Dhanuka Agritech Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Dhanuka Agritech Ltd filed with BSE on 07 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Dhanuka Agritech reported a subdued first quarter for FY 2027, with revenue from operations declining approximately 12.56% year-on-year to Rs. 461.93 crores, attributed to delayed monsoon onset that postponed sowing across key regions. EBITDA for the quarter stood at Rs. 55.01 crores and profit after tax at Rs. 36.30 crores. Management discussed a new formulation plant planned for Nagpur with an estimated outlay of up to Rs. 200 crores and shared updates on Bayer product integration, biological product launches, and Dahej plant performance.
Numbers mentioned
Revenue from operations: Rs. 461.93 crores (Q1 FY 2026-2027)
p. 4
“Revenue from operations for Q1 FY 2026-2027 stood at Rs. 461.93 crores as compared to Rs. 528.29 crores in Q1 of FY 2025-2026, registering a degrowth of approximately 12.56%.”
M. K. Dhanuka, page 4 of the filed PDF · View the filing
EBITDA: Rs. 55.01 crores (Q1 FY 2026-2027)
p. 4
“EBITDA for the quarter stood at Rs. 55.01 crores and profit after tax stood at Rs. 36.30 crores.”
M. K. Dhanuka, page 4 of the filed PDF · View the filing
North zone contribution to turnover: 36% (Q1 FY 2026-2027)
p. 4
“The zone-wise contribution to turnover for Q1 FY 2026-2027 was North contributed 36%, East contributed lowest – 9%, West contributed 37%, and South contributed 18%.”
M. K. Dhanuka, page 4 of the filed PDF · View the filing
Herbicides share of product category: 42% (Q1 FY 2026-2027)
p. 4
“Product category-wise Share was Insecticides contributed 25%, Fungicides contributed 14%, Herbicides contributed 42%, and others contributed 19%.”
M. K. Dhanuka, page 4 of the filed PDF · View the filing
Dahej revenue: Rs. 26 crore (Q1 FY 2026-2027)
p. 8
“You see, in terms of Dahej, the turnover last year it was around Rs. 16 crore. This year is around Rs. 26 crore.”
V. K. Bansal, page 8 of the filed PDF · View the filing
Dahej EBITDA: less than Rs. 1 crore (Q1 FY 2026-2027)
p. 8
“In terms of EBITDA, last year EBITDA was negative Rs. (-3) crore. This year is less than Rs. 1 crore.”
V. K. Bansal, page 8 of the filed PDF · View the filing
Royalty income: around Rs. 4 crore (Q1 FY 2026-2027)
p. 9
“Royalty is significantly lower as compared to last year. It is around Rs. 4 crore.”
V. K. Bansal, page 9 of the filed PDF · View the filing
Revenue decline in value: 12.56% (Q1 FY 2026-2027)
p. 11
“Yes. In terms of value and volume growth, it is almost similar. Value negative by 12.56% and volume is around same, 12.7%.”
V. K. Bansal, page 11 of the filed PDF · View the filing
Innovation Turnover Index: 13.89% (FY 2026)
p. 6
“Last year, it was about 13.89%.”
Rahul Dhanuka, page 6 of the filed PDF · View the filing
Contribution from last three years' new product introductions: 11.56% (Q1 FY 2026-2027)
p. 9
“As per our ITI concerned, it's around 11.56%, which is the contribution against the last three years' introductions.”
V. K. Bansal, page 9 of the filed PDF · View the filing
Buyback: 5 lakh equity shares at Rs. 1,400 per share, Rs. 70 crores
p. 5
“The company already rewarded the shareholder with a buyback of 5 lakh equity shares at the rate of Rs. 1,400 per equity share, absorbing Rs. 70 crores.”
M. K. Dhanuka, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Nagpur plant capacity and outlay — 23,000 metric ton per annum capacity, up to Rs. 200 crores outlay · operational by April 2028
stated firmly by M. K. Dhanuka
p. 5
“The total estimated outlay for the project is expected to be up to Rs. 200 crores. The proposed capacity of the plant will be 23,000 metric ton per annum. It is expected that the said plant will be operational by April 2028.”
M. K. Dhanuka, page 5 of the filed PDF · View the filing
New product launches — five new products: one Liquid Fertilizer, three Fungicides, one Herbicide · upcoming months
stated firmly by M. K. Dhanuka
p. 5
“We are pleased to inform you that in the upcoming months, we are planning to launch five new products consisting of one Liquid Fertilizer, three Fungicides, and one Herbicide.”
M. K. Dhanuka, page 5 of the filed PDF · View the filing
Nagpur plant commissioning — Q4 FY 2028
stated firmly by Rahul Dhanuka
p. 14
“We are looking at this plant getting commissioned in Q4 FY 2028.”
Rahul Dhanuka, page 14 of the filed PDF · View the filing
Nagpur CAPEX — Rs. 100 crore plus · FY 2027-28
stated firmly by V. K. Bansal
p. 14
“You see, in terms of this Nagpur, the CAPEX would be around Rs. 100 crore plus.”
V. K. Bansal, page 14 of the filed PDF · View the filing
Dahej revenue — Rs. 65 crores · FY 2027 full year
stated firmly by M. K. Dhanuka
p. 16
“Guidance is around Rs. 65 crores.”
M. K. Dhanuka, page 16 of the filed PDF · View the filing
Dahej EBITDA — negative Rs. 4 crore-Rs. 5 crore · FY 2027
stated conditionally by V. K. Bansal
p. 16
“That will be in the range of around negative Rs. 4 crore-Rs. 5 crore. Difficult to get.”
V. K. Bansal, page 16 of the filed PDF · View the filing
Crop protection revenue growth — small single-digit growth · FY 2027
stated as an aspiration by Rahul Dhanuka
p. 13
“We are looking at a small single-digit growth, I would say. Yes.”
Rahul Dhanuka, page 13 of the filed PDF · View the filing
Bayer product revenue contribution — FY 2027
stated conditionally by V. K. Bansal
p. 16
“The exact figure is now difficult to share, but not a very significant portion will come in our balance sheet this year.”
V. K. Bansal, page 16 of the filed PDF · View the filing
Biological product launches — third biological product launch, plus two more nutrition biological products · by August end and this financial year
stated firmly by Rahul Dhanuka
p. 14
“Probably by August end, we will be launching the third one also.”
Rahul Dhanuka, page 14 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said customer establishment is ongoing in some markets, with the Executive Director of International Business traveling to meet customers.
Answered by Rahul Dhanuka
Asked by Rushabh Shah: Have Bayer-acquired products expanded distribution reach in other countries?
p. 5
“We have acquired Iprovalicarb and its variants and Triadimenol and its variants from Bayer for global markets. As we speak, we have already established some customers in various markets and already business started with them.”
Rahul Dhanuka, page 5 of the filed PDF · View the filing
Management said Lakshmikumaran has been appointed as consultant and expressed confidence in winning the case.
Answered by V. K. Bansal
Asked by Umang Shah: What is the update on the GST notice received a couple of months back?
p. 7
“We are sure we will win the case, absolutely. There's no doubt about it.”
V. K. Bansal, page 7 of the filed PDF · View the filing
Management attributed the cut to monsoon movement and said they remain hopeful for growth in Q2 and Q3.
Answered by Rahul Dhanuka
Asked by Darshita Shah: Why was there a steep cut to FY2027 top-line growth guidance?
p. 7
“We are still pretty hopeful of the growth that will come in Q2 and Q3, and yet it is absolutely appropriate that we project a clear picture to our investors.”
Rahul Dhanuka, page 7 of the filed PDF · View the filing
Management explained a special Japanese Fungicide gained traction in horticulture crops due to high prices for tomato and cucurbits.
Answered by Rahul Dhanuka
Asked by Prashant Biyani: Why did Fungicide sales grow 11% YoY in Q1 despite it typically being a Herbicide-heavy quarter?
p. 11
“In a very specific Fungicide, a very special Japanese Fungicide has a special traction in dry season in horticulture crops. High horticulture prices, for example, tomato, cucurbits, etc., gave traction for these two products.”
Rahul Dhanuka, page 11 of the filed PDF · View the filing
Bansal clarified there was no price growth, contradicting the premise of the question.
Answered by V. K. Bansal
Asked by Riju Dalui: Did the reported revenue decline reflect price increases from input cost inflation?
p. 12
“Who says the price growth is 12%? No growth in price.”
V. K. Bansal, page 12 of the filed PDF · View the filing
Management said breakeven appears difficult and expects continued negative EBITDA.
Answered by V. K. Bansal
Asked by Saurabh Jain: Is Dahej expected to reach EBITDA breakeven this year?
p. 16
“EBITDA, breakeven appears to be difficult. They are trying hard, but I think it is difficult.”
V. K. Bansal, page 16 of the filed PDF · View the filing
Management disputed the premise that reservoirs are healthy, saying reservoir health is significantly depleted.
Answered by Rahul Dhanuka
Asked by Umang Shah: Are reservoir levels healthy despite the monsoon deficit, and has sowing been delayed or reduced?
p. 18
“In my understanding, the reservoir health is significantly depleted, and we are still praying for more rain.”
Rahul Dhanuka, page 18 of the filed PDF · View the filing
Risks flagged
Delayed monsoon onset postponing sowing and reducing product demand
p. 4
“Across the sector, revenue growth remained under pressure due to delayed monsoon onset in several key agricultural regions, which postponed sowing activities and led to reduction in product demand from 1st Quarter to the subsequent month.”
M. K. Dhanuka, page 4 of the filed PDF · View the filing
Rainfall shortfall impacting sowing areas and crop growth
p. 4
“You are well aware that in the month of June, we had 40% shortfall in the rain, and by the end of July, it came down to 15% shortfall.”
M. K. Dhanuka, page 4 of the filed PDF · View the filing
Elevated raw material and logistics costs linked to geopolitical tensions
p. 4
“the sector continued to face challenges arising from elevated raw material and logistics costs during the quarter.”
M. K. Dhanuka, page 4 of the filed PDF · View the filing
Weak market demand limiting sustainability of price hikes
p. 4
“However, weak market demand limited the sustainability of such hikes.”
M. K. Dhanuka, page 4 of the filed PDF · View the filing
Heavy rainfall in cotton and soybean growing states causing resowing and Herbicide sales decline
p. 10
“In some pockets, farmers had to even go for resowing. That is where Herbicides for Dhanuka have taken a hit.”
Rahul Dhanuka, page 10 of the filed PDF · View the filing
Continued rainfall deficit in a large part of the country in Q2
p. 10
“a large part of the country remains deficit in rainfall.”
Rahul Dhanuka, page 10 of the filed PDF · View the filing
Reservoir health significantly depleted
p. 18
“In my understanding, the reservoir health is significantly depleted, and we are still praying for more rain.”
Rahul Dhanuka, page 18 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.