{"id":183488,"date":"2026-05-19T07:30:31","date_gmt":"2026-05-19T11:30:31","guid":{"rendered":"https:\/\/alphastreet.com\/india\/dhanuka-agritech-limited-dhanuka-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-19T07:32:48","modified_gmt":"2026-05-19T11:32:48","slug":"dhanuka-agritech-limited-dhanuka-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/dhanuka-agritech-limited-dhanuka-q4-2026-earnings-call-transcript\/","title":{"rendered":"Dhanuka Agritech Limited (DHANUKA) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Dhanuka Agritech Limited (NSE: DHANUKA) Q4 2026 Earnings Call dated May. 19, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Unidentified Speaker<\/strong><\/p>\n

Rahul Dhanuka<\/strong> \u2014 Managing Director<\/em><\/p>\n

Analysts:<\/h2>\n

Manish Mahavar<\/strong> \u2014 Analyst<\/em><\/p>\n

Rishabh Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Viraj Kacharya<\/strong> \u2014 Analyst<\/em><\/p>\n

Raju Dalloy<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to Dhanuka Agritech Limited Full QN FY26 Post Results Call hosted by Antech Stockbroking. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing start and zero on your touchstone phone. I now hand the conference over to Mr. Manish Mahavar from Attic Stock Broking.<\/p>\n

Thank you. And over to you sir.<\/p>\n

Manish Mahavar<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you, Roger. Good afternoon everyone. I am pleased to host today’s earning call of Dhanuka Agtech. We have leadership team represented by Mr. N.K. Dhanuka Chairman, Mr. Rahul Dhanuka, Managing Director, Mr. Harsh Bhanuka, SD Director and Mr. V.K. Bhattu, CFO on the call. Without any delay, I would like to invite Mr. Nkit Hanukkah to start with opening comment post which we will open the floor for Q and A. Thank you over the month. Over to you Dhanukaji.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Thank you Manishji. Good afternoon ladies and gentlemen. I am M.K. Dhanuka, Chairman of Dhanuka Exitech Ltd. And I welcome you all to the Q4FY2526 earning conference call. I have with me Mr. Rahul Dhanuka, Managing Director, Mr. Harsh Dhanukar, Executive Director and Mr. V.K. Mansal, CFO of the company. As you are aware, Dhanuka Agritech is among India’s leading agrochemical companies with a long standing commitment towards advancing Indian agriculture through technology led crop solutions. Over the years we have built a strong Pan India franchise with deep farmer engagement, a differentiated product portfolio and a robust distribution network.<\/p>\n

Today we reach more than 10 million farmers across India through approximately 6,000 distributors and over 80,000 retailers. Supported by our four manufacturing facilities and 41 warehouses, we continue to strengthen our ability to deliver products efficiently across key agriculture markets. A key differentiator for Dhanuka has been our consistent focus on introducing innovative and globally relevant chemistries in the Indian market. Our partnership with 10 leading multinational hydrochemical innovators from Japan, Europe and the United States continue to provide access to advanced technologies and differentiated solutions for Indian farmers.<\/p>\n

Our two R&D centers supported by NABL accredited laboratories and a strong regulatory and product development team remain focused on product registration, formulation development and strengthening our future growth pipeline. The broader operating environment during the quarter remained challenging for the hydrochemical industry. The sector continued to witness pressure from erratic weather pressures, uneven crop economics, weak channel liquidity in certain regions and continued global volatility in commodity and supply chain dynamics which became prominent in March due to the war in Gulf region.<\/p>\n

Climate variability is increasingly becoming a structural factor for Indian agriculture. Unseasonal rainfall, temperature fluctuations and shifting monsoon patterns continue to impact sowing behaviour, crop production demand and overall farmer sentiment. In addition, geopolitical tension, trade disruption and supply chain uncertainties across global market have kept input planning and logistics management dynamic during the quarter. Q4 is seasonally a relatively softer quarter for the agrochemical industry and this year the Ruby season was further impacted by unfavorable climatic conditions in certain key regions.<\/p>\n

While near term demand visibility remains linked to monsoon progression and reservoirs conditions, we continue to remain constructive on the medium to long term structural growth opportunity for Indian agriculture and crop protection. Against this backdrop, I am pleased to share that Dhanuka delivered a these. Resilient operational and financial performance during the quarter. Revenue from operations for Q4FY2005.26 stood at Rupees 483.34 crores as compared to Rupees 442.02 crores in Q4 of FY24 25 registering a growth of approximately 9%.<\/p>\n

EBITDA for the quarter is stood at Rs. 124.89 crores as against Rupees 109.75 crores in the corresponding quarter of the previous year. Profit after tax stood at Rs. 97. 77 crores compared to rupees 75.50 crores in Q4 of FY24 25 reflecting healthy profitability improvement supported by product mix, operational efficiencies and disciplined cost management. Our balance sheet and cash generation continue to remain strong providing us the flexibility to invest for future growth while maintaining a shareholder friendly capital allocation approach.<\/p>\n

The zone wise contribution to turnover for Q4 of FY25. 26 was north contributed 32%, east contributed 12%, west contributed 23% and south contributed 33%. Product category wise insecticide contributed 41%, fungicide contributed 14%, herbicide contributed 31% and others contributed 14%. The Board of Directors has recommended a dividend of 100%, I.e. Rupees 2 per equity share, face value of Rupees 2 each. The proposed dividend will absorb approximately Rupees 9.02 crores and is subject to shareholders approval at the 41st Annual Journal Meeting scheduled on 3rd August 2026.<\/p>\n

Further, the Board has also approved a proposal for buyback of up to 5 lakh equity share for an aggregate amount not exceeding rupees 70 crores at a maximum buy pack price of rupees 1400 per equity share. This decision reflects the Board’s confidence in the long term fundamentals, cash flow, strength and future growth prospects of the company while also reaffirming our commitment toward enhancing shareholder value. I am also pleased to inform you that the Board has approved the introduction of an Employee Stroke Option Plan or ESOP scheme.<\/p>\n

We believe this initiative will further strengthen entrepreneurial mindset across the organization, enhance long term alignment and support our next phase of growth and leadership development. As we enter the next phase of our journey, the company remains focused on strengthening its product portfolio, expanding farmer reach, driving operational excellence and building future ready capabilities across manufacturing, R and D and market development. At Dhanuka, we continue to believe that sustainable business growth must go hand in hand with farmer prosperity and national food security.<\/p>\n

Our continued engagement with agricultural universities, Krishi Vinken and other fine living institutions remain an important part of our farmer education and technology dissemination efforts. With the ongoing management transition, we are also building the foundation for the company’s next era of growth. Combining the strength of Dhanuka’s legacy with a sharper focus on innovation, agility and long term value creation. Thank you very much for your kind attention. We would now like to open the floor for questions.<\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use answers while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Rishabh Shah from Bugle Rock pms. Please go ahead.<\/p>\n

Questions and Answers:<\/h2>\n

Rishabh Shah<\/strong><\/p>\n

Hi sir. Am I audible?<\/p>\n

Viraj Kacharya<\/strong><\/p>\n

Yes<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Sir. My question is about two products which we which were acquired by Bayern. Have we launched any new products within those products and also added any new customers? And one of the challenges we were facing with this new business model was registration in different companies. So how these things have evolved for us in the year’s time frame.<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Right sir. Thank you for this question. So the two products that we acquired Tridaminal and Iprovelicast from Bayer. So in most of the markets for the last financial year Bayer continued to do the commercialization. In current year also in some countries they have agreed to continue the commercialization. We have appointed customers in about five countries till now and we are in advanced discussions with the customers in another 10 countries. And as distributors start getting on board, the revenues will start building up from them.<\/p>\n

Till that time, buyer is doing the commercialization in most of the countries. Regarding any new products. Currently we have not introduced any new products from the portfolio only for India market. We had shared last year itself that we introduced melody duo in Q2 itself. And that product is now part of our product portfolio for India business.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Okay, and so these challenges which you are facing with this new business model, registrations. So.<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Yeah, so registration is not the bigger issue because the major concern is around appointing the distributors and managing the supply chain. With the support of buyer, we are resolving most of the issues on how the supply chain will be handled in the coming times. We have already initiated the formulation of both the Melody variants in India. Tridaminol formulation will also be shifting to India in current financial year itself and the Hyper Velika technical by end of this financial year we will be starting that production.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Okay, and so my next question was like in the last five years we have been trying to do two things. One is dipole integration and second, acquisition of products with some buyer basically for export purposes which we were doing only formulations before. And both these are new things for US exports and B2B business and manufacturing. So my question is what kind of challenges in particular to this new business have we faced in the last five years?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Yeah, so this is absolutely wonderful point that we are expanding to international markets and we have also explored inorganic growth by these two brand additions as well as we are doing backward integration on both these products. First, let me talk about the opportunity. The opportunity here is leveraging our Dahij chemical plant for manufacturing this in India and also leveraging our formulation capacities and formulating these two products in India, thereby encashing on the arbitrage of the costs these products had when they were coming from European or other markets and upgrading enhancing the capacity utilization at Dahij.<\/p>\n

While you are already aware of the headwinds chemical business has overall faced in last couple of years, many international players have faced these headwinds. So has Dhanuka. As the newcomer in this domain, finding the right distribution channel and appointing distributors in different countries has been a challenge. Then getting regulatory approvals has been another challenge. And getting our foot into the door in terms of these markets as very new opportunities for us has also been a challenge.<\/p>\n

We are pretty excited as we deal with these challenges and work on the opportunity this new domain has opened for us.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Okay. Okay, thank you. And so my last question is. Sorry to interrupt, Mr.<\/p>\n

Operator<\/strong><\/p>\n

Shah. We were requested to please rejoin the queue. We have other participants waiting for the turn. Thank you. The next question is from the line of dash from SI mpl. Please go ahead.<\/p>\n

Viraj Kacharya<\/strong><\/p>\n

Yeah, hi, thanks for the opportunity. Just couple of questions now. First is on the Q4 event. You know if I look at the sales, was there any element of replacement into the market? So any color in terms of volume value mix you can give for Q4 and FY26. And a related question is see if you look at our gross margin, despite the environment we have seen a significant expansion and it’s also a quarter where the OPEX cost has seen a drop. So if I look at EBITDA margin, it’s been the highest favor we have ever seen and you know, in our life.<\/p>\n

So just trying to understand what is the drivers of this because even the new product contribution has dropped. And if you look at segment wise hobby sites and family sites not seeing that kind of growth, you know, so any color you can give on this. So that’s the first question<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

You see you asked three, four question in one question. You see one with regard to the EBITDA is margin. This is largely because of the GST refund. You see in Udhampur unit the GST refund year was last year, March 26th only. So you see the refund has increased significantly in the Q4 of this financial year because of which the EBITDA is highest in this quarter. In terms of the placement. Placement is similar to the previous year. Not very significant as normal placement which is happening every year.<\/p>\n

And what was your third question<\/p>\n

Viraj Kacharya<\/strong><\/p>\n

Just on the gcp, what is the quantum<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Quantum in terms of placement?<\/p>\n

Viraj Kacharya<\/strong><\/p>\n

No GHC refund amount,<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

GST refund amount. You see in the whole year basis it was 29 crore and a significant portion in the quarter four. And as against the last year it was very low because of some provisioning.<\/p>\n

Viraj Kacharya<\/strong><\/p>\n

Okay, and can you give the G sales and EBITA and similarly how much Bayer revenues contribution<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

On yearly basis it was actually 50 cr as against 41 crore the previous year. In terms of the Q4 it was 8 crores versus 15 cr. In terms of the value volume it was almost flat. The volume growth and value growth was almost same in Q4.<\/p>\n

Viraj Kacharya<\/strong><\/p>\n

No, I meant the age EBITDA, you know, was it break even? Was it<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

The habita loss as against last year 14 cr. This were this year was 13 crore loss on the whole year basis in the ha.<\/p>\n

Viraj Kacharya<\/strong><\/p>\n

Okay, fine. Just two questions sir. One is, you know on the guidance which you’ve given for 27 now see this year we will see a consolidation of Bayer’s product revenue as well in our numbers. And Last year in 26 we had an impact of ban of you know, sale of biologicals for a few quarters. So you know, if you add these two itself, you know we would easily, maybe very comfortably achieve our guidance of load of a digit. So that gives an impression that the base business may not grow or in fact may probably be grow.<\/p>\n

So I’m just trying to understand, you know, why what is driving. I mean if you can just give some color on your guidance, you know, how are you going about that?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

You see this year 2% impact on account of the she there was no contribution of the GST refund and there would be little hit on account of the net economic benefit. First around 40 crore impact would be on account of these two heads that will be compensated by the see the introduction of the buy stimulant again. And in terms of the buyer, the entire sale will not come in this in. In this financial year. Only a portion of that sale will come in this financial year and probably will get the full sale from the next financial year, not this year.<\/p>\n

Viraj Kacharya<\/strong><\/p>\n

For 26 how much bio sales has been recorded and for 27 how much you expecting?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

You see there was a loss of around 50 crore plus in the year 2526 going to come to the biostimulant ban. And we are hopeful will compensate the entire thing in the year 2020. Maya.<\/p>\n

Viraj Kacharya<\/strong><\/p>\n

No, I’m talking on Bayer, Bayer products. How much was recognized in 26 and how much you expect in 2726.<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

We recognize on the in India sales melody right. It would be something is around 27 crore and in the year 2627 is almost double of that<\/p>\n

Rishabh Shah<\/strong><\/p>\n

200 total. India 2728 will be 226,<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

27, 2635, 35, 35 plus around 60 crore this year.<\/p>\n

Viraj Kacharya<\/strong><\/p>\n

Okay, can I just squeeze in one more question? It’s on the esop, you know, just a suggestion. You know I think when this is the first time we have rolled out this policy and you know it’s quite a good initiative. Instead of new issuance, you know, new share issuance. A suggestion would be if we could consider buying shares on the market and you know, meeting the ESOP obligations. I think it’s also reflective of, you know, the valuation the company is currently trading at. So that is one suggestion.<\/p>\n

And second is on the buyback, you know, if you can give some rationale behind the buyback price. You know I think the last Thing there was around 2,000 rupees for share. So just want to understand your thought process on why this time we arrived at 1400 rupees per share buyback price.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Actually the buyback price is around 25% higher in comparison to the market prices the last year when we did the buyback at 2000 rupees. At that time the market prices were around 1700 rupees. So we did the buyback at 2000 rupees. This year the market prices was 1100 rupees. Approximately when we decided to buy back at 1400 rupees. So 300 rupees benefit we basically around 25% higher in comparison to the market prices. We are giving the advantage to the shareholders.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Rohit Nagraj from 361 Capital. Please go ahead.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Yeah, thanks for the opportunity. So, first question. In terms of the availability of material from outside, have we faced any challenges? NHS Q4 has been good. But during the last one and a half months, in terms of the technical availability from outside, are we faced facing any challenges and if not, are we more or less protected at least for the curry season? Thank you.<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Right. So availability of material from outside is not a challenge at all. Most of our imports come from the east, either Japan or China. So there has been no concern around the availability. Post war in March and April there was definitely a price increases which were more of speculative. And in last 15 days or so the price increase has stabilized and in couple of products may be slightly reduced also. But overall the prices have increased over last 45 to 60 days.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Sure. And if you can provide us what is the increase in input prices as a basket and how much of that has been translated into the price increase? Thank you.<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

You see, as a basket, one is in case of imported material in because of the depreciated rupee the impact is around 5, 6% in terms of imported material. And in terms of the indigenously in the infusion rate the increase is very steep. Maybe 25%, 30%, 15%. But on a basket level it is. It would be ranging around 3 to 5%.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Sure. So overall in terms of raw material inflation we are seeing close to about maybe 5, 7%. The similar kind of increase will be passed on in terms of the product prices. Is that the right assumption?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

You see passing only the customer? It depends. We currently it is. We are finding it difficult but yes. Or a period of time be passed on by the end, by the beginning of the quarter two some part is already passed on and it will not be passed on immediately. It will take little time.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Sure, sure. And that’s one number. In terms of one question. In terms of number what was the buyer royalty payment during Q4 and for full year? FY26<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Full year it was around 32 crore and in Q4 is around 10.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Sure, that’s it from my side. Thanks and all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Prashant Biani from Elara Capital. Please go ahead.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Yeah, thank you for the opportunity. Mr. How much has been the price increase in Q1 and consequently how much would be the remaining price increase that we may have to take from Q2?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

You see Q1 overall price increase maybe in the range of around 2%.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Which means we have to take a higher price hike in Q2. Maybe around 5 to 6%.<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Around 3 to 4%. Yeah, that’s right.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Okay. And Rahulji, how has been the demand trend for Kharif as of now and any early indication of herbicide consumption if it has started in any part of India?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Any indication of what consumption.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Herbicide.<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Herbicide consumption has not really started much yet. Sugarcane was an important crop for this quarter when the herbicide consumption has started in especially in north India and has been good as of now. It was a mixed approach in April and so far in May and it has not been easy to filter. How much of the market will is because of the price sensitivity versus how much of the market pull is because of actual demand. So yet I would say there is a certain market pull in anticipation of price increase as well as some actual demand.<\/p>\n

So far there is growth over last year and things seem to be on track for Q1.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

At the end consumer level?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

I think so. There is some noise. I could not catch your question. Could you repeat that?<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Sir, I am seeing the demand pull is from the channel itself or is it at the end consumed consumer level also?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

That’s what we are not able to filter immediately because some of the products which get consumed in this window they are moving but they are moving at a higher speed than normal. So it is difficult to filter whether the demand is exactly at the consumer level or is it only the channel pull?<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Right. Maybe both are<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

There but difficult to filter.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Sure. And then on bias molecule that we have bought. I think the initial plan was to make only one manufacture, only one molecule in the India because for the other molecule I think further value addition by shifting manufacturing here was not looking possible. Why would there be change of plans to manufacture both molecules now on?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

So we will be manufacturing the active ingredient of only one molecule. The other products active ingredient we will be procuring from out outside the formulation. We will be shifting for both the products to India because that is providing a supply chain efficiencies and reduced costs.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Okay. And just lastly for the international business registration is fine. But at the distributor level what kind of challenges. I’m sorry to interrupt<\/p>\n

Operator<\/strong><\/p>\n

Mr. Bayani but there is a lot of disturbance from your background.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Right. So I was seeing if this is clearer. I was saying what kind of challenges are we seeing at the distributor level while trying to expand in overseas markets.<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Okay. So at distributor level the challenges are around delivering the volume and the price matrix which we want the distributors to achieve. So either they are not able to commit the volumes for that market or not able to maintain the price values price levels which are currently prevailing in these markets. So they are looking for selling the products at lower prices which is not workable.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Raju from Mantech Stockbroking. Please go ahead<\/p>\n

Raju Dalloy<\/strong><\/p>\n

Congress for a great set of numbers. Few questions regarding the Q4. So you have said that GST returned for this full year was 29 crores. Specific to 4Q how much that would be.<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

In Q4 it was 14.5 crore.<\/p>\n

Raju Dalloy<\/strong><\/p>\n

Understood. And sir, in terms of Biostimulant portfolio and biological both. So how much was the total revenue contribution for FY25 and 26?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

2526 is around. 70 crores. 70 crore.<\/p>\n

Raju Dalloy<\/strong><\/p>\n

70 crore for 26.<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Yeah.<\/p>\n

Raju Dalloy<\/strong><\/p>\n

And the period that is for the for FY 2525<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

It was around 100, 110 growth time.<\/p>\n

Raju Dalloy<\/strong><\/p>\n

Understood. And sir, I think the product decisions for Biostimulant has been started seeing last two since last year November. So how many products we have already registered and how much how is the growth expectation for this portfolio in FY27?<\/p>\n

Rishabh Shah<\/strong><\/p>\n

I didn’t get the question.<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

You see we launched one molecule in this category in 2026 and three will launch in the month of June.<\/p>\n

Raju Dalloy<\/strong><\/p>\n

Okay. And and, and how much growth you’re expecting? Because if you look at the base here that is 110 crore kind of a revenue. If we take that as a base here. Because last year we had some rotary issues. So this year how much you are expecting in terms of revenue for these categories<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

We are expecting a revenue of more than 130 crores.<\/p>\n

Raju Dalloy<\/strong><\/p>\n

And in terms of like in, in 4Q we have registered up here 9% kind of a total top line growth. So if you could break it down by volume and the, and by the prices that will be helpful<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

In Q4.<\/p>\n

Raju Dalloy<\/strong><\/p>\n

Yeah, in Q4.<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

In. In Q4 value or volume is almost similar. Same.<\/p>\n

Raju Dalloy<\/strong><\/p>\n

Okay, almost similar. And. And for the full year,<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Full year is also almost same.<\/p>\n

Raju Dalloy<\/strong><\/p>\n

Okay. Okay, understood. And in terms of the age revenue expectations, so last year I think. Sorry, last, last quarter I think we had guided roughly around 60 crore sender per revenue target for 26. But we have achieved roughly around 50 crores kind of revenue for the full year. So how much we are targeting this year in terms of like what, what was our guidance was roughly around 100 crores revenue target for FS27. So. So that is intact or are you going to change that in terms of looking at the current prices of, of the technical products and all.<\/p>\n

How. How is your view for the DI?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Yes, for Dahij, last year we forecasted 65 crore for FY26 and we were able to deliver only 50 crores against that. And this year we are forecasting revenue of 75 crores lower than our earlier estimate of 100 crores. Looking at the current scenarios, we have downgraded that forecast.<\/p>\n

Raju Dalloy<\/strong><\/p>\n

But prices already have seen some improvement. And looking at the, at the two products like the another product that we have already launched in last quarter. So in any specific scenario, why we are, we are expecting lower revenue this year,<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Lower from our original forecast. But from previous financial year against 50 crores we are expecting 75 crores. So it is 50% higher. We added one product in Q2 last year, so we will get full year of that product. And for Bifenthrin, domestic sales are robust. We got our first international registration at the end of last financial year and for one of the markets internationally and the sales have started over there. Volumes from that market are not expected to be very high. And in the larger markets the registration is taking time for the Dahesh products.<\/p>\n

Raju Dalloy<\/strong><\/p>\n

Understood. And sir, one. One last bookkeeping question in terms of Bayer Bayard AG product that we have bought. So I think, I think you have shared the number of roughly around 50 to 60% of our revenue for 27. So. So that is for the India revenue that you are expecting or it is. It is India plus few geographies. While you are expecting the product issuance to be transferred to. To. To your name. No,<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

This is the revenue for the rest of the world as well. India plus rest of the world.<\/p>\n

Raju Dalloy<\/strong><\/p>\n

Okay. Okay. Okay. So that means the royalty income will get for. For this year as well, right? For F27 as well, right?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Yeah. Royalty income would be there this year, but maybe a little lower than the 25, 26. Correct.<\/p>\n

Raju Dalloy<\/strong><\/p>\n

Sorry to interrupt. May we request<\/p>\n

Operator<\/strong><\/p>\n

Mr. Raju to please rejoin the queue, sir? Thank you. The next question is from the line of Dhruv Sharaf from Bowhead India Fund. Please go ahead.<\/p>\n

Raju Dalloy<\/strong><\/p>\n

Hello. Good afternoon, team. So, just wanted to understand, you know, how are the early trends in terms of acreage for Khari planning out? We’ve seen good price rise in cotton and soybean. So do you expect both of these crops, which are very important crops for you to gain ground over maize this year?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Cotton will certainly be gaining ground this year. That is there. Soya bean will compete with maize, cotton and few other summer pulses for its acreage. So we’re not very sure of the soya bean acreages, but we are very sure that pulses and oilseed acreages will increase. So cotton will increase, pulses will increase, other oil seeds will also increase. But soya bean, particularly within the oil seeds, will compete with cotton, maize and other pulses.<\/p>\n

Raju Dalloy<\/strong><\/p>\n

Understood. Sir, can you specifically comment on maize? How do you. Because your maize is also coming from a very high base of last year. So do you see like a drastic fall in maize and hence, you know, soya bean could ultimately benefit or could it be like flattish compared to last year?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

See, between soya bean and maize, maize is a relatively more broad tolerant crop. Less water gives comfort to maize. Vis it comfort gives comfort to soya bean. So that is the one part of the balance. The other part of the balance is how much stress continues on bioethanol. So one of the major outcome from high maize is bioethanol. And between these two things, you know, maize will have to find a sweet spot. I don’t see acreages increasing over last year, but a significant reduction also may not happen.<\/p>\n

Raju Dalloy<\/strong><\/p>\n

Understood? Understood. So why I asked you this is because if I look at soybean prices specifically, they’re up like 50, 60%. You know, like 65, 70 a kilogram versus 40 a kg last year. So that’s why that’s where I came from. You know, given the low base of soybean, could it be positive for us as a company?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Yes, we have a very strong portfolio of soya bean herbicides, soybean insecticides and some plant growth regulators. Increase in soybean acreages could be helpful.<\/p>\n

Raju Dalloy<\/strong><\/p>\n

Sure, that helps. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Ketan Chawla from Affirma Capital. Please go ahead.<\/p>\n

Raju Dalloy<\/strong><\/p>\n

Hi, good afternoon. I had a couple of questions. First is pertaining to the Guidance that you’ve given in low double digit form for FY27. If we were to break this up in terms of price growth and volume growth. If you could provide some color around that, please.<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

You see, we are in terms of the volume or value growth, there could be difference by the year on maybe around 2 percentile.<\/p>\n

Raju Dalloy<\/strong><\/p>\n

So you’re saying volume growth will be 2% more than the price growth?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

No, price growth would be more than the volume growth.<\/p>\n

Raju Dalloy<\/strong><\/p>\n

Okay, and how does this. Obviously FY26 was a flat, but if you look at history, how does this compare to let’s say FY25?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

25. I think the price was negative, volume was more, price was negative. Yes,<\/p>\n

Raju Dalloy<\/strong><\/p>\n

Understood. And my second question is regarding the EBITDA margin decline of hundred BPs that you factored in. So what is the underlying assumption or the drivers for this?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

You see, decline in EBITDA margin is only because of the decline in the gross margin. Absolutely. Or that is only because of the GST refund and some decline in the net economic benefit.<\/p>\n

Raju Dalloy<\/strong><\/p>\n

And<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Yeah,<\/p>\n

Raju Dalloy<\/strong><\/p>\n

The current environment where you know, raw material prices are increasing, freight is increasing, packaging materials, you see the entire gamut of input cost increasing, you don’t expect that to impact your margins this year.<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

You see, in the full year basis, I am of the opinion that that should not impact. But yes, on quarter one or quarter two there would be little impact. But on full year basis we are very strong opinion that we will be able to pass on the increase to the customer. And at the same time when the price increasing, we have certain advantage of the carry over inventory. So that will compensate that loss in case we are little. See the little delay in the passing over the increased cost that will be compensated on the inventory lying with us.<\/p>\n

Raju Dalloy<\/strong><\/p>\n

Understood. And if this current crisis prolongs, obviously curry season would be protected to a certain extent as you said, because of inventory, line and replacement, etc, what impact do you see on the Ruby season?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

You see, it is difficult to predict if the price continues increasing continued then at that point of time it’s difficult to estimate that.<\/p>\n

Raju Dalloy<\/strong><\/p>\n

And last thing is, you know you mentioned in your presentation 93 products as being margin accretive and being a growth driver. So just want to understand what portion of our revenue currently comes from nine three products?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Around 26%.<\/p>\n

Raju Dalloy<\/strong><\/p>\n

And we are looking to ramp this up to what levels. Any guidance there<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

In the range of 25 to 26.<\/p>\n

Raju Dalloy<\/strong><\/p>\n

Okay, so we’re on a growing base. You’re saying that we’ll continue to maintain this at 25 to 26%.<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Yeah, yeah, absolutely,<\/p>\n

Raju Dalloy<\/strong><\/p>\n

Yeah. And how significant. Mr.<\/p>\n

Operator<\/strong><\/p>\n

Chawlam, may we request you to please rejoin the queue sir. Thank you. The next question is from the line of Rishabh Shah from Bugal Rock pms. Please go ahead.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Hi. So thanks for the opportunity. So the tires with Spanish company for biological products, how has that performed for us? How big is this market in India and also who are the others present in this particular market?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

So biological market can be divided into two parts. Biological crop nutrition which includes seaweed extracts as well as other products covered under biostimulants. And then the biological control market which is biopesticides which includes neem and other products. This market is estimated to be be about 4 to 5000 crores due to biostimulant regulations introduced last year. This market dropped down significantly and is gradually catching up in terms of seaweed extract and bionutrition. Biostimulants coming on track.<\/p>\n

At Dhanuka we introduced in this category Mycorrhiza in the brand name Micro Super. And Microsooper as a product has done really well in a drought situation, El Nino situation like this year, Microsooper is expected to do much better than the past year. Further, we are going to launch our biostimulants this year and we introduced Verdor last year. So these are some of the products that we are positioning in this segment. The alliance that we were trying with this Spanish company, we called it off.<\/p>\n

We signed an MoU with them but subsequently we called it off and I think so by now that Spanish company has probably changed hands as well. So we had some red flags in the MoU and we didn’t want to pursue it.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Okay. And so in one of the calls you have said that at Tanuka you manage your inventory and receivables differently as compared to what is happening in the industry. Could you please elaborate more on this in detail? Like how are you managing in a better way than the industry?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

So this is almost like asking me for my trade secret. I would only say that most of the years and most of the quarters you would see inventory situation only improving. We plan our production not only economies of scale when it comes to brand sales and formulation. We don’t plan our production on economies of scale. We plan our production in small batches. We don’t plan logistics again on truckloads and economies of scale. We plan logistics in small batches so that we can service the changing demand of the market very fast and we can react to it suitably because you know the market changes dramatically.<\/p>\n

Based upon how it has rained over last three days and in terms of receivables also, you would have noticed that this year we have reduced our receivables by about 4% as compared to last year on 31st of March. So we continue to do that and we strive to do better. Sometimes we are not so. For example, after West Asia crisis in March, we decided to do some strategic buying. Thereby our inventory has gone up in short term and as well as last year because various VD sides did not move as well as we wanted to.<\/p>\n

So that also got added to our inventory. So this, 31st March inventory you would see is significantly higher to last year.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Rohit Nagraj from 361 Capital. Please go ahead.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Yeah, thanks for the follow up. So first question is in terms of the channel inventory, given that in Rabi the pest infestation was not, what is our sense in terms of the channel inventory currently? Thank you.<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Come again. What did you say about Ravi?<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Ravi? The pest infestation was relatively lower. So probably some inventory of insecticide would be there in the channel. So what is our sense whether the channel has, you know, higher inventories and that will cause some concern in terms of later half of, you know, Kharif season.<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

In my experience, Rabi consumption was better than Kharif. We had better movement of insecticides as well as fungicides in Rabi including south and late Chile and subsequently in vegetables also. So the movement was adequate on ground in the Q4 in terms of consumption also. So I don’t expect lot of that inventory lying out there in the market.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Got that. And second, in terms of the GST refund, is it, is it a part of the revenues recognized during this quarter?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Yes.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Okay, fair enough. Thank you so much and all the best, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Viraj from SI mpl. Please go ahead.<\/p>\n

Viraj Kacharya<\/strong><\/p>\n

Yeah, I just had a question on. See you indicated that we did some smart sourcing when the war broke out. And there’s also an element of low cost inventory country be the hobby side. So you know, so in that sense, you know, going into 27, you know, you have some advantage on the cost fund vis a vis the industry still you’re expecting a hundred bps kind of, you know, moderation and, and there’s also element of high margin product, you know, loss, sales loss we had from biostimulant. So conf. All that, which events are you seeing?<\/p>\n

Sure. Is the focus getting a higher Volume growth.<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

You see in terms of the 100 basis decline in the margin is basically on account of. I have already clarified in account of the loss of refund of GST which will not be available in this year and some impact on the reduction in the next net economic benefit. So we are seeing in net net we are. We will be able to maintain the 2526 gross margins. We will get the advantage of course in the some inventory but at the same time we lose some margin on account of the high cost inventory when the cost component will be passed in the fees phase manner, not immediately.<\/p>\n

So in net net we are very hopeful or of the opinion he will be able to maintain the gross margin. I’m not expecting any expansion in the gross margin in the current financial year.<\/p>\n

Viraj Kacharya<\/strong><\/p>\n

Got it. Thank you and good luck.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Archit Joshi from Nuvama. Please go ahead.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Hi sir. Thanks for the opportunity. So just one question. We have been hearing from quite a few corporates that there’s been a labor shortage. Is that also prevailing at the farm level? Because remember that whenever there’s a labor shortage the consumption of herbicides typically gets better. Do we see that scenario prevailing even now?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

So labor shortage is kind of a perpetual thing now because of various capex initiatives by the government and by the private sector also. So that labor shortage has become now a continuum and is progressively expanding to relatively more labor intensive geographies. For example Eastern up, Bihar, Jharkhand, Chhattisgarh. These places which were actually labor availability was much easier has also seen labor challenges. Hopefully we will see labor shortage now emerging in growth oriented West Bengal also.<\/p>\n

So this is going to continue.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Do you have any expectations on the herbicide consumption going into the peak season right now? Should that have any rub off effect in your forecast<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

For the month of June is pretty good. Oil seed pulses, acreages are expected to be pretty high. So with that and our strong and robust VD side portfolio we are pretty hopeful that Q1, especially the month of June is going to be really exciting.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Right? Great. Thanks and all the best. Congrats on a good set of numbers.<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Abhighyan Srivastava from Marcellus Investment managers. Please go ahead.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Hi sir. Am I audible?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Yes sir.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Your other expenses have gone down by 26% y OI and approximately 49% y for Q4. Could you help us understand why this happened?<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Yeah. In Q4 there is a significant decline in the other expenses and on yearly Basis this margin on only 3% is mainly because of the Q4 basically after you see in after the Q2 result we released a basically message to our own stories to maintain the expenses in the end of November for everybody as you see manage the expenses very nicely in Q4 but one major reduction on account of the our because of some we get the field promotion support from our principals that has increased significantly and our doctor Expansion there is significant improvement in this year because of which this improvement is appearing in the Q4<\/p>\n

Rishabh Shah<\/strong><\/p>\n

And sir also on other income we see a 20% increase any particular reason why the increase has come about<\/p>\n

Rahul Dhanuka<\/strong><\/p>\n

Other income? Basically last year there was a provision in one investor investment which was made in the drone company because of this that you see our last year income in the 2425 is lower otherwise is absolutely similar to 2425 in the year 206 this year there was no provisioning rather the we have made one investment in Kasan Connect there is an appreciation of around 3 crore mission has happened in the other income.<\/p>\n

Rishabh Shah<\/strong><\/p>\n

Got it thank you sir this is all from my side<\/p>\n

Operator<\/strong><\/p>\n

Thank you ladies and gentlemen that was the last question for today I now hand the conference over to management for closing comments<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Thank you. Once again I would like to thank all our investors, analysts, business partners and stakeholders for their continued trust and confidence in Dhanuka Agritech Ltd. We remain committed to building a resilient, innovation driven and farmer focused organization that creates sustainable long term value for all stakeholders India Kaparnam Harkisanganam thank you and goodbye until next time<\/p>\n

Operator<\/strong><\/p>\n

Thank you on behalf of Antic Stock broking the method that concludes this conference thank you for joining us and you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Dhanuka Agritech Limited (NSE: DHANUKA) Q4 2026 Earnings Call dated May. 19, 2026 Corporate Participants: Unidentified Speaker Rahul Dhanuka \u2014 Managing Director Analysts: Manish Mahavar \u2014 Analyst Rishabh Shah \u2014 Analyst Viraj Kacharya \u2014 Analyst […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-183488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":172747,"url":"https:\/\/alphastreet.com\/india\/logo-original-dark-1-1-2\/","url_meta":{"origin":183488,"position":0},"title":"Logo-Original-Dark (1) (1)","author":"Staff Correspondent","date":"December 2, 2025","format":false,"excerpt":"","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":171168,"url":"https:\/\/alphastreet.com\/india\/dhanuka-agritech-q1-fy26-earnings-results\/","url_meta":{"origin":183488,"position":1},"title":"Dhanuka Agritech Q1 FY26 Earnings Results","author":"Divyansh_Kasana","date":"September 11, 2025","format":false,"excerpt":"Dhanuka Agritech Ltd manufactures a wide range of agro-chemicals including herbicides, insecticides, fungicides, and plant growth regulators in various forms such as liquid, dust, powder, and granules. Presenting below its Q1 FY26 Earnings Results. Q1 FY26 Earnings Results: Revenue: \u20b985.93 crore, down 19.97% year-on-year YoY from \u20b9107.37 crore (please note\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"DHANUKA Q1 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/DHANUKA.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/DHANUKA.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/DHANUKA.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/DHANUKA.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/DHANUKA.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/DHANUKA.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":164548,"url":"https:\/\/alphastreet.com\/india\/dhanuka-agritech-ltd-q1fy25-48-rise-in-profits\/","url_meta":{"origin":183488,"position":2},"title":"Dhanuka Agritech Ltd Q1FY25; 48% rise in Profits","author":"Divyansh_Kasana","date":"September 26, 2024","format":false,"excerpt":"Dhanuka Agritech manufactures a wide range of agro-chemicals like herbicides, insecticides, fungicides, plant growth regulators in various forms liquid, dust, powder and granules. Financial Results: Dhanuka Agritech Ltd reported Revenues for Q1FY25 of \u20b9494.00 Crores up from \u20b9369.00 Crore year on year, a rise of 33.88%. 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