Dhanuka Agritech Ltd. share price target

Broadly in line with consensus and our estimates, Dhanuka Agritech reported a decent set of Q3 figures. Revenue/EBITDA/PAT grew 10%/22%/21% y/y.

We maintain our BUY rating on the stock.

We recommend a BUY rating on the stock with a target price of Rs 1,760/share, implying an upside of 10% from the CMP

We revise our SELL rating on the stock to HOLD as we rerate it at 22x FY26E to reflect a superior competitive position.

Dhanuka's share price had seen a recent run-up which leaves little margin of safety on the table, therefore as we roll forward our estimates to 15x Sep'FY26E we revise our BUY rating on the stock to HOLD with an -5% potential downside from CMP.

Recommendation: With a 8.8% potential upside, we maintain our HOLD rating on Dhanuka.

Recommendation With a 5% potential upside, we Maintain our HOLD rating.

we revise our rating from BUY to HOLD maintaining out TP at Rs 800/share (valuing the stock at 14x FY24E EPS), implying an upside of 9% from the CMP.

We continue to maintain our estimates and outlook on the company and Maintain our BUY recommendation with TP at Rs 800/share (valuing the stock at 14x FY24E EPS), implying an upside of 15% from the CMP

We revise our outlook from Hold to BUY with a revised TP of Rs. 800 per share valuing the stock at 14x FY24E EPS.

Dhanuka Agritech (DAGRI) reported decent set of numbers despite headwinds in domestic market led by unseasonal rains and lower pest infestations during the quarter. It reported Revenue/EBITDA/PAT growth of 21%/10%/6% YoY during 3QFY22 which was in-line with our estimates. Key highlights are: (a) volume and price growth of 18% and 3% YoY respectively...

We downgrade rating from BUY to HOLD in light of 1) Higher channel inventory and raw material inflation, 2) Inability to pass on RM prices to consumers, and 3) Below-normal monsoon. We value DAGRI at 17x FY24E EPS to arrive at TP of Rs 940/share (previous Rs 1010/share).