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Dharmaj Crop Guard (DCGL) manufactures agro-chemicals across branded formulations (B2C), institutional formulations (B2B domestic and exports), and active ingredients (AIs/technicals). The company operates within the Indian agrochemicals industry, which is expanding at a mid-to-high single-digit CAGR. India’s agrochemicals total addressable market (TAM) is estimated at ~US$9–13 billion, with additional global opportunities emerging as China+1 sourcing gains momentum.
DCGL is a small- to mid-cap player relative to peers such as Rallis, Sumitomo Chemical India, and Sharda Cropchem. Its key differentiation lies in its branded B2C distribution reach (~18,000 retailers), growing institutional tie-ups, and ongoing AI capacity expansion.
The company’s primary moats include distribution scale, regulatory filings, and integration across active ingredients. While moat durability is currently moderate, it is improving as branded sales scale up and AI exports gain traction.
Distribution: 6.5/10
Cost & Process Efficiency: 5.5/10
Regulatory Capability: 6/10
AI Integration: 6.5/10
Overall competitive-advantage score: 6.2/10
In Q1 FY26, the company reported a strong rebound with revenue of ₹367 crore, EBITDA of ₹51 crore, and PAT of ₹33 crore, translating to EBITDA margins of 13.8%.

Sales increased from ₹524 crore in FY23 to ₹951 crore in FY25, with EBITDA of ₹75 crore and PAT of ₹35 crore. Margins have remained volatile in the 8–10% range, but are showing signs of stabilization driven by higher AI contribution.

Debtor days increased to 95 days in FY25 compared to 66 days in FY24. However, the cash conversion cycle (CCC) improved to 67 days from 84 days, primarily due to higher payables. Operating cash flows strengthened in FY25, with ₹39 crore generated from CFO.

The stock is currently trading at ~₹351 per share.

On an EV/EBITDA basis, DCGL trades at ~13x, broadly in line with Rallis (13x) and India Pesticides (12x), at a premium to Sharda Cropchem (9x), and at a significant discount to Sumitomo Chemical India (42x).
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