Dhansa Labs Limited(DHANSA)

NSE: DHANSA

₹ 22.9-3.17%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 62 crUpdated: 24 Oct 2026

About

Dhansa Labs Limited is one of India's leading manufacturers of the herbicide 2,4-D, with more than four decades of experience and a portfolio of more than 200 product and combination registrations. It reported revenue of 141.54 (Rs crore) in FY26 and serves more than 250 customers from a facility of about 5 acres (20,000 sq. metres). Through subsidiaries it is diversifying into Compressed Biogas and biomass pellets.^[1][2]

Products and portfolio

One of India's leading manufacturers of the herbicide 2,4-D, as of FY26.^[1]
Holds more than 200 product and combination registrations, as of FY26.^[1]
Products also include Pretilachlor and Metribuzin, which have their own capacity line (FY26).^[3]

Manufacturing and raw materials

Single manufacturing facility covering about 5 acres (20,000 sq. metres), as of FY26.^[1]
Manufacturing is largely backward integrated up to base chemicals across most product lines (FY26).^[1]
Some raw materials are imported, exposing the company to supply and price risk from global suppliers such as China (FY26).^[1]

Capacity utilisation

2,4-D capacity utilisation was 69.37% in FY26.^[3]
Pretilachlor/Metribuzin capacity utilisation was 34.38% in FY26.^[3]
Management expects core utilisation to stay in a 70-75% range for the next few years, and cites this as the reason for the Atrazine capex (Q4 FY26 call).^[3]

Customers and markets

Serves more than 250 customers, as of FY26.^[1]
Export revenue was ₹811.97 lakhs, or 5.74% of total, in FY26. The company is exploring export markets to reduce reliance on the domestic market.^[3][1]
In FY26, export consignments were delayed at ports because of ongoing wars, which raised trade receivables by about ₹13 cr. Management expects them to normalise in H1 FY27.^[3]

Atrazine expansion

Brownfield Atrazine capacity is being added at the existing 20,000 sq m facility for about ₹30 cr. About ₹8-10 cr of debt has been raised; the rest is to come from internal accruals and equity.^[3]
Atrazine production is targeted to start in August 2026 and stabilise by the end of CY2026. FY27 revenue from Atrazine is expected at about ₹40 cr.^[3]
At full stabilisation, the Atrazine project could add about ₹120-140 cr of annual revenue (management estimate).^[3]

Green energy diversification

Wholly owned subsidiary Dhansa Green Energy is building a 15 TPD Compressed Biogas plant (targeting 18 TPD) under the GOBARdhan initiative. Commercial operations are targeted for July 2027.^[3][1]
The CBG project costs about ₹120 cr, with ₹85 cr of debt finalised and ₹36 cr from warrants. Financial closure has been achieved, and gas sales are contracted for 8 to 10 years.^[3]
350 acres in Bundi district, Rajasthan have been leased to grow Napier grass as CBG feedstock, which is also expected to generate carbon credits.^[3]
Dhansa Biofuels Power plans a biomass pellet project of about ₹120 cr. Financial closure is to follow the start of CBG construction. The total site is 22 acres, including 5 acres added next to the CBG site.^[3]

Funding and recent developments

The company raised ₹40 cr in its 2024 IPO, with ₹30 cr earmarked for working capital. Management said the funds went into project work and building stock, with no step-change in topline since the IPO.^[3]
Management guides about 20% revenue growth for FY27, driven by the Atrazine ramp-up (Q4 FY26 call).^[3]

Market Cap

₹62 Cr

High / Low

₹47 / 16

Stock P/E

11.2

Price / Book

0.6

Book Value

₹40

EPS

₹2.3

No. of Shares

2.49 Cr

ROCE

8.0%

ROE

6.5%

OPM

7.1%

Debt / Equity

0.40

Sales

₹142 Cr

Net Profit

₹6 Cr

Promoter holding

65.0%

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