Agrochemicals company Dharmaj Crop Guard announced Q1FY26 results Revenue: Rs 3,674 million, change 44% YoY. EBITDA: Rs 507 million, change 88% YoY. PAT: Rs 326 million, change 116% YoY. Rameshbhai Talavia, Chairman & Managing Director, said: “Dharmaj has commenced FY26 on a strong footing, delivering robust top-line growth of 44% YoY in the first quarter. This performance was supported by favourable market conditions, particularly a good start to the domestic Kharif season, aided by early rains and healthy rainfall levels across most parts of the country as of early August. According to the India Meteorological Department, above-average rainfall is expected for the remainder of the season in August and September. Our core Formulations business has continued to be the bedrock of our performance and sustained healthy momentum across both Branded and Institutional verticals, achieving notable YoY sales growth of 35% and 38%, respectively. The Domestic Active Ingredients segment, which we view as our new growth engine, also posted a standout performance with 62% YoY growth over the previous year, driven by higher capacity utilisation at our Sayakha Technical plant. Export sales, which had witnessed a slowdown in FY25, rebounded strongly in Q1, supported by improved conditions in key markets. Profitability during the quarter was aided by the healthy contribution from higher-margin Branded Formulations and by positive operating leverage from strong sales growth. EBITDA margins stood at 14% in Q1FY26, compared to 11% in Q1FY25. Additionally, gross margins in Active Ingredients have also observed some improvement in the current quarter. We remain confident that these will strengthen further as the industry demand environment improves and as export markets continue recovering, though the pace of recovery will remain contingent on broader sector dynamics. Active Ingredients continues to be a potential margin improvement lever for Dharmaj. In the interim, our internal strategy at Sayakha Technical plant remains focused on new product commercialisations, enhancing the product mix for improved realisations, increasing captive consumption to optimise margins, and ramping up capacity utilisation by leveraging both domestic & export opportunities. With the most important quarter of the year ahead, we are well-positioned to capitalise on the ongoing Kharif season and remain committed to sustaining our growth momentum across both Formulations and Active Ingredients.” Result PDF