The transcript of the earning call is attached held on 06-11-2026

November 07, 2026 BSE Limited N ational Stock Exchange of India Limited Corporate Relationship Department E x c hange 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 dra (East), Mumbai- 400 051. BSE Scrip Code No. 543687 N S E S y m b o l : - DHARMAJ Dear Sir/Madam, Subject: - Transcript of Earning Call of Q2 & H1FY27 Financial Results [Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015] With reference to our previous intimation for the Q2 & H1FY27 Earnings Conference call of the Company held on November 06, 2026at 12.00 PM IST and further in accordance with the requirement of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Schedule-III Part-A thereof, we hereby inform you that the transcript of the Earning Conference call of Q2 & H1FY27 Financial Results is attached as Annexure –A; The same is also being made available on the Company’s website at: https://www.dharmajcrop.com/investor/investors-analyst-meet-conference-call/ We request you to kindly take note of the same and consider for official records. Thanking you, For Dharmaj Crop Guard Limited, Malvika Bhadreshbhai Kapasi Company Secretary & Compliance Officer ACS-52602 Dharmaj Crop Guard Limited Q2 & H1 FY’27 Earnings Conference Call November 06, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Dharmaj Crop guard Limited Q2 and H1-FY27 Earnings Conference Call hosted by TIL Advisors. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need any assistance during this conference, please signal for an operator by pressing “*” and then “0” on your touchtone telephone. Participants, please note, at the time of the Q&A, participants are requested to ask your questions in Hindi. Also note that this conference call is being recorded. I now hand the conference over to Mr. Sayam Pokharna from TIL Advisors. Thank you and over to you, sir. Sayam Pokharna: Thank you Michelle. Welcome everyone and good afternoon. Wishing you all a Very Happy Diwali and Greetings of the Festive Season on behalf of Dharmaj. Thanks for taking out the time to join us today in the Q2 & H1 FY’27 Earnings Conference Call of the company. The Investor Presentation and Press Release has already been uploaded to the Stock Exchange and on the company's website. In case you wish to be added in our mailing list, please feel free to reach out to us. To take us through today's results, we have with us from the Management Team, Mr. Ramesh Talavia - Chairman and Managing Page 1 of 9 Director, Mr. Vishal Domadia - Chief Executive Officer, and Mr. Vikas Agarwal - Chief Financial Officer. We will start with a brief opening remarks on the business performance for the Quarter 2 and for the Half Year from Mr. Talavia, followed by remarks on the financial performance by Mr. Agarwal and then open the floor for Q&A session. I would like to remind you all that anything and everything said on this call that represents any outlook for the future and can be construed as a forward-looking statement must be viewed in conjunction with the risk and uncertainties that we face. These risks and uncertainties have been detailed in our annual report. With that said, I would now like to hand over the call to Ramesh sir. Over to you, sir. Ramesh Talavia: Good afternoon, everyone, and thank you for joining us today for the Q2 and H1 FY27 Earnings Conference Call of Dharmaj Crop Guard Ltd. Let me begin with the operating context because it has said everything about this quarter: The 2026 monsoon season has been one of the weakest India has seen in over a decade, and extended dry spell, more particularly in Western India, has led to a soften Kharif season for the Agrochemical industry. As per the IMD, seasonal rainfall over the country stood at 87% of its longer-period average, which is the fourth lowest since 2001 and the weakest since 2015. It is against this backdrop that, for H1 FY27, revenue from operations stood at Rs. 716.7 crore, in line with Rs. 714.6 crore in H1 FY26. EBITDA stood at Rs. 81.6 crore, with EBITDA margin at 11.4% compared to 11.5% last year. Profit after tax stood at Rs. 51.3 crore, up 3% year-on-year. In a Kharif season where industry demand was held Page 2 of 9 back by rainfall, we have held our top line, held our half-year margin, and grown our profit. For Q2 FY27, revenue from operations came at Rs. 332.6 crore, a decline of 4% year-on-year. This decline is on account of our technical business. Our formulation and export business have remained resilient throughout H1 FY27. Now coming to business segment-wise performance: In formulation, both our verticals have remained resilient. Institutional formulation grew 2% year-on-year in Q2 and 3% in H1. Blended formulation grew 5% in Q2 and 2% in H1. Given the weak Kharif season, farmer-level consumption has not come through as earlier expected, which has held back growth in our branded verticals. What matters to us is that the vertical has held its ground and we believe the demand base for our brand remains intact. In export, we have carried forward the recovery of FY26. Export revenue was flat year-on-year in Q2, while H1 export grew 50% year- on-year to Rs. 60 crores. Export now accounts for 8% of our revenue, compared to 6% in H1 last year. And we expected export to remain as a growth driver for us in the second half. Our technical business has been the main headwind this year. Revenue declined 27% year-on-year in Q2 and 20% in H1. As discussed on our last call, the West Asia crisis has affected both input pricing and demand patterns in the technical market. And realization in the merchant market has remained steady. Through this period, we have aligned our active ingredient production with the captive requirement of our formulation business, which protects blended profitability at the company level and keeps the plant utilized. We will remain agile in this business until the external environment normalizes. Page 3 of 9 Now on margins: EBITDA margins stood at 7.3% compared to 9.2% in Q2 FY26. Gross margins stood at 18.6% compared to 21.8%. Two factors explain this: 1. First, higher input costs across the board. You will recall that in March we had built a raw material inventory ahead of the Kharif season, which protects our margin in Q1. Purchases made after the West Asia crisis at a higher price are now flowing through our cost of goods and the effect is visible in Q2. 2. Second, tepid margins in the technical business. We are working to pass this higher cost on to end customers over Q3 and we accept technical margins to recover in coming quarters. Let me now turn to the business outlook for the rest of the year now: At the start of the year, we had set out an expectation of 18-20% top- line growth for FY27. That expectation rests on normal monsoon. Given this monsoon has turned out to be weakest in over a decade, Kharif demand has been subdued across the industry, and the technical market has not recovered in the way we had expected. Taking all of this into account, we now expect to deliver single-digit revenue growth for FY27 as follows: We maintain a continuous optimistic view of the second half. Certain changes to domestic Rabi season may persist on account of the weak monsoon, low reservoir levels, and we are planning for that our focus in the second half is clear. Push higher exports, sustain our domestic formulation business, restore the technical margins through better cost pass-through. We believe this is the prudent approach for a year set by the weak monsoon, and it keeps the company well-positioned to build on its base as conditions normalized. Page 4 of 9 I would also like to reconfirm that this does not change our long-term strategy and outlook. Our Dharmaj 2030 v [Showing first 8,000 characters — download PDF for full document]