Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Dhanuka Agritech Ltd

DHANUKA
Pesticides/Agrochemicals

Dhanuka Agritech Ltd is cheap for a reason. The P/E sits at the 14th percentile of its own range, and the quarters are still getting worse.

The sharpest disagreement: annual EPS moved +25.6% against a −42.1% price move — the market has not yet caught up with the delivery.

The price is in a downtrend (38 weeks in) while the P/E sits at the 14th percentile of its own 10-year range. Underneath, the last four quarters read deteriorating — profit −27.3% year on year, and 69% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.

Stage
Topping out
fundamental trajectory, 12 quarters
Price
₹1,017
−42.1% 1Y
P/E
15.5×
14th pctile
of its own 10-year range
Revenue (Dec 25)
₹410 Cr
−7.9% YoY
Profit (Dec 25)
₹40.0 Cr
−27.3% YoY
Operating margin
14.0%
−3.0 pp YoY
ROCE
28%
FY25
ROIC
18.0%
vs WACC 12.0% → +6.0 pp
Cash conversion
69%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Dhanuka Agritech Ltd trades at ₹1,017, in a downtrend and 38 weeks into that stage. That is −12.2% against its own 200-day average. It sits at 13% of a 52-week range of ₹936 to ₹1,564. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (7 weeks and counting).

Today the stock is in a downtrend — week 38 of stage 4, confirmed. At ₹1,017 it trades −12.2% versus its 200-day average and sits at 13% of its 52-week range (₹936–₹1,564).

Jul 26: ₹1,017 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
−12.2% versus the 200-day line, week 38 of stage 4
Price50-day avg200-day avg
S2S4S2S4₹1,938₹1,608₹1,278₹949₹619₹1,017₹1,159Jul 23Apr 24Feb 25Nov 25Jul 26
S2S4S2S4₹1,938₹1,608₹1,278₹949₹619₹1,017₹1,159Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (549 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Mar 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +83% while the NIFTY 500 moved +272% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (7 weeks and counting; last ahead the week of 2026-06-17) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 14th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Dhanuka Agritech Ltd trades at 15.5× P/E, near the bottom of its own range — cheaper only 14% of the time. Its long-run median P/E is 19.2×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 15.5× is near the bottom of its own range — cheaper only 14% of the time, against a long-run median of 19.2× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

P/E 15.5× vs a 19.2× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.4-year window; loss-period spikes above 34× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
near the bottom of its own range — cheaper only 14% of the time
P/EMedianEPS (TTM) (quarterly)
36.0×₹70.929.6×₹53.223.2×₹35.516.8×₹17.710.4×₹0.0×15.70×₹65Feb 16Oct 18Jun 21Feb 24Jul 26
36.0×₹70.929.6×₹53.223.2×₹35.516.8×₹17.710.4×₹0.0×15.70×₹65Feb 16Jun 21Jul 26
PEG 6.05 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Computed here as quarter-end P/E ÷ trailing-twelve-month EPS growth (only quarters with positive growth), because a reported quarterly PEG is not held for this stock. Last 11 quarters; values above 6 pinned at the top.
above 1.0, the multiple already banks the growth
PEGPEG = 1.0
6.4×4.9×3.4×1.9×0.4××6.00×Q4 FY23Q2 FY24Q1 FY25Q3 FY25Q2 FY26
6.4×4.9×3.4×1.9×0.4××6.00×Q4 FY23Q1 FY25Q2 FY26
P/E
15.5×
14th percentile of 10y
PEG
1.34
derived from 3-year earnings growth

Why the multiple sits where it does: over the past year annual EPS moved +25.6% against a −42.1% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +0.3%/yr price move, ~+7.6%/yr came from earnings growth and ~−7.3 pp from the multiple (compressing); over 10y, of the +4.7%/yr price move, ~+11.6%/yr came from earnings growth and ~−6.9 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Topping out

Stage: Topping out Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Dhanuka Agritech Ltd reads as topping out on its fundamental arc. Topping out — revenue, profit and EPS growth have decelerated hard (revenue growth +15.0% at its peak → +0.9% latest) while ROCE still reads 24.6%. The read is built from 12 quarters across 4 curves, on full evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
17%28%13%19%8.3%10%4.0%1.1%−0.3%−7.8%%%0.9%−5.3%−5.1%Mar 23Jun 24Dec 25
17%28%13%19%8.3%10%4.0%1.1%−0.3%−7.8%%%0.9%−5.3%−5.1%Mar 23Jun 24Dec 25
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
30%29%27%26%24%%24.6%Mar 23Jun 24Dec 25
30%29%27%26%24%%24.6%Mar 23Jun 24Dec 25
Revenue growth
Falling
latest +0.9% · span +0.9% to +15.8%
Profit growth
Falling
latest −5.3% · span −5.3% to +24.7%
EPS growth
Falling
latest −5.1% · span −5.1% to +25.4%
ROCE
Rolling over
latest 24.6% · span 24.6%–29.6%

Why it matters: decelerating from a peak is where good stories quietly end — the multiple usually notices late.

Growth, year by year: revenue +15.7% in FY25, profit +24.3% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn.
Revenue YoYProfit YoYEPS YoY
25%57%20%39%14%21%7.8%2.8%1.9%−15%%%15.7%24.3%FY15FY20FY25
25%57%20%39%14%21%7.8%2.8%1.9%−15%%%15.7%24.3%FY15FY20FY25
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+0.9%) with the last 8 annualized (+6.0%).
revenue rolling over, profit rolling over
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
17%28%13%19%8.3%10%4.0%1.1%−0.3%−7.8%%%0.9%−5.3%Mar 23Jun 24Dec 25
17%28%13%19%8.3%10%4.0%1.1%−0.3%−7.8%%%0.9%−5.3%Mar 23Jun 24Dec 25
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+15.7%+11.2%+12.7%+10.0%
Profit+24.3%+12.4%+16.1%+10.9%
EPS+25.6%+13.7%+17.3%+12.0%
Share price−42.1%+9.5%+0.3%+4.7%
Revenue YoY (Dec 25)
−7.9%
latest quarter vs a year ago
Profit YoY (Dec 25)
−27.3%
latest quarter vs a year ago
Revenue 10y
10.0%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

49.1/100 — rank 14 of 24 in Pesticides/Agrochemicals · 96% evidence confidence

Dhanuka Agritech Ltd scores 49.1 out of 100 against the 24 companies it is compared with in Pesticides/Agrochemicals, ranking 14. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 8.3 + 21.5 + 11.7 + 7.6 = 49.1. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Dhanuka Agritech Ltd reported ₹410 Cr of revenue in the Dec 25 quarter, −7.9% year on year. Over 10 years it has compounded at 10.0% a year. The last full year, FY25, came in at ₹2,035 Cr. The last four reported quarters add to ₹1,978 Cr.

Dhanuka Agritech Ltd reported ₹410 Cr of revenue in the Dec 25 quarter, −7.9% year on year. Over 10 years it has compounded at 10.0% a year. The last full year, FY25, came in at ₹2,035 Cr. The last four reported quarters add to ₹1,978 Cr.

FY25 revenue came in at ₹2,035 Cr (+15.7% on the year), capping 10 years at 10.0% compound. The latest quarter (Dec 25) printed ₹410 Cr, −7.9% year on year.

FY25 revenue ₹2,035 Cr (+15.7% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
10.0% a year over 10 years
RevenueYoY growth
2.2k25%1.6k20%1.1k14%5497.8%01.9%₹ Cr%₹2,03515.7%FY15FY20FY25
2.2k25%1.6k20%1.1k14%5497.8%01.9%₹ Cr%₹2,03515.7%FY15FY20FY25
Dec 25: ₹410 Cr (−7.9% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Revenue (quarterly)YoY growth
70637%53025%35313%1770.0%0−12%₹ Cr%₹410−7.9%Mar 23Jun 24Dec 25
70637%53025%35313%1770.0%0−12%₹ Cr%₹410−7.9%Mar 23Jun 24Dec 25

Pace check: the last four quarters averaged +2.6% growth against the decade's 10.0% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +0.9% over the last 4 quarters against +6.0%/yr over the last 8 — rolling over; TTM profit −5.3% vs +4.2%/yr — rolling over.

→ Revenue slipped — did margins hold as it scaled? Next: 14.0% this quarter (−3.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Dhanuka Agritech Ltd's operating margin is 14.0% in the Dec 25 quarter, −3.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 12 fiscal years the operating margin has ranged 15.0% to 20.0%. The current quarter is running below every full year in that window.

Dhanuka Agritech Ltd's operating margin is 14.0% in the Dec 25 quarter, −3.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 12 fiscal years the operating margin has ranged 15.0% to 20.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is 14.0%, −3.0 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 15.0%–20.0%, and FY25's 20.0% is the top of that band — a record year.

Why the margin moved: operating margin went +3.1 pp year on year while gross margin went −0.4 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

FY25: 20.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 12-year window.
the widest a 15.0–20.0% band over 12 years
operating marginYoY change (pp)
20%4.5%19%2.7%18%1.0%16%−0.7%15%−2.5%%%20%1%FY14FY19FY25
20%4.5%19%2.7%18%1.0%16%−0.7%15%−2.5%%%20%1%FY14FY19FY25
Dec 25: 14.0% operating margin (−3.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
26%5.6%22%3.3%19%1.0%15%−1.3%11%−3.6%%%14%−3%Mar 23Jun 24Dec 25
26%5.6%22%3.3%19%1.0%15%−1.3%11%−3.6%%%14%−3%Mar 23Jun 24Dec 25

→ Margins slipped — did that reach the bottom line? Next: profit −27.3% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Dhanuka Agritech Ltd earned ₹40.0 Cr of net profit in the Dec 25 quarter, −27.3% year on year. Full-year FY25 profit was ₹297 Cr. The 10-year compound rate is 10.9%. That is 9.8% of the quarter's revenue. The same quarter a year earlier earned ₹55.0 Cr.

Dhanuka Agritech Ltd earned ₹40.0 Cr of net profit in the Dec 25 quarter, −27.3% year on year. Full-year FY25 profit was ₹297 Cr. The 10-year compound rate is 10.9%. That is 9.8% of the quarter's revenue. The same quarter a year earlier earned ₹55.0 Cr.

Dec 25 profit was ₹40.0 Cr, −27.3% year on year. On the full year, FY25 printed ₹297 Cr (+24.3%), and the 10-year compound rate is 10.9%.

FY25 profit ₹297 Cr (+24.3% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
10.9% a year over 10 years
Net profitYoY growth
32154%24137%16020%802.3%0−15%₹ Cr%₹29724.3%FY15FY20FY25
32154%24137%16020%802.3%0−15%₹ Cr%₹29724.3%FY15FY20FY25
Dec 25: ₹40.0 Cr (−27.3% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Net profit (quarterly)YoY growth
12755%9631%647.9%32−16%0−39%₹ Cr%₹40−27.3%Mar 23Jun 24Dec 25
12755%9631%647.9%32−16%0−39%₹ Cr%₹40−27.3%Mar 23Jun 24Dec 25

🚨 Why profit moved: revenue contributed −7.9% and the margin −3.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −1.1% vs revenue +2.6%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 69% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 69% of Dhanuka Agritech Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY25 that was ₹263 Cr of operating cash against ₹297 Cr of profit. After ₹202 Cr of capital spending, ₹61.0 Cr was left as free cash.

FY25: operating cash of ₹263 Cr against reported profit of ₹297 Cr, leaving free cash of ₹61.0 Cr after ₹202 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 69% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY25: CFO ₹263 Cr vs profit ₹297 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution.
69% of 3-year profit arrived as cash
Operating cashNet profitFree cash
321241160800₹ Cr₹263₹297₹61FY15FY20FY25
321241160800₹ Cr₹263₹297₹61FY15FY20FY25
FY25: CFO = 89% of profit (three-year rate 69%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash.
Conversion100%
141%106%72%37%2.5%%89%FY15FY20FY25
141%106%72%37%2.5%%89%FY15FY20FY25

🚨 Why conversion sits at 69%: the cash cycle stretched 12 days between FY20 and FY25 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 12 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the 168-day cycle, in money terms.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Dhanuka Agritech Ltd's cash conversion cycle runs 168 days in FY25, up from 156 days in FY20. Capital spending ran ₹420 Cr over the last 3 years. At FY25 sales of ₹2,035 Cr each day of that cycle holds about ₹5.6 Cr, so roughly ₹937 Cr sits inside the business at any moment.

FY25: debtors at 82 days, inventory at 132 days — roughly 4.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 168 days, looser than FY20's 156.

The full loop: cash goes out to suppliers and production on day 0; stock waits 132 days to sell; customers pay about 82 days after that; and suppliers themselves are paid at 46 days — netting out to the 168-day cycle.

In money terms: at FY25 sales of ₹2,035 Cr, each day of the cycle holds about ₹5.6 Cr — so the 168-day loop keeps roughly ₹937 Cr sitting inside the business at any moment.

FY25: a 168-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 12-year window.
+12 days vs FY20
Cash cycleInventory daysDebtor daysPayable days
2672051448321days168d132d82d46dFY14FY16FY19FY22FY25
2672051448321days168d132d82d46dFY14FY19FY25

On the investment side: capital spending of ₹420 Cr over the last 3 fiscal years against ₹114 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹9.0 Cr (FY25) — capacity paid for but not yet earning.

FY25: capex ₹202 Cr, work-in-progress ₹9.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
21815910142−17₹ Cr₹202₹9FY15FY17FY20FY22FY25
21815910142−17₹ Cr₹202₹9FY15FY20FY25

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 28% and the ROIC − WACC spread is +6.0 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Dhanuka Agritech Ltd earns a ROCE of 28% in FY25. That is up from a trough of 23% in FY19. Return on invested capital clears the cost of that capital by +6.0 percentage points, so growth here adds value rather than only size. The wiring behind it is 14.6% net margin on 1.13× asset turns.

FY25 ROCE is 28%, recovered from a FY19 trough of 23% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY25): 14.6% net margin × 1.13× asset turns × 1.28× balance-sheet leverage ≈ 21.1% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 18.0% − 12.0% = a +6.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

FY25: ROCE 28% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 12-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY19's 23%
ROCEROIC (annual)WACC
38%31%24%17%10%%28%21.4%FY14FY19FY25
38%31%24%17%10%%28%21.4%FY14FY19FY25
Q4 FY26: ROCE 19.6% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
26%22%18%15%11%%19.6%17.6%Q1 FY24Q2 FY25Q4 FY26
26%22%18%15%11%%19.6%17.6%Q1 FY24Q2 FY25Q4 FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.05.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Dhanuka Agritech Ltd carries total debt of ₹31.0 Cr against shareholder equity of ₹1,682 Cr as of Mar 26, a debt-to-equity of 0.02 — effectively unlevered. On the annual view that ratio went from 0.03 in FY22 to 0.02 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹31.0 Cr against shareholder equity of ₹1,682 Cr — a debt-to-equity of 0.02. On the annual view, debt-to-equity went from 0.03 (FY22) to 0.02 (FY26). The returns on this page are earned, not borrowed.

FY26: debt ₹31.0 Cr at 0.02× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
800.052×600.044×400.035×200.026×00.018×₹ Cr×₹310.02×FY22FY24FY26
800.052×600.044×400.035×200.026×00.018×₹ Cr×₹310.02×FY22FY24FY26
Mar 26: debt ₹31.0 Cr, debt-to-equity 0.02 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
910.07×680.06×450.05×230.03×00.02×₹ Cr×₹310.02×Jun 23Sep 24Mar 26
910.07×680.06×450.05×230.03×00.02×₹ Cr×₹310.02×Jun 23Sep 24Mar 26

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Dhanuka Agritech Ltd moved a full percentage point over the last two years — the register is quiet. Promoters moved −0.4 points over the same window, to 69.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −0.6 points over 8 quarters to 18.7%; Promoters: −0.4 points over 8 quarters to 69.8%; Foreign institutions: +0.1 points over 8 quarters to 1.6%.

Fiscal-year ends: promoters −0.5 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
76%56%36%16%−4.0%%69.7%1.9%19.4%8.9%Mar 24Mar 25Mar 26
76%56%36%16%−4.0%%69.7%1.9%19.4%8.9%Mar 24Mar 25Mar 26
A quiet register: no holder moved a full point in two years Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
76%56%36%16%−4.2%%69.8%1.6%18.7%9.8%Jun 23Dec 24Jun 26
76%56%36%16%−4.2%%69.8%1.6%18.7%9.8%Jun 23Dec 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Dhanuka Agritech Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Pesticides/Agrochemicals Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Dhanuka Agritech Ltd this page15.5×₹4,517 CrTopping out
UPL Ltd28.2×₹50,841 CrNo read
P I Industries Ltd34.5×₹41,437 CrDeteriorating
Sumitomo Chemical India Ltd50.9×₹25,978 CrMixed
Bayer CropScience Ltd385.0×₹18,954 Cr
Jubilant Ingrevia Ltd36.3×₹11,557 CrMixed
Sharda Cropchem Ltd12.1×₹7,876 CrMixed
Epigral Ltd15.2×₹5,016 CrMixed
NACL Industries Ltd178.0×₹4,610 CrNo read
Rallis India Ltd26.9×₹4,253 CrMixed
Bhagiradha Chemicals & Industries Ltd188.0×₹3,416 CrImproving
GSP Crop Science Ltd24.4×₹2,468 Cr
Bharat Rasayan Ltd13.1×₹2,096 CrMixed
Insecticides India Ltd12.9×₹1,793 CrMixed
India Pesticides Ltd14.4×₹1,727 CrMixed
Titan Biotech Ltd57.5×₹1,719 CrTurning around
Astec Lifesciences Ltd₹1,469 CrNo read
Meghmani Organics Ltd48.2×₹1,385 CrNo read
Punjab Chemicals & Crop Protection Ltd21.0×₹1,375 CrMixed
Excel Industries Ltd15.5×₹1,172 CrMixed
Titan Biotech Ltd42.0×₹1,141 CrTurning around
Dharmaj Crop Guard Ltd16.1×₹882 CrNo read
Advance Agrolife Ltd20.0×₹706 CrNo read
Heranba Industries Ltd₹700 CrNo read
Best Agrolife Ltd60.6×₹538 CrNo read
12 · Frequently asked questions

Frequently asked questions

What is Dhanuka Agritech Ltd's share price today?

Dhanuka Agritech Ltd trades at ₹1,017, −42.1% over the past year. The company is valued at ₹4,517 Cr. The stock sits at 13% of its 52-week range of ₹936–₹1,564, −12.2% versus its 200-day average. On the tape, the price is in a downtrend, 38 weeks in. — as of 24 July 2026.

What were Dhanuka Agritech Ltd's latest quarterly results?

Dhanuka Agritech Ltd reported revenue of ₹410 Cr and net profit of ₹40.0 Cr for the Dec 25 quarter. Revenue fell 7.9% and profit fell 27.3% year on year. Earnings per share were ₹8.87. The operating margin was 14.0%, 3.0 pp lower than a year earlier. — as of 24 July 2026.

What is Dhanuka Agritech Ltd's revenue?

Dhanuka Agritech Ltd reported revenue of ₹410 Cr in the Dec 25 quarter, −7.9% year on year. For the full FY25 fiscal year, revenue was ₹2,035 Cr (+15.7%). Over the last 10 years revenue compounded at 10.0% a year. — as of 24 July 2026.

What is Dhanuka Agritech Ltd's profit?

Dhanuka Agritech Ltd earned ₹40.0 Cr of net profit in the Dec 25 quarter, −27.3% year on year. Full-year FY25 profit was ₹297 Cr. The operating margin ran 14.0% in the latest quarter. — as of 24 July 2026.

What is Dhanuka Agritech Ltd's market cap?

Dhanuka Agritech Ltd's market capitalisation is ₹4,517 Cr at a share price of ₹1,017. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Dhanuka Agritech Ltd's P/E ratio?

Dhanuka Agritech Ltd trades at a P/E of 15.5×, at the 14th percentile of its own 10-year range, against a long-run median of 19.2×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Dhanuka Agritech Ltd pay a dividend?

Yes — Dhanuka Agritech Ltd's dividend payout was 3% of profit in FY25, and it recorded a payout in each of its last 12 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is Dhanuka Agritech Ltd overvalued?

On its own history, Dhanuka Agritech Ltd looks cheap against its own history: its P/E of 15.5× has been cheaper only 14% of the time in 10 years (long-run median 19.2×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 24 July 2026.

Is Dhanuka Agritech Ltd growing?

Not right now — Dhanuka Agritech Ltd's latest numbers are shrinking: latest-quarter revenue −7.9% year on year, profit −27.3%, and the margin −3.0 pp at 14.0%. The 10-year compound rates are 10.0% (revenue) and 10.9% (profit). The earnings engine currently reads: deteriorating — as of 24 July 2026.

How is Dhanuka Agritech Ltd performing?

Dhanuka Agritech Ltd is in a downtrend, 38 weeks in. Its latest quarter's revenue fell 7.9% and profit fell 27.3% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 7 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is Dhanuka Agritech Ltd in?

Topping out — revenue, profit and EPS growth have decelerated hard (revenue growth +15.0% at its peak → +0.9% latest) while ROCE still reads 24.6%. The read comes from the last 12 quarters of growth (revenue growth +0.9% latest, profit growth −5.3% latest, eps growth −5.1% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is Dhanuka Agritech Ltd in an uptrend?

No — the price is in a downtrend (week 38 of stage 4), trading −12.2% versus its 200-day average and at 13% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Dhanuka Agritech Ltd beating the market?

Not lately — on a trailing-13-week view Dhanuka Agritech Ltd is currently behind the NIFTY 500 (7 weeks and counting; last ahead the week of 2026-06-17), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +83% against the NIFTY 500's +272% — behind the index over the full window. — as of 24 July 2026.

Will Dhanuka Agritech Ltd's share price go up?

This page publishes no price forecast for Dhanuka Agritech Ltd. What it measures instead: the share price is ₹1,017, the price is in a downtrend 38 weeks in. Its P/E of 15.5× sits at the 14th percentile of its own 10-year range. — as of 24 July 2026.

Who owns Dhanuka Agritech Ltd?

Promoters hold 69.8% of Dhanuka Agritech Ltd, foreign institutions 1.6%, domestic institutions 18.7% and the public 9.8% (latest quarter). No holder moved a full point over the last two years — the register is quiet. — as of 24 July 2026.

Does Dhanuka Agritech Ltd have too much debt?

No — Dhanuka Agritech Ltd's debt-to-equity is 0.05, and operating profit covers the interest bill 83×. FY25 borrowings were ₹74.0 Cr against equity of ₹1,403 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.

What is Dhanuka Agritech Ltd's capex?

Dhanuka Agritech Ltd spent ₹420 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY25 alone that was ₹202 Cr, with ₹9.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Dhanuka Agritech Ltd's cash flow?

Dhanuka Agritech Ltd generated ₹263 Cr of operating cash flow in FY25 and ₹61.0 Cr of free cash flow after ₹202 Cr of capital spending. Reported profit that year was ₹297 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Dhanuka Agritech Ltd's profit real cash?

Mostly — over the last 3 fiscal years, 69% of Dhanuka Agritech Ltd's reported profit arrived as operating cash. In FY25, operating cash was ₹263 Cr against reported profit of ₹297 Cr. The cash then goes mostly into the working-capital cycle. Cash-flow resolution is annual — as of 24 July 2026.

Where is Dhanuka Agritech Ltd in its business cycle?

Dhanuka Agritech Ltd's FY25 operating margin was 20.0%, against a 12-year band of 15.0%–20.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 14.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Dhanuka Agritech Ltd story?

The sharpest disagreement: annual EPS moved +25.6% against a −42.1% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Dhanuka Agritech Ltd a stock worth studying right now?

This is not investment advice. The machine read: Dhanuka Agritech Ltd is cheap for a reason. The P/E sits at the 14th percentile of its own range, and the quarters are still getting worse. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

Chat with this pageChat with pageChatChatGPTClaudePerplexityGoogle AI