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Swing Capital

Dhanuka Agritech Ltd

NSE: DHANUKA BSE: 507717

Dhanuka Agritech manufactures a wide range of agro-chemicals like herbicides, insecticides, fungicides, plant growth regulators in various forms liquid, dust, powder and granules.(Source : 202003 Annual Report Page No:93)

₹1,092
52W: ₹890 — ₹1975
PE 18.6 · Book ₹342 · +219% vs book
Market Cap₹4,923 Cr
Stock P/E18.6Price to Earnings
ROCE28.3%Return on Capital
ROE22%Return on Equity
Div. Yield0.18%Face Value ₹2

Strengths

  • +Company is almost debt free.

Shareholding Pattern

Promoters69.72%
FIIs1.93%
DIIs19.43%
Public8.91%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters70.19%70.29%▲0.170.29%70.32%▲0.069.88%▼0.469.72%▼0.269.72%69.72%
FIIs1.53%2.01%▲0.52.16%▲0.22.19%▲0.02.67%▲0.52.3%▼0.42.14%▼0.21.93%▼0.2
DIIs19.29%19.03%▼0.318.73%▼0.318.06%▼0.717.63%▼0.418.08%▲0.418.78%▲0.719.43%▲0.6
Public9%8.68%▼0.38.82%▲0.19.42%▲0.69.83%▲0.49.91%▲0.19.37%▼0.58.91%▼0.5

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales618403368494654445442528598410
Expenses476341288422495370332445462351
Operating Profit142628072160761108313759
OPM %23%15%22%15%24%17%25%16%23%14%
Net Profit1024559491185576569440
EPS ₹22.339.9512.9510.7326.0712.2116.7512.3120.858.87

AI Insights

Revenue Trend

TTM revenue at ₹1,978Cr, down 2.8% YoY. OPM at 20%.

Debt Position

Borrowings at ₹32Cr. Debt-to-equity ratio: 0.02x. Healthy balance sheet.

Capex Cycle

CWIP at ₹11Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 19.43% (+2.19pp change). FIIs: 1.93% (-1.62pp change). Promoters hold 69.72%.

Margin & Efficiency

ROCE declining from 36% (Mar 2014) to 28% (Mar 2025). Working capital days: 121.

Valuation

PE 18.6x with 28.3% ROCE. Price is 219% above book value of ₹342. Dividend yield: 0.18%.

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