Dharmaj Crop Guard Limited (DHARMAJ) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of Dharmaj Crop Guard Limited ₹123, price ₹295, upside -58.5%, quality 43 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
46‑month range ₹140.35 – ₹374.95 · fair‑value band ₹109.25 – ₹219.35 · the ₹295.15 price screens above the ₹122.51 fair value. Dashed = 300-day average. As of Sep 27, 2026.
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Dharmaj Crop Guard Limited engages in manufacturing, distributing, and marketing of a range of agro chemical formulations in India. The company's agro chemical formulations include insecticides, fungicides, herbicides, plant growth regulators, micronutrient fertilizers, and antibiotics to the B2C and B2B customers.
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Dharmaj Crop Guard Limited engages in manufacturing, distributing, and marketing of a range of agro chemical formulations in India. The company's agro chemical formulations include insecticides, fungicides, herbicides, plant growth regulators, micronutrient fertilizers, and antibiotics to the B2C and B2B customers. It also manufactures and sells general insect and pest control chemicals for public and animal health protection applications; and offers crop protection solutions, and agrochemical active ingredients and intermediates. The company exports its products to Latin America, East African countries, the Middle East, and Far East Asia. Dharmaj Crop Guard Limited was incorporated in 2015 and is based in Ahmedabad, India.
Stock analysis
Dharmaj Crop Guard Limited (DHARMAJ) currently trades at ₹295.15, while our model-based Fair Value estimate is ₹122.51, implying the stock looks roughly 140.9% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹679.81 per share, and 7 of the 15 models we run sit above the ₹295.15 price.
Bear case: the Asset-Based group reads lowest at ₹89.02, and 8 of the 15 models stay below the price. Evidence for this calculation is medium.
Scenario range: ₹109.25 (bear) to ₹219.35 (bull), the price of ₹295.15 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 43/100 (below-average quality), in the Basic Materials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Dharmaj Crop Guard Limited reported revenue of ₹11.4B in FY2026 versus ₹3.9B in FY2022, a compound +30.5%/yr. Reported net income was ₹546M in FY2026, compounding +17.5%/yr from FY2022.
Key figures
Market cap ₹10.0B (≈ $104M) · P/E ratio 18.3 · P/S ratio 0.88 · EPS (TTM) ₹16.17 · Net margin 4.8% · Return on equity 13.0% · Return on assets (EBIT) 11.1% · Operating margin 2.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 37% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at 15% fair-value upside, at −58%, DHARMAJ screens richer than that median.
Fair Value models
Bear ₹109.25Fair Value ₹122.51Bull ₹219.35
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹8.02 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+19.7%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+29.6%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+30.8%
Start year 2021 (pandemic)
Revenue growth 8 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+43.5%
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What shareholders gained per year (last 5 years), in INR (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+2.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.9%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.10% → 7%
2026 sits 56% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Compare Dharmaj Crop Guard Limited with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Agricultural Inputs · 177 stocks
Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score43 · Below median
Fair Value upside−58.5% · Bottom 25%
Profitability
Return on equity (TTM)13.0% · Above median
Return on assets6.5% · Top 25%
Net margin (TTM)4.8% · Above median
Operating margin (TTM)2.5% · Below median
Growth and dividend
Revenue growth11.4% · Above median
Balance sheet
Debt / equity0.11× · Above median
Valuation Multiplesvs Agricultural Inputs median · lower = cheaper
P/E (TTM)18.3× · Pricier than median
P/B2.22× · Pricier than median
P/S (TTM)0.88× · Pricier than median
EV/EBITDA10.4× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 19
FUTURE (revenue growth)57· sector 34
PAST (return on equity)52· sector 24
HEALTH (low debt)94· sector 97
DIVIDEND (yield)0· sector 42
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Dharmaj Crop Guard Limited (DHARMAJ) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of ₹122.51 versus a price of ₹295.15, about −58% upside (overvalued).
What is the fair value of DHARMAJ?
Our model-based fair value for Dharmaj Crop Guard Limited is ₹122.51 (as of Sep 27, 2026), built from audited fundamentals. The current price: ₹295.15.
What is the quality score of DHARMAJ?
Dharmaj Crop Guard Limited has a Quality Score of 43/100. 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 price target for Dharmaj Crop Guard Limited (DHARMAJ)?
Our model-based price target is the fair value of ₹122.51 (as of Sep 27, 2026) from 15 valuation models. Cautious scenario ₹109.25, optimistic scenario ₹219.35. It is a calculation from audited fundamentals, not an analyst target.
What is the Dharmaj Crop Guard Limited stock forecast for 2026?
Our models put fair value at ₹122.51, about −58% upside versus a price of ₹295.15 (overvalued). Cautious scenario ₹109.25, optimistic scenario ₹219.35. The calculation is refreshed regularly with new filings.
What is the revenue of Dharmaj Crop Guard Limited (DHARMAJ)?
Dharmaj Crop Guard Limited reported trailing-twelve-month revenue of about ₹11.4B (latest available figure, as of Sep 27, 2026).
What is the intrinsic value of Dharmaj Crop Guard Limited (DHARMAJ)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Dharmaj Crop Guard Limited it is ₹122.51 per share (as of Sep 27, 2026), against a price of ₹295.15. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Dharmaj Crop Guard Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, DHARMAJ trades above its calculated fair value: price ₹295.15, fair value ₹122.51, a gap of about −58% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DHARMAJ?
No. The price is what the market pays today (₹295.15); the fair value is what the company's own numbers justify (₹122.51). For Dharmaj Crop Guard Limited the two are ₹172.64 per share apart. That gap is exactly why we show both numbers side by side.
How much is Dharmaj Crop Guard Limited worth?
The market values Dharmaj Crop Guard Limited at about ₹10.0B (market capitalisation, as of Sep 27, 2026). Per share that is ₹295.15; our models calculate a fair value of ₹122.51 per share.
What do the bullish and bearish scenarios say about DHARMAJ?
Our models span a range for Dharmaj Crop Guard Limited: cautious scenario ₹109.25, base ₹122.51, optimistic ₹219.35 per share (as of Sep 27, 2026, price ₹295.15). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DHARMAJ?
Dharmaj Crop Guard Limited trades at a price-to-earnings ratio of 18.3 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹122.51 is built from several models across several years. Other multiples: P/B 2.2, P/S 0.9, EV/EBITDA 10.4.
How solid is the balance sheet of Dharmaj Crop Guard Limited (DHARMAJ)?
Balance-sheet figures for Dharmaj Crop Guard Limited (as of Sep 27, 2026): return on equity 13.0%, debt of 0.11 per unit of equity. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is DHARMAJ from its 52-week high?
Dharmaj Crop Guard Limited trades at ₹295.15, about 9% below its 52-week high of ₹323.20 and 37% above the low of ₹215.80 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of ₹122.51 is for.
Which stocks are comparable to Dharmaj Crop Guard Limited?
From the same area (Basic Materials) we also value Corteva, Inc, Nutrien Ltd, Qinghai Salt Lake Industry Co, CF Industries Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Dharmaj Crop Guard Limited stock attractive at the current price?
The data as of Sep 27, 2026: price ₹295.15, calculated fair value ₹122.51 (−58%), Quality Score 43/100, from 15 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DHARMAJ calculated?
We run Dharmaj Crop Guard Limited through 15 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹122.51, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.2 % above its aggregate fair value. Dharmaj Crop Guard Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Dharmaj Crop Guard Limited (DHARMAJ)?
The closing price on Sep 25, 2026 was ₹295.15. Our model-based fair value is ₹122.51, about −58% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Dharmaj Crop Guard Limited right now?
The price sits above even our optimistic bull case (₹219.35). The favourable scenario is already priced in. Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (₹109.25 to ₹219.35) leaves room in how you read the outcome.
Key figures of Dharmaj Crop Guard Limited
How large is the market capitalisation of Dharmaj Crop Guard Limited (DHARMAJ)?
The market capitalisation of Dharmaj Crop Guard Limited is ₹10.0B (≈ $104M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Dharmaj Crop Guard Limited (DHARMAJ)?
The price-to-sales ratio of Dharmaj Crop Guard Limited is 0.88 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Dharmaj Crop Guard Limited (DHARMAJ)?
Earnings per share at Dharmaj Crop Guard Limited are ₹16.17 (price ÷ EPS = P/E 18.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Dharmaj Crop Guard Limited (DHARMAJ)?
The net margin of Dharmaj Crop Guard Limited is 4.8% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Dharmaj Crop Guard Limited (DHARMAJ)?
The return on equity (ROE) of Dharmaj Crop Guard Limited is 13.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Dharmaj Crop Guard Limited (DHARMAJ)?
On an EBIT basis the return on assets of Dharmaj Crop Guard Limited is 11.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Dharmaj Crop Guard Limited (DHARMAJ)?
The operating margin of Dharmaj Crop Guard Limited is 2.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Dharmaj Crop Guard Limited (DHARMAJ)?
Revenue at Dharmaj Crop Guard Limited is growing +11.4% versus a year earlier (3y avg +29.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Dharmaj Crop Guard Limited (DHARMAJ)?
Earnings per share at Dharmaj Crop Guard Limited are growing −37.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Dharmaj Crop Guard Limited (DHARMAJ) generate?
The free cash flow of Dharmaj Crop Guard Limited is −₹126M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Dharmaj Crop Guard Limited (DHARMAJ) carry?
The net debt of Dharmaj Crop Guard Limited is ₹1.3B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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