Key Metrics of Dhanuka Agritech
About Dhanuka Agritech
Sectors
Company details
- Website
- dhanuka.com
- Registered office
- Global Gateway Towers, Near Guru Dronacharya Metro Station, Dlf Qe,, Gurugram, In-hr, 122002
- Listed
- NSE: DHANUKA · ₹834.65
Operational Areas of Dhanuka Agritech
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 24 Sep 2026 | CARE | Reaffirmed | AA | — | Stable | ₹63.0 Cr | View |
| 05 Sep 2025 | CARE | Reaffirmed | AA | A1+ | Stable | ₹63.0 Cr | View |
| 17 Jul 2024 | CARE | Assigned | AA | A1+ | Stable | ₹63.0 Cr | View |
Credit strengths (CARE, Sep 2026)
+ Longstanding relations with reputed MNCs driving strong margin
DAL has an established track record of collaboration with leading global technical manufacturers and continues to focus on launching new molecules (9[3] registrations) in association with technical partners, such as Nissan Chemicals, Japan. These partnerships provide access to specialty molecules, support product innovation, and enable DAL to derive superior margins, wh ich are expected to be key growth drivers going forward. Such tie-ups have also facilitated the introduction of eco-friendly an
+ Diversified products portfolio with moderate geographical presence
The company has built a broad product portfolio with over 300 registrations and over 90 products across insecticides, herbici des, and fungicides, catering to a large farmer base of ~10 million. This diversification reduces dependence on single crop and mi tigates the adverse impact of seasonal variations or localised crop diseases. In FY26, sales were well-distributed regionally, with the south, west, north, and east each contributing meaningfully, reflecting balanced market presence. DAL also
Credit challenges
− Exposure towards highly competitive crop protection industry
The agrochemical sector in India remains highly fragmented, with no single player holding a dominant market share. Intense competition from organised and unorganised players exert pricing pressure, often resulting in moderated profit margins. While Indian companies largely focus on marketing generic and off-patent products with relatively lower research and development (R&D) intensity, multinational corporations continue to lead in developing patented molecules, further heightening competitive
− Revenue and profitability susceptible to climatic conditions, regulatory changes, and price volatility
The agrochemical and crop protection industry faces several risks, including irregular monsoon patterns, outbreaks of fungal or pest attacks on crops, fluctuations in farm income, complex registration requirements across different countries, and stringent
Could lead to an upgrade
• The company’s ability to diversify and significantly enhance its scale of operations with sustained level of operating (profi t before interest, lease rentals, depreciation, and taxation [PBILDT]) margin over 20% on a sustained basis.
Could lead to a downgrade
• Sharply declining revenue and fall in operating profitability at levels of 10-12% materially impacting cash generation. • Significant debt-funded capex leading to moderating
Agency-reported financials (CARE, 24 Sep 2026)
| Metric | March 31, 2025 | March 31, 2026 | Q1FY27 |
|---|---|---|---|
| Total operating income | ₹2,035 Cr | ₹2,020 Cr | ₹462 Cr |
| PBILDT* | ₹417 Cr | ₹404 Cr | ₹55.02 Cr |
| Profit after tax (PAT) | ₹297 Cr | ₹287 Cr | ₹36.30 Cr |
| Overall gearing (x) | 0.06× | 0.02× | — |
| Interest coverage (x) | 81.50× | 108.83× | 67.93× |
| Revenue growth (YoY) | — | −0.8% | — |
| PAT margin | 14.6% | 14.2% | 7.9% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| crore) Action Long-term Short-term bank CARE | Working capital & bank lines | — | ₹33.0 Cr | — | AA (Stable) | Reaffirmed | CARE |
| facilities A1+ Long-term bank facilities | Working capital & bank lines | — | ₹30.0 Cr | — | AA (Stable) | Reaffirmed | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹33.0 Cr | CARE AA; Stable / CARE A1+ |
| Working Capital Limits | ₹30.0 Cr | CARE AA; Stable |
Lenders
| Fund-based - LT | Working Capital Limits | HDFC Bank Ltd. |
| Fund-based - LT | Working Capital Limits | HSBC Ltd. |
| Non-fund-based - LT/ ST | BG/LC | HDFC Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | HSBC Ltd. |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 90% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 84% chance the next rating action is stable or better
- Current rating AA (investment grade)
- Interest coverage 67.93×
- Working-capital limits 4.41% utilised on average
Rated limits by facility
Timeline
From the report
The company only has lease repayment obligations of ₹6.31 crore in FY27.
From the report
The average maximum utilisation for 12-month period ending in June 2026 was 4.41%.
From the report
In addition, DAL has sanctioned working capital limits of ₹50 crore, with average maximum utilisation at a comfortable 24.08% in the 12 months ending June 2025.
From the report
In addition, DAL has sanctioned working capital limits of ₹50 crore, with average maximum utilisation at a comfortable 24.08% in the 12 months ending June 2025.
From the report
Liquidity: Strong Liquidity is marked strong with a track record of generating cash accruals of over ₹200 crore for the past four years on record through FY24 against nil long-term debt obligations (except lease liabilities) and further aided by liquid investments held in form of debentures/bonds, Mutual funds, and FDR, among others, aggregating close to ₹200 crore as on March 31, 2024.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Dhanuka Agritech
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Mahindra and Mahindra |
Fertilisers, Seeds & Crop Protection · Agriculture & Agri-Inputs | mahindra.com | 1945 | Mumbai, India |
 UPL |
Fertilisers, Seeds & Crop Protection · Agriculture & Agri-Inputs | upl-ltd.com | — | Vapi, India |
 Coromandel International |
Discovered Companies · Other Industries | coromandel.biz | — | Hyderabad, India |
| Fertilisers, Seeds & Crop Protection · Agriculture & Agri-Inputs | nationalfertilizers.com | — | New Delhi, India | |
| Fertilisers, Seeds & Crop Protection · Agriculture & Agri-Inputs | rcfltd.com | 1956 | Mumbai, India | |
| Gujarat Narmada Valley Fertilizers & Chemicals Limited | Fertilisers, Seeds & Crop Protection · Agriculture & Agri-Inputs | — | — | Bharuch, India |
 Jain Irrigation Systems Limited |
Part of Jain Irrigation Systems Limited. | jains.com | 1989 | Jalgaon, India |
 PI Industries |
Fertilisers, Seeds & Crop Protection · Agriculture & Agri-Inputs | piindustries.com | — | Udaipur, India |
| HMA AGRO INDUSTRIES LIMITED | · Business Services | — | — | Agra, Uttar Pradesh, India |
| NAGARJUNA FERTILIZERS AND CHEMICALS LIMITED | TMT Bars & Secondary Steel · Steel, Metals & Pipes | — | — | Hyderabad, Telangana, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Agrochemicals
Filings
No filings on record yet.