	166	166	173	269	263	279	327	417
OPM %	17%	17%	15.5%	19.4%	17.8%	16.4%	18.6%	20.5%
Depreciation	14	14	16	15	16	18	41	55
Interest	1	1	2	3	3	3	3	5
	16	16	25	34	34	45	35	36
Profit before tax	167	167	181	285	278	303	319	392
Tax	41	41	39	74	69	69	80	95
Tax %	24.5%	24.5%	21.7%	26.1%	24.8%	22.9%	25%	24.3%
	126	126	141	211	209	234	239	297
PAT margin %	12.9%	12.9%	12.6%	15.2%	14.1%	13.7%	13.6%	14.6%
EPS (₹)	25.7	25.7	29.7	44.6	44.9	50.4	52.5	65.6
EPS adjusted (₹)	—	—	—	45.2	44.8	51.2	52.4	65.8
	2.3%	21.4%	40.4%	4.5%	31.2%	4%	26.7%	3.1%
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity capital	9	9	9	9	9
Reserves	787	951	1,052	1,247	1,394
	8	1	4	0	42
	326	351	340	323	355
Total equity & liabilities	1,131	1,312	1,405	1,579	1,800
	167	159	165	322	489
CWIP	8	48	153	28	9
Investments	278	336	255	256	246
	679	769	833	973	1,057
Total assets	1,131	1,312	1,405	1,579	1,800

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	231	104	136	134	263
	-127	-43	3	-81	-143
	-129	-61	-137	-57	-120
Net cash flow	-25	1	2	-3	0
Free cash flow	218	44	12	45	69
CFO / Operating profit %	85.9%	39.6%	48.9%	41.1%	63.1%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2017	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Margins
Gross margin %	42.4%	42.4%	36.5%	37.8%	36.5%	34.4%	39%	40.1%
EBITDA margin %	17%	17%	15.5%	19.4%	17.8%	16.4%	18.6%	20.5%
EBIT margin %	15.6%	15.6%	14%	18.3%	16.7%	15.4%	16.3%	17.7%
PAT margin %	12.9%	12.9%	12.6%	15.2%	14.1%	13.7%	13.6%	14.6%
Working capital
Receivable days	—	—	—	64	70	73	72	82
Inventory days	—	—	—	125	135	113	142	119
Payable days	—	—	—	46	68	57	51	42
NWC days	—	—	—	143	137	128	163	160
Leverage
Current ratio	—	—	—	3.11	3.14	3.01	3.69	3.29
Debt to EBITDA	—	—	—	0.03	0	0.01	0	0.1
Debt to equity	—	—	—	0.01	0	0	0	0.03
Interest coverage	193	193	116.7	106.9	87.8	98	104.2	77.7
Asset turnover	—	—	—	1.23	1.13	1.21	1.11	1.13
Return ratios
Return on assets %	—	—	—	18.6%	15.9%	16.6%	15.1%	16.5%
Return on capital employed %	—	—	—	33.6%	30.1%	28.9%	26.7%	28.9%
Return on equity %	—	—	—	26.4%	21.7%	22%	19%	21.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	70.18%	70.18%	70.18%	70.18%	70.29%	70.29%	70.32%	69.87%	69.71%	69.71%	69.71%	69.81%
	2.21%	1.34%	1.49%	1.53%	2.01%	2.16%	2.19%	2.66%	2.3%	2.13%	1.93%	1.64%
	18.22%	18.41%	18.9%	19.29%	19.02%	18.74%	18.06%	17.63%	18.07%	18.79%	19.43%	18.71%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	9.39%	10.07%	9.43%	9%	8.68%	8.81%	9.43%	9.84%	9.92%	9.37%	8.93%	9.84%
No. of shareholders	—	—	—	—	—	—	—	—	40,916	39,698	38,445	42,508

Promoter holding down 0.37 percentage points since Sep 2023.

Mr. Mahendra Kumar DhanukaExecutive Director-Chairperson related to Promoter
Mr. Rahul DhanukaExecutive Director-MD
Mr. Ashish SarafExecutive Director
Mr. Sanjay SaxenaNon-Executive - Independent Director
Mr. Bajrang Lal BajajNon-Executive - Independent Director
Mr. Harsh DhanukaExecutive Director
Mr. Manish DhanukaNon-Executive - Non Independent Director
Mr. Satish Kumar GuptaNon-Executive - Independent Director
Mrs. Namrata GuptaNon-Executive - Independent Director
Mr. Sanjiv GoelNon-Executive - Independent Director
Mr. V K BansalChief Financial Officer

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 4 fund houses

Held by these funds

12.76%

of the company's equity

All mutual funds

16.15%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

6 schemes · 4 fund houses

		Shares
Small Cap Fund	DSP Mutual Fund	24.45 L	238.67	1.1%	5.422%	-0
Mid Cap Fund	DSP Mutual Fund	16.21 L	158.19	0.75%	3.593%	-0
Portfolio of Kotak Small Cap Fund	Kotak Mahindra Mutual Fund	13.29 L	129.68	0.66%	2.946%	-0
Rural Opportunities Fund	ICICI Prudential Mutual Fund	2.69 L	26.22	1.28%	0.596%	-0
ESG Exclusionary Strategy Fund	ICICI Prudential Mutual Fund	91,172	8.9	0.66%	0.202%	+1,582
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	40	0	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Aug 2026Transcript AI Summary PPT REC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

26

Final dividend17 Jul 2026 · ex-date₹2
Final dividend18 Jul 2025 · ex-date₹2
Final dividend19 Jul 2024 · ex-date₹6
Interim dividend14 Feb 2024 · ex-date₹8
Final dividend21 Jul 2023 · ex-date₹2
Final dividend21 Jul 2022 · ex-date₹6
Interim dividend10 Feb 2022 · ex-date₹8
Dividend dividend15 Jul 2021 · ex-date₹2
Interim dividend25 Feb 2020 · ex-date₹12
Dividend dividend30 Jul 2019 · ex-date₹0.6
Final dividend30 Jul 2018 · ex-date₹3.5
Interim dividend23 Feb 2018 · ex-date₹2
Dividend dividend7 Aug 2017 · ex-date₹0.6
Interim dividend28 Mar 2016 · ex-date₹4
Interim dividend18 Feb 2016 · ex-date₹2.5
Dividend dividend22 Dec 2015 · ex-date₹4.5
Final dividend11 Sept 2014 · ex-date₹2
Interim dividend17 Feb 2014 · ex-date₹2
Final dividend6 Aug 2013 · ex-date₹1.3
Interim dividend15 Feb 2013 · ex-date₹1.5
Dividend dividend6 Aug 2012 · ex-date₹2.2
Final dividend21 Jul 2011 · ex-date₹2
Dividend dividend27 Jul 2010 · ex-date₹7
Dividend dividend14 Sept 2009 · ex-date₹6
Dividend dividend25 Aug 2008 · ex-date₹5
Dividend dividend17 Sept 2007 · ex-date₹2

1

Board meeting to consider results3 Aug 2026

1

Face value ₹10 → ₹22 Sept 2010 · ex-date

1–3 of 4

1 / 2

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

59 announcementsExport CSV

22 Sept 2026, 7:58 pmCompany Update

Intimation Regarding Product Launch

General PDF

17 Sept 2026, 4:10 pmCompany Update

Announcement under Regulation 30 (LODR)-Credit Rating

Credit Rating PDF

17 Sept 2026, 4:00 pmCompany Update

Intimation Of Receipt Of In-Principle Approvals For Listing Of Up To 50,000 Equity Shares Of Face Value Of Rs. 2/- Each Under Dhanuka Employee Stock Option Plan 2026 ("ESOP 2026" / "Plan")

General PDF

28 Aug 2026, 8:59 pmCompany Update

Intimation Of Incorporation Of Wholly Owned Subsidiary In Ireland, Europe

General PDF

13 Aug 2026, 9:21 pmCompany Update

Announcement under Regulation 30 (LODR)-Cessation

Cessation PDF

7 Aug 2026, 12:10 pmCompany Update

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

Earnings Call Transcript PDF

3 Aug 2026, 6:14 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

3 Aug 2026, 6:06 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

Analyst / Investor Meet PDF

Date	Category	Subject	Filing
22 Sept 2026, 7:58 pm	Company Update General	Intimation Regarding Product Launch	PDF
17 Sept 2026, 4:10 pm	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF

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Ratio	Mar 2017	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Margins
Gross margin %	42.4%	42.4%	36.5%	37.8%	36.5%	34.4%	39%	40.1%
EBITDA margin %	17%	17%	15.5%	19.4%	17.8%	16.4%	18.6%	20.5%
EBIT margin %	15.6%	15.6%	14%	18.3%	16.7%	15.4%	16.3%	17.7%
PAT margin %	12.9%	12.9%	12.6%	15.2%	14.1%	13.7%	13.6%	14.6%
Working capital
Receivable days	—	—	—	64	70	73	72	82
Inventory days	—	—	—	125	135	113	142	119
Payable days	—	—	—	46	68	57	51	42
NWC days	—	—	—	143	137	128	163	160
Leverage
Current ratio	—	—	—	3.11	3.14	3.01	3.69	3.29
Debt to EBITDA	—	—	—	0.03	0	0.01	0	0.1
Debt to equity	—	—	—	0.01	0	0	0	0.03
Interest coverage	193	193	116.7	106.9	87.8	98	104.2	77.7
Asset turnover	—	—	—	1.23	1.13	1.21	1.11	1.13
Return ratios
Return on assets %	—	—	—	18.6%	15.9%	16.6%	15.1%	16.5%
Return on capital employed %	—	—	—	33.6%	30.1%	28.9%	26.7%	28.9%
Return on equity %	—	—	—	26.4%	21.7%	22%	19%	21.2%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Upl LimitedUPLUPL	₹43,628 Cr	₹65,674 Cr	₹52,804 Cr	₹9,326 Cr	17.9%	₹2,020 Cr	4.3%	11.2%	6%	135
Sumitomo Chemical India LimitedSUMICHEMSUMICHEM	₹20,842 Cr	₹20,844 Cr	₹3,245 Cr	₹685 Cr	20.7%	₹579 Cr	16.8%	23.1%	17.3%	155
Bayer Cropscience LimitedBAYERCROPBAYERCROP	₹15,958 Cr	—	₹5,472 Cr	₹688 Cr	15.4%	₹568 Cr	12.1%	28.4%	23.7%	300
Sharda Cropchem LimitedSHARDACROPSHARDACROP	₹6,397 Cr	₹6,397 Cr	₹5,357 Cr	₹1,047 Cr	20.4%	₹626 Cr	12.9%	28%	24.2%	125
Dhanuka Agritech LimitedDHANUKADHANUKA	₹4,217 Cr	₹4,259 Cr	₹2,035 Cr	₹417 Cr	20.5%	₹297 Cr	14.6%	28.9%	22.3%	160
Rallis India LimitedRALLISRALLIS	₹3,884 Cr	₹3,942 Cr	₹2,604 Cr	₹274 Cr	10.5%	₹164 Cr	6.3%	13.2%	10%	104
Bhagiradha Chemicals & Industries LimitedBHAGCHEMBHAGCHEM	₹3,063 Cr	₹3,294 Cr	₹607 Cr	₹79 Cr	10.7%	₹28 Cr	3.4%	4.8%	2.6%	148
Nacl Industries LimitedNACLINDNACLIND	₹3,054 Cr	₹3,355 Cr	₹1,519 Cr	₹106 Cr	6.5%	₹12 Cr	0.3%	11.8%	0.8%	105
Gsp Crop Science LimitedGSPCROPGSPCROP	₹2,113 Cr	₹2,373 Cr	₹1,517 Cr	₹185 Cr	12.2%	₹-3 Cr	6.2%	20.7%	-0.4%	121
Bharat Rasayan LimitedBHARATRASBHARATRAS	₹1,658 Cr	₹1,659 Cr	₹1,203 Cr	₹177 Cr	16%	₹140 Cr	11.7%	17.5%	12.1%	219
Insecticides (India) LimitedINSECTICIDINSECTICID	₹1,655 Cr	₹1,799 Cr	₹2,060 Cr	₹210 Cr	10.6%	₹125 Cr	6.5%	17.1%	12.1%	168
Astec Lifesciences LimitedASTECASTEC	₹1,580 Cr	₹2,029 Cr	₹441 Cr	₹6 Cr	-1%	₹-67 Cr	-18.1%	-9.3%	-25.9%	263

Dhanuka Agritech Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

26

1

1

Announcements

Not in the F&O segment

26

1

1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Dhanuka Agritech Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Ratios

Ratio timeline

Shareholding

Quarterly record

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends26

Board meetings1

Stock splits1

Announcements

Not in the F&O segment

Dividends26

Board meetings1

Stock splits1

Ratio timeline

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Quarterly record

Board and management

26

1

1

26

1

1