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Dharmaj Crop Guard Ltd (DHARMAJ)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543687 NSE: DHARMAJ Pesticides & Agrochemicals | Small Cap | Dharmaj Crop Guard Share Price
₹265.40 -12.20 (-4.39%)
As on 30-Sep'26 16:59
Dharmaj Crop Guard Ltd (DHARMAJ)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543687 NSE: DHARMAJ Pesticides & Agrochemicals | Small Cap | Dharmaj Crop Guard Share Price
₹265.40 -12.20 (-4.39%)
As on 30-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹938 Cr.
Current Price
₹265.4
52-Week Low / High
₹211 / 325
TTM EPS
₹17.8
TTM Sales
₹1,153 Cr.
Book Value per Share
₹144.1
P/E Ratio
15.59
Lower than its 5-year historical median
Industry PE
27.5
Price to Book (P/B)
1.93
In line with its 5-year historical median
Price to Sales (P/S)
0.81
Lower than its 5-year historical median
EV/EBITDA
9.18
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
12.96%
Outperforms industry median
Return on Capital Employed (ROCE)
16.44%
Outperforms industry median
Return on Assets (ROA)
6.94%
Operating Profit Margin
9.2%
Net Profit Margin
4.8%
Gross Profit Margin
7.7%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
19.66%
Operating Profit Growth (1 Year)
-
34.41%
Net Profit Growth (1 Year)
-
56.9%
Asset Quality
Promoter Holding
70.40%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹453 Cr.
Equity
₹33.8 Cr.
Face Value
₹10
All Time Low / High
₹139.00 / 391.25
Check Before You Invest
Quality
Not GoodValuation
FairCheck Valuation charts
Price Trend
Semi Strong
Is Dharmaj Crop Guard Ltd a good quality company?
Dharmaj Crop Guard Ltd is a weak quality company, based on a inconsistent 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 Dharmaj Crop Guard Ltd performance compare with that of its Peers?
Revenue growth of Dharmaj Crop Guard Ltd vs industry peers?
Dharmaj Crop Guard Ltd revenue CAGR is 0.00%, compared to the industry median CAGR of 0.17%, indicating slower growth and losing its market share.
Promoter shareholding and pledge status of Dharmaj Crop Guard Ltd?
Promoters hold 70.40% of the Dharmaj Crop Guard Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Dharmaj Crop Guard Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of 8.82% based on the current price.
10 Year X-Ray :
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 endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
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.
Dharmaj Crop Guard Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 29.4% | 38.6% | 42.7% | 40.1% | 16.6% | 14.5% | 12% | 16.5% | - |
| Value Creation Index ⓘ | 1.1 | 1.8 | 2.1 | 1.9 | 0.2 | 0.0 | -0.2 | 0.2 | - |
Growth Parameters ⓘ |
|||||||||
| Sales ⓘ | 139 | 198 | 302 | 394 | 524 | 654 | 951 | 1,138 | 1,155 |
| Sales YoY Gr. | - | 42.2% | 52.6% | 30.4% | 33% | 24.8% | 45.4% | 19.7% | - |
| Adj EPS ⓘ | 3.2 | 4.2 | 8.3 | 11.3 | 8.1 | 13 | 10.2 | 17.1 | 17.8 |
| YoY Gr. | - | 29.6% | 97.4% | 36.1% | -28.3% | 60.9% | -21.5% | 66.9% | - |
| BVPS (₹) ⓘ | 7 | 14.4 | 22.8 | 34.4 | 93.3 | 106.3 | 116.7 | 132.9 | 144.1 |
| Adj Net Profit ⓘ | 4.9 | 10.4 | 20.5 | 27.8 | 27.4 | 44 | 34.5 | 57.7 | 60 |
| Cash Flow from Ops. ⓘ | 3.3 | 2.1 | 12.9 | 16.4 | -23.7 | 7.4 | 38.7 | 27.7 | - |
| Debt/CF from Ops. ⓘ | 6.2 | 9.9 | 2.1 | 2.3 | -2.2 | 15.2 | 3 | 4.8 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | 30.4% | 29.5% | 19.7% | ||||
| Adj EPS ⓘ | NA | 15.5% | 28.2% | 66.9% | ||||
| BVPSⓘ | NA | 42.2% | 12.5% | 13.9% | ||||
| Share Price | - | - | 8.1% | -12% | ||||
Key Financial Parameters ⓘ
| Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 46.2 | 45.1 | 44.6 | 39.4 | 13.7 | 13.1 | 9.2 | 13.7 | 12.9 |
| Op. Profit Mgn % ⓘ | 7.5 | 9.1 | 10.3 | 11.3 | 8 | 9.6 | 7.9 | 9.2 | 9.3 |
| Net Profit Mgn % ⓘ | 3.5 | 5.2 | 6.8 | 7.1 | 5.2 | 6.7 | 3.6 | 5.1 | 5.2 |
| Debt to Equity ⓘ | 1.9 | 0.6 | 0.5 | 0.4 | 0.2 | 0.3 | 0.3 | 0.3 | - |
| Working Cap Days ⓘ | 0 | 95 | 94 | 114 | 113 | 113 | 122 | 142 | 90 |
| Cash Conv. Cycle ⓘ | 0 | 40 | 35 | 39 | 52 | 64 | 57 | 64 | 29 |
Valuation of Dharmaj Crop Guard - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|
| Sales | 654 | 951 | 1,138 |
| Operating Expenses ⓘ + | 591 | 876 | 1,037 |
| Operating Profit ⓘ | 63 | 75 | 100 |
| Operating Profit Margin (%) | 9.6% | 7.9% | 8.8% |
| Other Income ⓘ + | 3 | 2 | 8 |
| Interest ⓘ | 3 | 13 | 17 |
| Depreciation ⓘ | 5 | 18 | 19 |
| Profit Before Tax ⓘ | 57 | 46 | 72 |
| Tax ⓘ | 13 | 11 | 18 |
| Profit After Tax | 44 | 35 | 55 |
| PAT Margin (%) | 6.8% | 3.7% | 4.8% |
| Adjusted EPS (₹) | 13.1 | 10.3 | 16.2 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% |
| PARTICULARS | Mar'24 | Mar'25 | Mar'26 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 359 | 394 | 449 | ||||||||
| Debt + | 100 | 103 | 119 | ||||||||
| Minority Interest | 0 | 0 | 0 | ||||||||
| Trade Payables | 67 | 196 | 216 | ||||||||
| Others Liabilities ⓘ | 36 | 40 | 57 | ||||||||
| Total Liabilities ⓘ | 563 | 733 | 841 | ||||||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 312 | 311 | 312 | ||||||||
| CWIP ⓘ | 2 | 7 | 14 | ||||||||
| Investments ⓘ | 0 | 0 | 0 | ||||||||
| Inventories | 93 | 138 | 207 | ||||||||
| Trade Receivables | 119 | 248 | 281 | ||||||||
| Cash Equivalents | 3 | 3 | 6 | ||||||||
| Others Assets ⓘ | 33 | 26 | 21 | ||||||||
| Total Assets ⓘ | 563 | 733 | 841 | ||||||||
| PARTICULARS | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 7 | 39 | 28 |
| Cash Flow From Investing Activity ⓘ + | -62 | -33 | -29 |
| Cash Flow From Financing Activity ⓘ + | 57 | -9 | 2 |
| Net Cash Flow ⓘ | 3 | -3 | 0 |
| PARTICULARS | Mar'24 | Mar'25 | Mar'26 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 12.35 | 9.24 | 12.96 | |||||||
| ROCE (%) | 12.93 | 11.96 | 16.44 | |||||||
| Asset Turnover Ratio | 1.2 | 1.52 | 1.5 | |||||||
| PAT to CFO Conversion(x) | 0.16 | 1.11 | 0.51 | |||||||
| Working Capital Days | ||||||||||
| Receivable Days | 63.90 | 68.20 | 81.50 | |||||||
| Inventory Days | 50.30 | 43.10 | 53.30 | |||||||
| Payable Days | 47.40 | 64.50 | 85.20 | |||||||
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Dharmaj Crop Guard Ltd FAQs
The current trading price of Dharmaj Crop Guard on 30-Sep-2026 16:59 is ₹265.4.
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 29-Sep-2026 the market cap of Dharmaj Crop Guard stood at ₹938.2 Cr
The latest P/E ratio of Dharmaj Crop Guard as of 29-Sep-2026 is 15.59.
The latest P/B ratio of Dharmaj Crop Guard as of 29-Sep-2026 is 1.93.
The 52-week high of Dharmaj Crop Guard is ₹325.0 and the 52-week low is ₹211.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Dharmaj Crop Guard is ₹1,155 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Dharmaj Crop Guard Ltd is a below average quality company.
The key valuation ratios of Dharmaj Crop Guard Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Dharmaj Crop Guard Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Dharmaj Crop Guard Ltd
Dharmaj Crop Guard Limited was incorporated on January 19, 2015, at Ahmedabad as a public limited company under the Companies Act, 2013 pursuant to a certificate of incorporation issued by the Registrar of Company, Gujarat at Ahmedabad (RoC).
The company is an agrochemical company engaged in the business of manufacturing, distributing, and marketing of a wide range of agro chemical formulations such as insecticides, fungicides, herbicides, plant growth regulator, micro fertilizers and antibiotic to the B2C and B2B customers. It also engages in the marketing and distribution of agrochemical products under brands in-licensed by it, owned by it and through generic brands, to Indian farmers through its distribution network. It provides crop protection solutions to the farmer to assist them to maximize productivity and profitability. It exports its products to more than 25 countries in Latin America, East African Countries, Middle East and Far East Asia. It sells its agrochemical products in granules, powder and liquid forms its customers. Additionally, it manufactures and sells general insect and pest control chemicals for Public Health and Animal Health protection.
With an aim to offer a wide product portfolio across the agri-value chain, the company continues to expand its product portfolio by introducing new products. It manufactures and sells various formulations of insecticides, fungicide and herbicides, plant growth regulators, micro fertilizers and antibiotics. The company’s manufacturing facility is located at Plot No. 408 to 411, Kerala GIDC Estate, Off NH-8, Kerala, Taluka Bavla, Ahmedabad, Gujarat, India. Its manufacturing facility are equipped with modern plant and machinery capable of producing quality agrochemical products and have received quality control certifications such as ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 for development and manufacturing of agrochemical formulations such as insecticides, herbicides, fungicides, micro fertilizers and plant growth regulators.
Business area of the company
The company is engaged in the business of manufacturing, distributing, and marketing a wide range of agrochemical formulations such as insecticides, fungicides, herbicides, plant growth regulators, micro fertilizers and antibiotics to the B2C and B2B customers.
Key awards, accreditations and recognitions
- 2018: The company received ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certificate of registration from Alcumus ISOQAR for management system, which is applicable for development and manufacturing of agrochemical formulations such as insecticides, herbicides, fungicides, micro fertilizers and plant growth regulators (PGR).
- 2019: Received Best Brand Award (Agriculture/ Pesticides) at Gujarat Brand Leadership Award 2019.
- 2021: Received appreciation from Office of Mamlatdar and Executive Magistrate, Bavla for helping generously to the local and needy persons, specifically during Covid Pandemic and Tauktae Cyclone.
- 2021: The QC Laboratory of the Company received certificate of accreditation from National Accreditation Board for Testing and Calibration Laboratories (NABL) and has been assessed and accredited in accordance with the standard ISO/IEC 17025:2017.
- 2022: Received the runner up award for the best Emerging company in the Medium Scale Unit category from the Pesticides Manufacturer and Formulator Association of India (PMFAI).
- 2022: Received appreciation of “Gujarat Na Anmol Ratna” from ABP Network.
Major events and milestones
- 2016: Acquired Plot No. 408 and 409 at Kerala GIDC Estate, Taluka Bavla, Ahmedabad on lease for 99 years and commencement of manufacturing facility for agrochemical formulations.
- 2019: Acquired Plot No 410 and 411 at Kerala GIDC Estate, Taluka Bavla, Ahmedabad on lease for 99 years for expansion of manufacturing capacity of agrochemical formulations.
- 2019: Crossed turnover of Rs 1,000.00 million and reached to turnover of Rs 1,393.56 million for the financial year 2018-19.
- 2021: Crossed turnover of Rs 3,000.00 million and reached to turnover of Rs 3,024.10 million for the financial year 2020-21.
- 2021: Acquired land at Saykha, Bharuch, Gujarat on lease basis for 99 years for setting up a new facility for manufacturing Agrochemical Technicals and its intermediates.
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