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Dhanuka Agritech Ltd (DHANUKA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 507717 NSE: DHANUKA Pesticides & Agrochemicals | Small Cap | Dhanuka Agritech Share Price

₹1,091.35 -1.10 (-0.10%)

As on 06-Jul'26 16:59

Dhanuka Agritech Ltd (DHANUKA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 507717 NSE: DHANUKA Pesticides & Agrochemicals | Small Cap | Dhanuka Agritech Share Price

₹1,091.35 -1.10 (-0.10%)

As on 06-Jul'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹4,865 Cr.
Current Price
₹1,091.4
52-Week Low / High
₹890 / 1,960
TTM EPS
₹64.4
TTM Sales
₹2,020 Cr.
Book Value per Share
₹361.6
P/E Ratio
16.94
Lower than its 5-year historical median
Industry PE
31.4
Price to Book (P/B)
3.02
Lower than its 5-year historical median
Price to Sales (P/S)
2.41
Lower than its 5-year historical median
EV/EBITDA
10.85
Lower than its 5-year historical median
Dividend Yield
0.18%
Profitability Efficiency
Return on Equity (ROE)
18.62%
Outperforms industry median
Return on Capital Employed (ROCE)
24.44%
Outperforms industry median
Return on Assets (ROA)
14.72%
Operating Profit Margin
20.3%
Net Profit Margin
14.22%
Gross Profit Margin
20.4%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-0.75%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-3.15%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-3.28%
Asset Quality
Promoter Holding
69.71%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,603 Cr.
Equity
₹8.9 Cr.
Face Value
₹2
All Time Low / High
₹1.20 / 1960.00

Dhanuka Agritech stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Dhanuka Agritech Ltd a good quality company?
Dhanuka Agritech Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Dhanuka Agritech Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Dhanuka Agritech Ltd vs industry peers?
Dhanuka Agritech Ltd revenue CAGR is 12.69%, compared to the industry median CAGR of 8.45%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Dhanuka Agritech Ltd?
Promoters hold 69.71% of the Dhanuka Agritech Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Dhanuka Agritech Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 6.3% based on the current price.

DeciZen - make an informed investing decision on Dhanuka Agritech

Decision Maker
Standalone basis

1. Right Stock

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2. Right Price

3. Right Time

#Likely Future 5 Year CAGR.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Dhanuka Agritech Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 33.9%28.8%23.8%26.4%37.9%31.8%30.2%27.7%29.4%24.4%-
Value Creation
Index
1.41.10.70.91.71.31.21.01.20.8-

Growth Parameters

Sales 8839631,0061,1201,3871,4781,7001,7592,0352,0202,020
Sales YoY Gr.-9%4.5%11.4%23.9%6.5%15.1%3.4%15.7%-0.8%-
Adj EPS 24.325.523.229.744.344.248.552.36564.164.4
YoY Gr.-5%-9.1%28%49.3%-0.1%9.6%7.8%24.3%-1.4%-
BVPS (₹) 106.3129.1135148.7171206.2232.9275.5311.2373.1361.6
Adj Net
Profit
119125110141206206221238293289287
Cash Flow from Ops. 63.113813.3162231104136134263196-
Debt/CF from Ops. 0.101.70.100000.20-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 9.6%7.8%5.9%-0.8%
Adj EPS 11.4%7.7%9.7%-1.4%
BVPS15%16.9%17%19.9%
Share Price 5.4% 1.7% 11.3% -36.1%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
23.821.717.320.927.423.521.920.62218.717.5
Op. Profit
Mgn %
19.317.314.515.519.417.916.818.720.520.320
Net Profit
Mgn %
13.5131112.614.913.91313.514.414.314.2
Debt to
Equity
00000000000
Working Cap
Days
170163176179158168162173168192125
Cash Conv.
Cycle
118104101988993889910111691

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales8839631,0061,1201,3871,4781,7001,7592,0352,020
Operating Expenses + 7137968609461,1181,2141,4211,4311,6191,616
Manufacturing Costs88789193109117123134147152
Material Costs4355095536457868561,0289821,1261,109
Employee Cost 97106105105118121126155172190
Other Costs 94103111103105120144160174165
Operating Profit 170166146174269264279327417403
Operating Profit Margin (%) 19.2%17.3%14.5%15.5%19.4%17.8%16.4%18.6%20.5%20.0%
Other Income + 18162125343445353643
Exceptional Items 0000000000
Interest 1112333354
Depreciation 15141216151618415564
Profit Before Tax 172167154181285277303319392379
Tax 50414139746969809591
Profit After Tax 122126113141211209234239297287
PAT Margin (%) 13.8%13.1%11.2%12.6%15.2%14.1%13.7%13.6%14.6%14.2%
Adjusted EPS (₹)24.825.723.729.745.244.851.252.565.963.7
Dividend Payout Ratio (%)2.40%21.40%2.50%40.40%4.40%31.20%3.90%26.70%3%3.10%

Valuation of Dhanuka Agritech - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 5226336427087969601,0611,2561,4031,682
Share Capital 10101010999999
Reserves 5126246336987879511,0521,2471,3941,673
Debt +852288140421
Long Term Debt0000000000
Short Term Debt852288140421
Minority Interest0000000000
Trade Payables578378113109175175149140196
Others Liabilities 12810293103218176165173215223
Total Liabilities 7158238359321,1311,3121,4051,5791,8002,102

Fixed Assets

Net Fixed Assets +138131117117167159165322489452
Gross Block153160155171231234255445663683
Accumulated Depreciation15293853647590122174231
CWIP 001484815328912
Investments 66182120159278336255240230371
Inventories264205207250296347345418399517
Trade Receivables184208219242243282339347459441
Cash Equivalents 4111261241120
Others Assets 5785170134139137144223213289
Total Assets 7158238359321,1311,3121,4051,5791,8002,102

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 6313813162231104136134263196
PBT 172167154181285277303319392379
Adjustment 1612-10-5-22163342
Changes in Working Capital -655-881617-102-71-121-67-139
Tax Paid -45-40-54-36-61-66-73-79-95-86
Cash Flow From Investing Activity + 20-11163-44-127-433-81-143-118
Capex -19-6-5-10-12-58-100-88-189-27
Net Investments 29-11260-49-116-36871312-118
Others 10781525216-53427
Cash Flow From Financing Activity + -81-20-87-93-129-61-137-57-120-60
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 0000000000
Interest Paid -1-1-1-2-3-3-3-3-5-4
Dividend Paid 0-13-17-600-47-28-46-27-9
Others -80-6-69-32-126-11-106-8-87-47
Net Cash Flow 37-1025-2512-3018

Financial Ratio

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)24.3221.8517.6520.962823.7723.120.6422.3418.62
ROCE (%)33.9328.7923.826.4337.8631.8130.227.7329.4124.44
Asset Turnover Ratio1.461.461.371.411.461.281.321.271.31.11
PAT to CFO Conversion(x)0.521.10.121.151.090.50.580.560.890.68
Working Capital Days
Receivable Days67.4063.7068.6067.7058.9061.1063.1065.9066.7075.50
Inventory Days79.7076.3066.206766.2074.8070.3073.3067.6076.90
Payable Days50.7050.20535451.5060.4062.1060.3046.9055.30

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Dhanuka Agritech Ltd FAQs

The current trading price of Dhanuka Agritech on 06-Jul-2026 16:59 is ₹1,091.4.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 05-Jul-2026 the market cap of Dhanuka Agritech stood at ₹4,865.1 Cr

The latest P/E ratio of Dhanuka Agritech as of 05-Jul-2026 is 16.94.

The latest P/B ratio of Dhanuka Agritech as of 05-Jul-2026 is 3.02.

The 52-week high of Dhanuka Agritech is ₹1,960 and the 52-week low is ₹890.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Dhanuka Agritech is ₹2,020 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Dhanuka Agritech Ltd is a good quality company.

The key valuation ratios of Dhanuka Agritech Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Dhanuka Agritech Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Dhanuka Agritech Ltd

Dhanuka Agritech Limited is one of India’s leading agrochemical Company and is listed by Forbes Magazine in the category of “200 Best under A Billion Companies in Asia Pacific”. The Company is listed with Bombay Stock Exchange and National Stock Exchange of India. The company has Pan-India presence through its marketing offices in all major states across India.

The company’s R&D division has world class NABL Accredited Laboratories and has International collaboration with the world’s seven leading agrochemical Companies from US, Japan and Europe which helps Dhanuka to introduce the latest technology in Indian farmlands.

It has three state of art manufacturing facilities in Rajasthan, Gujarat and J&K with well-equipped Quality Testing Facilities. The R&D center is located at Gurgaon, which is recognized by the Ministry of Science & Technology for generating scientific data and evaluation of new chemistry.

The company has solutions for all major crops grown in the country including cotton, paddy, wheat, sugarcane, pulses, fruits & vegetables, plantation crops and others. The Company’s impetus is on marketing quality and eco-friendly chemistry which comply with ICM/IPM, and is safe to human beings and beneficial to flora & fauna. Dhanuka is recognized as one of the leader’s amongst Indian Agrochemical Companies in branded agrochemical product sales. The Company has developed several Public-Private and Private-Private partnerships for agricultural extension projects which are accelerating the transfer of improved agriculture technology to the Indian farming community.

Business area of the company

The Company is engaged into the business of manufacturing of pesticides for farmers of India.

Awards & Accolades

2016-17

  • Honourable Chairman Shri R. G. Agarwal has been awarded for “Distinguished Contribution to Indian Agrochemicals Industry” during India Chemical, 2016 International Conference organised by FICCI and held on 1st September, 2016 at Mumbai.
  • Honourable Chairman, Shri R. G. Agarwal being felicitated at Ekal Utsav on Sept-25, 2016
  • Honourable Chairman, Shri RG Agarwal nominated E&Y Entrepreneur of the Year 2016
  • Honourable Chairman Shri R.G. Agarwal, Chairman during 'Lightning the lamp' function with Shri Ram Nath Kovind, Honourable Governor of Bihar and other diginitary. Towards serving for society, Shri Durga Prashad Charitable Trust donated Rs.1 Cr. (One Crore Rupees) to Ramakrishna Mission Sevashrama, Vrindaban, Distt. Mathura for construction of new maternity ward called Cathlab.
  • Shri V. K. Bansal, CFO, was conferred with “100 Most influential CFO of India Award” on 23rd June 2016 at Hotel Taj End, Mumbai

2017-18

  • Dhanuka has won Amar Ujala CSR Award for the outstanding work in Save Water, Education, health and women empowerment
  • Dhanuka Agritech Limited was awarded the title of 70 Most Trusted Power Brands - 2017-18. Mr. M.K. Dhanuka & Mr. Sachin Bhartiya received the award
  • Dhanuka was awarded for 25 greatest value creators by 'The Fortune India Next 500 universe'
  • Awarded as winner by ASSOCHAM’s “Water Management Excellence Awards 2018 “under category of “Excellence in the Field of Water Education & Awareness”
  • Mr. Rahul Dhanuka, Director Marketing, DAL was honored by SPJIMR Alumni Awards 2017 in the ‘Best Company of the Year’ category
  • Dhanuka Agritech Limited was Awarded for “Commendable Work for Changing Public Perception” by FICCI

2018-19

  • Shri RG Agarwal, Group Chairman, Dhanuka Agritech Limited (right) receiving the Business Sphere Awards from Shri Vijay Goel, Hon'ble Minister of state for parliamentary affairs and statistic and implementation and Shri Ramdas Bandu Athawale, Hon'ble Minister of State for Social Justice and Empowerment.
    ‘India Chem’, the largest annual event of the chemicals and petrochemicals industry in India, is jointly organized by Department of Chemicals & Petrochemicals, Ministry of Chemicals and Fertilizers, GOI and FICCI. Dhanuka Agritech Limited won the “Company of the Year” award at the 10 th FIICI India Chem 2018 held in Mumbai. The award has been conferred for Dhanuka’s efforts to promote agriculture sustainability and educate farmers in India on latest and modern techniques.
  • Dhanuka Agritech Limited has won the “Utkrisht Marketing” award by Institute of Technology and Science, Ghaziabad on December 8, 2018 at Institute campus. This marketing award has been conferred to the company for outstanding corporate branding in Agriculture sector for the year 2018. Dhanuka has been awarded for their enormous efforts to promote agriculture sustainability and to educate farmers in India on latest/modern techniques at grass root level across various regions.

2019-20

  • Dhanuka Agritech Ltd was felicitated by “Hurun India Industry Achievement Award” on 4-Dec-2019 for outstanding achievement in the Agriculture sector. Mr. M.K. Dhanuka, Managing Director of Dhanuka Agritech Ltd received the award.
  • Mr. V.K. Bansal, Chief Financial Officer of the Company was conferred the award “100 BEST CFO” on 22nd November, 2019, at Mumbai
  • Dhanuka Agritech Ltd has been recognized as “National Best Employer Brands” for the year 2019-20 at the 14th Employer Branding Awards organized by Employer Branding Institute. Dhanuka is constantly working towards innovative HR practices for building a performance oriented culture by engaging and empowering their employees. Dhanuka is committed to developing a motivating work environment for all based on Positive Employee Connect thus generating Trust, Pride & Sense of Commitment

History and Milestones

  • 1980: Took over a sick unit Northern Minerals Pvt. Limited, Gurgaon and started with an office in Daryaganj, Delhi
  • 1981: Achieved turnover of Rs.17 lacs in the first year itself, making the sick unit profitable.
  • 1984: Expanded to all North Indian States, Maharashtra & Gujarat
  • 1984: Inaugurated Dhanuka Agriculture Research Center at Delhi
  • 1985: Incorporated Dhanuka Pesticides Limited
  • 1985: Set up a plant at Sohna, Haryana for manufacturing Synthetic Pyrothrides
  • 1986: Dhanuka Pesticides Limited entered Capital Market by offering 6,00,000 equity shares
  • 1992: Dhanuka entered into tie-up with E.I. Dupont, USA
  • 1997: Dhanuka entered into tie-up with Sumitomo Chemical Company Ltd. Japan.
  • 1998: On-site NABL accredited (Indian GPL) Lab for formulation Development, Soil & Water Testing etc.
  • 1998: DAL production unit was certified with ISO 9001:2008 for Quality assurance
  • 1999: Mobile seed treatment technology bought from Australia.
  • 2000: Dhanuka entered into tie-up with Hokko Chemical Industory Co. Ltd, Japan
  • 2001: Set up unit at Sanand with 2nd largest Granule and Dusting powder facility
  • 2001: Dhanuka entered into a tie-up with Nissan Chemical Industries Ltd., Japan.
  • 2001: Country's first Public Private Partnership started in Hoshangabad,MP where Mobile testing lab was introduced.
  • 2004: Dhanuka entered into tie-up with FMC Corporation, USA
  • 2005: Entered into Joint venture with Otsuka Chemicals of Japan for its Pharmaceutical division
  • 2007: Northern Minerals Pvt. Ltd was merged with Dhanuka Pesticide Ltd. under the new entity Dhanuka Agritech Ltd. Set up modern manufacturing unit at Udhampur
  • 2007: Seed treatment machine was imported from Argentina# Seed treatment of DAL was accepted by Govt of India with minor modification and GOI started Seed Treatment Campaign in different states
  • 2008: Production with Japanese Technology, in collaboration with Otsuka Chemicals for Agrochemical division
  • 2008: Dhanuka entered into tie-up with DOW Agrosciences, USA.
  • 2009: 100% seed treatment campaign launched by Government of India & Dhanuka.
  • 2010: M/s 2020 Equity Investors Limited, FII bought 8.25% of the Company’s Equity Shares
  • 2010: Dhanuka launched a Campaign to Save Water under “Gaon ka pani gaon mein, Khet ka pani khet mein - Bachhaye pani ki har boon”.
  • 2011: Dhanuka entered into tie-up with Oro Agri, South Africa
  • 2011: Shifted the corporate office to the hub of Fortune 500 companies at Cyber City, Gurgaon
  • 2011: Shifted the corporate office to the hub of Fortune 500 companies at Cyber City, Gurgaon
  • 2011: Recognition by Forbes in Asia’s 200 Best under a Billion Companies
  • 2011: Rated as one of the fastest growing company by Business World and Economic Times
  • 2012: Dhanuka’s turnover crossed INR 500 crores milestone
  • 2012: Asia’s 200 Best under a Billion Companies Recognition by Forbes for the Second Consecutive Year
  • 2013: Recognition from Inc. India 500 for a second consecutive year for India’s fastest Growing Mid-Sized Companies
  • 2014: World Water Day Campaign Launched
  • 2014: Constructed two Check - Dams in Rajasthan to Save Water and for Rain Water Harvesting
  • 2017: Constructed two more Check - Dams in Rajasthan
  • 2017: Dhanuka has won “Amar Ujala CSR Awards” for the outstanding work in Save Water, Education, Health and Women empowerment
  • 2018: Launched Dhanuka Innovative Agriculture Awards
  • 2018: Launched 'Transforming India through Agriculture' Campaign as a corporate identity
  • 2018: Recognition from FICCI as 'Company of the Year 2018'
  • 2018: Awarded ASSOCHAM’s “Water Management Excellence Awards 2018” under category of “Excellence in the field of Water Education & Awareness”
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