Investor Presentation for the Quarter and half year ended on September 30,2026

November 04, 2026 BSE Limited N a tional Stock Exchange of India Limited Corporate Relationship Department. E x c h a nge Plaza, Plot No. C/1, G-Block PJ Towers, 25th Floor, B a n d r a Kurla Complex, Dalal Street, Mumbai- 400 001 B a n d ra (East), Mumbai- 400 051. BSE Scrip Code No. 543687 N S E S y m b o l : - D HARMAJ Dear Sir/Madam, Sub: -Investors Presentation for the Quarter and half year ended on September 30,2026. Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), we are enclosing herewith the presentation to the Investors on the Financial Results of the Company for the Quarter and half year ended on September 30,2026. The presentation is also being uploaded on the website of the Company www.dharmajcrop.com in accordance with Regulation 46 of the Listing Regulations. We request you to take the same on record. Thanking you, For, Dharmaj Crop Guard Limited Malvika Bhadreshbhai Kapasi Company Secretary & Compliance Officer ACS52602 Encl.: As above Limitless Growth Dharmaj Crop Guard Limited Q2 & H1FY27 EARNINGS PRESENTATION | NOVEMBER 2026 Performance Highlights (H1) Financial Highlights G Revenue from Operations EBITDA & EBITDA Margin PAT & PAT Margin L (₹ Mn) (₹ Mn & %) (₹ Mn & %) ti 7,146 7,167 YOY Growth 12.0% YOY Growth YOY Growth I | 11.0% n 11.5% 7.0% 7.1% v 11.4% 10.0% s 9.0% o 0% 8.0% -1% 3% rP 7.0% s 825 816 6.0% 499 513 n 5.0% t H1FY26 H1FY27 H1FY26 H1FY27 H1FY26 H1FY27 Business Verticals Highlights H Branded Domestic Institutional Export Domestic Active 7 Formulations Formulations Institutional Ingredients (₹ Mn) (₹ Mn) (₹ Mn) (₹ Mn) 1,450 4,500 600 1,400 YOY 4,000 YOY 550 600 YOY YOY 1,350 1,360 1,388 Growth 3,500 3,810 3,923 Growth 500 Growth 1,578 Growth 1,300 450 1,250 3,000 400 1,200 2,500 350 399 1,256 1,150 300 2,000 1,100 2% 3% 250 50% -20% 1,050 1,500 200 1,000 1,000 150 H1FY26 H1FY27 H1FY26 H1FY27 H1FY26 H1FY27 H1FY26 H1FY27 Note: FY25 onwards Exports also includes Active Ingredients Exports. Performance Highlights (Q2) Financial Highlights G Revenue from Operations EBITDA & EBITDA Margin PAT & PAT Margin L (₹ Mn) (₹ Mn & %) (₹ Mn & %) ti 0.25 YOY Growth YOY Growth 381 YOY Growth I | 0.2 15% 20% vn 0.15 9% 15% 10% ot 10% 5% 4% rP 3,473 3,841 3,326 0.05 - 4% 318 573 243 5% - 24% 174 133 - 24% tne Q2FY26 Q1FY27 Q2FY27 Q2FY26 Q1FY27 Q2FY27 Q2FY26 Q1FY27 Q2FY27 noit Business Verticals Highlights H Branded Domestic Institutional Export Domestic Active 7 Formulations Formulations Institutional Ingredients (₹ Mn) (₹ Mn) (₹ Mn) (₹ Mn) YOY YOY 375 YOY YOY Growth 1,980 Growth Growth 737 721 Growth 597 624 1,942 226 225 535 1,913 5% 2% 0% - 27% Q2FY26 Q1FY27 Q2FY27 Q2FY26 Q1FY27 Q2FY27 Q2FY26 Q1FY27 Q2FY27 Q2FY26 Q1FY27 Q2FY27 Note: FY25 onwards Exports also includes Active Ingredients Exports. Profit & Loss Summary (Q2 & H1) (₹ Mn) r PARTICULARS Q2FY26 Q1FY27 Q2FY27 YOY CHANGE H1FY26 H1FY27 YOY CHANGE u Revenue from Operations 3,473 3,841 3,326 -4% 7,146 7,167 0% mi Total Income 3,473 3,853 3,343 -4% 7,155 7,195 1% Gross Profit 757 997 619 -18% 1,644 1,615 -2% e Gross Profit Margin (%) 22% 26% 19% -319 BPS 23% 23% -47 BPS P Operating Expenses 439 424 376 -14% 819 800 -2% n EBITDA (Excluding OI & EI) 318 573 243 -24% 825 816 -1% n EBITDA Margin (%) 9% 15% 7% -186 BPS 12% 11% -17 BPS & Finance Cost 45 27 33 -27% 76 59 -22% Y Depreciation & Amortisation 48 49 49 3% 94 98 4% Profit Before Taxes (and EI) 226 509 177 -21% 663 686 4% Profit After Taxes 174 381 133 -24% 499 513 3% Profit After Taxes Margin (%) 5% 10% 4% -103 BPS 7% 7% 15 BPS Earnings Per Share (₹) 5.13 11.26 3.93 -24% 14.78 15.19 3% Balance Sheet Summary (H1) (₹ Mn) r PARTICULARS H1FY26 FY26 H1FY27 u Total Equity 4,444 4,491 5,005 mi Non-Current Liabilities 664 613 571 d Borrowings 581 512 450 vn Current Liabilities 4,451 3,311 3,751 ot Borrowings 807 809 740 er Trade Payables 3,246 2,157 2,560 tn Total Equity & Liabilities 9,559 8,415 9,327 n Non-Current Assets 3,264 3,285 3,287 Property, plant and equipment 3,130 3,097 3,028 1 Capital work-in-progress 24 62 117 7 Current Assets 6,295 5,129 6,039 Inventories 1,654 2,074 1,740 Trade Receivables 4,508 2,807 4,099 Cash and cash equivalents 67 64 64 Total Assets 9,559 8,415 9,327 Management Commentary The 2026 monsoon has been one of the weakest in over a decade. Within our business mix, Formulations have remained resilient, both G In our previous commentary, we discussed how the El Nino effect Institutional and Branded. Institutional Formulations registered a and a slow start to the monsoon season had weighed on industry growth of 2% YOY in Q2 and 3% YOY in H1FY27. Branded d performance in the first quarter. The second quarter saw this Formulations grew 5% YOY in Q2 and 2% YOY in H1FY27. Sustaining mi pattern continue, with uneven and weak rainfall across July to growth in Formulations through a weak Kharif season reflects ti September. As per the IMD, seasonal rainfall over the country stood disciplined execution by our teams. Our Exports business has also d at 87% of its long period average, the fourth lowest since 2001 and remained steady. Export revenue was flat YOY in Q2, while H1FY27 I the weakest since 2015. exports grew 50% YOY, carrying forward the recovery we saw through v FY26. t It is in this context that Dharmaj has delivered a steady-state top line in H1FY27. Revenue from Operations for the half year stood at The main headwind this quarter has been in our Technicals business, r ₹716.7 Crore, in line with ₹714.6 Crore in H1FY26. For Q2FY27, which registered a 27% YOY decline in Q2 and a 20% YOY decline in e Revenue from Operations registered a marginal decline of 4% YOY H1FY27. As discussed, the West Asia crisis has affected both input t to ₹332.6 Crore, primarily on account of lower sales in our pricing and demand patterns in the Technicals market, and we oit Technicals division. EBITDA margin for H1FY27 stood at 11.4%, flat continue to remain agile in this business until conditions normalise. n against 11.5% in H1FY26. Profit After Tax for H1FY27 stood at ₹51.3 2 Crore, up 3% YOY. Looking ahead, we maintain a cautiously optimistic outlook for the & second half of the financial year. Certain challenges to the domestic 1 Q2FY27 saw a compression in margins,this was on account of Rabi season may persist on account of the weak monsoon and lower Y higher input costs across the board, as purchases made after the water reservoir levels. Our focus in the second half will be to push 7 West Asia crisis are now flowing through the system, coupled with higher exports, while sustaining our resilience in the domestic tepid margins in the Technicals business. We are working towards business. We believe this is a prudent approach for a year shaped by a passing on these higher costs to end-customers, and we expect weak monsoon, and it keeps the Company well positioned to build on Technicals margins to recover in the coming quarters. its base as conditions normalise. On the project front, we remain on track with our new Formulations facility at Kerala GIDC, Ahmedabad, dedicated to Herbicides manufacturing. Mr. Rameshbhai Ravajibhai Talavia CHA I RM A N A N D M A NA G I NG DI REC TO R Strengthened Product Portfolio & Team Recently launched products (B2C portfolio) G 200+ dealers & distributors L Fungicide Insecticides Insecticides onboarded product launch product launch product launch I 20,500+ Retail touchpoints and supported by 5,500+ dealers & P distributors e 15 sales team members added oit Sales Team (On-Ground Marketing & B2B) reached 328 in H Q2FY27, up from 313 in Q1FY27 1 Product Registration Activity • Cumulatively 52 technical registrations received & 11 additional awaited • Cumulatively 132 export market registrations received & 176 additional awaited Latest Demand Generation Activity Dealer meets, field days, product demonstrations, in both, new & existing markets G Shareholding & Market Statistics NSE SYMBOL DHARMAJ u 25.98% 70. 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