This article first appeared on GuruFocus .
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Revenue from Operations:INR 409.92 crores in Q3 FY26, compared to INR 445.27 crores in Q3 FY25.
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EBITDA:INR 58.66 crores in Q3 FY26, versus INR 75.56 crores in Q3 FY25.
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Profit After Tax:INR 40 crores in Q3 FY26, compared to INR 55.04 crores in Q3 FY25.
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Zone-wise Turnover Share:North India 25%, East India 11%, West India 30%, South India 34% for Q3 FY26.
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Product Category Turnover Share:Insecticides 28%, Fungicides 21%, Herbicides 37%, Others 14% for Q3 FY26.
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Release Date: February 05, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Dhanuka Agritech Ltd ( BOM:507717 ) has set up two research and technology centers to enhance innovation and product development.
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The company has international collaborations with 10 leading global agrochemical companies, aiding in the introduction of the latest technology in India.
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Dhanuka Agritech Ltd has a strong sales and marketing team, with a network of 6,500 distributors and 80,000 retailers across India.
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The company is working towards making its Dahej operations EBITDA positive by FY27, aiming for 80% capacity utilization.
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Dhanuka Agritech Ltd is planning to launch three new products next year, including two fungicides and a specialty offering for enhancing spray efficiency.
Negative Points
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Agrochemical demand remained weak due to weather issues and low crop prices, leading to industry-wide volume decline.
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The company's revenue from operations decreased from INR445.27 crores in Q3 FY24, '25 to INR409.92 crores in Q3 FY25, '26.
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EBITDA fell from INR75.56 crores in Q3 FY24, '25 to INR58.66 crores in Q3 FY25, '26.
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Profit after tax decreased from INR55.04 crores in Q3 FY24, '25 to INR40 crores in Q3 FY25, '26.
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The company faced a significant impact on sales due to regulatory challenges affecting biostimulant products, resulting in a sales loss of INR49 crores over nine months.
Q & A Highlights
Q: How is the current demand scenario for agrochemicals, and what are your expectations for the kharif season? A: Rahul Dhanuka, Joint Managing Director, stated that Q4 has started well, with positive trends in South and East Indian paddy and wheat crops. However, it is too early to predict the kharif season, as they await weather forecasts in late March and early April.
Q: What is the contribution from technical sales and Bayer molecules in Q3 and the nine months? A: Vinod Bansal, CFO, mentioned that revenue from Bayer molecules was around INR25-27 crores, and technical sales were around INR50 crores for the nine months. In Q3, technical sales were about INR3-4 crores, with Bayer products contributing significantly.
Q: What is the impact of regulatory changes on biological sales, and what are the future expectations? A: Rahul Dhanuka explained that regulatory changes led to a sales impact of INR49 crores over nine months. They expect approvals for new biological offerings by the end of the quarter, aiming for a Q1 launch next year.
Q: How will the recent changes in China's export policy affect Dhanuka? A: Rahul Dhanuka noted that while China's policy may increase commodity prices, it will not significantly impact Dhanuka's sourcing or market position, as they plan to pass on increased costs downstream.
Q: What are the expectations for new product launches in FY27? A: Rahul Dhanuka stated that they plan to launch three new products next year, including two fungicides and a specialty spray enhancer, targeting crops like grapes, potato, tomato, and chili.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
