Dharmaj Crop Guard: PAT up 17% YoY on margin gains, revenue growth of 4% misses guidance
PAT +16.95% YoY · revenue +4.08% · margins expanding · miss vs street
₹382.38 Cr
+4.08% YoY
₹38.11 Cr
+16.95% YoY
9.94%
+1.1pp YoY
₹11.28
Dharmaj Crop Guard's consolidated Q1 FY27 (quarter ended June 30, 2026) revenue came in at ₹382.4 Cr, up just 4.1% YoY from ₹367.4 Cr — a sharp deceleration versus management's FY27 guidance of 18-20% topline growth issued on the May 2026 (Q4 FY26) concall. Sequentially revenue jumped 63.6% from ₹233.8 Cr, but Q4 is the company's seasonal trough (the filing itself notes the business is weather/cropping-pattern dependent), so the QoQ jump is a seasonality artifact, not an acceleration signal. Consolidated PAT was ₹38.1 Cr, up 16.9% YoY from ₹32.6 Cr, with EPS of ₹11.28 versus ₹9.64 a year ago. Standalone tracked consolidated closely (revenue ₹384.1 Cr, PAT ₹38.1 Cr), so there is no basis divergence worth flagging.
Q1 FY-2027 vs prior quarters
Margins expanded despite the topline miss: net margin rose to 9.97% of revenue from 8.87% a year ago, as total expenses grew slower (+2.5% YoY to ₹332.5 Cr) than total income (+4.2% YoY to ₹383.5 Cr). No exceptional items or minority interest appear in either statement, so the improvement is organic — consistent with management's stated FY27 drivers of a better product mix and higher technical-plant capacity utilisation, though revenue itself hasn't yet caught up to that narrative.
The stock went into the print at ₹267, up 2% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 2 consecutive quarters; revenue is at a 6-quarter high.
Management provided a strong outlook for FY'27, guiding for 18% to 20% overall top-line growth. The company expects continued scaling up of its technical plant, improvement in product mix, and increased capacity consumption within its formulation division, which is seen as the primary driver for margin improvement. Eff
— This quarter: missed
Against a Univest/Uniresearch trailing-growth estimate of ₹529 Cr revenue (+44% YoY) and ₹49 Cr PAT (+50% YoY) for the quarter, the actual print missed on both counts — revenue by roughly 28% and PAT by roughly 22% — though that estimate looks like a simple extrapolation off last year's growth rate rather than a bottom-up brokerage forecast, so treat the miss margin as directional rather than precise. On corporate developments, the board used the same August 7 meeting to induct Megha Joshi as an additional independent director and accept Amisha Shah's resignation (cited as due to other professional commitments) — governance changes unconnected to the operating numbers. A senior managerial personnel resignation was also disclosed on July 8, ahead of results. No press release accompanied this filing, so there is no management commentary to cross-check against the print.
W1
Whether H2 (peak kharif season) volumes can close the gap to management's 18-20% FY27 revenue growth guidance, given Q1 came in at just +4.1% YoY
W2
Margin trajectory — can NPM (9.97% this quarter) hold as the technical plant scale-up and product-mix improvement guided by management flow through
W3
Progress on the guided ₹50 Cr FY27 capex plan and the still-pending Brazil wholly-owned subsidiary approval noted in the filing
Filing states figures in ₹ millions; converted here to ₹ Cr (÷10). Standalone and consolidated are closely aligned (<1% divergence). No exceptional items; non-controlling interest is nil.