Dhanuka Agritech (507717) Q4 24/25 earnings summary

Executive summary

• Achieved record revenue of INR 2,035.15 crore in FY 2024-2025, up 15.73% year-over-year, with Q4 revenue at INR 442.02 crore, up 20.01% compared to last year.

• Acquired international rights for two key fungicide molecules (Iprovalicarb and Triadimenol) from Bayer AG, expanding presence to over 20 countries.

• Aggressively increased corporate sales, introduced new products, and approved new manufacturing at Dahej, with revenue expected from Q2.

• Board recommended a 100% dividend (INR 2 per share), absorbing INR 9.02 crore, subject to shareholder approval.

• Buyback of 500,000 shares at INR 2,000 per share completed in Q2, totaling INR 100 crore.

Financial highlights

• EBITDA for FY 2024-2025 was INR 416.61 crore, up 27.23% year-over-year; Q4 EBITDA was INR 109.75 crore, up 37.03%.

• Profit after tax for FY 2024-2025 was INR 296.96 crore, up 24.2% year-over-year; Q4 PAT was INR 75.5 crore, up 27.94%.

• EBITDA margin improved to 20.47% for FY 2024-2025 and 24.83% for Q4.

• PAT margin improved to 14.59% for FY 2024-2025 and 17.08% for Q4.

• Basic and diluted EPS for FY25: INR 65.55, up from INR 52.46 in FY24.

Outlook and guidance

• Expecting higher double-digit revenue growth for FY 2026, with EBITDA margin to remain similar to FY 2025.

• Gross margin expected to decline by 100 bps in FY 2026 due to rising raw material costs.

• Dahej facility revenue guidance for FY 2026 is INR 60 crore, but EBITDA expected to remain negative until capacity utilization reaches 70-80%.

• Revenue from new Bayer-acquired molecules expected at INR 110-120 crore in FY 2026, with additional royalty income of INR 15-20 crore.

• Export revenue (excluding Bayer products) expected to rise to INR 50 crore in FY 2026 from INR 30 crore in FY 2025.