Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 16 Oct - Himachal Pradesh High Court dismissed SML’s interim injunction against ZeekaSulf; main patent suit remains pending.
Source: Bse
Dharmaj Crop Guard Limited (DHARMAJ)
Small CapIndustrials stocks · Small cap · NSE
Dharmaj Crop Guard Limited operates in Agrochemicals, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result16 Aug, 01:02 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
52NeutralMACD −
Stock trend: 53
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
DHARMAJD candles · FIT view+1.8%Latest close ₹260.00 on 2026-10-19
Bar
-0.9%
RSI
40
MACD hist
-1.38
52W pos
50%
2026-10-19O ₹262.40H ₹264.10L ₹259.55C ₹260.00Vol 82,551 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
DHARMAJNifty India ManufacturingNifty 500
- DHARMAJ
- +0.0%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +5.6 pp
Chart stats
19 Oct 2026- From 52W high
- -16.5%
- 52W range position
- 49%
- ATR (14)
- 3.4%
- Volume vs 20D
- 1.46x
- Avg traded value
- ₹1.6 Cr
- 20D price channel
- ₹254.1 - ₹306
₹311.4
₹210.7 - ₹311.4
₹8.8
Latest completed session
20-session average
36.5% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE48
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good60
Revenue +4.1% · PAT +15.2% YoY
Technical
Neutral52
Price trend and sector-relative-strength timing.
Valuation
Legacy model+65.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence68
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 60/100Rev +4% YoY · PAT +15% YoY · margin expansion · +63% QoQ · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹382 Cr | +4.1% | +63.3% |
| EBITDA | ₹57 Cr | +11.8% | +418.2% |
| Operating margin | 15.0% | +100 bps | +1050 bps |
| PAT | ₹38 Cr | +15.2% | +850.0% |
| PAT margin | 9.9% | +96 bps | +824 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 15.00
- P/B
- 1.99
- EV/EBITDA
- 8.21
- Market Cap
- 902.00Cr
Profitability
- ROE
- 13.30%
- ROCE
- 16.80%
- ROA
- 7.13%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 20.80%
- EPS 5Y
- 10.89%
- Revenue 3Y
- 5.00%
- EPS 3Y
- 5.00%
Balance Sheet
- Debt/Equity
- 0.29
- Interest Coverage
- 6.29×
- Altman Z
- 4.05
- Book Value
- 133.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 28.00 Cr
- EPS TTM
- 17.80
Shareholding
- Promoter Hold
- 70.40%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 48%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 382+63.2% vs prev
Net Profit
₹ CrLatest: 38.0+850.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 40.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 40 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 16% off 52W high · 23% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
52
RS percentile
Stage 1 Base / Transition
1M return
-5.8%
3M return
+0.0%
6M return
-3.8%
1Y return
-12.5%
RS 1D
+1
RS 20D
-2
Sector rank
#2
Industry rank
#54
Stage evidence
- Price is within 2.4% of the 30-week proxy.
- The 30-week proxy changed +1.7% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
leading
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 86.43+0.69%
RS vs Nifty 50086
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation17/30
Growth10/25
Quality5/20
Balance Sheet10/15
Cash Flow1/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
48
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
48/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 65.3%.
- Balance sheet contributes 10/15 to the score.
Main drags
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Quality is weaker at 5/20; verify the latest quarterly trend.
- Growth is weaker at 10/25; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
15.0
PB
2.0
EV/EBITDA
8.2
ROE
13.3%
ROCE
16.8%
FCF Yield
—
Debt/Equity
0.3
MoS
+65.3%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
48
Previous: 48
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+65.3%
Previous: +65.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
48
48
48
48
48
48
48
48
48
48
48
48
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹230.8
-12.7% MoS
Growth-justified P/E
42.1
Growth-justified Value
₹749.56
+65.3% MoS
PEG
1.76
Comparable companies
Peers
Business-comparable peers in Industrials — 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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
EXCELINDUS
Small
Excel Industries Limited
Agrochemicals
match 169
46
16.1
4.6%
-80%
FAIR VALUE
HERANBA
Small
Heranba Industries Limited
Agrochemicals
match 167
16
—
-9.7%
—
OVERVALUED
IPL
Small
India Pesticides Limited
Agrochemicals
match 165
46
13.8
12.5%
-110%
FAIR VALUE
IGCL
Small
Indogulf Cropsciences Limited
Agrochemicals
match 165
57
8.9
10.9%
+77%
FAIR VALUE
ASTEC
Small
Astec LifeSciences Limited
Agrochemicals
match 161
8
—
-25.2%
—
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer presentation review pending
Dharmaj Crop Guard Limited operates in Agrochemicals, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
68Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 56th percentile of the scored universe and 52nd percentile within Industrials. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
46 docs text-extracted · 15 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
56th percentile
overall median 67 · Industrials: 52nd pctile, median 68 · Small: 60th pctile, median 66
Evidence depth
Financial-only
46 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
67
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 70.4%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Dharmaj Crop Guard Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep - Pursuant to regulation 30(6) of the SEBI (LODR) Regulations, 2015 ('the Listing Regulations') read with part A of Schedule III of the Listing ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 31 Aug - Newspaper Advertisement Published for the 12th Annual General Meeting of the Company regarding the facility of Evoting and other instructions.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 7 Aug - Megha Joshi appointed independent director for five years; Amisha Shah resigned effective August 7, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 20 Aug - Newspaper advertisement for Annual General meeting to be held via Video Conferencing/ other Audio visual means.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 8 Jul - Mr. Bhupendra Varasada resigned as Head of Operations and Senior Managerial Personnel, effective July 08, 2026.
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Aug - Newspaper Publication of the Unaudited Financial Result for Quarter ended June 30,2026 is attached .
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 7 Aug - Q1FY27 revenue ₹3,841 Mn, EBITDA ₹573 Mn, PAT ₹381 Mn; Kerala GIDC facility on track.
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.