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1. At a Glance
Dharmaj Crop Guard sells crop protection chemicals to Indian farmers and to institutional buyers overseas. Revenue in the three months to June 2026 was ₹384 crore, the largest quarterly figure in the company’s history. Operating profit was ₹57 crore and profit after tax was ₹38 crore.
The three months to March 2026 brought ₹234 crore of revenue and profit after tax of ₹3.99 crore. Companies here sell things farmers buy only when it rains, so they have seasons rather than quarters. The March quarter is the one for sitting quietly and reconciling stock.
The four verticals moved in four directions. Export institutional revenue rose 116% from a year earlier, to ₹37.5 crore. Domestic active ingredients fell 14%, to ₹72.1 crore. Domestic institutional formulations grew 4%, to ₹198 crore. Branded formulations were described in the company’s own presentation as flat, at no growth from a year earlier.
Management attributes the revenue path to a delayed monsoon, which postponed sowing in the main rain-fed Kharif season. Management attributes the better margin to the product mix within branded formulations, helped in part by price realisations. EBITDA margin measures profit before interest, tax and depreciation charges as a share of sales. It moved from 13.8% to 14.9%, per the presentation.
CRISIL, a credit-rating agency, reaffirmed its BBB+/Stable and A2 ratings in April 2026. It then withdrew them at the company’s request. An independent director resigned on 7 August and another was appointed the same evening. Other income for the quarter was ₹1.16 crore, which is roughly what a company earns when it has no time for a side business. The Kerala GIDC herbicide facility remains on track, per management.
2. Introduction
Dharmaj Crop Guard was incorporated in 2015, which in agrochemical years is a toddler that already runs a technical plant. It was promoted by Ramesh R Talavia and Jaman Talavia. Per the rationale of CRISIL, a credit-rating agency, the promoters bring more than two and a half decades of experience in agro-chemicals. The company is therefore younger than the careers that built it. Its shares were listed on the BSE and the NSE on 8 December 2022.
Manufacturing sits at facilities in Ahmedabad and Bharuch, in Gujarat. The registered plant address is Plot No. 408 to 411, Kerala GIDC Estate, at Kerala, Taluka Bavla, Ahmedabad. That is a Kerala comfortably inside Gujarat, and a small gift to anyone who reads filings for entertainment. The Saykha active ingredients facility was commissioned in January 2024, which turned a formulations company into one that also makes its own molecules.
Revenue has compounded at 31% over five years and at 29% over three. It went from ₹136 crore in the year to March 2019 to ₹1,138 crore in the year to March 2026. That latest year closed with operating profit of ₹100 crore and profit after tax of ₹54.7 crore. Management described the year on the June 2026 concall as delivered in a volatile operating and industry environment. Management cited an uneven monsoon, pressure on technical realisations, and emerging disruption from the West Asia crisis. That is three categories of bad weather, only one of which involves actual weather.
Recent announcements record other activity. Land was bought for ₹2.5 crore in May 2025 for future expansion. A wholly-owned subsidiary in Brazil was approved in November 2024. Per the June 2026 filing notes, it is still planning to obtain the necessary approvals. A GST order in November 2025 alleged ineligible input tax credit, carrying a penalty of about ₹2.25 crore. The company said it would appeal. Prakash Patel was appointed President for technical and regulatory affairs, bringing 34 years of experience. In this sector, regulatory affairs is less a department than a lifestyle. The Ministry of Commerce and Industry recognised the company as a Two Star Export House in October 2023.
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3. Business Model: WTF Do They Even Do?
They kill things. Politely, at scale, and across more than 190 active products.
The portfolio splits three ways: branded formulations sold to farmers, institutional formulations sold to businesses, and active ingredients sold to businesses. A formulation is the finished product a farmer buys in a bottle. An active ingredient is the molecule inside that bottle. Dharmaj makes both, so it is occasionally its own supplier. Management’s phrase is aligning active ingredients production with the captive requirements of the formulations business. That is a long way of saying the left hand sells to the right hand.
The technical names read like a chemistry paper. Fipronil and Imidacloprid, each at 40%, sold as a water-dispersible granule. Thiamethoxam and Lambda Cyhalothrin, at 12.6% and 9.5%. Novaluron and Emamectin Benzoate, at 5.25% and 0.9%. Every decimal point is a registration document, a regulator and a chemist who cared. The same molecules then go into bottles named Oleppo, Dhamro and Luzodhar. Others are OHHO, Lokhandi and Lithox, which together sound like a Gujarati wrestling tournament. The newest, launched this season, is ORMARA.
Categories run across insecticides, herbicides, fungicides and micro-fertilizers, with plant growth regulators alongside them. Micro-nutrients include sulphur at 90% and boron at 20%, plus zinc supplied at 12% as EDTA. Gibberellic Acid is
