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
Financial stats pending filing verification
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
71%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Current demand scenario for agrochemicals and Q4 outlook
Asked by Prashant Biani, ARA security
Answered Q4 well but deferred karif expectations to later weather forecasts.
deferred to later for karif
Read the exchange
Question
how is the current demand scenario for agrochemicals? While we understand Q3 was weak but uh how is Q4 doing and what is your expectation from Kar season?
Management (unidentified)
Q4 has really started well. January has done well for us. South Indian patty, East India patty is looking really good. wheat crop has been good...
Partial answer
Medium priority
Contribution from technical sales and Bayer molecules in Q3 and 9 months
Asked by Prashant Biani, ARA security
Initially gave 9-month figures, then clarified quarterly technical sales were only 3-4 cr.
clarified later for quarter
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Question
out of the total topline how much is the contribution from technical sales and uh revenue from the molecules of buyer that we had bought both in Q3 as well as 9 months.
Management (unidentified)
revenue from buyer moleur in the balance sheet of dhanoga is around 25 to 27 cr. ... technical is around 50 CR.
Answered
High priority
Net economic benefit from Bayer and future outlook
Asked by Prashant Biani, ARA security
Provided specific numbers for net economic benefit and explained future discontinuation.
Read the exchange
Question
this 25 to 27 cr is all top line or some of it is net economic benefit as well.
Management (unidentified)
it is the top line net benefit is separate. ... Which is around 6 CR in quarter 3 and overall is around 19.5 CR in 9 months.
Answered
Medium priority
Cash on books
Asked by Prashant Biani, ARA security
Provided a clear figure for cash and liquid investments.
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Question
how much is the current cash on books
Management (unidentified)
cash cash and liquid investment is is more than 250 cr
Answered
Medium priority
Impact of sales returns in Q3 vs last year
Asked by Sarab Jen, HSBC
Provided a clear comparison of sales returns year-over-year.
Read the exchange
Question
will it be possible to kind of indicate or quantify what could be the impact negative impact of sales returns for you in this quarter and same number say last year.
Management (unidentified)
sales return this year is almost equal to the last year but slightly lower than by 2 cr this in Q3 as compared to the Q3 of the previous year.
Partial answer
High priority
Contribution from products under regulatory challenges and outlook
Asked by Sarab Jen, HSBC
Quantified impact but gave only hopeful timeline for approvals without certainty.
no exact timeline for normalization
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Question
the products which are under you know regulatory challenges what is that contribution ... and what should we expect on this side in the future on the regulatory issues?
Management (unidentified)
this year the impact in our Q3 is around 15 cr and 9 month is a impact of 49 cr ... we are quite hopeful that we'll be receiving our approvals by end of this quarter
Evasive
High priority
Impact of China export rebate policy changes on sourcing
Asked by Sarab Jen, HSBC
Acknowledged price increase but downplayed impact without quantifying exposure.
no specific quantificationreframed as industry-wide
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Question
recent changes in the China policy when they ending export reates on some of the technicals ... does it make a problem for players like Danuka?
Management (unidentified)
This will certainly increase the price ... Since it is an industry-wide phenomena, it will not significantly impact either our sourcing or our competitive edge.
Partial answer
Medium priority
Clarification on Bayer income and overseas transfer timeline
Asked by Vijalai, Antic Stock Broking
Clarified nature of income but gave unclear timeline for overseas transfers.
vague timeline
Read the exchange
Question
the income from the Bay about 6 cr for this quarter. So this is mainly the royalty income? ... And the recent transfer for the overseas market. So when you can expect that?
Management (unidentified)
it is not royalty it is uh net economic benefit ... In 27 ... sorry in 26 ... we will see a lot of transfers happening
Answered
High priority
EBITDA margin guidance for Q4 and full year
Asked by Vijalai, Antic Stock Broking
Provided specific basis point decline expectation for EBITDA margin.
Read the exchange
Question
how are you confident of making like 24 25% control pera margin uh in in 4Q?
Management (unidentified)
we are expecting the similar decline 100 to 110 basis point.
Partial answer
Medium priority
Seasonality of bio-stimulant products and risk of delayed approvals
Asked by Vir Kacharia, Simple
Described season but avoided quantifying impact of delay.
did not directly address risk of missing season
Read the exchange
Question
what is the key season time for this particular product ... if in case it doesn't come by Q1 is there a still a possibility we can meet the sales?
Management (unidentified)
peak consumption time ... starts by June end say early July and goes on through late November.
Answered
Medium priority
EBITDA for B2B business in Q3
Asked by Vir Kacharia, Simple
Provided specific EBITDA figure for B2B segment.
Read the exchange
Question
what will be the beta for the the B2B business?
Management (unidentified)
a beta is still negative in Q3 it is around 4CR as against the 5CR as against last year 4CR.
Answered
High priority
Gross margin sustainability and impact of net economic benefit
Asked by Ketan Shabla, Affirma Capital
Provided a specific sustainable gross margin percentage.
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Question
what is our expectation of the sustainable gross margin that we can have.
Management (unidentified)
key 38% % gross margin are sustainable in long-term.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue from Bayer molecules in 9 months is 25-27 cr | ₹26 cr | ₹409.92 cr | Understated vs filing |
| Technical sales in 9 months is around 50 cr | ₹50 cr | ₹409.92 cr | Understated vs filing |
| Impact of regulatory products in Q3: 15 cr, 9 months: 49 cr | ₹15 cr | ₹409.92 cr | Understated vs filing |
| EBITDA margin decline of 100-110 bps for full year | 105 bps | -260 bps | Overstated vs filing |
| Sustainable gross margin of 38% long-term | 38% | 14.3% | Overstated vs filing |
| B2B EBITDA negative at 4 cr in Q3 | ₹4 cr | ₹58.6 cr | Understated vs filing |
| Bayer product revenue guidance lowered to ~30 cr for FY26 | ₹30 cr | ₹409.92 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.