Dhanuka Agritech Limited (DHANUKA) AI Stock Analysis

Dhanuka Agritech Limited

(NSE:DHANUKA)

Select Model

Rating:78Outperform

Price Target:INR 1,119.00▲(14.01% Upside)

Action:reiterated

Date:10/31/26

Strong financial performance is the primary support, led by a very healthy balance sheet, solid profitability, and improving cash generation. Reasonable valuation further helps, while mixed technical momentum—particularly the negative MACD and position below the longer-term moving averages—limits the overall score.

Positive Factors

Very Low LeverageExtremely low leverage gives Dhanuka substantial financial flexibility and reduces the burden of interest or refinancing costs. This conservative balance sheet can support investment in products, distribution, and growth initiatives while providing resilience if agricultural demand or profitability weakens.

Negative Factors

Uneven Cash ConversionUneven conversion of accounting profit into cash can make internally generated funding less predictable and may reflect working-capital or timing demands. Although FY2026 improved materially, recurring volatility could constrain investment flexibility and reduce the quality of earnings during weaker periods.

Dhanuka Agritech Limited (DHANUKA) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 38.81B
Dividend Yield: 0.20%
Average Volume (3M): 2,544
Price to Earnings (P/E): 16.5
Beta (1Y): 1.07
Revenue Growth: -5.63%
EPS Growth: -11.38%
Country: India
Employees: 1,218
Sector: General
Sector Strength: 55
Industry: Agricultural Inputs

Dhanuka Agritech Limited Business Overview & Revenue Model

Company Description

Dhanuka Agritech Limited, established in 1985 and based in Gurugram, India, is a key player in the Indian agricultural sector, focusing on the production and sale of a wide array of agro-chemicals. Their comprehensive product portfolio includes herbi...

How the Company Makes Money

Dhanuka Agritech primarily makes money by selling branded agrochemical crop protection products in India. Revenue is generated from the sale of formulations across key categories—herbicides, insecticides, fungicides, and plant growth regulators—distr...

Dhanuka Agritech Limited Financial Statement Overview

Summary

Strong revenue growth, profitability, returns on equity, and an exceptionally conservative balance sheet support a high score. Positive cash flow is a strength, although cash conversion has been uneven and margins show some volatility.

Income Statement

86Very Positive

Balance Sheet

92Very Positive

Cash Flow

78Positive

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	19.53B	20.20B	20.35B	17.33B	17.00B	14.63B
Gross Profit	5.96B	5.59B	8.16B	6.59B	5.85B	5.23B
EBITDA	4.19B	4.03B	4.17B	3.62B	3.23B	2.97B
Net Income	2.68B	2.87B	2.97B	2.39B	2.34B	2.09B
Balance Sheet
Total Assets	0	21.02B	18.00B	15.79B	14.05B	13.12B
Cash, Cash Equivalents and Short-Term Investments	2.97B	3.21B	1.24B	723.49M	992.53M	1.98B
Total Debt	0	306.39M	742.33M	269.79M	335.17M	318.07M
Total Liabilities	-16.82B	4.20B	3.97B	3.23B	3.44B	3.52B
Stockholders Equity	16.82B	16.82B	14.03B	12.56B	10.61B	9.60B
Cash Flow
Free Cash Flow	255.12M	1.82B	686.61M	451.24M	120.50M	444.51M
Operating Cash Flow	398.19M	2.09B	2.63B	1.34B	1.36B	1.04B
Investing Cash Flow	191.17M	-1.35B	-1.43B	-808.93M	25.65M	-426.01M
Financing Cash Flow	-554.26M	-560.78M	-1.20B	-565.42M	-1.37B	-608.00M

Dhanuka Agritech Limited Technical Analysis

Technical Analysis SentimentPositive

Last Price981.50

Price Trends

50DMA938.76Positive

100DMA988.93Negative

200DMA1024.21Negative

Market Momentum

MACD-12.99Negative

RSI65.44Neutral

STOCH77.60Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DHANUKA, the sentiment is Positive. The current price of 981.50 is above the 20-day moving average (MA) of 878.55, above the 50-day MA of 938.76, and below the 200-day MA of 1024.21, indicating a neutral trend. The MACD of -12.99 indicates Negative momentum. The RSI at 65.44 is Neutral, neither overbought nor oversold. The STOCH value of 77.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:DHANUKA.

Dhanuka Agritech Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:DHANUKA against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:DHANUKA	78Outperform	INR 43.75B	16.48	―	0.20%	-5.63%	-11.38%
IN:IPL	66Neutral	INR 12.97B	12.05	―	0.67%	17.05%	9.10%
IN:RALLIS	63Neutral	INR 35.75B	18.14	―	1.63%	6.82%	11.93%
IN:BAYERCROP	60Neutral	INR 146.65B	19.99	―	4.60%	-2.78%	23.56%
IN:UPL	58Neutral	INR 434.20B	21.45	―	1.17%	12.86%	72.26%
IN:PIIND	56Neutral	INR 316.94B	27.34	―	0.48%	-16.57%	-27.71%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

IN:DHANUKA and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:DHANUKA	Dhanuka Agritech Limited	981.50	-322.04	-24.70%
IN:BAYERCROP	Bayer Cropscience India Limited	3263.00	-1444.97	-30.69%
IN:IPL	India Pesticides Ltd.	112.60	-77.23	-40.68%
IN:PIIND	PI Industries Limited	2089.00	-1580.52	-43.07%
IN:RALLIS	Rallis India Limited	183.85	-75.13	-29.01%
IN:UPL	UPL Limited	514.35	-208.80	-28.87%

Dhanuka Agritech Limited Corporate Events

Dhanuka Agritech launches advanced POLIN fungicide for Indian farmers

Sep 22, 2026

Dhanuka Agritech Limited has launched POLIN, a new-generation fungicide developed in collaboration with Nippon-Soda of Japan for the Indian market. POLIN (20% SC) uses a novel DHODHI mode of action classified under FRAC 52 and offers preventive prote...

Dhanuka Agritech Forms Wholly Owned Agrochemical Subsidiary in Ireland

Aug 28, 2026

Dhanuka Agritech Limited has incorporated a wholly owned subsidiary, Dhanuka Agritech Europe Private Limited, in Ireland under the Companies Act 2014. The new entity belongs to the agrochemical industry and currently has no turnover as it has only ju...

Dhanuka Agritech Appoints New General Manager–Sales to Bolster Agro-Inputs Business

Aug 3, 2026

Dhanuka Agritech Limited has appointed Mr. Shalinder Singh as Senior Management Personnel in the role of General Manager–Sales, effective 3 August 2026. He joins the company on a full-time basis, strengthening its sales leadership structure in...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 31, 2026

Dhanuka Agritech Limited AI Stock Analysis