Dhanuka Agritech Ltd(DHANUKA)

NSE: DHANUKABSE: 507717

₹ 829-0.68%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 3,696 crWebsite: www.dhanuka.comUpdated: 24 Oct 2026

About

Dhanuka Agritech is an Indian agrochemical company that formulates and markets pesticides, herbicides, fungicides, insecticides, and biological products for farmers across India. In FY26 it reported revenue of Rs. 2,019.79 crores, making it one of India's established crop-protection companies. It operates a formulation business supplemented by an in-house technical manufacturing plant at Dahej, Gujarat, and holds exclusive rights to patented molecules acquired from Bayer.^[1]

Product portfolio and brands

Portfolio spans herbicides, fungicides, insecticides, and biological/biostimulant products; herbicides were ~42% of revenue in Q1 FY27, down from ~50% in Q1 FY26 due to delayed monsoon.^[2]
9(3) novel-molecule (in-licensed, patent-protected) products contributed ~26% of revenues in FY26; management targets maintaining this band at 25 - 26%.^[3]
Specialty Japanese fungicides Nissodium and Conika gained traction in horticulture during Q1 FY27's dry spell, helping fungicide share rise from 11% to 14% of revenue.^[2]
Biostimulant/biological portfolio revenue fell to Rs. 70 cr in FY26 from Rs. 110 cr in FY25 after a government quality-control regulatory ban; two of three affected products were relaunched in Q1 FY27.^[3]
On 14 Oct 2026 Dhanuka launched Tembotrax Herbicide in India, a selective systemic post-emergence herbicide for maize and sugarcane.^[4]
In September 2026 Dhanuka launched POLIN Fungicide (20% SC, for leaf and neck blast in paddy), Wetcit Neo adjuvant, and Fujita fungicide.^[5]
Ipflufenoquin, a 9(3) novel molecule developed with Nippon Soda/Nisso Chemicals (Japan) for transplanted paddy blast control, received its indigenous-manufacture registration certificate in H1 FY26.^[6]

Manufacturing operations

Dahej, Gujarat technical plant manufactures Bifenthrin (insecticide), Difenoconazole (fungicide, commercialised Q3 FY26), and Iprovalicarb (Bayer-acquired fungicide, India manufacturing to start by end of FY27).^[7]
Dahej plant FY27 revenue guidance was revised to ~Rs. 65 cr (from Rs. 75 cr prior), as of Q1 FY27.^[2]
Udhampur formulation unit's CGST incentives expired in March 2026, prompting the decision to establish a replacement facility.^[2]
Per the FY26 annual report, Harsh Dhanuka was given added responsibility to expand exports and oversee the Dahej unit.^[8]

Key operating numbers

Innovation Turnover Index (share of products launched in the last three years) was 11.56% in Q1 FY27, down from 13.29% in Q1 FY26.^[2]
Volume declined ~12.7% YoY in Q1 FY27, roughly matching the 12.56% revenue decline.^[2]
Dahej technical plant revenue was Rs. 26 cr in Q1 FY27 vs Rs. 16 cr in Q1 FY26; Rs. 50 cr in FY26 vs Rs. 41 cr in FY25.^[2]
Bayer acquired-molecule royalty income was ~Rs. 4 cr in Q1 FY27; full-year FY26 Bayer royalty was Rs. 32 cr.^[2]

Bayer molecule rights

Dhanuka acquired global rights to Bayer's Triadimenol and Iprovalicarb; distributors appointed in ~5 countries as of Q4 FY26, with advanced discussions in another 10.^[3]
Bayer export revenue in Q1 FY27 was negligible; management said full-year FY27 Bayer-related export contribution would not be very significant.^[2]
FY28 Bayer molecule revenue is targeted at Rs. 200 cr, versus ~Rs. 27 cr India revenue in FY26.^[3]

Expansion and capex

New formulation plant at Butibori, Nagpur, Maharashtra: 23,000 MT per annum capacity, outlay up to Rs. 200 cr, FY27-28 spend Rs. 100 cr+, targeted operational by April 2028; Maharashtra CGST incentives secured.^[2]
A second Dahej plant (MPP-2) was in final business-planning stages as of Q3 FY26, with estimated capex of Rs. 60 - 70 cr.^[7]
As of Q1 FY27 management was scouting inorganic acquisition opportunities.^[2]

Customers and distribution

Instagram and Facebook reach each reached 1,262 lakh in Q2 FY26, compared to 500 lakh for full-year FY25.^[6]
Difenoconazole from Dahej is restricted to India as of Q2 FY26; near-term exports are constrained by Chinese cost competition.^[6]

Risks named by the company

The FY25 annual report names dependence on strategic collaborators for technical supply, and weather/monsoon, as high-impact risks.^[9]
As of FY25 the company took no forex hedging cover, stating hedging costs exceed the losses it would prevent.^[9]

Recent corporate actions

Buyback of 5 lakh shares at Rs. 1,400 per share, totalling Rs. 70 cr, was completed in FY27.^[2]
A final dividend of Rs 2 per share (100%) was recommended for FY26.^[8]
Board approved a new Employee Stock Option Plan in FY27.^[2]
NSE issued a warning letter dated 29 Jul 2024 over short notice of an analyst call.^[9]

Market Cap

₹3,696 Cr

High / Low

₹1,480 / 829

Stock P/E

49.6

Price / Book

2.7

Book Value

₹373

EPS

₹63.7

No. of Shares

4.51 Cr

ROCE

23.8%

ROE

18.6%

OPM

18.5%

Debt / Equity

0.00

Sales

₹2,020 Cr

Net Profit

₹287 Cr

Promoter holding

69.8%

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