Dharmaj Crop Guard Live Share Price Today, Share Analysis and Chart

About the company - Business Profile

Dharmaj Crop Guard Ltd. (DCGL) is an agrochemical company engaged in the manufacturing, distributing, and marketing of a wide range of agrochemical formulations, including insecticides, fungicides, herbicides, plant growth regulators, micro fertilizers, and antibiotics. The company operates through a B2C model, selling branded formulations to farmers via a distribution network, and a B2B model, supplying institutional clients and exporting to over 25 countries. Recently, the company has expanded its operations by commissioning a greenfield facility for the manufacturing of active ingredients (technicals) and intermediates, moving toward a more vertically integrated business model.

Key Points

• Key Facts: Founded in 2015, Dharmaj Crop Guard is headquartered in Ahmedabad, Gujarat. It is listed on both the NSE (DHARMAJ) and BSE (543687). The company has rapidly scaled from a small formulation unit to an integrated agrochemical player.
• Operations and Resources:
  • Manufacturing Facilities: Operates two units. Unit-I is located in Kerala, GIDC Estate, Ahmedabad, and Unit-II is a newly established technical plant in Saykha, GIDC, Bharuch.
  • Capacity: Formulations capacity stands at 25,500 MT, while the newly operational technicals and intermediates facility has a capacity of 8,000 MT.
  • Distribution: The company has over 5,000 dealers and distributors and reaches more than 15,000 retail touchpoints across 24 states in India. It maintains 20 stock depots to ensure supply chain efficiency.
• Market and Significance: DCGL serves the domestic agriculture sector and international markets. It holds over 535 product registrations (formulations) and has received 15 technical registrations, with 28 more in the pipeline. It also has 85 export product registrations.
• Revenue Breakdown (FY25 Annual):
  • Total Revenue from Operations for FY25 reached ₹9,510 million, representing a significant growth from ₹6,541 million in FY24.
  • The business is divided into four main verticals: Branded Formulations (B2C), Domestic Institutional Formulations (B2B), Export Institutional (including Technicals), and Domestic Active Ingredients (Technicals).
  • Geographically, while domestic sales remain the primary driver, the company has a growing export presence in 29 countries.
• Key Products and Technology:
  • Insecticides: Products include Fipronil 40% + Imidacloprid 40% WG and Emamectin Benzoate 5 SG.
  • Herbicides: Key offerings include Glufosinate Ammonium 13.5% SL and Paraquat Dichloride.
  • Fungicides: Includes Azoxystrobin 11% + Tebuconazole 18.3% SC.
  • Active Ingredients: The Saykha facility focuses on backward integration by manufacturing Technicals like Azoxystrobin and Dimethomorph.
• Employee Trends: The company has a workforce of over 580 employees, supported by an on-ground sales force of more than 220 personnel.
• Current Strategic Initiatives:
  • Vertical Integration: Transitioning from a pure formulation player to an integrated technicals manufacturer to improve margins and supply chain control.
  • Expansion: Acquired additional land near the Kerala GIDC facility in FY25 for further expansion.
  • Market Deepening: Increasing focus on the "Active Ingredients" vertical to cater to domestic and export B2B demand.

Performance Summary (9M FY26)

As of the nine months ending December 2025, Dharmaj Crop Guard reported:

• Revenue from Operations: ₹9,042 million (22% YoY growth).
• EBITDA: ₹899 million (27% YoY growth) with a margin of 9.9%.
• Profit After Tax (PAT): ₹507 million (36% YoY growth).
• Growth in 9M FY26 was primarily driven by the Domestic Active Ingredients segment (up 48% YoY) and Export Institutional segment (up 75% YoY), highlighting the success of the new technical plant integration.

References

1. Annual Report May 2024
2. Annual Report May 2025
3. Investor Presentation Nov 2025
4. Investor Presentation Feb 2026