Dharmaj Crop Guard Ltd: Fundamental Analysis, Share Price Insights & Intrinsic Value (2024)

Share Price and Basic Stock Data

Last Updated: December 21, 2024, 1:06 am

Market Cap	957 Cr.
Current Price	283
High / Low	390/197
Stock P/E	23.7
Book Value	117
Dividend Yield	0.00 %
ROCE	14.5 %
ROE	13.2 %
Face Value	10.0
PEG Ratio	-83.40

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

Stock P/E Current Price Intrinsic Value

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Competitors of

Stock Name	Market Cap	Current Price	High / Low	Stock P/E	Book Value	Dividend Yield	ROCE	ROE	Face Value
Epigral Ltd	8,482 Cr.	1,966	2,408/900	29.0	337	0.25 %	17.5 %	16.9 %	10.0
Dharmaj Crop Guard Ltd	957 Cr.	283	390/197	23.7	117	0.00 %	14.5 %	13.2 %	10.0
Bhaskar Agrochemicals Ltd	44.2 Cr.	84.9	122/46.1	22.4	29.2	0.00 %	14.7 %	13.4 %	10.0
Bhagiradha Chemicals & Industries Ltd	3,973 Cr.	319	448/117	148	51.0	0.03 %	8.71 %	5.55 %	1.00
Best Agrolife Ltd	1,467 Cr.	620	870/454	39.8	320	0.48 %	16.5 %	18.1 %	10.0
Industry Average	11,246.85 Cr	1,686.98		41.37	422.47	0.32%	13.25%	14.87%	7.25

All Competitor Stocks of

Quarterly Result

Month	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Sales	107	101	137	222	101	69	162	253	123	116	255
Expenses	94	97	122	199	92	68	143	222	113	116	228
Operating Profit	13	4	15	23	9	1	19	31	11	-0	27
OPM %	12%	4%	11%	10%	9%	1%	12%	12%	9%	-0%	11%
Other Income	0	1	0	1	1	3	2	1	0	0	0
Interest	1	1	1	1	1	0	1	0	0	2	3
Depreciation	1	1	1	1	1	2	1	0	1	3	4
Profit before tax	11	3	14	22	7	2	20	31	10	-5	20
Tax %	26%	26%	25%	25%	26%	29%	26%	25%	20%	-32%	25%
Net Profit	8	2	10	16	6	1	15	23	8	-3	15
EPS in Rs	3.36	0.95	4.13	6.55	1.63	0.37	4.29	6.81	2.29	-1.00	4.46

Last Updated: October 7, 2024, 8:13 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: Unknown

Month	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	136	193	298	388	524	654	747
Expenses	126	175	267	344	483	591	679
Operating Profit	10	18	31	44	41	63	68
OPM %	8%	9%	10%	11%	8%	10%	9%
Other Income	1	1	1	2	4	3	1
Interest	2	2	1	3	2	3	5
Depreciation	2	2	3	5	5	5	9
Profit before tax	7	14	28	39	38	57	56
Tax %	28%	26%	26%	26%	30%	23%
Net Profit	5	11	21	29	27	44	42
EPS in Rs	25.10	6.54	12.74	11.62	7.95	13.13	12.56
Dividend Payout %	0%	0%	0%	1%	0%	0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	120.00%	90.91%	38.10%	-6.90%	62.96%
Change in YoY Net Profit Growth (%)	0.00%	-29.09%	-52.81%	-44.99%	69.86%

has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 5 years from 2019-2020 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:	%
5 Years:	37%
3 Years:	30%
TTM:	38%

Compounded Profit Growth
10 Years:	%
5 Years:	55%
3 Years:	29%
TTM:	-9%

Stock Price CAGR
10 Years:	%
5 Years:	%
3 Years:	%
1 Year:	10%

Return on Equity
10 Years:	%
5 Years:	19%
3 Years:	16%
Last Year:	13%

Last Updated: Unknown

Balance Sheet

Last Updated: November 14, 2024, 4:39 pm

Month	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	2	16	16	25	34	34	34
Reserves	9	19	40	60	281	326	362
Borrowings	20	20	27	37	52	112	137
Other Liabilities	17	37	46	98	65	92	274
Total Liabilities	48	93	129	220	432	563	806
Fixed Assets	12	22	39	40	40	312	318
CWIP	0	2	1	18	90	2	0
Investments	0	0	0	0	0	0	0
Other Assets	36	68	89	161	302	249	488
Total Assets	48	93	129	220	432	563	806

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity +	3	2	13	16	-24	7
Cash from Investing Activity +	-4	-15	-18	-24	-191	-62
Cash from Financing Activity +	0	12	6	7	214	57
Net Cash Flow	-0	-1	1	0	-1	3

Free Cash Flow

Month	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Free Cash Flow	-10.00	-2.00	4.00	7.00	-11.00	-49.00

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

Month	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	46	63	44	81	51	66
Inventory Days	52	67	68	74	62	66
Days Payable	44	80	61	108	31	47
Cash Conversion Cycle	54	49	51	47	81	84
Working Capital Days	45	49	47	54	69	84
ROCE %		39%	42%	40%	17%	15%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Promoters	68.65%	70.40%	70.40%	70.40%	70.40%	70.40%	70.40%	70.40%
FIIs	7.33%	5.04%	5.02%	4.36%	4.35%	5.50%	6.97%	4.40%
DIIs	0.18%	0.00%	0.00%	0.00%	0.00%	0.14%	0.14%	0.14%
Public	23.84%	24.56%	24.58%	25.23%	25.25%	23.95%	22.48%	25.04%
No. of Shareholders	65,192	63,039	59,936	59,647	47,541	44,014	40,676	39,229

Shareholding Pattern Chart

No. of Shareholders

This stock is not held by any mutual fund

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	13.13	12.03	11.62	12.74	10.04
Diluted EPS (Rs.)	13.13	12.03	11.62	12.74	10.04
Cash EPS (Rs.)	14.74	11.30	13.76	14.32	7.82
Book Value[Excl.RevalReserv]/Share (Rs.)	106.33	95.11	34.40	34.24	21.55
Book Value[Incl.RevalReserv]/Share (Rs.)	106.33	95.11	34.40	34.24	21.55
Dividend / Share (Rs.)	0.00	0.00	0.10	0.10	0.00
Revenue From Operations / Share (Rs.)	193.54	157.87	159.71	183.77	119.62
PBDIT / Share (Rs.)	19.64	15.35	18.81	19.57	11.51
PBIT / Share (Rs.)	18.03	13.85	16.67	17.99	10.18
PBT / Share (Rs.)	17.01	13.16	15.61	17.13	8.76
Net Profit / Share (Rs.)	13.13	9.80	11.62	12.74	6.50
PBDIT Margin (%)	10.14	9.72	11.77	10.65	9.61
PBIT Margin (%)	9.31	8.77	10.43	9.79	8.51
PBT Margin (%)	8.78	8.33	9.77	9.32	7.32
Net Profit Margin (%)	6.78	6.20	7.27	6.93	5.43
Return on Networth / Equity (%)	12.34	10.30	33.78	37.19	30.15
Return on Capital Employeed (%)	13.92	13.02	36.45	40.21	36.20
Return On Assets (%)	7.87	7.55	13.06	16.26	11.36
Long Term Debt / Equity (X)	0.21	0.10	0.29	0.27	0.14
Total Debt / Equity (X)	0.31	0.16	0.43	0.47	0.39
Asset Turnover Ratio (%)	1.31	1.62	2.26	2.71	2.79
Current Ratio (X)	1.94	3.62	1.44	1.50	1.46
Quick Ratio (X)	1.20	2.70	0.85	0.71	0.87
Inventory Turnover Ratio (X)	4.76	6.60	6.02	6.76	7.31
Dividend Payout Ratio (NP) (%)	0.00	0.74	0.57	0.00	0.00
Dividend Payout Ratio (CP) (%)	0.00	0.64	0.48	0.00	0.00
Earning Retention Ratio (%)	0.00	99.26	99.43	0.00	0.00
Cash Earning Retention Ratio (%)	0.00	99.36	99.52	0.00	0.00
Interest Coverage Ratio (X)	19.27	22.25	17.75	22.70	8.08
Interest Coverage Ratio (Post Tax) (X)	13.88	15.20	11.97	15.77	5.57
Enterprise Value (Cr.)	863.24	541.88	0.00	0.00	0.00
EV / Net Operating Revenue (X)	1.32	1.02	0.00	0.00	0.00
EV / EBITDA (X)	13.01	10.44	0.00	0.00	0.00
MarketCap / Net Operating Revenue (X)	1.15	0.91	0.00	0.00	0.00
Retention Ratios (%)	0.00	99.25	99.42	0.00	0.00
Price / BV (X)	2.10	1.52	0.00	0.00	0.00
Price / Net Operating Revenue (X)	1.15	0.91	0.00	0.00	0.00
EarningsYield	0.05	0.06	0.00	0.00	0.00

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of as of December 22, 2024 is: 373.34

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of December 22, 2024, is Undervalued by 31.92% compared to the current share price 283.00

Intrinsic Value of as of December 22, 2024 is: 372.28

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of December 22, 2024, is Undervalued by 31.55% compared to the current share price 283.00

Last 5 Year EPS CAGR: -0.28%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a high average ROCE of 25.50%, which is a positive sign. The company has higher reserves (156.71 cr) compared to borrowings (57.86 cr), indicating strong financial stability. The company has shown consistent growth in sales (420.00 cr) and profit (34.14 cr) over the years.	The stock has a high average Working Capital Days of 58.00, which may not be favorable. The stock has a high average Cash Conversion Cycle of 61.00, which may not be favorable.

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in :
1. Net Profit Margin: 6.78%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 13.92% (Industry Average ROCE: 13.25%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 12.34% (Industry Average ROE: 14.87%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 13.88
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 1.2
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 23.7 (Industry average Stock P/E: 41.37)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0.31
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

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. 394.21 Cr. and Equity Capital is Rs. 24.68 Cr. for the Year ended 31/03/2022.

INDUSTRY	ADDRESS	CONTACT
Agro Chemicals/Pesticides	Plot No. 408 to 411, Kerala GIDC Estate, Ahmedabad Gujarat 382220	cs@dharmajcrop.com http://www.dharmajcrop.com

Management
Name	Position Held
Mr. Rameshbhai Ravajibhai Talavia	Chairman & Managing Director
Mr. Jamankumar Hansarajbhai Talavia	Whole Time Director
Mr. Jagdishbhai Ravjibhai Savaliya	Whole Time Director
Mr. Deepak Bachubhai Kanparia	Independent Director
Mr. Bhaveshkumar Jayantibhai Ponkiya	Independent Director
Mrs. Amisha Fenil Shah	Independent Director

FAQ

What is the latest intrinsic value of ?

The latest intrinsic value of as on 22 December 2024 is ₹373.34, which is 31.92% higher than the current market price of ₹283.00. The stock has a market capitalization of 957 Cr. and recorded a high/low of 390/197 during the current fiscal year 2024-2025. As of Sep 2024, the company has reserves of ₹362 Cr and total liabilities of ₹806 Cr.

What is the Market Cap of ?

The Market Cap of is 957 Cr..

What is the current Stock Price of as on 22 December 2024?

The current stock price of as on 22 December 2024 is 283.

What is the High / Low of stocks in FY 2024-2025?

In FY 2024-2025, the High / Low of stocks is 390/197.

What is the Stock P/E of ?

The Stock P/E of is 23.7.

What is the Book Value of ?

The Book Value of is 117.

What is the Dividend Yield of ?

The Dividend Yield of is 0.00 %.

What is the ROCE of ?

The ROCE of is 14.5 %.

What is the ROE of ?

The ROE of is 13.2 %.

What is the Face Value of ?

The Face Value of is 10.0.