Dharmaj Crop Guard Limited (DHARMAJ)

About

Dharmaj Crop Guard Limited manufactures pesticides and agrochemicals within the Materials sector with ₹913 Cr market cap. Revenue ranges ₹190–384 Cr quarterly, reflecting significant seasonality. Operating margins vary from 3.86% (Dec 2025) to 15% (Jun 2026), with profitability swinging correspondingly.

Face value: ₹10

Market cap

₹905 Cr

P/E

15.0×

P/B

2.0×

Dividend yield

0%

ROE

13%

ROCE

18.4%

Debt / equity

0.29

OPM

8.8%

EPS (TTM)

₹17.8

Book value

₹132.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin compression in off-season: OPM falls from 15% (Jun 2026) to 3.86% (Dec 2025), constraining full-year profitability.

1y share return of −16.38% despite ROE 12.96% and PE 15.18 indicates unresolved concerns or structural headwinds.

Revenue volatility from ₹189.54 Cr (Dec 2025) to ₹384.1 Cr (Jun 2026) signals high seasonality; verify whether capacity, demand, or both limit growth in troughs.

Low institutional participation (FII 3.13%, DII 0.5%) may indicate limited analyst coverage and liquidity.

Generated analysis · source review pending

Growth drivers

Jun 2026 OPM of 15% exceeds average 8.83% by 70%; verify if this reflects volume growth, pricing strength, or seasonal cost structure.

D/E ratio 0.29 provides balance-sheet headroom; verify if company plans capex for capacity expansion or product development.

Off-season revenue at ₹189.54 Cr (Dec 2025) represents unutilized capacity; verify if geographic expansion, exports, or new products could absorb it.

Agrochemical demand correlates with agricultural output; verify India's FY2027 crop health and commodity price trends.

Generated analysis · source review pending

938 historical price candles were omitted because the exchange source has not been verified.

₹267.7-4%1Y

Quick read

rule-based

Pros

+High promoter holding of 70.4% with no pledge

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

56/100

Business quality: 41
Growth: 46
Valuation: 81

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.

Screen this industry Compare top 5 side-by-side

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

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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 2024	Mar 2025	Mar 2026
	654	951	1,138
COGS	519	744	881
Gross profit	135	207	257
	72	132	157
	63	75	100
OPM %	9.6%	7.9%	8.8%
Depreciation	5	18	19
Interest	3	13	17
	3	2	8
Profit before tax	57	46	72
Tax	13	11	18
Tax %	22.8%	23.9%	24.6%
	44	35	55
PAT margin %	6.8%	3.7%	4.8%
EPS (₹)	13.1	10.3	16.2
EPS adjusted (₹)	13.1	10.3	16.2
Annual report	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	25	34	34	34
Reserves	60	326	361	415
	37	112	116	132
	98	92	223	260
Total equity & liabilities	220	563	733	841
	40	312	311	312
CWIP	18	0	3	6
Investments	0	0	0	0
	161	250	420	523
Total assets	220	563	733	841

₹ Cr	Mar 2024	Mar 2025	Mar 2026
	7	39	28
	-62	-33	-29
	57	-9	2
Net cash flow	3	-3	0
Free cash flow	-183	7	1
CFO / Operating profit %	11.7%	51.7%	27.5%

Compounded sales growth

7 years: —
5 years: —
3 years: —
1 year: 20%

Compounded profit growth

7 years: —
5 years: —
3 years: —
1 year: 57%

Return on equity

7 years: —
5 years: —
3 years: 11%
Last year: 12%

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Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	20.6%	21.7%	22.6%
EBITDA margin %	9.6%	7.9%	8.8%
EBIT margin %	8.8%	5.9%	7.1%
PAT margin %	6.8%	3.7%	4.8%
Working capital
Receivable days	66	95	90
Inventory days	66	68	86
Payable days	47	96	89
NWC days	84	67	87
Leverage
Current ratio	1.94	1.53	1.55
Debt to EBITDA	1.78	1.55	1.31
Debt to equity	0.31	0.29	0.29
Interest coverage	17.7	4.5	5.2
Asset turnover	1.16	1.3	1.35
Return ratios
Return on assets %	7.9%	4.7%	6.5%
Return on capital employed %	13.9%	13%	18.4%
Return on equity %	12.3%	8.8%	12.2%

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
	70.4%	70.4%	70.4%	70.4%	70.4%	70.4%	70.4%	70.4%	70.4%	70.4%	70.4%	70.4%
	4.37%	4.35%	5.5%	6.97%	4.4%	3.77%	4.14%	3.58%	3.09%	3.49%	3.13%	3.13%
	0%	0.47%	0.61%	0.61%	0.61%	0.91%	0.47%	0.47%	0.47%	0.47%	0.47%	0.5%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	25.23%	24.78%	23.49%	22.02%	24.59%	24.92%	24.99%	25.55%	26.04%	25.64%	26%	25.97%
No. of shareholders	—	—	—	—	—	—	—	—	30,284	28,990	27,537	26,567

Promoter holding up 0 percentage points since Sep 2023.

1 disclosure

Person	Deal	Shares	Value	Holding	Filed
BHUPATBHAI D KHUNT (HUF)	BuyMarket Purchase	11,000	₹36.02 L	0.06% → 0.09%	27 Sept 20257(3)

Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.

24 deals · 8 Dec 2022 – 2 Aug 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
2 Aug 2024	ELARA INDIA OPPORTUNITIES FUND LIMITED	Bulk	NSE	Sell	6,65,000	₹330.65	₹21.99 Cr
2 Aug 2024	UNICO GLOBAL OPPORTUNITIES FUND LIMITED	Bulk	NSE	Buy	6,55,000	₹330.63	₹21.66 Cr
3 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	3,51,783	₹310.15	₹10.91 Cr
3 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	3,51,783	₹309.77	₹10.90 Cr
3 Jul 2024	ELARA INDIA OPPORTUNITIES FUND LIMITED	Bulk	NSE	Sell	2,00,000	₹305.24	₹6.10 Cr
2 Jul 2024	ANTARA INDIA EVERGREEN FUND LTD	Bulk	NSE	Sell	1,75,673	₹301.75	₹5.30 Cr
1 Aug 2023	KRONE INVESTMENTS	Bulk	NSE	Sell	1,81,420	₹199.12	₹3.61 Cr
1 Aug 2023	KRONE INVESTMENTS	Bulk	NSE	Buy	1,21,420	₹196.82	₹2.39 Cr
9 Dec 2022	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	2,14,796	₹260.02	₹5.59 Cr
9 Dec 2022	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	2,14,796	₹259.36	₹5.57 Cr

1–10 of 24

1 / 3

Mr. Rameshbhai Ravajibhai TalaviaExecutive Director-Chairperson related to Promoter-MD
Mr. Jamankumar Hansarajbhai TalaviaExecutive Director
Mr. Jagdishbhai Ravjibhai SavaliyaExecutive Director
Mr. Dipak Bachubhai KanpariaNon-Executive - Independent Director
Mr. Bhupatray KhuntNon-Executive - Independent Director
Mr. Umesh Krishnankutty MenonNon-Executive - Independent Director
Mrs. Amisha Fenil ShahNon-Executive - Independent Director
Mr. Vishal DomadiaChief Executive officer
Mr. Vikas Mohanlal AgarwalChief Financial Officer
Ms. Malvika Bhadreshbhai KapasiCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

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

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Dharmaj Crop Guard Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

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

Announcements

30

Annual reports

3

Credit ratings

2

Investor Presentation and earnings call

2

Jun 2026Transcript AI Summary PPTREC
Nov 2025Transcript 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.

1

Board meeting to consider results7 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

16 announcementsExport CSV

31 Aug 2026, 2:21 pmAGM/EGM

Notice Of The 12Th Annual General Meeting ('AGM') Of The Company For FY 2025-26

AGM PDF

31 Aug 2026, 2:10 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

29 Aug 2026, 2:45 pmCompany Update

Letter To Shareholder Under Regulation 36(1)(B)

General PDF

29 Aug 2026, 2:39 pmCompany Update

Notice Of 12Th Annual General Meeting To Be Held On Thursday September 24, 2026

General PDF

29 Aug 2026, 2:29 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

20 Aug 2026, 3:49 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

8 Aug 2026, 3:33 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

7 Aug 2026, 7:21 pmResult

Results- Financial Result For The Quarter Ended June 30,2026

Financial Results PDF

Date	Category	Subject	Filing
31 Aug 2026, 2:21 pm	AGM/EGM AGM	Notice Of The 12Th Annual General Meeting ('AGM') Of The Company For FY 2025-26	PDF
31 Aug 2026, 2:10 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication

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Dharmaj Crop Guard 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

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Board meetings1

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Board meetings1

Quarterly record

Insider dealing

Bulk & block deals

Board and management

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

1

1