Price
Financials
Standalone, Rs crore| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 253 | 123 | 116 | 255 | 311 | 175 | 210 | 367 | 347 | 190 | 234 | 384 |
| Expenses | 222 | 113 | 116 | 228 | 277 | 165 | 206 | 317 | 315 | 182 | 223 | 327 |
| Operating Profit | 31 | 11 | -0 | 27 | 34 | 10 | 4 | 51 | 32 | 7 | 11 | 57 |
| OPM % | 12% | 9% | -0.0% | 11% | 11% | 5% | 1.8% | 14% | 9% | 3.9% | 4.5% | 15% |
| Other Income | 1 | 0 | 0 | 0 | 0 | -0 | 2 | 1 | 0 | 3 | 4 | 1 |
| Interest | 0 | 0 | 2 | 3 | 3 | 3 | 4 | 3 | 4 | 5 | 5 | 3 |
| Depreciation | 0 | 1 | 3 | 4 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Profit before tax | 31 | 10 | -5 | 20 | 27 | 2 | -3 | 44 | 23 | 1 | 5 | 51 |
| Tax % | 25% | 20% | -32% | 25% | 23% | 23% | -23% | 25% | 23% | 22% | 24% | 25% |
| Net Profit | 23 | 8 | -3 | 15 | 21 | 1 | -2 | 33 | 17 | 1 | 4 | 38 |
| EPS in Rs | 6.81 | 2.29 | -1.00 | 4.46 | 6.22 | 0.35 | -0.72 | 9.64 | 5.13 | 0.23 | 1.18 | 11.26 |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 136 | 193 | 298 | 388 | 524 | 654 | 951 | 1,138 | 1,155 |
| Expenses | 126 | 175 | 267 | 344 | 483 | 591 | 876 | 1,036 | 1,048 |
| Operating Profit | 10 | 18 | 31 | 44 | 41 | 63 | 75 | 102 | 107 |
| OPM % | 8% | 9% | 10% | 11% | 8% | 10% | 8% | 9% | 9% |
| Other Income | 1 | 1 | 1 | 2 | 4 | 3 | 2 | 7 | 9 |
| Interest | 2 | 2 | 1 | 3 | 2 | 3 | 13 | 17 | 17 |
| Depreciation | 2 | 2 | 3 | 5 | 5 | 5 | 18 | 19 | 19 |
| Profit before tax | 7 | 14 | 28 | 39 | 38 | 57 | 46 | 73 | 80 |
| Tax % | 28% | 26% | 26% | 26% | 30% | 23% | 24% | 25% | |
| Net Profit | 5 | 11 | 21 | 29 | 27 | 44 | 35 | 55 | 60 |
| EPS in Rs | 25.10 | 6.54 | 12.74 | 11.62 | 7.95 | 13.13 | 10.31 | 16.18 | 17.80 |
| Dividend Payout % | -0% | -0% | -0% | 1% | -0% | -0% | -0% | -0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 31% | 29% | 9% | ||
| Compounded Profit Growth | % | 22% | 28% | 15% | ||
| Stock Price CAGR | % | % | 10% | -7% | ||
| Return on Equity | % | 14% | 12% | 13% |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 16 | 16 | 25 | 34 | 34 | 34 | 34 |
| Reserves | 9 | 19 | 40 | 60 | 281 | 326 | 361 | 415 |
| Borrowings | 20 | 20 | 27 | 37 | 52 | 112 | 116 | 132 |
| Other Liabilities | 17 | 37 | 46 | 98 | 65 | 92 | 223 | 260 |
| Total Liabilities | 48 | 93 | 129 | 220 | 432 | 563 | 733 | 841 |
| Fixed Assets | 12 | 22 | 39 | 40 | 40 | 312 | 311 | 312 |
| CWIP | -0 | 2 | 1 | 18 | 90 | 2 | 7 | 13 |
| Investments | -0 | -0 | -0 | 0 | 0 | -0 | 0 | 0 |
| Other Assets | 36 | 68 | 89 | 161 | 302 | 249 | 416 | 516 |
| Total Assets | 48 | 93 | 129 | 220 | 432 | 563 | 733 | 841 |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 3 | 2 | 13 | 16 | -24 | 7 | 39 | 28 |
| Cash from Investing Activity | -4 | -15 | -18 | -24 | -191 | -62 | -33 | -29 |
| Cash from Financing Activity | 0 | 12 | 6 | 7 | 214 | 57 | -9 | 2 |
| Net Cash Flow | -0 | -1 | 1 | -0 | -1 | 3 | -3 | 0 |
| Free Cash Flow | 0 | -13 | -5 | -7 | -93 | -182 | 9 | 1 |
| CFO/OP | 50% | 32% | 64% | 59% | -30% | 33% | 58% | 39% |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 46 | 63 | 44 | 81 | 51 | 66 | 95 | 90 |
| Inventory Days | 52 | 67 | 68 | 74 | 62 | 66 | 68 | 86 |
| Days Payable | 44 | 80 | 61 | 108 | 31 | 47 | 96 | 89 |
| Cash Conversion Cycle | 54 | 49 | 51 | 47 | 81 | 84 | 67 | 87 |
| Working Capital Days | 36 | 20 | 33 | 43 | 56 | 65 | 53 | 56 |
| ROCE % | 39% | 42% | 40% | 17% | 15% | 12% | 17% |
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 70.40% | 70.40% | 70.40% | 70.40% | 70.40% | 70.40% | 70.40% | 70.40% | 70.40% | 70.40% | 70.40% | 70.40% |
| FIIs | 4.36% | 4.35% | 5.50% | 6.97% | 4.40% | 3.77% | 4.14% | 3.58% | 3.09% | 3.49% | 3.13% | 3.13% |
| DIIs | 0.00% | 0.00% | 0.14% | 0.14% | 0.14% | 0.90% | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% | 0.50% |
| Public | 25.23% | 25.25% | 23.95% | 22.48% | 25.04% | 24.92% | 24.99% | 25.54% | 26.03% | 25.63% | 26.00% | 25.97% |
| No. of Shareholders | 59,647 | 47,541 | 44,014 | 40,676 | 39,229 | 38,056 | 36,659 | 33,427 | 30,284 | 28,990 | 27,537 | 26,567 |
Fundamentals
Market Cap₹ 937 Cr.
Current Price₹ 279
Stock P/E15.6
Book Value₹ 133
ROCE16.8 %
ROE13.3 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)9%
Compounded Profit Growth (TTM)15%
Standalone figures.
Valuation
Market capRs 905 Cr
Enterprise valueRs 1,013 Cr
P/E (TTM)15.04x
Price to book2.52x
Price to sales0.78x
EV / EBITDA8.75x
EV / EBIT10.50x
EV / sales0.88x
Price to cash flow122.41x
Earnings yield6.65%
P/E, 3-year average17.64x
P/B, 3-year average1.83x
P/E, 5-year average17.64x
P/B, 5-year average1.83x
Profitability
Operating margin (excl. other income)9.62%
Operating margin (incl. other income)10.15%
EBITDA margin10.03%
Pre-tax margin6.90%
Net profit margin5.21%
Net margin, latest quarter9.91%
ROE13.16%
ROCE14.53%
ROA8.92%
ROE, 3-year average22.40%
ROCE, 3-year average23.74%
ROA, 3-year average11.21%
ROE, 5-year average31.94%
ROCE, 5-year average30.49%
ROA, 5-year average13.58%
ROIC (approx.)15.90%
Tax rate22.81%
Other income / net worth0.95%
Growth
Sales growth (latest year)24.76%
Profit growth (latest year)65.23%
Sales CAGR, 3 years30.01%
Sales CAGR, 5 years36.90%
Profit CAGR, 3 years28.41%
Profit CAGR, 5 years54.63%
Sales growth QoQ64.30%
Profit growth QoQ853.63%
Sales growth YoY (latest quarter)4.55%
Profit growth YoY (latest quarter)16.75%
Per share
EPS (TTM)Rs 17.80
EPS (latest year)Rs 13.13
EPS (latest quarter)Rs 11.26
EPS, 3-year averageRs 10.90
EPS, 5-year averageRs 10.40
Book value per shareRs 106.33
Sales per shareRs 341.65
Cash flow per shareRs 2.19
Free cash flow per shareRs 0.30
Dividend per share, 3-year averageRs 0.10
Dividend per share, 5-year averageRs 0.10
Dividends
Dividend payout, 3-year average0.87%
Dividend payout, 5-year average0.87%
Efficiency
Asset turnover1.16x
Fixed asset turnover2.09x
Inventory turnover5.70x
Inventory days64 days
Debtor days66 days
Debtors turnover5.51x
Creditor days89 days
Cash conversion cycle87 days
Working capital days56 days
Leverage
Total debtRs 112 Cr
Cash and bankRs 3 Cr
Net debtRs 109 Cr
Debt to equity0.31x
Net debt / EBITDA0.94x
Interest coverage5.75x
Current ratio (filing 2026-03-31)1.55x
Quick ratio (filing 2026-03-31)0.92x
Trade payables (filing 2026-03-31)Rs 216 Cr
Owners' fund to total sources63.80%
Debt to assets19.86%
Cash flow
Cash from Operating Activity (latest year)Rs 7 Cr
Cash from Investing Activity (latest year)Rs -62 Cr
Cash from Financing Activity (latest year)Rs 57 Cr
Net Cash Flow (latest year)Rs 3 Cr
Free cash flow (latest year)Rs 1 Cr
FCFE (approx.: FCF + change in debt)Rs 60 Cr
Cash from ops / profit, 5 years0.35x
Sales to cash flow88.51x
Statement figures
Net sales (TTM)Rs 1,155 Cr
Net sales (latest year)Rs 654 Cr
Sales (latest quarter)Rs 384 Cr
Operating profit excl. other income (latest year)Rs 63 Cr
Operating profit (latest quarter)Rs 57 Cr
Other income (TTM)Rs 9 Cr
EBITDA (TTM)Rs 116 Cr
PBDT (TTM)Rs 99 Cr
Profit before tax (TTM)Rs 80 Cr
Tax (latest year)Rs 13 Cr
Net profit (TTM)Rs 60 Cr
Net profit (latest year)Rs 44 Cr
Net profit (latest quarter)Rs 38 Cr
Depreciation (TTM)Rs 19 Cr
Depreciation (latest quarter)Rs 5 Cr
Interest (TTM)Rs 17 Cr
Cost of goods sold (latest year)Rs 532 Cr
Total expenditure (latest year)Rs 591 Cr
Total income (latest year)Rs 658 Cr
Share capitalRs 34 Cr
ReservesRs 326 Cr
Shareholders' fundsRs 359 Cr
Total assetsRs 563 Cr
Net blockRs 312 Cr
Capital work in progressRs 2 Cr
ReceivablesRs 119 Cr
InventoryRs 93 Cr
Other liabilitiesRs 92 Cr
Shares outstanding (crore)3.38
Ownership
Promoter holding70.40% (+0.00 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 15.0 is at the 2th percentile of its own 3.9-year range
(median 30.1, low 14.8, high 62.7).
P/B 2.52 is at the 6th percentile (median 10.16).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | DHARMAJ | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -10.9% | -2.8% | -8.2 pts |
| 1 month | -0.8% | -6.8% | +6.0 pts |
| 3 months | +2.8% | -7.6% | +10.5 pts |
| 6 months | +16.3% | +0.4% | +15.9 pts |
| 1 year | -17.2% | -9.9% | -7.3 pts |
| 2 years | -20.1% | -13.6% | -6.5 pts |
| 3 years | +27.5% | +14.2% | +13.3 pts |
Red flags
F-score 5 of 8| explain | Weak cash conversion Cash from operations was 0% of net profit over the last 3 years |
| explain | Receivables outrunning sales Receivables grew 63% vs sales +25% in 2026 |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹384 Cr +4.6% vs Jun 2025.
Net profit ₹38 Cr +15.2%.
Against our estimate for Jun 2026: sales -4.9%, profit +184.9% big beat. Our estimate for Sep 2026: sales Rs 375 Cr, profit Rs 12 Cr (how).
Activity
Compare| Company | Mcap (Cr) | P/E | ROCE |
|---|---|---|---|
| UPL Ltd | 45,402 | 23.0 | 10.1 % |
| P I Industries Ltd | 34,725 | 32.2 | 15.0 % |
| Sumitomo Chemical India Ltd | 21,521 | 37.7 | 23.5 % |
| Bayer CropScience Ltd | 16,191 | 22.1 | 29.1 % |
| Sharda Cropchem Ltd | 6,509 | 10.4 | 30.2 % |
| Dhanuka Agritech Ltd | 4,148 | 15.5 | 23.8 % |
| Rallis India Ltd | 3,882 | 17.0 | 14.1 % |
| Bhagiradha Chemicals & Industries Ltd | 3,128 | 114 | 4.53 % |
| NACL Industries Ltd | 3,101 | 120 | 8.13 % |
| GSP Crop Science Ltd | 2,198 | 21.0 | 18.9 % |
| Insecticides India Ltd | 1,706 | 13.6 | 15.8 % |
| Bharat Rasayan Ltd | 1,673 | 12.0 | 16.1 % |
| Astec Lifesciences Ltd | 1,552 | -5.44 % | |
| India Pesticides Ltd | 1,533 | 14.2 | 16.6 % |
| Meghmani Organics Ltd | 1,458 | 22.7 | 6.71 % |
No bulk or block deals on record.
No corporate actions on record.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.
Quick answers
What is the market cap of Dharmaj Crop Guard Ltd?
Dharmaj Crop Guard Ltd (DHARMAJ) has a market capitalisation of Rs 937 Cr. at the 2026-10-01 close.
What is the P/E ratio of Dharmaj Crop Guard Ltd?
Dharmaj Crop Guard Ltd trades at a P/E of 15.6 on trailing twelve-month profit, at the 2026-10-01 close.
What were Dharmaj Crop Guard Ltd's latest quarterly results?
In the Jun 2026 quarter, Dharmaj Crop Guard Ltd sales was Rs 384 Cr (+4.6% vs Jun 2025) and net profit was Rs 38 Cr.
What is the 52-week high and low of Dharmaj Crop Guard Ltd?
The 52-week high is Rs 325.05 and the 52-week low is Rs 210.65.