Dharmaj Crop Guard Ltd
NSE: DHARMAJ BSE: 543687Agri
Incorporated in 2015, Dharmaj Crop Guard manufactures and deals in pesticides including concessionaires of public health products for pest control, insecticides, herbicide, fertilizers and allied products related to research and technical formulations[1]
₹265
52W: ₹211 — ₹391
PE 18.6 · Book ₹131 · +102% vs bookMarket Cap₹896 Cr
Stock P/E18.6Price to Earnings
ROCE12%Return on Capital
ROE9.28%Return on Equity
Div. Yield0%Face Value ₹10
Weaknesses
- −Though the company is reporting repeated profits, it is not paying out dividend
- −Company has a low return on equity of 11.6% over last 3 years.
- −Debtor days have increased from 70.7 to 95.3 days.
Shareholding Pattern
Promoters70.4%
FIIs3.13%
DIIs0.47%
Public26%
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 70.4% | 70.4% | 70.4% | 70.4% | 70.4% | 70.4% | 70.4% | 70.4% |
| FIIs | 6.97% | 4.4%▼2.6 | 3.77%▼0.6 | 4.14%▲0.4 | 3.58%▼0.6 | 3.09%▼0.5 | 3.49%▲0.4 | 3.13%▼0.4 |
| DIIs | 0.14% | 0.14% | 0.9%▲0.8 | 0.47%▼0.4 | 0.47% | 0.47% | 0.47% | 0.47% |
| Public | 22.48% | 25.04%▲2.6 | 24.92%▼0.1 | 24.99%▲0.1 | 25.54%▲0.6 | 26.03%▲0.5 | 25.63%▼0.4 | 26%▲0.4 |
Financial Statements
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 252.67 | 123.42 | 116.07 | 255.28 | 311.33 | 174.51 | 209.93 | 367.38 | 347.26 | 189.54 |
| Expenses | 221.95 | 112.7 | 116.08 | 228.33 | 276.85 | 165.01 | 206.07 | 316.64 | 315.46 | 182.22 |
| Operating Profit | 30.72 | 10.72 | -0.01 | 26.95 | 34.48 | 9.5 | 3.86 | 50.74 | 31.8 | 7.32 |
| OPM % | 12.16% | 8.69% | -0.01% | 10.56% | 11.08% | 5.44% | 1.84% | 13.81% | 9.16% | 3.86% |
| Net Profit | 23.03 | 7.73 | -3.39 | 15.07 | 21.03 | 1.18 | -2.44 | 32.59 | 17.35 | 0.77 |
| EPS ₹ | 6.81 | 2.29 | -1 | 4.46 | 6.22 | 0.35 | -0.72 | 9.64 | 5.13 | 0.23 |
AI Insights
Revenue Trend
TTM revenue at ₹1,114Cr, up 17.1% YoY. OPM at 8%.
Debt Position
Borrowings at ₹139Cr. Debt-to-equity ratio: 0.34x. Healthy balance sheet.
Capex Cycle
CWIP at ₹2Cr (1% of fixed assets). Moderate ongoing capital expenditure.
Institutional Flow
DIIs: 0.47% (+0.47pp change). FIIs: 3.13% (-1.89pp change). Promoters hold 70.4%.
Margin & Efficiency
ROCE improving from 0% (Mar 2019) to 12% (Mar 2025). Working capital days: 53.
Valuation
PE 18.6x with 12% ROCE. Price is 102% above book value of ₹131. Dividend yield: 0%.
Recent Announcements
- Board Meeting Intimation for Audited Financial Result For The Quarter And Year Ended On March 31,2026. 13 May - Board meets May 27, 2026 to approve Q4 and FY26 audited results; trading window stays closed.
- Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A 25 Apr - Company says it is not a Large Corporate under SEBI debt circular as on March 31, 2026.
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 4 Apr - Filed Regulation 74(5) compliance certificate for quarter ended 31 March 2026.
- Announcement under Regulation 30 (LODR)-Credit Rating 3 Apr - CRISIL reaffirmed then withdrew ratings for Rs.237.85 crore bank facilities; BBB+/Stable and A2.
- Closure of Trading Window 25 Mar - Trading window closed Apr 1, 2026 until 48 hours after audited Q4 and year-ended Mar 31, 2026 results.
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse