Dharmaj Crop Guard Ltd

Business Overview

• Core business: pesticides and agrochemicals across Domestic Formulations, Active Ingredients, Exports.
• New Formulations facility at Kerala GIDC, Ahmedabad, dedicated to Herbicides.
• Export revenue grew 116% YoY in Q1, from a small base.
• Active Ingredients revenue declined 14% YoY due to West Asia macro headwinds.
• Branded Formulations mix shifted to higher value-added products boosting profitability.
• Annual growth targets reaffirmed: Branded Formulations, AI scale-up, Exports resurgence.
• ORMARA launched in the current season within Branded Formulations.
• Retail touchpoints rose to 19.5k; 21 new sales-team members.
• 125 export market registrations received; 165 awaiting.
• 47 technical registrations received; 11 awaiting.

Operational Highlights

• Herbicides-focused Formulations facility at Kerala GIDC on track; capacity release expected.
• Export growth momentum sustained; 116% YoY in Q1.
• Active Ingredients production aligned with captive Formulations demand.
• ORMARA launched in current season.
• Branded Formulations mix improving profitability via higher value-added products.

Financial Performance

• Revenue from operations: ₹3,841 Mn; Total income: ₹3,853 Mn.
• Gross profit: ₹997 Mn; gross margin 26%.
• EBITDA (excl. OI & EI): ₹573 Mn; margin 15%.
• Profit after tax: ₹381 Mn; PAT margin 10%; EPS ₹11.26.
• Finance cost: ₹27 Mn; Depreciation: ₹49 Mn.
• YoY revenue growth 5%; EBITDA margin improved to 15%.

Strategic Priorities & Outlook

• Three-pillar growth strategy: Branded Formulations, AI scale-up, Exports resurgence.
• Momentum projected through the year with sustainable long-term growth focus.
• Capacity expansion from Kerala facility to support peak Kharif demand.

Risks & Mitigation

• West Asia macro headwinds affecting AI demand and inputs.
• Monsoon delays reducing near-term demand; resilience via product mix shifts.
• Export ramp-up risk; mitigated by scale-up trajectory and diversified markets.

Financial highlights

• Q1FY27 revenue was ₹3,841 mn, up 5% YoY.
• EBITDA stood at ₹573 mn, up 13% YoY; margin 14.9%.

Business mix and profitability

• Domestic Branded Formulations revenue is flat YoY, with higher-value product mix improving profitability.

Exports and Active Ingredients

• Export revenue grew 116% YoY on a smaller base.
• Active Ingredients revenue declined 14% YoY due to West Asia headwinds.

New facilities and capacity

• New Kerala GIDC Formulations facility for Herbicides on track.

Operational impact and capacity

• Facility will release capacity and improve throughput during peak Kharif season.

Market backdrop

• Monsoon delay and El Niño reduced Q1 demand across key regions.

Outlook

• Reaffirms annual growth target; expects momentum through year.

Resignation details

• Name and designation: Mrs. Amisha Shah, Independent Director (Non-Executive).
• Effective date of resignation: close of business hours on August 07, 2026.
• Reason for resignation: due to other professional commitments.
• There are no other material reasons for resignation beyond those stated.
• Committees affected: ceased to be a member of the Nomination and Remuneration Committee.
• Other listed entities: NIL; no directorships or committee memberships disclosed.

Financial results

• Approved consolidated and standalone unaudited financial results for quarter ended June 30, 2026.
• Results reviewed by Audit Committee; Limited Review Report enclosed.

Governance changes

• Megha Joshi appointed as Additional Independent Director for five years from Aug 8, 2026 to Aug 7, 2031.
• Appointment subject to members' approval at the upcoming AGM.
• Amisha Shah resigned as Independent Director, effective Aug 7, 2026.
• Amisha Shah ceased to be a member of the board committees.
• Audit Committee and Nomination & Remuneration Committee reconstituted with Megha Joshi as a member.

Meeting Details

• Board meeting on August 07, 2026; time and venue not disclosed.

Key Agenda Items

• To consider and approve unaudited consolidated and standalone Q1 2026-27 financial results.

Other Notes

• Trading window for designated persons remains closed till 48 hours after results publication.

Dematerialisation processing

• Securities received for dematerialisation during the quarter were confirmed to depositories and listed on the stock exchanges.
• Dematerialisation certificates were mutilated and cancelled after verification, with depository name substituted as registered owner within timelines.

Dharmaj Crop Guard Limited — Trading Window closed from July 01, 2026 until 48 hours after the declaration of Un-audited Financial Results for the First quarter ended on June 30, 2026