Investor Presentation

Dharmaj Crop Guard reported mixed financial results for the quarter and nine-months ended December 31, 2025. **Business Performance:** Q3 revenue grew 9% YoY to ₹189.5 Cr, but PAT declined 35% to ₹0.8 Cr, primarily due to a softer formulations sales mix and a one-time labour code adjustment.

Stronger 9M performance saw revenue climb 22% YoY to ₹904.2 Cr and PAT jump 36% to ₹50.7 Cr.

While Domestic Institutional and Export Institutional formulations showed robust Q3 growth, Branded Formulations and Domestic Active Ingredients faced challenges from a muted Rabi season and high market inventories. **Growth Drivers/Strategy:** The company is focusing on optimizing its Active Ingredients product mix by aligning production with in-house formulations demand to improve blended profitability.

Efficient capacity utilization at its Saykha facility is contributing to better 9M EBITDA margins. **Recent Developments:** A new dedicated Herbicides Formulations Unit, with a ₹33 Cr CAPEX, is planned for Kerala GIDC, Ahmedabad, expected by Q2FY27. This expansion supports long-term herbicide growth and frees up capacity at the existing facility.

The company also expanded its retail network to over 19,000 touchpoints and launched 5 new branded formulation products. **Key Financial Metrics:** Q3 EPS stood at ₹0.23, down 35% YoY.

For the nine months, EPS was ₹15.00, up 36% YoY. **Management Outlook:** Despite Q3 headwinds, management is positive on the full-year growth outlook.

Priorities include strengthening pan-India presence, scaling Active Ingredients, and building a strong export portfolio for sustainable growth.