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Dhanuka Agritech Limited
(DHANUKA)
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Rating:73Outperform
Price Target:
₹1,094.00
▲(7.99% Upside)
Action:Upgraded
Date:10/31/26
The score is driven primarily by strong financial performance—especially the very low leverage balance sheet and solid profitability with accelerating revenue—tempered by historically uneven cash-flow conversion and some margin volatility. Technicals are mixed (near-term strength but negative MACD and price below longer-term averages), while valuation appears reasonable on P/E but offers limited dividend support.
Positive Factors
Very Low Leverage
Extremely 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 Conversion
Uneven 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.
Read all positive and negative factors
Positive Factors
Negative Factors
Very Low Leverage
Extremely 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.
Read all positive factors
Dhanuka Agritech Limited (DHANUKA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹43.75B
Dividend Yield0.2%
Average Volume (3M)922.00
Price to Earnings (P/E)16.5
Beta (1Y)1.07
Revenue Growth-5.63%
EPS Growth-11.38%
CountryIN
Employees1,218
SectorGeneral
Sector StrengthN/A
IndustryAgricultural Inputs
Share Statistics
EPS (TTM)59.46
Shares Outstanding44,578,323
10 Day Avg. Volume1,143
30 Day Avg. Volume922
Financial Highlights & Ratios
PEG Ratio-5.05
Price to Book (P/B)2.41
Price to Sales (P/S)2.01
P/FCF Ratio22.28
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)61.97
Revenue Forecast (FY)₹21.66B
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 he...
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—di...
Dhanuka Agritech Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
92
Very Positive
Cash Flow
63
Positive
| 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 | 0.00 | 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 | 0.00 | 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
Positive
1013.10
Price Trends
938.76
Positive
988.93
Negative
1024.21
Negative
Market Momentum
-12.99
Negative
65.44
Neutral
77.60
Neutral
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 1013.1 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹43.75B | 16.48 | ― | 0.20% | -5.63% | -11.38% | |
68 Neutral | ₹146.65B | 19.99 | ― | 4.60% | -2.78% | 23.56% | |
63 Neutral | ₹35.75B | 18.14 | ― | 1.63% | 6.82% | 11.93% | |
58 Neutral | ₹434.20B | 21.45 | ― | 1.17% | 12.86% | 72.26% | |
56 Neutral | ₹316.94B | 27.34 | ― | 0.71% | -16.57% | -27.71% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹12.97B | 12.05 | ― | 0.67% | 17.05% | 9.10% |
* General Sector Average
IN:DHANUKA
Dhanuka Agritech Limited
981.50
-322.04
-24.70%
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-1,444.97
-30.69%
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112.60
-77.23
-40.68%
IN:PIIND
PI Industries Limited
2,089.00
-1,580.52
-43.07%
IN:RALLIS
Rallis India Limited
183.85
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IN:UPL
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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 pr...
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...
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 ...
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.