Dhanuka Agritech Ltd. share price target

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).

Dhanuka Agritech reported largely inline set of results. 3% decline in revenue to Rs 3.6 bn (PLe Rs 3.4 bn) was driven by slower offtake in North (down 12%) & East (down 3%). Gross margin contracted by 54 bps to 33.7% (PLe 36%) due to high cost inventory and difficulty to pass on input cost inflation due to low demand as a result of deficit rainfall. DAGRI has robust pipeline of 10 new products will drive growth for the next 2 years. The company has also started working on its technical manufacturing plant at Dahej for backward...

We recommend BUY with TP of Rs. 1,010/share.

We revise our estimates and value DAGRI at 19x PE its FY23E EPSwith a Target Price of Rs 1010/share. Maintain BUY.

We maintain reduce rating (TP- Rs 676) on CRIN due to capacity constraints in NPK and likely headwinds on the raw material side starting 4Q. We are positive on Urea companies given healthy volumes and significantly lower...

Maintain BUY with unchanged TP of Rs. 880 on the stock as we continue to value DAGRI at 17x FY23E EPS.

We upgrade DAGRI to BUY (from Accumulate) with revised target price of Rs 953 (Previous 868) based on 18x FY23 EPS of Rs 53 as we roll forward to FY23 estimates. We have also increased our PAT estimates for FY21-23 by 4-5%. DAGRI reported better than expected EBITDA growth of 46% to Rs 502 mn (PLe Rs 405 mn) driven by better sales mix and sharp growth in fungicides segment. Q4 is expected to be another good quarter driven by demand, due to deferment of season from Q3 and low base effect due to lockdown in Q4....

Dhanuka Agritech Limited (DAGRI) is a leading agrochemical company in India catering to the domestic crop protection market in collaboration with the world's seven leading agrochemical Companies. Its collaborations with MNCs from US, Japan and Europe helps it introduce the latest technology in Ind..

Dhanuka Agritech (DAGRI) for Q2FY21 reported a consolidated revenue at Rs. 442 cr (in line with our estimates) as compared to Rs. 402 cr in the corresponding period of the previous year, 10% higher YoY.

Upgrade DAGRI to ACCUMULATE from Hold (due to correction in stock price) with revised target price of Rs868 (Previous- Rs857) based on 18x Sep'22 EPS of Rs 48.2. We have marginally tweaked our PAT estimates for FY21-23 by 03%. Dhanuka Agritech reported inline set of results. Excess rains in AugustSeptember impacting sprays, lower pest attacks and crop damage in various states limited topline growth to 10% YoY (PLe- 9%). EBITDA margin expansion of ~351 bps (ex-one offs) is commendable. Rabi season is...