Dharmaj Crop Guard LimitedQ1 FY27 Results & Financial Update
Dharmaj Crop Guard Limited: Q1 FY27 consolidated results and company financials – revenue ₹382.38 Cr, PAT ₹38.11 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Dharmaj Crop Guard Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Dharmaj Crop Guard Limited reported consolidated revenue from operations of INR 3,823.75 million for Q1 FY27, representing a 4.08% increase over INR 3,673.83 million in Q1 FY26, navigating a challenging operational landscape characterized by El Nino effects and delayed monsoon onset.
Profit after tax (PAT) for the quarter rose by 16.95% year-on-year to INR 38.11 million compared to INR 325.87 million in the corresponding quarter of the previous fiscal year, reflecting enhanced operational efficiency and product mix improvements.
Profit before tax (PBT) reached INR 50.99 million, up 16.62% from INR 437.27 million in Q1 FY26, driven by a higher gross profit margin expanding by 179 basis points to 26% alongside disciplined cost management.
EBITDA margins for Q1 FY27 stood at 14.9%, or 15% as reported in investor presentations, compared to 13.8% in Q1 FY26, aided by a favorable product mix within domestic branded formulations and selective price realizations.
Domestic branded formulations remained flat year-on-year due to the absence of an early monsoon start that had boosted off-take in Q1 FY26, though profitability improved via a shift toward higher-value-added products.
The export institutional vertical delivered robust growth of 116% year-on-year to reach INR 375 million from INR 174 million, extending recovery trends established through FY26 on a smaller base.
Active ingredients revenue declined 14% year-on-year to INR 721 million from INR 841 million, impacted by West Asia macro headwinds affecting input availability and technicals demand, while management aligned production with internal formulation requirements to optimize plant capacity.
01 · Business model
What does Dharmaj Crop Guard do?
Dharmaj Crop Guard Limited is an agrochemicals manufacturer and distributor engaged in producing formulations such as insecticides, fungicides, herbicides, plant growth regulators, and micro fertilisers, alongside general insect and pest control chemicals for public health and animal protection.
The company markets its products under generic and licensed formulation brands directly to B2C farmers as well as to institutional B2B customers.
Dharmaj expanded across the agrochemicals value chain by establishing an 8,000 TPA intermediates and technicals greenfield unit at Sayakha to manufacture active ingredients.
Operations span domestic markets supported by an extensive dealer and distributor network and export channels spanning international geographies.
02 · Historical context
What shaped the business before this quarter
Previously established an 8,000 TPA intermediates and technicals greenfield manufacturing facility at Sayakha to integrate upstream active ingredients production.
The board approved the Dharmaj Employees Stock Option Plan 2023 for up to 300,000 equity-convertible options, with no options granted as of June 30, 2026.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹382.38 Cr |
| Total income | ₹383.51 Cr |
| Profit before tax | ₹50.99 Cr |
| Profit after tax | ₹38.11 Cr |
| EPS | ₹11.28 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Export institutional revenue expanded by 116% year-on-year to INR 375 million, sustaining momentum from previous quarters on a smaller base.
Domestic institutional formulations grew 4% year-on-year to INR 1,980 million compared to INR 1,896 million in Q1 FY26.
Domestic branded formulations remained flat in headline terms at INR 764 million versus INR 763 million, but shifted toward higher-value-added products.
Domestic active ingredients revenue decreased by 14% year-on-year to INR 721 million due to West Asia geopolitical disruptions and macroeconomic headwinds affecting technicals demand.
What drove margins
Gross profit grew 12% year-on-year to INR 997 million, with gross profit margin expanding by 179 basis points to 26% from 24% in Q1 FY26.
EBITDA margin improved to 14.9% (reported as 15%) from 13.8% in Q1 FY26, supported by favorable domestic branded product mix and price realizations.
Finance costs declined 14% year-on-year to INR 26.83 million from INR 31.17 million in Q1 FY26, easing debt servicing pressure.
05 · Demand, customers & order book
Where demand is coming from
Retail touchpoints increased from 19,300+ to 19,500+, supported by 5,300+ dealers and distributors across markets.
Added 21 members to the on-ground marketing and B2B sales team during the period.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The group operates in a single reportable segment, 'Agri-Inputs', encompassing pesticides, public health products, insecticides, herbicides, fertilizers, and allied technical formulations.
Geography and market mix
Export institutional sales surged 116% year-on-year, and cumulative export market registrations reached 125 with 165 additional registrations awaited.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Construction remained on track for the new formulations facility at Kerala GIDC, Ahmedabad, dedicated to herbicides manufacturing to release capacity at existing plants.
Active ingredients production was intentionally aligned with captive formulation requirements to optimize existing technicals plant utilization amid external market uncertainty.
Projects, capex and execution
Ongoing execution of the herbicides greenfield facility at Kerala GIDC, Ahmedabad, designed to support future product mix requirements and peak Kharif throughput.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company announced plans to obtain regulatory approvals for incorporating a new wholly-owned subsidiary in Brazil.
Launched 'ORMARA', featuring Fomesafen 12% + Quizalofop-ethyl 5% SC, in the B2C branded formulations portfolio during the season.
09 · Reported developments
What changed operationally
PAT increased 17% year-on-year to INR 38.11 million alongside a 13% rise in EBITDA to INR 573 million.
Cumulative technical registrations reached 47 received with 11 awaited, alongside 125 export market registrations received with 165 awaited.
10 · Pressure points & risks
What is not going smoothly
Delayed monsoon onset and El Nino conditions postponed Kharif sowing and reduced product demand across key agricultural regions.
West Asia crisis and macro headwinds caused a 14% year-on-year revenue contraction in active ingredients.
11 · Management guidance & targets
What management is targeting from here
Management reaffirmed annual growth targets for FY27, backed by branded formulations strength, active ingredients scale-up, and export recovery.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Independent Director Changes
Mrs. Megha Joshi was appointed as an Additional Independent Director effective August 08, 2026, following the resignation of Mrs. Amisha Shah due to other professional commitments.
13 · Previous-quarter changes
What changed since the previous quarter
Revenue rose from INR 2,337.79 million in Q4 FY26 to INR 3,823.75 million in Q1 FY27, reflecting the seasonal nature of the agrochemicals business tied to Kharif cropping patterns.
14 · Key Q&A
The quarter, answered directly
What does Dharmaj Crop Guard do?
Dharmaj Crop Guard Limited is an agrochemicals manufacturer and distributor engaged in producing formulations such as insecticides, fungicides, herbicides, plant growth regulators, and micro fertilisers, alongside general insect and pest control chemicals for public health and animal protection.
What is the clearest takeaway from Q1 FY27?
Dharmaj Crop Guard Limited reported consolidated revenue from operations of INR 3,823.75 million for Q1 FY27, representing a 4.08% increase over INR 3,673.83 million in Q1 FY26, navigating a challenging operational landscape characterized by El Nino effects and delayed monsoon onset.
What drove revenue or demand?
Export institutional revenue expanded by 116% year-on-year to INR 375 million, sustaining momentum from previous quarters on a smaller base.
What mattered most for margins or profitability?
Gross profit grew 12% year-on-year to INR 997 million, with gross profit margin expanding by 179 basis points to 26% from 24% in Q1 FY26.
What changed operationally beyond the headline numbers?
Construction remained on track for the new formulations facility at Kerala GIDC, Ahmedabad, dedicated to herbicides manufacturing to release capacity at existing plants.
What is management guiding or targeting from here?
Management reaffirmed annual growth targets for FY27, backed by branded formulations strength, active ingredients scale-up, and export recovery.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Kerala Facility Commissioning: Monitor the construction progress and operational startup of the new herbicides formulation facility at Kerala GIDC, Ahmedabad.
- 02
Export Growth Trajectory: Track the sustained recovery and scaling of export institutional sales and the receipt of pending international product registrations.
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