Dharmaj Crop Guard Ltd. (DHARMAJ) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: N/A
• Average Volume (3M): 4.33K
• Price to Earnings (P/E): 16.6
• Beta (1Y): 1.15
• Revenue Growth: 36.35%
• EPS Growth: 26.19%
• Country: IN
• Employees: 582
• Sector: Services
• Sector Strength: N/A
• Industry: Agricultural Inputs
• EPS (TTM): 0.22
• Shares Outstanding: 33,797,295
• 10 Day Avg. Volume: 4,995
• 30 Day Avg. Volume: 4,329
• PEG Ratio: -0.85
• Price to Book (P/B): 1.60
• Price to Sales (P/S): 0.66
• P/FCF Ratio: 96.15
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 62 Neutral
• Price Target: ₹239.00 ▼(-0.08% Downside)
• Action: Reiterated Date: 11/22/25
• Date: Action: Reiterated 11/22/25

Dharmaj Crop Guard Ltd. has a robust financial profile with strong revenue growth and solid profitability margins, which is the most significant factor in the score. However, technical indicators suggest a bearish trend, and the valuation is moderate. The absence of a dividend yield and lack of recent earnings call data or corporate events limit the score.

Positive Factors

Sustained Revenue Growth

A 45.7% year-over-year revenue jump reflects durable top-line momentum and stronger market penetration. Sustained revenue growth supports scale benefits, better fixed-cost absorption and long-term reinvestment capacity, enhancing resilience across crop cycles and geographies.

Solid Profitability Margins

Stable gross margins and healthy EBIT/EBITDA indicate consistent cost control and operating efficiency. Margin durability underpins cash generation, funds R&D or distribution expansion, and cushions the business against input-price swings common in agrochemicals over multi-season horizons.

Healthy Balance Sheet

Improving debt-to-equity and a solid equity ratio provide financial flexibility to fund capex or buffer seasonal working-capital needs. A well-capitalized structure reduces refinancing risk and supports strategic investments that sustain competitive position in agricultural inputs.

Negative Factors

Declining Net Profit Margin

A shrinking net margin signals rising operating costs or intensifying competition, which can erode net returns and free cash flow over time. If structural, margin pressure limits ability to fund growth or weather commodity cycles without pricing power or efficiency gains.

Volatility in Free Cash Flow

Historical free cash flow swings increase risk around capital allocation and dividend or buyback decisions. Persistent volatility can constrain capex or working-capital support in peak seasons, forcing reliance on external financing during critical agricultural demand periods.

Room To Reduce Liabilities

Remaining liabilities suggest the balance sheet, while stable, could be strengthened. Higher liabilities relative to peers can limit strategic flexibility, increase sensitivity to interest-rate shifts, and elevate risk during cyclical downturns in the agricultural inputs market.

Dharmaj Crop Guard Ltd. Business Overview & Revenue Model

Company Description

Dharmaj Crop Guard Limited engages in the manufacturing, distributing, and marketing of a range of agro chemicals in India. Its agro chemical formulations include insecticides, fungicides, herbicides, plant growth regulators, micro fertilizers, and antibiotics to the B2C and B2B customers. The company also manufactures and sells general insect and pest control chemicals for public and animal health protection. In addition, it exports its products in Latin America, East African Countries, the Middle East, and Far East Asia. The company was incorporated in 2015 and is based in Ahmedabad, India.

How the Company Makes Money

Dharmaj Crop Guard Ltd. generates revenue primarily through the sale of its agrochemical products, which include a diverse portfolio of formulations designed to protect crops from pests and diseases. The company has established robust distribution channels that enable it to reach a wide customer base, including farmers, agricultural cooperatives, and retailers. Key revenue streams include direct sales of its products, export of formulations to international markets, and collaborations with other agricultural firms for co-marketing initiatives. Additionally, DHARMAJ benefits from strategic partnerships with research institutions and agricultural organizations that help enhance product development and market reach, contributing significantly to its overall earnings.

Dharmaj Crop Guard Ltd. Financial Statement Overview

Summary

Dharmaj Crop Guard Ltd. shows strong revenue growth and solid profitability margins. The balance sheet is healthy with manageable debt levels and a solid equity base. Cash flow has improved, but past volatility suggests a need for ongoing liquidity management.

Income Statement

Dharmaj Crop Guard Ltd. has demonstrated strong revenue growth with a consistent upward trajectory from 2020 to 2025. The company achieved a substantial revenue increase of 45.7% from 2024 to 2025. Gross profit margins have remained steady, indicating effective cost management, while net profit margins reveal a slight decline, suggesting rising operational costs or increased competition. EBIT and EBITDA margins are healthy, supporting operational efficiency.

Balance Sheet

The balance sheet shows a stable financial position with a debt-to-equity ratio improving over time, indicating effective debt management. Return on equity remains strong, reflecting profitability relative to shareholder equity. The equity ratio is solid, suggesting a well-capitalized structure, though there's room for improvement in reducing liabilities further.

Cash Flow

Cash flow statements indicate improved operating cash flow in 2025, recovering from previous negative free cash flows. The operating cash flow to net income ratio is favorable, suggesting operational cash generation aligns with reported earnings. However, past fluctuations in free cash flow require attention to ensure consistent cash generation to support growth initiatives.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	10.63B	9.51B	6.53B	5.22B	3.92B	2.97B
Gross Profit	2.37B	2.07B	1.35B	904.92M	768.63M	608.39M
EBITDA	1.01B	769.27M	660.78M	456.35M	464.83M	322.78M
Net Income	523.43M	348.25M	443.76M	268.60M	286.90M	209.60M
Balance Sheet
Total Assets	0.00	7.33B	5.63B	4.32B	2.20B	1.29B
Cash, Cash Equivalents and Short-Term Investments	32.05M	32.72M	29.99M	1.25B	9.52M	9.53M
Total Debt	0.00	1.16B	1.12B	524.17M	369.28M	269.24M
Total Liabilities	-3.94B	3.39B	2.04B	1.17B	1.35B	725.26M
Stockholders Equity	3.94B	3.94B	3.59B	3.15B	849.18M	563.44M
Cash Flow
Free Cash Flow	0.00	65.60M	-1.83B	-928.33M	-72.41M	-62.70M
Operating Cash Flow	0.00	386.80M	73.85M	-237.16M	164.11M	128.83M
Investing Cash Flow	0.00	-329.01M	-620.25M	-1.91B	-238.65M	-177.31M
Financing Cash Flow	0.00	-85.49M	572.15M	2.14B	74.53M	55.01M

Dharmaj Crop Guard Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 239.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DHARMAJ, the sentiment is Negative. The current price of 239.2 is below the 20-day moving average (MA) of 239.21, above the 50-day MA of 237.97, and below the 200-day MA of 281.86, indicating a bearish trend. The MACD of -0.49 indicates Positive momentum. The RSI at 48.31 is Neutral, neither overbought nor oversold. The STOCH value of 41.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:DHARMAJ.

Dharmaj Crop Guard Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SHARDACROP	78 Outperform	₹107.43B	18.99	―	1.02%	33.23%	107.47%
GSFC	68 Neutral	₹67.32B	9.72	―	2.80%	15.25%	26.49%
DHANUKA	64 Neutral	₹46.31B	17.29	―	0.17%	4.92%	4.47%
RALLIS	63 Neutral	₹53.99B	32.33	―	0.92%	0.91%	18.12%
DHARMAJ	62 Neutral	―	16.59	―	―	36.35%	26.19%
BAYERCROP	61 Neutral	₹210.01B	31.33	―	1.57%	8.92%	5.06%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%