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Last Updated: April 2, 2026, 4:28 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 543687 | NSE: DHARMAJ

Dharmaj Crop Guard Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹164.67Overvalued by 30.81%vs CMP ₹238.00

P/E (16.6) × ROE (9.3%) × BV (₹131.00) × DY (2.00%)

₹165.38Overvalued by 30.51%vs CMP ₹238.00
MoS: -43.9% (Negative)Confidence: 58/100 (Moderate)Models: 1 Under, 1 Fair, 7 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹171.6022%Over (-27.9%)
Graham NumberEarnings₹205.1616%Over (-13.8%)
Earnings PowerEarnings₹45.6613%Over (-80.8%)
DCFCash Flow₹145.3613%Over (-38.9%)
Net Asset ValueAssets₹131.897%Over (-44.6%)
EV/EBITDAEnterprise₹234.449%Fair (-1.5%)
Earnings YieldEarnings₹142.807%Over (-40%)
ROCE CapitalReturns₹200.797%Over (-15.6%)
Revenue MultipleRevenue₹281.875%Under (+18.4%)
Consensus (9 models)₹165.38100%Overvalued
Key Drivers: Wide model spread (₹46–₹282) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 4.2%

*Investments are subject to market risks

Investment Snapshot

67
Dharmaj Crop Guard Ltd scores 67/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health65/100 · Strong
ROCE 12.0% AverageROE 9.3% AverageD/E 0.31 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 70.4% Stable
Earnings Quality60/100 · Moderate
OPM stable around 9% SteadyWorking capital: 53 days (improving) Efficient
Quarterly Momentum90/100 · Strong
Revenue (4Q): +30% YoY AcceleratingProfit (4Q): +42% YoY Strong
Industry Rank65/100 · Strong
P/E 16.6 vs industry 25.3 Cheaper than peersROCE 12.0% vs industry 15.2% AverageROE 9.3% vs industry 19.9% Below peers3Y sales CAGR: 35% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 4:28 am

Market Cap 803 Cr.
Current Price 238
Intrinsic Value₹165.38
High / Low 391/175
Stock P/E16.6
Book Value 131
Dividend Yield0.00 %
ROCE12.0 %
ROE9.28 %
Face Value 10.0
PEG Ratio3.94

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Dharmaj Crop Guard Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Dharmaj Crop Guard Ltd 803 Cr. 238 391/17516.6 1310.00 %12.0 %9.28 % 10.0
3B Blackbio DX Ltd 991 Cr. 1,154 2,020/1,12017.2 3470.35 %25.8 %19.4 % 10.0
Meghmani Organics Ltd 1,076 Cr. 42.3 106/36.426.6 60.60.00 %3.39 %0.80 % 1.00
Excel Industries Ltd 1,109 Cr. 882 1,440/80014.6 1,4381.56 %7.11 %5.21 % 5.00
Punjab Chemicals & Crop Protection Ltd 1,138 Cr. 928 1,666/80417.8 3260.32 %15.3 %12.0 % 10.0
Industry Average9,472.25 Cr1,009.7725.27369.000.53%15.21%19.87%6.67

All Competitor Stocks of Dharmaj Crop Guard Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 101.0768.79161.94252.67123.42116.07255.28311.33174.51209.93367.38347.26189.54
Expenses 92.3868.23142.94221.95112.70116.08228.33276.85165.01206.07316.64315.46182.22
Operating Profit 8.690.5619.0030.7210.72-0.0126.9534.489.503.8650.7431.807.32
OPM % 8.60%0.81%11.73%12.16%8.69%-0.01%10.56%11.08%5.44%1.84%13.81%9.16%3.86%
Other Income 0.553.082.420.600.250.160.380.30-0.041.510.770.053.18
Interest 0.670.360.660.440.332.012.682.993.263.973.124.504.64
Depreciation 1.181.531.250.071.033.084.444.594.664.584.664.794.88
Profit before tax 7.391.7519.5130.819.61-4.9420.2127.201.54-3.1843.7322.560.98
Tax % 25.71%28.57%25.63%25.25%19.67%-31.58%25.43%22.68%23.38%-23.27%25.47%23.09%22.45%
Net Profit 5.501.2514.5123.037.73-3.3915.0721.031.18-2.4432.5917.350.77
EPS in Rs 1.630.374.296.812.29-1.004.466.220.35-0.729.645.130.23

Last Updated: March 3, 2026, 10:58 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 3:50 am

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1361932983885246549511,114
Expenses 1261752673444835918761,020
Operating Profit 1018314441637594
OPM % 8%9%10%11%8%10%8%8%
Other Income 11124326
Interest 2213231316
Depreciation 2235551819
Profit before tax 714283938574664
Tax % 28%26%26%26%30%23%24%
Net Profit 511212927443548
EPS in Rs 25.106.5412.7411.627.9513.1310.3114.28
Dividend Payout % 0%0%0%1%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)120.00%90.91%38.10%-6.90%62.96%-20.45%
Change in YoY Net Profit Growth (%)0.00%-29.09%-52.81%-44.99%69.86%-83.42%

Dharmaj Crop Guard Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 6 years from 2019-2020 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:%
5 Years:38%
3 Years:35%
TTM:42%
Compounded Profit Growth
10 Years:%
5 Years:26%
3 Years:7%
TTM:23%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:%
1 Year:4%
Return on Equity
10 Years:%
5 Years:15%
3 Years:12%
Last Year:9%

Last Updated: September 5, 2025, 3:11 pm

Balance Sheet

Last Updated: December 4, 2025, 2:44 am

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 216162534343434
Reserves 9194060281326361411
Borrowings 2020273752112116139
Other Liabilities 173746986592223373
Total Liabilities 4893129220432563733956
Fixed Assets 1222394040312311321
CWIP 0211890272
Investments 00000000
Other Assets 366889161302249416632
Total Assets 4893129220432563733956

Reserves and Borrowings Chart

Cash Flow

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 321316-24739
Cash from Investing Activity + -4-15-18-24-191-62-33
Cash from Financing Activity + 0126721457-9
Net Cash Flow -0-11-0-13-3
Free Cash Flow 0-13-5-7-93-1829
CFO/OP 50%32%64%59%-30%33%58%

Free Cash Flow

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-10.00-2.004.007.00-11.00-49.00-41.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 46634481516695
Inventory Days 52676874626668
Days Payable 448061108314796
Cash Conversion Cycle 54495147818467
Working Capital Days 36203343566553
ROCE %39%42%40%17%15%12%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 70.40%70.40%70.40%70.40%70.40%70.40%70.40%70.40%70.40%70.40%70.40%70.40%
FIIs 5.04%5.02%4.36%4.35%5.50%6.97%4.40%3.77%4.14%3.58%3.09%3.49%
DIIs 0.00%0.00%0.00%0.00%0.14%0.14%0.14%0.90%0.47%0.47%0.47%0.47%
Public 24.56%24.58%25.23%25.25%23.95%22.48%25.04%24.92%24.99%25.54%26.03%25.63%
No. of Shareholders 63,03959,93659,64747,54144,01440,67639,22938,05636,65933,42730,28428,990

Shareholding Pattern Chart

No. of Shareholders

Dharmaj Crop Guard Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24
FaceValue 10.0010.00
Basic EPS (Rs.) 10.3013.13
Diluted EPS (Rs.) 10.3013.13
Cash EPS (Rs.) 10.3013.13
Book Value[Excl.RevalReserv]/Share (Rs.) 116.70106.33
Book Value[Incl.RevalReserv]/Share (Rs.) 116.70106.33
Revenue From Operations / Share (Rs.) 281.40193.54
PBDIT / Share (Rs.) 17.3518.03
PBIT / Share (Rs.) 17.3518.03
PBT / Share (Rs.) 13.5417.01
Net Profit / Share (Rs.) 10.3013.13
NP After MI And SOA / Share (Rs.) 10.3013.13
PBDIT Margin (%) 6.169.31
PBIT Margin (%) 6.169.31
PBT Margin (%) 4.818.78
Net Profit Margin (%) 3.666.78
NP After MI And SOA Margin (%) 3.666.78
Return on Networth / Equity (%) 8.8212.34
Return on Capital Employeed (%) 12.6113.92
Return On Assets (%) 4.747.87
Long Term Debt / Equity (X) 0.160.21
Total Debt / Equity (X) 0.290.31
Asset Turnover Ratio (%) 1.470.00
Current Ratio (X) 1.531.94
Quick Ratio (X) 1.011.20
Inventory Turnover Ratio (X) 8.200.00
Interest Coverage Ratio (X) 4.5517.69
Interest Coverage Ratio (Post Tax) (X) 3.7013.88
Enterprise Value (Cr.) 724.58863.24
EV / Net Operating Revenue (X) 0.761.32
EV / EBITDA (X) 12.3514.17
MarketCap / Net Operating Revenue (X) 0.641.15
Price / BV (X) 1.552.10
Price / Net Operating Revenue (X) 0.641.15
EarningsYield 0.050.05

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Dharmaj Crop Guard Ltd. is a Public Limited Listed company incorporated on 19/01/2015 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L24100GJ2015PLC081941 and registration number is 081941. Currently company belongs to the Industry of Agro Chemicals/Pesticides. Company's Total Operating Revenue is Rs. 951.04 Cr. and Equity Capital is Rs. 33.80 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Agro Chemicals/PesticidesPlot No. 408 to 411, Kerala GIDC Estate, Ahmedabad Gujarat 382220Contact not found
Management
NamePosition Held
Mr. Rameshbhai Ravajibhai TalaviaChairman & Managing Director
Mr. Jamankumar Hansarajbhai TalaviaWhole Time Director
Mr. Jagdishbhai Ravjibhai SavaliyaWhole Time Director
Mr. Deepak Bachubhai KanpariaIndependent Director
Mrs. Amisha Fenil ShahIndependent Director
Mr. Bhupatray KhuntInd. Non-Executive Director
Mr. Umesh MenonInd. Non-Executive Director

FAQ

What is the intrinsic value of Dharmaj Crop Guard Ltd and is it undervalued?

As of 11 April 2026, Dharmaj Crop Guard Ltd's intrinsic value is ₹165.38, which is 30.51% lower than the current market price of ₹238.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (9.28 %), book value (₹131), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Dharmaj Crop Guard Ltd?

Dharmaj Crop Guard Ltd is trading at ₹238.00 as of 11 April 2026, with a FY2026-2027 high of ₹391 and low of ₹175. The stock is currently in the middle of its 52-week range. Market cap stands at ₹803 Cr..

How does Dharmaj Crop Guard Ltd's P/E ratio compare to its industry?

Dharmaj Crop Guard Ltd has a P/E ratio of 16.6, which is below the industry average of 25.27. This is broadly in line with or below the industry average.

Is Dharmaj Crop Guard Ltd financially healthy?

Key indicators for Dharmaj Crop Guard Ltd: ROCE of 12.0 % is moderate. Dividend yield is 0.00 %.

Is Dharmaj Crop Guard Ltd profitable and how is the profit trend?

Dharmaj Crop Guard Ltd reported a net profit of ₹35 Cr in Mar 2025 on revenue of ₹951 Cr. Compared to ₹29 Cr in Mar 2022, the net profit shows an improving trend.

Does Dharmaj Crop Guard Ltd pay dividends?

Dharmaj Crop Guard Ltd has a dividend yield of 0.00 % at the current price of ₹238.00. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Dharmaj Crop Guard Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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