Dhanuka Agritech Limited — Investor Meet, 04-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Dhanuka Agritech reported Q2 FY26 revenue of ₹598.25 Cr, EBITDA ₹136.73 Cr, and PAT ₹93.97 Cr, all down YoY. Abnormal rainfall significantly impacted agrochemical demand, especially for herbicides. New products Ipflufenoquin and biostimulant Wardu were introduced, with Dahej starting Difenoconazole trials. Biostimulant sales faced a >₹20 Cr hit in Q2, with recovery expected by Q1 next year. FY26 Bayer product revenue is now seen at ~₹40 Cr (down from ₹100 Cr) due to export delays. Management anticipates flat gross margins but a ~100 bps EBITDA margin decline for FY26, expecting flattish annual revenue with modest H2 growth.