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1. At a Glance
Quarterly revenue of ₹384 crore, operating profit of ₹57 crore, and a PAT of ₹38 crore — the June 2026 quarter arrived with the biggest topline in the company’s history and, per management, a monsoon that did not.
The quarter-on-quarter comparison is the sort of thing that happens when a business sells things farmers only buy when it rains: ₹234 crore in March 2026 became ₹384 crore in June 2026. PAT went from ₹3.99 crore to ₹38.05 crore. Agrochemical companies do not have quarters so much as seasons, and the March quarter is the one where everyone sits quietly and reconciles inventory.
Underneath the headline, the four verticals went in four different directions with impressive commitment. Export institutional revenue rose 116% YoY to ₹375 Mn. Domestic active ingredients fell 14% to ₹721 Mn. Branded formulations were, in the company’s own presentation, flat — a word doing heavy lifting at 0% YoY growth. Domestic institutional formulations grew 4% to ₹1,980 Mn.
Management attributes the revenue trajectory to a delayed monsoon onset that postponed Kharif sowing, and the margin improvement to a better product mix within branded formulations, partially aided by price realisations. EBITDA margin, per the presentation, moved from 13.8% to 14.9%.
Elsewhere on the record: CRISIL reaffirmed and then withdrew its BBB+/Stable and A2 ratings in April 2026 at the company’s request; an independent director resigned on August 7 and another was appointed the same evening; and the Kerala GIDC herbicide facility remains, per management, on track.
The company also reported ₹1.16 crore of Other Income for the quarter, which is what happens when a business is too busy to have a side hustle.
2. Introduction
Dharmaj Crop Guard was incorporated in 2015, which in agrochemical years is roughly a toddler that has already learned to run a technical plant. It was promoted by Ramesh R Talavia and Jaman Talavia, and per CRISIL’s rationale, the promoters bring more than two and a half decades of experience in the agro-chemicals industry — meaning the company is younger than the careers that built it. It listed on the BSE and NSE on December 8, 2022.
The business manufactures agro-chemicals at facilities in Ahmedabad and Bharuch, Gujarat. The registered plant address is Plot No. 408 to 411, Kerala GIDC Estate, at Kerala, Taluka Bavla, Ahmedabad — a Kerala that is comfortably inside Gujarat, and a small gift to anyone who reads corporate filings for entertainment.
Revenue has compounded at 31% over five years and 29% over three, going from ₹136 crore in FY19 to ₹1,138 crore in FY26. Somewhere in that curve is the January 2024 commissioning of the Saykha active ingredients facility, the event that turned a formulations company into one that also makes its own molecules.
FY26 closed with revenue of ₹1,138 crore, operating profit of ₹100 crore and PAT of ₹54.7 crore. Management described the year in the June 2026 concall as delivered amid a “volatile operating and industry environment,” citing uneven monsoon, pressure on technical realizations, and emerging disruption from the West Asia crisis. That is three separate categories of bad weather, only one of which involves actual weather.
Recent corporate activity, from the announcements: land bought for ₹2.5 crore in May 2025 for future expansion; a wholly-owned subsidiary in Brazil approved in November 2024 and still, per the June 2026 filing notes, in the “planning to obtain necessary approvals” stage; a GST order in November 2025 alleging ineligible input tax credit with a total penalty of ₹2,24,92,044, which the company said it would appeal; and the appointment of Prakash Patel as President (Technical – Regulatory Affairs) with 34 years of experience, in a sector where regulatory affairs is less a department than a lifestyle.
The company was recognised as a Two Star Export House by the Ministry of Commerce and Industry in October 2023. Two stars, in this context, is a promotion.
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3. Business Model: WTF Do They Even Do?
They kill things. Politely, at scale, and with 190+ active products.
The portfolio splits three ways: Branded Formulations (B2C), Institutional Formulations (B2B), and Active Ingredients (B2B). Formulations are the finished product a farmer buys in a bottle; active ingredients are the molecule inside the bottle. Dharmaj makes both, which means it is occasionally its own supplier — management’s phrase for this is aligning Active Ingredients production with the captive requirements of the Formulations business, which is a very long way of saying the left hand sells to the right hand and both get to book a margin.
The product list is where the sector’s naming culture reveals itself. Fipronil 40% + Imidacloprid 40% WG. Thiamethoxam 12.6% + Lambda Cyhalothrin 9.5% ZC. Novaluron 5.25% + Emamectin Benzoate 0.9% SC. Every one of those decimal points is a registration document, a regulator, and a chemist who cared. Then the same company puts those molecules in bottles and calls them Oleppo, Dhamro, Luzodhar, OHHO, Lokhandi and Lithox — brand names that sound like a Gujarati wrestling tournament. The newest, launched this season, is ORMARA.
Categories run across insecticides, herbicides, fungicides, micro-fertilizers (Sulphur 90% GR, Boron 20%, Zinc 12% EDTA) and plant growth regulators, including Gibberellic Acid at 0.001%, 0.186% and 40% — three different concentrations of the same compound, because agriculture demands precision and someone, somewhere, needed exactly 0.186%.
Distribution is the actual moat and it is unglamorous: 5,300+ dealers and distributors, 19,500+ retail touchpoints, 20 stock depots, 24 states. Retail touchpoints
