Dhanuka Agritech Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Dhanuka Agritech Ltd filed with BSE on 22 May 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 Q4 FY26 revenue of Rs. 483.34 crore, up approximately 9% year-on-year, with EBITDA of Rs. 124.89 crore and PAT of Rs. 97.77 crore. Management attributed the elevated EBITDA margin partly to a GST refund of Rs. 29 crore for the full year, of which Rs. 14.5 crore fell in Q4. The company also announced a 100% dividend, a share buyback of up to Rs. 70 crore at a maximum price of Rs. 1,400 per share, and the introduction of an ESOP scheme.
Numbers mentioned
Revenue from operations: Rs. 483.34 crores (Q4 FY26)
p. 4
“Revenue from operations for Q4 FY '25-'26 stood at Rs. 483.34 crores as compared to Rs. 442.02 crores in Q4 of FY '24-'25, registering a growth of approximately 9%.”
Management, page 4 of the filed PDF · View the filing
EBITDA: Rs. 124.89 crores (Q4 FY26)
p. 4
“EBITDA for the quarter stood at Rs. 124.89 crores as against Rs. 109.75 crores in the corresponding quarter of the previous year.”
Management, page 4 of the filed PDF · View the filing
Profit after tax: Rs. 97.77 crores (Q4 FY26)
p. 4
“Profit after tax stood at Rs. 97.77 crores compared to Rs. 75.50 crores in Q4 of FY '24-'25, reflecting healthy profitability improvement supported by product mix, operational efficiencies and disciplined cost management.”
Management, page 4 of the filed PDF · View the filing
Proposed dividend: Rs. 2 per equity share (FY26)
p. 5
“The Board of Directors has recommended a dividend of 100% i.e. Rs. 2 per equity share with a face value of Rs. 2 each.”
Management, page 5 of the filed PDF · View the filing
Buyback size: up to Rs. 70 crores at maximum price of Rs. 1,400 per share
p. 5
“Further, the Board has also approved a proposal for buyback of up to Rs. 5 lakh equity share for an aggregate amount not exceeding Rs. 70 crores at a maximum buyback price of Rs. 1,400 per equity share.”
Management, page 5 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 attributed it largely to a GST refund concentrated in Q4.
Answered by Management
Asked by Viraj: What is driving the highest-ever EBITDA margin this quarter given weak segment growth?
p. 7
“You see, one with regard to the EBITDA highest margin, this is largely because of the GST refund.”
Management, page 7 of the filed PDF · View the filing
Management lowered the Dahej revenue forecast to Rs. 75 crores due to current market conditions.
Answered by Management
Asked by Riju: How much Dahej revenue is targeted for FY27 versus the prior guidance of Rs. 100 crores?
p. 13
“Yes, for Dahej, last year we forecasted Rs. 65 crores for FY '26 and we were able to deliver only Rs. 50 crores against that.”
Management, page 13 of the filed PDF · View the filing
Management said there was no availability concern but noted speculative price increases post-war.
Answered by Management
Asked by Rohit Nagraj: Are there any challenges in sourcing raw materials from outside given the war-related disruptions?
p. 10
“Post-war, in March and April, there were definitely price increases, which were more speculative.”
Management, page 10 of the filed PDF · View the filing
Management said the decline stems from the absence of the GST refund and a reduced net economic benefit.
Answered by Management
Asked by Ketan Chawla: What is driving the expected 100 bps EBITDA margin decline for FY27?
p. 15
“You see, decline in EBITDA margin is only because of the decline in the gross margin.”
Management, page 15 of the filed PDF · View the filing
Management said the alliance was called off after red flags emerged in the MoU.
Answered by Management
Asked by Rushabh Shah: What is the status of the biological products tie-up with the Spanish company?
p. 16
“The alliance that we were trying with the Spanish company, we called it off.”
Management, page 16 of the filed PDF · View the filing
Management said cost discipline instructions to HODs and higher field promotion support from principals reduced other expenses.
Answered by Management
Asked by Abhigyan Srivastav: Why did other expenses decline sharply in Q4?
p. 19
“Basically, you see, after the Q2 result, we released a basically message to our all HODs to maintain the expenses in the end of November.”
Management, page 19 of the filed PDF · View the filing
Risks flagged
Erratic weather and climate variability affecting sowing and demand
p. 4
“Climate variability is increasingly becoming a structural factor for Indian agriculture.”
Management, page 4 of the filed PDF · View the filing
Weak channel liquidity in certain regions
p. 4
“The sector continued to witness pressure from erratic weather patterns, uneven crop economics, weak channel liquidity in certain regions, and continued global volatility in commodity and supply chain dynamics, which became prominent in March due to the war in the Gulf region.”
Management, page 4 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.