Dhanuka Agritech (507717) Q4 25/26 earnings summary

Executive summary

• Delivered resilient operational and financial performance in Q4 FY 2025-26 despite challenging agrochemical sector conditions, including erratic weather and global supply chain disruptions.

• Maintained strong pan-India presence, reaching over 10 million farmers via 6,000–6,500 distributors and 80,000 retailers.

• Continued focus on innovation, with two R&D centers and partnerships with global agrochemical leaders to strengthen product pipeline.

• Board recommended a 100% dividend (INR 2 per share), approved a buyback of up to 5 lakh shares at INR 1,400 per share (up to INR 70 crore), and introduced an ESOP scheme.

• Audited financial results for FY 2025-26 were approved with an unmodified audit opinion; new subsidiaries in Europe and Brazil approved for international growth.

Financial highlights

• Q4 FY 2025-26 revenue from operations was INR 483.34 crore, up 9.35% year-over-year; EBITDA rose to INR 124.89 crore with a margin of 25.84%.

• Q4 PAT grew 29.5% YoY to INR 97.77 crore; PAT margin rose to 20.23%.

• Basic EPS for Q4 increased 29.57% YoY to 21.69.

• FY 2025-26 revenue was INR 2,01,978.96 lakhs, down 0.75% YoY; net profit was INR 28,723.49 lakhs, down 3.28% YoY.

• Q4 GST refund of INR 14.5 crore contributed to record EBITDA margin; full-year GST refund was INR 29 crore.

Outlook and guidance

• Guidance for FY 2026-27 is low double-digit revenue growth, with price growth expected to outpace volume growth by about 2%.

• EBITDA margin expected to decline by 100 basis points due to loss of GST refund and lower net economic benefit.

• Biostimulant portfolio expected to exceed INR 130 crore in FY 2026-27 as new products launch.

• Medium- to long-term growth outlook remains constructive, dependent on monsoon and reservoir conditions.

• Dahej plant revenue forecast revised to INR 75 crore for FY 2026-27, up from INR 50 crore in FY 2025-26 but below earlier INR 100 crore estimate.