Dharmaj Crop Guard Ltd. · NSE:DHARMAJ
Dharmaj Crop Guard — Q4 FY26 Earnings Presentation
38 slides from Dharmaj Crop Guard's earnings presentation, May 28, 2026
Slide 1: Cover letter to stock exchanges
May 28, 2026 To, BSE Limited National Stock Exchange of India Limited Corporate Relationship Department. Exchange Plaza, Plot No. C/1, G-Block PJ Towers, 25th Floor, Bandra Kurla Complex, Dalal Street, Mumbai- 400 001 Bandra (East), Mumbai- 400 051. BSE Scrip Code No. 543687 NSE Symbol:-DHARMAJ Dear
Slide 2: Q4 & FY26 Earnings Presentation
Dharmaj Crop Guard Limited Q4 & FY26 EARNINGS PRESENTATION | MAY 2026
Slide 3: Inside this section
Inside this section Quarterly & Full-Year Introduction Unique Business Performance Highlights to Dharmaj Model Positioning 03-06 08 15 Key Annual Financial Takeaways Highlights 30 32
Slide 4: Performance Highlights (Q4)
3 Performance Highlights (Q4) Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 Financial Highlights Revenue from Operations EBITDA & EBITDA Margin PAT & PAT Margin (₹ Mn) (₹ Mn & %) (₹ Mn & %) 106 14% 1.7% 2,338 YOY Growth 12% YOY Growth 0.4% YOY Growth 2,099 73 -1.2% 1,895 10% 5% 8 8% 3
Slide 5: Performance Highlights (FY26)
4 Performance Highlights (FY26) Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 Financial Highlights Revenue from Operations EBITDA & EBITDA Margin PAT & PAT Margin (₹ Mn) (₹ Mn & %) (₹ Mn & %) 10% YOY Growth 9% YOY Growth YOY Growth 11,380 9% 9% 8% 5% 9,510 8% 8% 4% 20% 34% 57% 7% 7% 6
Slide 6: Profit & Loss Summary (Q4 & FY26)
05 Profit & Loss Summary (Q4 & FY26) Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 (₹ Mn) PARTICULARS Q4FY25 Q3FY26 Q4FY26 YOY CHANGE FY25 FY26 YOY CHANGE Revenue from Operations 2,099 1,895 2,338 11% 9,510 11,380 20% Total Income 2,114 1,927 2,382 13% 9,532 11,464 20% Gross Profit 34
Slide 7: Management Commentary
6 Management Commentary Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 Dharmaj has delivered a strong all-around financial performance in Breaking even at this unit was a key strategic objective for FY26, what has been yet another dynamic year for the agrochemicals which we have succes
Slide 8: Inside this section
Inside this section Quarterly Performance Introduction Unique Business Highlights to Dharmaj Model Positioning 02 08-13 15 Key Annual Financial Takeaways Highlights 30 32
Slide 9: Executive Summary
08 Executive Summary Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 One of the fastest growing Capital efficient Presence Reaching a Well-capitalized Agile and agrochemicals player business model across value meaningful financial structure growth- 30% 5Y Revenue CAGR 18% 5Y Average ROC
Slide 10: Company Overview
09 Company Overview Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 Organisational goal set by founding Incorporated in 2015 by Operations across team during incorporation multi-decade experienced agrochemicals value-chain, Become a ₹ 2,000 Crore Company by 2030 industry professionals (
Slide 11: Company in Numbers
10 Company in Numbers Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 Manufacturing Product Domestic Presence Institutional Base Others Infrastructure Registrations 19,300+ Retail touchpoints 700+ Customer base 8,000 MT Technical & Intermediates 657 Total Product Registrations 800+ Team
Slide 12: Dharmaj's First Decade
11 Dharmaj's First Decade Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 Establish Build Expand 2015-17 2018-21 2022 onwards Incorporate, Build Assets & Processes. Expand Formulations Business. Begin Move Achieve Pan-India Scale in Branded Business. Focus on B2B & B2C Formulations. Tow
Slide 13: Board of Directors
12 Board of Directors Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 25+ years of average promoter and management expertise Mr. Rameshbhai Mr. Jamankumar Mr. Jagdishbhai Mr. Deepak Ms. Amisha Mr. Bhupatray Mr. Umesh Menon Ravajibhai Talavia Hansarajbhai Ravjibhai Savaliya Bachubhai Fen
Slide 14: Management Team
13 Management Team Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 Mr. Rameshbhai Mr. Vishal Domadia Mr. Vikas Agarwal Mr. Prakash Patel Mr. Hitesh Patel Ravajibhai Talavia Chief Executive Officer Chief Financial Officer President (Technical Vice President Chairman and Managing Director
Slide 15: Inside this section
Inside this section Quarterly Performance Introduction Unique Business Highlights to Dharmaj Model Positioning 02 08 15-28 Key Annual Financial Takeaways Highlights 30 32
Slide 16: Presence across The Value Chain
15 Presence across The Value Chain Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 Active Ingredients Formulations Marketing: Manufacturing Manufacturing B2C & B2B 8,000 TPA Capacity 25,500 TPA Capacity B2C: Growing pan-India distribution on-stream since January 2024 (last expanded in F
Slide 17: Business Model: Pursuing Growth on all Fronts
16 Business Model: Pursuing Growth on all Fronts Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 SIZE REVENUE CONTRIBUTION GROWTH TREND Formulations Branded Branded ₹1,979 Mn 17% Formulations 5Y Revenue 17% Revenue CAGR Institutional Domestic Institutional 5Y Domestic ₹5,832 Mn Business
Slide 18: Branded Formulations (1/5)
17 Branded Formulations (1/5) Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 Distribution built in last 10 years Business strategy 19,300+ 5,300+ Retail Dealers & Entering 2 new states on an average touchpoints Distributors Competitive aggression in pricing 1 each year since incorporat
Slide 19: Branded Formulations (2/5)
18 Branded Formulations (2/5) Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 Growing Thrust On Advertisement & Sales Promotion Expenditure (₹ Mn) Aggressive demand generation & brand building Advertisement Expenditure Sales Promotion Expenditure Proactive with on-ground demand generati
Slide 20: Branded Formulations (3/5)
19 Branded Formulations (3/5) Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 Robust brand portfolio 121+ 449+ Recent Product Top Selling Products SKUs Additions Brands New products, combinations, and brand launches to maintain overall profitability of the portfolio Product launches a c
Slide 21: Branded Formulations (4/5)
20 Branded Formulations (4/5) Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 Future Focus Areas Strengthening position Clustered expansion is existing markets • Establishing ourselves amongst top 5 2016 Gujarat | Madhya Pradesh | branded players (by sales) in Gujarat 2016 Bihar | Chaha
Slide 22: Branded Formulations (5/5)
21 Branded Formulations (5/5) Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 Leveraging technology to strengthen business: 1 2 3 4 • Robust ERP systems All key Completely digital • Key features of recently • Credit Notes processes have interaction with upgraded Dharmaj DMS • Account Le
Slide 23: Institutional Business (1/3)
22 Institutional Business (1/3) Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 Domestic Formulation Sales Trend (₹ Mn) 27% 5Y CAGR Business Strategy Marquee clients 5,832 Institutional formulations business is the 5,056 1 biggest revenue vertical for the Company 4,275 since incorporati
Slide 24: Institutional Business (2/3)
23 Institutional Business (2/3) Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 Our formulations product portfolio Insecticide Herbicides Fungicides Micro-Fertilizers Plant Growth Regulator • Fipronil 40% + Imidacloprid 40% WG • Bispyribac Sodium 10% SC (Bulk) • Azoxystrobin 11% + Tebuc
Slide 25: Institutional Business (3/3)
24 Institutional Business (3/3) Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 Currently exporting in Future focus areas 41 countries Plans to Domestic Institutional expand in more countries Backward integration into active ingredients to strengthen cost-competitiveness More engagement
Slide 26: Active Ingredients (1/3)
25 Active Ingredients (1/3) Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 Forayed into Technicals & 4 separate production blocks: Manufacturing Capacity Captive Consumption vs. Process Optimisations Intermediates • Multi-purpose (MPP) technical • 8,000 TPA Cumulative External Sales •
Slide 27: Active Ingredients (2/3)
26 Active Ingredients (2/3) Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 Status: Commissioned on 22nd January 2024 Land Size ~37,000 M Sq.Mt. 1 2 4 B U 3 R R R&D & ADMIN BLOCK B PRODUCTION BLOCKS (1-4) B BOILER PLANT W M MULTI EFFECT EVAPORATOR (MEE) G U UTILITIES W WAREHOUSE G GREEN
Slide 28: Active Ingredients (3/3)
27 Active Ingredients (3/3) Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 Plant Capabilities Chemistry Capabilities Reaction Capabilities • Chlorination Chemistry • Batch Reaction • Alkylation Capabilities • Chain Reaction • Friedel Crafts • Continuous Process Reaction • Hydrogenation
Slide 29: Formulation Manufacturing Facility
28 Formulation Manufacturing Facility Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 25,500 MT Manufacturing Capacity Fully integrated Certifications formulation facility 52% Blended Capacity Utilisation (FY26) Formulations expertise: 9001:2015 14001:2015 50001:2018 17025:2017 45001:20
Slide 30: Inside this section
Inside this section Quarterly Performance Introduction Unique Business Highlights to Dharmaj Model Positioning 02 08 15 Key Annual Financial Takeaways Highlights 30 32
Slide 31: Key Takeaways
30 Key Takeaways Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 Keep up the pace of Leverage potential Build export Targeting new set of Make a sucessful growth as witnessed of newly entered institutional business opportunities with entry into active in past: double states in branded w
Slide 32: Inside this section
Inside this section Quarterly Performance Introduction Unique Business Highlights to Dharmaj Model Positioning 02 08 15 Key Annual Financial Takeaways Highlights 30 32-36
Slide 33: Key Performance Indicators
32 Key Performance Indicators Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 Revenue from Operations EBITDA & EBITDA Margin Cash Conversion Cycle (₹ Mn) (₹ Mn & %) (Days) 11% 81 84 87 11,380 YOY 10% YOY 67 9,510 Growth Growth 9% 6,541 8% 8% 46 5,243 3,942 20% 443 411 629 748 1,005 34%
Slide 34: Profit & Loss Summary (5-year)
33 Profit & Loss Summary (5-year) Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 (₹ Mn) PARTICULARS FY22 FY23 FY24 FY25 FY26 Revenue from Operations 3,942 5,243 6,541 9,510 11,380 Total Income 3,963 5,288 6,575 9,532 11,464 Gross Profit 856 930 1,348 2,067 2,574 Gross Profit Margin (%)
Slide 35: Balance Sheet Summary (5-year)
34 Balance Sheet Summary (5-year) Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 (₹ Mn) PARTICULARS FY22 FY23 FY24 FY25 FY26 Total Equity 849 3,152 3,594 3,944 4,491 Non-Current Liabilities 280 341 782 704 613 Borrowings 253 335 763 643 510 Other Non-Current Liabilities 26 6 19 61 103
Slide 36: Cash Flow Summary (5-year)
35 Cash Flow Summary (5-year) Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 (₹ Mn) PARTICULARS FY22 FY23 FY24 FY25 FY26 Cash from Operating Activities 164 (237) 74 395 277 Cash from Investing Activities (239) (1,910) (620) (329) (294) Cash from Financing Activities 75 2,142 572 (93) 1
Slide 37: Shareholding & Market Statistics
36 Shareholding & Market Statistics Dharmaj Crop Guard Limited | Investor Presentation Q4 & FY26 NSE SYMBOL DHARMAJ BSE Scrip Code 543687 26.00% PUBLIC 70.40% PROMOTERS IPO Issue Price Band ₹216 to ₹237 Current Market Price ₹285 52 Week High/Low ₹391 / ₹211 Shares Outstanding 3.38 Cr Market Capitali
Slide 38: Safe Harbour
Safe Harbour This document which have been prepared by Dharmaj Crop Guard Limited (the “Company”), have been prepared solely for information purposes. This document has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no represent