Dhanuka Agritech Q4 PAT rises 30%, approves ₹70 cr buyback
Dhanuka Agritech reported a 30% YoY increase in Q4 FY26 PAT to ₹97.77 crore, supported by a 9% rise in revenue to ₹483.34 crore and a significant GST refund. The Board approved a ₹70 crore share buyback and a ₹2 per share dividend. Management provided guidance for FY27, expecting low double-digit growth, with specific revenue targets for the Bayer products and biologicals segment.
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Dhanuka Agritech announced its financial results for the quarter and year ended March 31, 2026. Revenue from operations for Q4 FY26 stood at ₹483.34 crore, a 9% increase compared to ₹442.02 crore in Q4 FY25. Profit after tax (PAT) for the quarter rose to ₹97.77 crore from ₹75.50 crore in the corresponding period of the previous year. EBITDA for the quarter was ₹124.89 crore, up from ₹109.75 crore in Q4 FY25.
Corporate Actions
The Board of Directors has recommended a dividend of 100%, or ₹2 per equity share, with a face value of ₹2 each. The total outgo for the dividend is approximately ₹9.02 crore, subject to shareholder approval at the 41st Annual General Meeting scheduled for August 3, 2026.
Additionally, the Board approved a buyback of up to 500,000 fully paid-up equity shares, representing 1.11% of the total paid-up equity share capital. The repurchase will be conducted via the tender offer route at a price of ₹1,400 per share, for an aggregate consideration not exceeding ₹70 crore. The record date for determining shareholder eligibility is fixed as May 29, 2026. The company has appointed Sundae Capital Advisors Private Limited as the Manager to the Offer.
Operational Performance
The company reported that the North zone contributed 32% to turnover, East 12%, West 23%, and South 33% during the quarter. Product-wise, Insecticides contributed 41%, Fungicides 14%, Herbicides 31%, and others 14%. Management noted that the agrochemical industry faced challenges from erratic weather patterns and supply chain volatility during the quarter.
| Financial Metric | Q4 FY26 | Q4 FY25 |
|---|---|---|
| Revenue from Operations | ₹483.34 crore | ₹442.02 crore |
| EBITDA | ₹124.89 crore | ₹109.75 crore |
| Profit After Tax | ₹97.77 crore | ₹75.50 crore |
The Board also approved the introduction of an Employee Stock Option Plan (ESOP) to strengthen long-term alignment and support leadership development.
Management Commentary
During the post-results conference call, management highlighted that the highest ever EBITDA margin in Q4 was largely driven by a GST refund of ₹14.5 crore during the quarter, totaling ₹29 crore for the fiscal year. The company reported a Dahej EBITDA loss of ₹13 crore for FY26, compared to a loss of ₹14 crore in the previous year. Dahej sales were ₹50 crore for the full year, with ₹8 crore recorded in Q4.
Regarding the acquired Bayer products, management stated that India sales for Melody Duo were approximately ₹27 crore in FY26. For FY27, the company expects revenue from these products to be around ₹60 crore. The company has appointed customers in five countries for international sales and is in advanced discussions with distributors in 10 others. Manufacturing of the Triadimenol formulation will shift to India in the current financial year, while Iprovalicarb technical production will begin by the end of the year.
For the biologicals segment, revenue was ₹70 crore in FY26, down from ₹110 crore in FY25, attributed to regulatory issues. The company expects this segment to generate revenue exceeding ₹130 crore in FY27. Management guided for low double-digit growth in FY27, with price growth expected to outpace volume growth. The company forecasts Dahej revenue of ₹75 crore for FY27, lower than previous estimates due to current market conditions.
Historical Stock Returns for Dhanuka Agritech
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.93% | +0.22% | -1.17% | -10.48% | -35.67% | +15.66% |
How will Dhanuka Agritech's Dahej facility ramp-up trajectory and path to profitability evolve beyond FY27, given the persistent losses and revised revenue forecasts?
What regulatory hurdles remain for the biologicals segment, and could recurring compliance challenges structurally limit the company's ability to sustain the projected ₹130+ crore revenue target in FY27?
How might the integration of acquired Bayer products and expansion into 15 international markets reshape Dhanuka's revenue mix and margin profile over the next 2–3 years?
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