Dharmaj Crop Guard Limited , a leading agrochemical company, has reported strong financial results for the first half of fiscal year 2026, demonstrating resilience in the face of erratic monsoon patterns. The company achieved a notable 26% year-on-year revenue growth, reaching INR 715.00 crores in H1 FY26.

Financial Highlights

• Revenue: INR 715.00 crores in H1 FY26, up 26% year-on-year
• Net Profit: INR 49.90 crores, increased from INR 36.10 crores in H1 FY25
• Q2 FY26 Revenue: INR 347.00 crores, reflecting a 12% year-on-year growth

Segment-wise Performance

Key Insights

• The company faced a sequential decline in Q2 due to erratic monsoon patterns, particularly in late August and September, which affected agrochemical demand.
• Despite challenges, Dharmaj Crop Guard remains confident of achieving its 20-25% full-year growth guidance.
• The company's diversified business model, with growth across various segments, has helped mitigate the impact of seasonal fluctuations.

Operational Updates

• Capacity utilization at the Saykha plant has reached 62-65%, with plans to increase to 70-75% in the coming years.
• The company is exploring opportunities in the herbicide segment, considering the growing demand due to labor shortages and increasing labor costs.
• Dharmaj Crop Guard is actively pursuing international expansion, with ongoing registration processes in key markets like Brazil, Poland, and the United States.

Management Commentary

Ramesh Talavia, Chairman and Managing Director, stated, "While the second half of Q2 did not unfold as anticipated, especially after the promising start to the monsoon season, our results for the kharif season as a whole demonstrate strong resilience. We are optimistic about the upcoming Rabi season, with favorable moisture and reservoir levels nationwide."

Future Outlook

• The company maintains its growth target of 20-25% for FY26.
• Dharmaj Crop Guard aims to achieve a revenue of INR 2,000.00 crores by 2030, focusing on balanced growth across all business segments.
• The management expects EBITDA margins to improve by 1-1.5% in FY26 compared to the previous year.

Dharmaj Crop Guard's strong performance in H1 FY26, despite challenging weather conditions, underscores its robust business model and effective growth strategies. The company's focus on diversification, both in terms of product portfolio and geographical presence, positions it well for sustained growth in the agrochemical sector.

Dharmaj Crop Guard Limited , a prominent player in the agrochemical sector, has reported mixed financial results for the second quarter of fiscal year 2025-26. The company saw an increase in revenue but experienced a decline in net profit compared to the same period last year.

Revenue Growth

For Q2 FY2025-26, Dharmaj Crop Guard reported a revenue of 3,472.63 million rupees, up from 3,113.26 million rupees in Q2 FY2024-25. This represents a year-over-year growth of approximately 11.5%.

Profit Decline

Despite the revenue growth, the company's net profit for the quarter decreased to 173.00 million rupees from 210.00 million rupees in the corresponding quarter of the previous year, marking a decline of about 17.6%.

EBITDA and Margin Compression

The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) also saw a decline, dropping to 319.00 million rupees from 345.00 million rupees year-over-year. Consequently, the EBITDA margin compressed to 9.17% from 11.08% in the previous year.

Half-Year Performance

For the half-year ended September 30, 2025, Dharmaj Crop Guard's financial performance shows:

The half-yearly results demonstrate strong growth in both revenue and profitability compared to the same period in the previous fiscal year.

Balance Sheet Highlights

As of September 30, 2025, Dharmaj Crop Guard reported:

• Total assets of 9,558.77 million rupees, up from 7,334.14 million rupees on March 31, 2025
• Equity share capital remained constant at 337.97 million rupees
• Other equity increased to 4,105.22 million rupees from 3,606.14 million rupees

Cash Flow and Liquidity

The company's cash and cash equivalents stood at 5.66 million rupees at the end of the half-year, compared to 2.27 million rupees at the beginning of the fiscal year.

Management Commentary

The company's board of directors approved these unaudited consolidated financial results at their meeting held on November 13, 2025.

Future Outlook

Dharmaj Crop Guard is planning to obtain necessary approvals for incorporating a new Wholly-Owned Subsidiary in Brazil. Additionally, the company has an Employee Stock Option Plan in place, although no options have been granted as of September 30, 2025.

The mixed results for Q2 FY2025-26 present both opportunities and challenges for Dharmaj Crop Guard. While the company has demonstrated strong revenue growth, the decline in profitability and margin compression may require strategic attention.