Dharmaj Crop Guard Limited — Investor Meet, 06-06-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Dharmaj Crop Guard reported Q4 revenue of Rs. 210 Cr, up 81% YoY, and FY25 revenue at Rs. 951 Cr, growing 45% YoY, driven by branded formulations and active ingredient ramp-up. Volume grew 25%-30% despite pricing pressure and export challenges. EBITDA margin was ~9.5%, formulation margin around 16%, with Sayakha plant losses impacting profits. Debt-to-equity improved to 0.29, cash conversion cycle tightened to 67 days.

Management expects 20%-25% revenue growth in FY26 with EBITDA margin up ~1% point. Technical sales may reach Rs. 250-260 Cr; exports to grow as product registrations progress. A Rs. 15 Cr capex is planned to expand herbicide capacity. EBITDA margins could improve to ~13% by 2030, supported by better utilization and lower interest costs. Confidence remains high on doubling revenue to Rs. 2,000 Cr by 2030 at a 20%-25% CAGR.