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Dhanuka Agritech Limited (DHANUKA) Fair Value & Analysis

Basic Materials · IN · Market cap ₹47.4B

DA Dhanuka Agritech Limited DHANUKA · NSE
Price₹1,027
Fair Value₹887.59
Upside-13.6%
Quality60/100
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Mixed Growth
Solidly profitable · 14.2% net margin
generates free cash flow
0.19% dividend yield
Mixed vs. peers (7/13)
Wide moat 70/100
Evidence: High Range ₹517.45 – ₹1,329 Share as image

Fair value as of: Aug 2, 2026

From 26 valuation models · updated 11 days ago

Fair value updated Aug 2, 2026, revised from ₹1,063 to ₹887.59 (−16.5%) since Jun 29, 2026. Share price −1.6% over the past month.

A solid business, but screening 14% overvalued on our models.

What matters now

  • Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (₹517.45 to ₹1,329) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

₹1,910 ₹600.91 Fair Value ₹887.59 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 2, 2026.

How to read this chart

60‑month range ₹600.91 – ₹1,910 · fair‑value band ₹517.45 – ₹1,329 · the ₹1,027 price screens above the ₹887.59 fair value. Dashed = 300-day average. As of Aug 2, 2026.

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Analysis

Dhanuka Agritech Limited (DHANUKA) currently trades at ₹1,027, while our model-based Fair Value estimate is ₹887.59, implying the stock looks roughly 13.6% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Basic Materials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Dhanuka Agritech Limited generated revenue of ₹20.2B at a net margin of 14.2%. Revenue grew 9.3% year over year. It earns a return on equity of 18.6%. Net debt stands at ₹110M. Fundamentals as of Aug 2, 2026

Our scenario range runs from ₹517.45 (bear case) to ₹1,329 (bull case); at ₹1,027, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 48% below its 52-week high and 15% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -13% fair-value upside, at -14%, DHANUKA screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income ₹430.45 ₹599.55 ₹2,540 76
Growth DCF ₹521.20 ₹898.63 ₹1,532 72
Gordon GGM ₹18.57 ₹38.61 ₹61.25 70
All 26 models by family
DCF Models
FCF DCF ₹523.76 ₹931.13 ₹1,631 38
Owner Earnings ₹929.40 ₹1,655 ₹2,902 31
5Y Revenue Exit ₹489.36 ₹850.31 ₹1,338 39
5Y EBITDA Exit ₹594.56 ₹1,065 ₹1,653 41
5Y P/E Exit ₹683.34 ₹1,247 ₹1,889 38
10Y Revenue Exit ₹480.50 ₹826.43 ₹1,350 36
10Y EBITDA Exit ₹566.11 ₹983.08 ₹1,612 37
10Y P/E Exit ₹624.75 ₹1,115 ₹1,807 35
Earnings-Based
Graham-Dodd ₹438.15 ₹1,968 ₹2,698 54
Lynch FV ₹512.83 ₹732.61 ₹952.40 50
PEG = 1.0 ₹512.83 ₹732.61 ₹952.40 46
EPV ₹534.10 ₹622.38 ₹699.63 59
Dividend Discount
Gordon GGM ₹18.57 ₹38.61 ₹61.25 70
DDM Multi-Stage ₹18.57 ₹32.56 ₹40.52 61
Multiples
P/E Multiple ₹821.53 ₹1,095 ₹1,369 63
P/S Multiple ₹509.72 ₹679.63 ₹849.54 58
P/B Multiple ₹821.53 ₹1,095 ₹1,369 55
EV/EBIT ₹803.50 ₹1,070 ₹1,336 53
EV/EBITDA ₹683.24 ₹909.51 ₹1,136 54
EV/Revenue ₹480.16 ₹684.05 ₹887.94 43
Asset-Based
NCAV (Graham) ₹188.64 ₹252.78 ₹377.29 50
Growth DCF
Growth DCF ₹521.20 ₹898.63 ₹1,532 72
Rev-Margin DCF ₹489.36 ₹841.93 ₹1,293 67
Economic Profit
Residual Income ₹430.45 ₹599.55 ₹2,540 76
ROIC Compounder ₹592.67 ₹804.54 ₹1,093 67
Growth Earnings
Growth-Adj P/E ₹745.69 ₹1,065 ₹1,385 68

Widest divergence: Growth Earnings (₹1,065) versus Dividend Discount (₹32.56). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) ₹20.2B
Revenue growth (YoY) +9.3%
Net margin 14.2%
Return on equity 18.6%
Free cash flow ₹1.8B FY2026
P/E ratio 16.7
More key figures
Operating margin 22.5%
EPS (TTM) ₹63.76
Dividend yield 0.2%
EPS growth (YoY) +29.6%
Net debt ₹110M FY2026

Figures from reported company fundamentals · as of Aug 2, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 59 · Market factors (momentum, volatility) 37

Profitability 65
Margins and returns on capital today
Quality Growth 16
Are margins and returns improving?
Cashflow 48
Earnings quality: real cash, not paper profit
Fin. Strength 81
Balance sheet, leverage, solvency risk
Investment 48
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 23
Price trend over the last 3–12 months (market factor)
52W Momentum 6
Distance to the 52-week high (market factor)
Net Issuance 89
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Dhanuka Agritech Limited operates as an agro-chemical company in India. The company offers herbicides, insecticides, fungicides, and plant growth regulators in various forms, such as liquid, dust, powder, and granules. It also provides biological portfolio to control insects and protects from discase and nutrient uptake.

Full company description

Dhanuka Agritech Limited operates as an agro-chemical company in India. The company offers herbicides, insecticides, fungicides, and plant growth regulators in various forms, such as liquid, dust, powder, and granules. It also provides biological portfolio to control insects and protects from discase and nutrient uptake. IDhanuka Agritech Limited was founded in 1980 and is headquartered in Gurugram, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Dhanuka Agritech Limited reported revenue of ₹20.2B in FY2026 versus ₹14.6B in FY2022, a compound +8.4%/yr. Reported net income was ₹2.9B in FY2026, compounding +8.3%/yr from FY2022.

Growth Quality 80/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
₹20.2B
Latest YoY
−0.8%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.9%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.0%
Avg. growth/yr (21Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+18.8%
Revenue +8.4%/yr
FY22 ₹14.6B
FY23 ₹17.0B
FY24 ₹17.3B
FY25 ₹20.4B
FY26 ₹20.2B
Net income +8.3%/yr
FY22 ₹2.1B
FY23 ₹2.3B
FY24 ₹2.4B
FY25 ₹3.0B
FY26 ₹2.9B
Character of growth · EPS growth decomposed (2015-2026) +11.8 % p.a.
Revenue per share +11.0 pp

of which total revenue +9.8 pp · buybacks/dilution +1.2 pp

EBIT margin +3.1 pp
Tax rate +0.1 pp
Residual (interest, one-offs) −2.4 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

DHANUKA screens 14% overvalued. Compare with Corteva, Inc →

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Cite: Fair Value Calculator (2026). "Dhanuka Agritech Limited Fair Value". https://www.fairvalue-calculator.com/stock/DHANUKA

Peer Group

Agricultural Inputs · 178 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 60 · Top 25%
Fair Value upside −14% · Below median
Return on equity (TTM) 19% · Top 25%
Return on assets 11% · Top 25%
Net margin (TTM) 14% · Top 25%
Operating margin (TTM) 22% · Top 25%
Revenue growth 9% · Above median
Dividend yield (TTM) 0.2% · Bottom 25%

Valuation Multiples vs Agricultural Inputs median · lower = cheaper

P/E (TTM) 16.7× · Pricier than median
P/B 2.82× · Pricier than 75% of peers
P/S (TTM) 2.35× · Pricier than 75% of peers
P/FCF 0.3× · Cheaper than 75% of peers
EV/EBITDA 11.7× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 15 · sector 23
FUTURE 47 · sector 39
PAST 74 · sector 24
HEALTH 0 · sector 97
DIVIDEND 4 · sector 33

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Agricultural Inputs stocks, each showing price versus our Fair Value estimate (as of Aug 2, 2026).

Stock Price Fair Value vs Fair Value
Corteva, Inc CTVA $86.07 $27.81 -68%
Nutrien Ltd NTR C$94.23 C$81.69 -13%
Qinghai Salt Lake Industry Co 000792 ¥24.93 ¥21.26 -15%
CF Industries Holdings CF $119.19 $161.00 +35%
SABIC Agri-Nutrients Company 2020 122.90 SAR 127.31 SAR +4%
Yara International ASA YAR kr 451.30 kr 67.25 -85%
Yunnan Yuntianhua Co 600096 ¥30.17 ¥42.12 +40%
Asia-potash International Investment (Guangzhou)Co.,Ltd., 000893 ¥42.59 ¥38.01 -11%
Coromandel International Limited COROMANDEL ₹2,034 ₹1,129 -44%
UPL Limited UPL ₹594.75 ₹387.06 -35%

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Frequently asked questions

Is Dhanuka Agritech Limited (DHANUKA) overvalued or undervalued?
As of Aug 2, 2026, our model estimates a fair value of ₹887.59 versus a price of ₹1,027, about −14% (overvalued).
What is the fair value of DHANUKA?
Our model-based fair value for Dhanuka Agritech Limited is ₹887.59 (as of Aug 2, 2026), built from audited fundamentals. The current price is ₹1,027.
What is the quality score of DHANUKA?
Dhanuka Agritech Limited has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Dhanuka Agritech Limited (DHANUKA)?
Dhanuka Agritech Limited reported trailing-twelve-month revenue of about ₹20.2B (latest available figure, as of Aug 2, 2026).
What is the net profit margin of DHANUKA?
The net profit margin of Dhanuka Agritech Limited is about 14.2%, meaning it keeps roughly 14.2% of revenue as net income. Based on the latest reported figures.
Does Dhanuka Agritech Limited pay a dividend?
Dhanuka Agritech Limited currently shows a dividend yield of about 0.19% relative to its recent price (as of Aug 2, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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