Dharmaj Crop Guard Ltd
NSE: DHARMAJ · Pesticides & Agrochemicals · sector
₹240.10NSE close 2026-10-26
Key numbers
Market cap₹811 cr
Price₹240.10
52w high / low₹309 / ₹211
P/E13.5xSector median 18.3x
P/B1.8xSector median 1.8x
Book value₹132.9
Dividend yield–Sector median 0.55%
ROE14.3%Sector median 9.3%
ROCE16.6%Sector median 12.4%
OPM9.3%Sector median 10.4%
Debt / equity0.29xSector median 0.34x
EV/EBITDA8.7xSector median 10.8x
Interest cover5.8x
Current ratio1.55x
Sales growth 3y+28.7%Sector median +1.7%
Profit growth 3y+18.2%Sector median +2.3%
PEG1.30x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 29 companies in Pesticides & Agrochemicals (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹6 cr vs borrowings ₹132 cr (FY26): borrowings are higher by ₹125 cr.
- Borrowings rose in each of the last 3 years (₹52 cr → ₹132 cr).
- Operating profit covered interest 5.8x in the last 12 months.
- Operating cash flow was below net profit in 3 of the last 4 years (FY26, FY24, FY23).
- Net loss in 1 of the last 8 quarters.
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 14% of net profit in the last 12 months.
- Debtor days went from 66 (FY24) to 90 (FY26).
- No dividend in the last 4 financial years.
- Price ₹240.10 on 2026-10-26: -22.3% from the 52-week high, +14.0% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹370.30 · low ₹174.52
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 311 | 175 | 210 | 367 | 347 | 190 | 234 | 382 |
| EBITDA | 34 | 9 | 4 | 51 | 32 | 7 | 11 | 57 |
| OPM % | 11.1% | 5.4% | 1.8% | 13.8% | 9.2% | 3.9% | 4.5% | 15.0% |
| Other income | 0 | -0 | 2 | 1 | 0 | 3 | 4 | 1 |
| Net profit | 21 | 1 | -2 | 33 | 17 | 1 | 4 | 38 |
| EPS (₹) | 6.22 | 0.35 | -0.73 | 9.64 | 5.13 | 0.22 | 1.17 | 11.28 |
| Revenue YoY | +11.5% | +8.6% | +11.4% | +4.1% | ||||
| Profit YoY | -17.6% | -35.6% | – | +16.9% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|
| Revenue | 534 | 654 | 951 | 1,138 | 1,153 |
| EBITDA | 47 | 63 | 75 | 100 | 107 |
| Net profit | 33 | 44 | 35 | 55 | 60 |
| EPS (₹) | 12.03 | 13.13 | 10.30 | 16.17 | 17.80 |
| Revenue growth | +22.6% | +45.4% | +19.7% | +8.4% | |
| Profit growth | +34.0% | -21.5% | +56.9% | +14.9% | |
| Dividend / share (₹) | – | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +28.7% | – | +8.4% |
| Net profit | +18.2% | – | +15.0% |
| EPS | +10.4% | – | – |
| Share price | – | -9.1% (2y) | -13.2% |
Balance sheet
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Shareholders' equity | 321 | 359 | 394 | 449 |
| Borrowings | 52 | 112 | 116 | 132 |
| Cash & equivalents | 0 | 3 | 3 | 6 |
| Total assets | 439 | 563 | 733 | 841 |
| Fixed assets | 39 | 310 | 308 | 310 |
| Capital work in progress | 95 | 0 | 3 | 6 |
| Investments | 0 | 0 | 0 | 0 |
| Receivables | 74 | 119 | 248 | 281 |
| Inventory | 73 | 93 | 138 | 207 |
| Payables | 55 | 67 | 196 | 216 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Cash from operations | -7 | 7 | 39 | 28 |
| Cash from investing | -207 | -62 | -33 | -29 |
| Cash from financing | 214 | 57 | -9 | 2 |
| Capex | 83 | 0 | 32 | 27 |
| Free cash flow | -90 | 7 | 7 | 1 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| ROE % | 10.3% | 12.3% | 8.8% | 12.2% |
| ROCE % | 12.5% | 12.9% | 11.5% | 15.4% |
| Debtor days | 51 | 66 | 95 | 90 |
| Inventory days | 62 | 66 | 68 | 86 |
| Payable days | 47 | 47 | 96 | 89 |
| Cash conversion cycle (days) | 66 | 85 | 67 | 87 |
| Working capital days | 142 | 66 | 55 | 58 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 70.40% |
| FIIs | 3.12% |
| DIIs | 0.50% |
| Public (non-institutions) | 25.97% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 70.40% | 70.40% | 70.40% | 70.40% | 70.40% | 70.40% | 70.40% | 70.40% |
| Promoter group | % |
|---|---|
| Talavia Rameshbhai Ravajibhai | 26.67% |
| Jamankumar Hansarajbhai Talavia | 24.45% |
| Manjulaben R Talaviya | 6.62% |
| Talavia Muktaben Jamanbhai | 6.29% |
| Vishal Domadia | 3.82% |
| Savaliya Jagdishbhai R | 1.50% |
| Prafullaben Shantilal Savaliya | 0.68% |
| Domadia Artiben | 0.27% |
| Ilaben Jagdishbhai Savaliya | 0.04% |
| Jinal Jamanbhai Talavia | 0.03% |
| Talavia Hitarth Jamankumar | 0.03% |
| Megi Ramesh Talavia | 0.00% |
| Darshit Ramesh Talavia | 0.00% |
| Neelakumari Kirankumar Dobariya | 0.00% |
| Ramesh Ravjibhai Talavia (Huf) | 0.00% |
| Public holders above 1% | % |
|---|---|
| Gymkhana Partners L.P. | 1.56% |
| Unico Global Opportunities Fund Limited | 1.48% |
| Miten Mehta | 1.20% |
24,935 shareholders. Pledged: – of promoter shares.
Peers in Pesticides & Agrochemicals
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| UPL | ₹42,056 cr | 20.6x | 1.2x | 6.3% | 11.9% | 17.8% | -1.1% | 1.16% |
| PIIND | ₹30,704 cr | 26.3x | 2.7x | 10.5% | 13.3% | 25.3% | +1.1% | 0.74% |
| SUMICHEM | ₹17,685 cr | 30.5x | 5.2x | 18.4% | 23.1% | 21.4% | -2.7% | 0.33% |
| BAYERCROP | ₹15,009 cr | 20.5x | 5.1x | 25.2% | 31.7% | 16.0% | +3.4% | 3.75% |
| SHARDACROP | ₹5,688 cr | 9.1x | 1.8x | 22.2% | 25.8% | 19.5% | +9.2% | 1.91% |
| DHANUKA | ₹3,709 cr | 14.0x | 2.2x | 17.4% | 21.1% | 19.2% | +5.9% | 0.25% |
| RALLIS | ₹3,664 cr | 19.1x | 1.7x | 9.3% | 12.4% | 11.9% | -0.8% | 1.34% |
| NACLIND | ₹2,650 cr | 221.7x | 3.9x | 2.2% | 6.0% | 5.8% | -9.2% | – |
| BHAGCHEM | ₹2,512 cr | 91.4x | 3.6x | 4.0% | 6.1% | 13.0% | +2.2% | 0.07% |
| DHARMAJ | ₹811 cr | 13.5x | 1.8x | 14.3% | 16.6% | 9.3% | +28.7% | – |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Announcements NSE filings
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
| Sector | Commodities |
| Industry | Pesticides & Agrochemicals |
| Sub-industry | Pesticides & Agrochemicals |
| Symbol | DHARMAJ |
| BSE code | 543687 |
| ISIN | INE00OQ01016 |
| Face value | ₹10.0 |
| Incorporated | – |
| Website | – |
| Plants (India / abroad) | – |
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.