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• Revenue: INR2,035.15 crores for FY24-25, up 15.73% year-on-year.

• Q4 Revenue: INR442.02 crores, an increase of 20.01% over the corresponding period last year.

• EBITDA: INR416.61 crores for FY24-25, up 27.23% year-on-year.

• Q4 EBITDA: INR109.75 crores, up 37.03% year-on-year.

• EBITDA Margin: Improved from 18.62% in FY23-24 to 20.47% in FY24-25.

• Q4 EBITDA Margin: Improved from 21.75% in Q4 FY23-24 to 24.83% in Q4 FY24-25.

• Profit After Tax (PAT): INR296.96 crores for FY24-25, up 24.2% year-on-year.

• Q4 PAT: INR75.5 crores, up 27.94% compared to the corresponding previous year quarter.

• PAT Margin: Improved from 13.6% in FY23-24 to 14.59% in FY24-25.

• Q4 PAT Margin: Improved from 16.02% in Q4 FY23-24 to 17.08% in Q4 FY24-25.

• Dividend: 100% dividend recommended, INR2 per equity share.

• Share Buyback: 5 lakh shares at INR2,000 per share.

• Warning! GuruFocus has detected 3 Warning Signs with NSE:DOLLAR.

Release Date: May 16, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Dhanuka Agritech Ltd (BOM:507717) achieved a milestone revenue of over INR 2,000 crores, marking a significant growth milestone.

• The company reported a 20.01% increase in revenue from operations during Q4 FY24-25 compared to the same period last year.

• EBITDA for Q4 FY24-25 increased by 37.03% year-on-year, with an improvement in EBITDA margin from 21.75% to 24.83%.

• Dhanuka Agritech Ltd expanded its international presence by acquiring rights for two key fungicide molecules from Bayer AG, enhancing its global footprint.

• The company has a strong R&D division and international collaborations, which support the introduction of novel chemistries and product development.

Negative Points

• The Hedge facility reported a negative EBITDA of 14 crores in FY25, with expectations of similar performance in FY26.

• Despite revenue growth, the company anticipates a 100 basis point hit to gross margins in FY26 due to rising raw material costs.

• Trade receivables have increased significantly, which could impact cash flow management.

• The B2B sales channel, while growing, typically offers lower margins compared to the B2C segment.

• The company faces challenges in achieving positive EBITDA margins for The Hedge facility until capacity utilization reaches 70-80%.

Q & A Highlights

Q: Given the favorable monsoon estimates, what are the revenue growth and EBITDA margins expected for FY26? Also, how did The Hedge facility perform in FY25, and what is the guidance for FY26? A: The Hedge facility generated revenue of INR 40 crores in FY25, with a negative EBITDA of INR 14 crores. For FY26, revenue is expected to increase to INR 60 crores, with EBITDA remaining similar. Regarding the monsoon, both IMD and SkyMet have given a positive forecast, which is encouraging for planting. We anticipate higher double-digit revenue growth and expect EBITDA margins to remain similar to this year.