Dharmaj Crop Guard Reports Q1FY27 Results; Revenue Climbs 5% YoY Amid Challenging Market

Dharmaj Crop Guard Reports Q1FY27 Results; Revenue Climbs 5% YoY Amid Challenging Market​

Dharmaj Crop Guard Limited, a fast-growing agrochemicals company, announced its financial results for the first quarter of fiscal year 2027 (Q1FY27). The company reported revenue of 3,841 ₹ Mn and EBITDA of 573 ₹ Mn.

The Q1FY27 financial highlights are detailed below:


Commenting on the results, Mr. Jamankumar Talavia, Whole Time Director, stated that Dharmaj delivered a healthy start to FY27 despite operating in a challenging environment. The quarter was impacted by the El Nino effect and a delayed monsoon onset across key agricultural regions, which subsequently reduced product demand. Against this backdrop, the company achieved 5% revenue growth year-over-year, reflecting disciplined execution amid market challenges.

The Company maintained robust profitability, with EBITDA margins for Q1FY27 standing at 14.9%, an improvement from 13.8% in Q1FY26. This improved margin was attributed to a better product mix within the Domestic Branded Formulations vertical and partially due to price realization during the quarter.

Segment Performance Highlights:

The Domestic Branded Formulations business saw flattish performance year-over-year, as the previous year benefited from an early monsoon season that supported off-take in Q1FY26. However, management highlighted the shift in product mix within this vertical, noting a higher share of value-added products, which they view as a more durable outcome aiding profitability.

In contrast, the Export division reported robust growth of 116% year-over-year, despite being on a smaller base compared to Q1FY26. The recovery seen in FY26 continued into the current year, and management expects this vertical to continue building scale.

The Active Ingredients business marked a slower start to the fiscal year, with revenue declining by 14% year-over-year. This decline is largely attributed to ongoing macro headwinds related to the West Asia crisis, affecting both input availability and demand in the Technicals market. The company emphasized its focus on aligning Active Ingredients production with the captive requirements of its Formulations business, which improves blended profitability and utilization of existing capacity within the uncertain external Technicals market.

Projects and Future Outlook

In terms of projects, Dharmaj is making steady progress on its new Formulations facility at Kerala GIDC in Ahmedabad, dedicated to Herbicides manufacturing. This expansion is expected to significantly contribute to the company's growth as herbicides take an increasingly important role in the Formulations product mix. The new facility will also improve throughput at an existing site during the peak Kharif season.

Looking forward, the organization reaffirmed its annual growth target. The confidence for this target rests on three core pillars: strengthening the Branded Formulations business, scaling up the Active Ingredients division, and achieving a resurgence in the Exports vertical. The company remains committed to navigating near-term challenges while focusing on sustainable long-term growth.

Dharmaj Crop Guard Limited is an agrochemicals manufacturer engaged in making and marketing various formulations, including insecticides, fungicides, herbicides, plant growth regulators, and micro fertilisers. The company markets its generic and licensed formulations to both B2C customers (farmers) and institutional B2B clients. It also participates in the business of general insect and pest control chemicals for public and animal health protection. Dharmaj has positioned itself as an integrated player across the agrochemical value chain through its 8,000 TPA intermediates and technicals greenfield unit at Sayakha.

DHARMAJ Stock Price Movement​

On Friday, shares of Dharmaj Crop Guard Limited gained 0.81%, settling at ₹265.55 after closing up by ₹2.15. The performance was noted amid trading activity that saw 159,831 shares pass through the market.