Dhanlaxmi Crop Science Ltd. (DHANLAXMI)
SME CapConsumer stocks · SME cap · NSE
Dhanlaxmi is a technology-driven seeds company with 18+ years of experience in the Indian seeds industry. It develops, produces, processes, and sells seeds for 36 field crops and vegetables, combining traditional breeding with advanced biotechnology for higher yields and pest resistance. Operations span five states, with HQ and R&D in Himmatnagar, Gujarat.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 22/100margin compression · Rev +80% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹9.3 Cr | +79.6% | -67.6% |
| EBITDA | ₹-5.9 Cr | -761.8% | -185.0% |
| Operating margin | -63.1% | -7258 bps | -8713 bps |
| PAT | ₹-5.1 Cr | NDF | -210.6% |
| PAT margin | -54.9% | -5985 bps | -7105 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY25 revenue surged 103% YoY to Rs. 12,962.34 lakhs, with PAT up 85.5% to Rs. 867.97 lakhs. However, H2FY25 saw a significant decline, with revenue down 45.9% YoY and PAT turning negative to Rs. -283.85 lakhs, attributed to business seasonality.
Despite strong annual FY25 growth, the sharp H2FY25 decline to negative profitability raises concerns. Management attributes this to seasonality, with 95% revenue in H1. The extent of the H2 loss, however, suggests potential underlying issues or significant working capital swings that need scrutiny beyond just seasonality.
Crop Portfolio Diversification
Diversifying crop portfolio from primarily cotton to include maize, wheat, regular and hybrid paddy, and soybean for sustainable growth.
Geographic Expansion
Exploring and targeting new states and emerging markets to secure higher business volumes in the future.
Enhanced Cotton Profitability
Shifting focus toward enhancing per-packet profitability in cotton to drive better margins.
Advanced R&D
Portfolio benefits from advanced R&D combining traditional breeding with biotechnology for high-yield, pest-resistant varieties.
Growing Indian Agriculture Sector
Indian agriculture sector expanded by 4.6% in FY24-25, propelled by favorable monsoon conditions and increased crop yields.
Government Support
Budget for Department of Agriculture and Farmers’ Welfare increased to Rs. 1,22,528.77 crore (US$ 14.13 billion) in 2024-25.
Seed Market Growth
India Seed Market estimated at 3.82 billion USD in 2025, expected to reach 5.01 billion USD by 2030, growing at a CAGR of 5.56%.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company explicitly states its business is highly seasonal, with ~95% of revenue generated in H1 (April-September). Therefore, both YoY (for annual growth and H2 comparison) and QoQ (for sequential momentum within the seasonal cycle) comparisons are crucial to understand performance.
Total Revenue
Rs. 12,962.34 Lakhs in FY25, up from Rs. 6,375.08 Lakhs in FY24 (YoY growth of 103%).
EBITDA
Rs. 1,265.33 Lakhs in FY25, up from Rs. 692.04 Lakhs in FY24 (YoY growth of 82.8%).
PAT
Rs. 867.97 Lakhs in FY25, up from Rs. 467.82 Lakhs in FY24 (YoY growth of 85.5%).
EBITDA Margin
9.76% in FY25, down from 10.86% in FY24.
Focus on Cotton Profitability
Management aims to enhance per-packet profitability in cotton to drive better margins.
Crop Diversification Strategy
Management plans to diversify crop portfolio beyond cotton to include maize, wheat, paddy, and soybean for sustainable growth.
Geographic Expansion
Management intends to explore and target new states and emerging markets to secure higher business volumes.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| H2 Profitability | PAT of Rs. -283.85 lakhs in H2FY25. | Improvement in H2 profitability and reduced losses in the seasonally weaker half, indicating better cost management or diversified revenue streams. |
| Crop Diversification Progress | Primarily cotton-focused, with stated intent to diversify into maize, wheat, paddy, soybean. | Explicit revenue contribution from new crops and reduced reliance on cotton in future disclosures. |
| Geographic Expansion | Operations in five states, targeting new states. | Disclosure of new state entries and their contribution to overall sales volume. |
| EBITDA/PAT Margins | FY25 EBITDA margin 9.76%, PAT margin 6.70% (down YoY). | Stabilization or improvement in annual margins, especially given the focus on per-packet profitability in cotton. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
36Bearishfull bear SMA stack · MACD − · near 52W low
Technical chart
DHANLAXMIdaily · 1Y · AUTO+10.1%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 48.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 48 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 45% off 52W high · 25% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 16 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 16 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Balance sheet contributes 8/15 to the score.
- Growth contributes 9/25 to the score.
- Valuation contributes 5/30 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 7th percentile of the scored universe and 9th percentile within Consumer. Main check: financial discipline is weak at 22/100.
Mixed Trust Lite: Promoter holding is 74%. Key concern: Operating cash flow is negative at ₹-14 Cr.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Consumer: 9th pctile, median 66 · SME: 7th pctile, median 64
2 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 74%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Operating cash flow is negative at ₹-14 Cr.
- ▸Interest coverage is 1.1x.
- ▸ROCE is low at 0.9%.
- ▸ROE is low at -1.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- —
- P/B
- 0.90
- EV/EBITDA
- 32.73
- Market Cap
- 40.80Cr
Profitability
- ROE
- -1.07%
- ROCE
- 0.93%
- ROA
- -0.77%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 16.00%
- Revenue 3Y
- -6.00%
- EPS 3Y
- 14.00%
Balance Sheet
- Debt/Equity
- 0.23
- Interest Coverage
- 1.07×
- Altman Z
- 2.88
- Book Value
- 27.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -13.82 Cr
- EPS TTM
- -0.30
Shareholding
- Promoter Hold
- 73.97%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 20%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.