Dharmaj Crop Guard Highlights Brand-Led Growth Strategy; Reiterates Recent Business Developments and Performance Momentum

 by Priyanka Jadhav 

Dharmaj Crop Guard Limited (BSE: 543687, NSE: DHARMAJ), a leading agrochemical company, has highlighted its continued focus on strengthening its brand-led growth strategy, alongside reiterating key business and operational updates that were recently communicated to stakeholders.

As earlier announced, the Company has appointed celebrated cricketer Rohit Sharma as its brand ambassador for the domestic brand business division. This strategic association is aimed at enhancing brand visibility, deepening engagement with farmers, and strengthening Dharmaj’s presence across its operating markets. The initiative forms a key pillar of the Company’s efforts to drive the next phase of growth in its branded formulations business.

In continuation of its earlier disclosures, Dharmaj has also shared its investor presentation for the third quarter and nine months ended December 31, 2025, outlining its financial and operational performance.

During the period under review, the Company reported revenue growth of 9% year-on-year in Q3FY26 and 22% year-on-year for the nine-month period. The performance was delivered in the context of a relatively muted industry environment, with elevated channel inventories and subdued spraying activity impacting demand during the quarter.

The Company’s Active Ingredients segment continued to demonstrate healthy performance, operating ahead of planned capacity utilization levels. Dharmaj remains focused on optimizing its product mix and enhancing integration between technical manufacturing and formulations to improve blended profitability.

Profitability during Q3FY26 was impacted by a lower contribution from formulations and a one-time provision of ₹4.75 million related to labour code amendments. However, on a nine-month basis, EBITDA margins improved to 9.9%, supported by operating leverage and improved capacity utilization at the Saykha facility.

Further, in line with its previously disclosed growth plans, the Company is progressing with a capital expenditure project to set up a dedicated herbicides formulations unit at its Kerala GIDC facility in Ahmedabad. With an estimated investment of ₹330 million, the facility is expected to be operational by the end of Q2FY27 and is intended to support category expansion and improve throughput during peak seasons.

Dharmaj continues to focus on expanding its distribution footprint, strengthening its product portfolio, and scaling its Active Ingredients business, while also building a robust export portfolio to drive sustainable long-term growth.