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Dhanuka Agritech Limited — Q3 FY26
Dhanuka Agritech reported a weak Q3 FY26 with revenue of ₹409.92 crore (down 7.9% YoY), EBITDA of ₹58.6 crore (down 22.4% YoY), and PAT of ₹40 crore (down 27.3% YoY).
bearish
high
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Dhanuka Agritech reported a weak Q3 FY26 with revenue of ₹409.92 crore (down 7.9% YoY), EBITDA of ₹58.6 crore (down 22.4% YoY), and PAT of ₹40 crore (down 27.3% YoY). The decline was driven by stressed farmer incomes, extended rainfall, and lower crop prices, particularly impacting South and West India. The company also faced a ₹15 crore revenue hit from regulatory issues on bio-stimulants and lower sales of Bayer-acquired products. Management guided for flattish full-year revenue and expects EBITDA margin contraction of 100-110 bps for FY26. Positives include a strong start to Q4, three new product launches lined up for FY27, and progress on the Dahej plant targeting 80% capacity utilization. Key risks include delayed bio-stimulant approvals and potential El Niño impact on the kharif season.
धनुका एग्रीटेक की तीसरी तिमाही (अक्टूबर-दिसंबर 2025) कमजोर रही। कंपनी की कमाई ₹409.92 करोड़ रही, जो पिछले साल से 7.9% कम है। मुनाफा ₹40 करोड़ रहा, जो 27.3% गिर गया। इसकी वजह किसानों की कम आय, ज्यादा बारिश और फसलों के कम दाम हैं, खासकर दक्षिण और पश्चिम भारत में। कंपनी को नियामकीय मुद्दों और बायर से खरीदे उत्पादों की कम बिक्री से ₹15 करोड़ का नुकसान हुआ। पूरे साल कमाई स्थिर रहने का अनुमान है और मुनाफा कम हो सकता है। सकारात्मक बात यह है कि चौथी तिमाही की शुरुआत अच्छी है, तीन नए उत्पाद आने वाले हैं, और दहेज फैक्ट्री 80% क्षमता पर चलने की उम्मीद है। जोखिम में बायो-स्टिमुलेंट्स की मंजूरी में देरी और एल नीनो का असर शामिल है।
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Delayed bio-stimulant approvals
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Bio-stimulant revenue loss (Q3)
₹15 crore
-49 crore 9M YoY
Regulatory issues caused a ₹15 crore revenue loss in Q3 and ₹49 crore in 9M FY26.
Net economic benefit from Bayer
₹6 crore
₹19.5 crore 9M
Net economic benefit from Bayer products was ₹6 crore in Q3 and ₹19.5 crore in 9M; expected to decline in FY27.
Dahej plant capacity utilization target
80%
N/A
Management targets 80% capacity utilization at Dahej plant in FY27 with three products.
Sales returns (Q3)
₹72 crore
Flat YoY
Sales returns were ₹72 crore in Q3 FY26, similar to ₹74 crore in Q3 FY25.
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Guidance and risk preview
Management expects full-year revenue to be flattish YoY, with Q4 showing growth but not enough to offset earlier declines.
Approvals for three bio-stimulant products are expected by end of Q4 FY26; any delay could impact Q1 FY27 sales, as peak season starts in July.
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