Dhanuka Agritech Q1 FY27 Results (NSE: DHANUKA)
Signal: Revenue declined
The read
The key inflection is operational deterioration: Q1FY27 revenue fell 12.56% YoY to ₹461.93 Cr and EBITDA margin contracted 120bps to 13.8%, after the prior Q4FY25 margin reached 25%; PAT consequently fell 34.59% to ₹36.3 Cr, while other income of ₹8.86 Cr did not materially distort earnings.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹461.93 Cr | -12.56% | N/A |
| EBIT | ₹49.39 Cr | N/A | |
| Net profit | ₹36.3 Cr | -34.59% | |
| EPS | ₹8.06 | N/A | |
| EBIT margin | 13.8% |
P&L walk
Standalone revenue declined to ₹461.93 Cr, down 12.56% YoY, and EBITDA fell to ₹63.88 Cr with margin contracting to 13.8% from 15.0%; PAT declined faster, to ₹36.3 Cr, down 34.59% YoY.
Key positives
- Other income was ₹8.86 Cr and earnings quality was classified as clean, with other income and exceptional items below 20% of PBT.
- EBITDA remained positive at ₹63.88 Cr despite revenue declining 12.56% YoY.
Key concerns
- Revenue declined 12.56% YoY to ₹461.93 Cr, indicating a significant near-term slowdown in the agrochemical cycle or demand environment.
- EBITDA margin contracted 120bps YoY to 13.8% from 15.0%, reversing the margin expansion seen in the prior results series.
- PAT fell 34.59% YoY to ₹36.3 Cr, declining materially faster than revenue and signalling earnings sensitivity to the margin setback.
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