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Dharmaj Crop Guard Ltd.
(DHARMAJ)
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Rating:60Neutral
Price Target:
₹316.00
▲(32.11% Upside)
Action:Reiterated
Date:09/06/26
The score is primarily held back by weak cash flow conversion and volatile/negative free cash flow despite strong revenue growth and a manageable balance sheet. Technicals are neutral-to-slightly constructive, and valuation appears moderate based on the P/E provided.
Positive Factors
Strong multi-year revenue expansion
Revenue has expanded substantially across FY21–FY26, indicating that the company is scaling its crop-protection business and reaching a broader customer base. Continued growth at this level can strengthen operating relevance, support reinvestment, and improve the platform for future product and market expansion.
Negative Factors
Weak operating cash conversion
Operating cash flow is converting only a modest portion of reported earnings into cash, which reduces the quality and flexibility of profits. Persistently weak conversion can increase reliance on external funding, constrain reinvestment, and make growth more demanding on liquidity over the coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong multi-year revenue expansion
Revenue has expanded substantially across FY21–FY26, indicating that the company is scaling its crop-protection business and reaching a broader customer base. Continued growth at this level can strengthen operating relevance, support reinvestment, and improve the platform for future product and market expansion.
Read all positive factors
Dharmaj Crop Guard Ltd. (DHARMAJ) vs. iShares MSCI India ETF (INDA)
Market Cap
₹9.38B
Dividend YieldN/A
Average Volume (3M)5.44K
Price to Earnings (P/E)15.7
Beta (1Y)1.10
Revenue Growth8.45%
EPS Growth14.96%
CountryIN
Employees803
SectorGeneral
Sector StrengthN/A
IndustryAgricultural Inputs
Share Statistics
EPS (TTM)17.80
Shares Outstanding33,797,295
10 Day Avg. Volume4,023
30 Day Avg. Volume5,439
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)1.73
Price to Sales (P/S)0.68
P/FCF Ratio-61.67
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)N/A
Revenue Forecast (FY)N/A
Dharmaj Crop Guard Ltd. Business Overview & Revenue Model
Company Description
Based in Ahmedabad, India, Dharmaj Crop Guard Limited operates as a key player in the Indian agrochemical sector. The company specializes in the production, supply, and marketing of a diverse array of agricultural chemical solutions. These include...
How the Company Makes Money
Dharmaj Crop Guard makes money primarily by selling crop protection and crop health products to customers through distribution-led channels. Its core revenue streams are (1) sales of branded and/or generic agrochemical formulations (including inse...
Dharmaj Crop Guard Ltd. Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
74
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.53B | 11.38B | 9.51B | 6.53B | 5.22B | 3.88B |
| Gross Profit | 2.10B | 1.83B | 2.07B | 1.31B | 904.92M | 793.02M |
| EBITDA | 1.15B | 1.09B | 769.27M | 660.78M | 456.35M | 464.83M |
| Net Income | 601.68M | 546.46M | 348.25M | 443.76M | 268.60M | 286.90M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 8.41B | 7.33B | 5.63B | 4.32B | 2.20B |
| Cash, Cash Equivalents and Short-Term Investments | 64.69M | 64.69M | 32.72M | 29.99M | 1.25B | 9.52M |
| Total Debt | 0.00 | 1.32B | 1.16B | 1.12B | 524.17M | 369.28M |
| Total Liabilities | -4.49B | 3.92B | 3.39B | 2.04B | 1.17B | 1.35B |
| Stockholders Equity | 4.49B | 4.49B | 3.94B | 3.59B | 3.15B | 849.18M |
Cash Flow | ||||||
| Free Cash Flow | -139.62M | -126.15M | 65.60M | -1.83B | -928.33M | -72.41M |
| Operating Cash Flow | 2.45M | 143.00M | 386.80M | 73.85M | -237.16M | 164.11M |
| Investing Cash Flow | -168.57M | -294.33M | -329.01M | -620.25M | -1.91B | -238.65M |
| Financing Cash Flow | 169.52M | 151.81M | -85.49M | 572.15M | 2.14B | 74.53M |
Dharmaj Crop Guard Ltd. Technical Analysis
Neutral
239.20
Price Trends
271.47
Positive
269.86
Positive
257.05
Positive
Market Momentum
5.59
Negative
49.95
Neutral
54.80
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DHARMAJ, the sentiment is Neutral. The current price of 239.2 is below the 20-day moving average (MA) of 276.79, below the 50-day MA of 271.47, and below the 200-day MA of 257.05, indicating a bullish trend. The MACD of 5.59 indicates Negative momentum. The RSI at 49.95 is Neutral, neither overbought nor oversold. The STOCH value of 54.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:DHARMAJ.
Dharmaj Crop Guard Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹38.76B | 18.19 | ― | 1.50% | 4.41% | 24.42% | |
67 Neutral | ₹16.72B | 7.37 | ― | 0.05% | -5.17% | 4.24% | |
67 Neutral | ₹41.34B | 15.65 | ― | 0.21% | -5.63% | -11.38% | |
60 Neutral | ₹9.38B | 15.66 | ― | ― | 8.45% | 14.96% | |
56 Neutral | ₹348.95B | 29.80 | ― | 0.64% | -16.57% | -27.71% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹17.28B | 13.41 | ― | 0.33% | 1.26% | -16.43% |
* General Sector Average
IN:DHARMAJ
Dharmaj Crop Guard Ltd.
277.60
-23.85
-7.91%
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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.