Dharmaj Crop Guard Limited (DHARMAJ) fair value: what the stock is really worth
As of Nov 11, 2026: fair value (intrinsic value) of Dharmaj Crop Guard Limited stock ₹123, price ₹240, that is 49.0% below the price, quality 44 out of 100. Rating: strongly overvalued. Calculated from audited financials with 15 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 12, 2026.
How to read this chart
47‑month range ₹140.35 – ₹374.95 · fair‑value band ₹109.25 – ₹219.35 · the ₹240.35 price screens above the ₹122.51 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 12, 2026.
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Dharmaj Crop Guard Limited engages in manufacturing, distributing, and marketing of a range of agro chemical formulations in India.
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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 ₹240.35, while our model-based Fair Value estimate is ₹122.51, 49% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹679.81 per share, and 10 of the 15 models we run sit above the ₹240.35 price.
Bear case: the Asset-Based group reads lowest at ₹35.60, and 5 of the 15 models stay below the price. Data coverage for this calculation is medium.
Scenario range: ₹109.25 (bear) to ₹219.35 (bull), the price of ₹240.35 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 44/100 (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 ₹8.1B (≈ $86.7M) Micro · P/E ratio 13.5 · P/S ratio 0.71 · EPS (TTM) ₹17.80 · Net margin 5.2% · Return on equity 13.0% · Return on assets (EBIT) 11.1% (5-year average) · Operating margin 13.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at 6% fair-value upside, at −49%, DHARMAJ screens richer than that median.
Fair Value models
Bear₹109.25Fair Value ₹122.51Bull₹219.35
Price ₹240.35 · Downside -49.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹11.02 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.Coverage ⓘCoverage = 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
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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 · 175 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score44 · Below median
Fair Value upside−49.0% · Bottom 25%
Profitability
Return on equity (12 months)13.0% · Above median
Return on assets6.5% · Above median
Net margin (12 months)5.2% · Above median
Operating margin (12 months)13.7% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)4.1% · Above median
Balance sheet
Debt / equity0.11× · Above median
Valuation Multiplesvs Agricultural Inputs median · lower = cheaper
P/E (12 months)13.5× · Cheaper than median
P/B1.81× · Pricier than median
P/S (12 months)0.71× · Cheaper than median
EV/EBITDA8.0× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 17
FUTURE (revenue growth)21· sector 14
PAST (return on equity)52· sector 25
HEALTH (low debt)94· sector 97
DIVIDEND (yield)0· sector 40
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 Nov 12, 2026, our model estimates a fair value of ₹122.51 versus a price of ₹240.35, about 49% lower (overvalued).
What is the fair value of DHARMAJ?
Our model-based fair value for Dharmaj Crop Guard Limited is ₹122.51 (as of Nov 12, 2026), built from audited fundamentals. The current price: ₹240.35.
What is the quality score of DHARMAJ?
Dharmaj Crop Guard Limited has a Quality Score of 44/100. 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 Nov 12, 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 49% lower versus a price of ₹240.35 (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 ₹11.5B (latest available figure, as of Nov 12, 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 Nov 12, 2026), against a price of ₹240.35. It is the blended result of 15 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Dharmaj Crop Guard Limited stock overvalued or undervalued in 2026?
As of Nov 12, 2026, DHARMAJ trades above its calculated fair value: price ₹240.35, fair value ₹122.51, a gap of about −49% (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 (₹240.35); the fair value is what the company's own numbers justify (₹122.51). For Dharmaj Crop Guard Limited the two are ₹117.84 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 ₹8.1B (market capitalisation, as of Nov 12, 2026). Per share that is ₹240.35; 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 Nov 12, 2026, price ₹240.35). 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 13.5 (as of Nov 12, 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 1.8, P/S 0.7, EV/EBITDA 8.0.
How solid is the balance sheet of Dharmaj Crop Guard Limited (DHARMAJ)?
Balance-sheet figures for Dharmaj Crop Guard Limited (as of Nov 12, 2026): return on equity 13.0%, debt of 0.11 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is DHARMAJ from its 52-week high?
Dharmaj Crop Guard Limited trades at ₹240.35, about 20% below its 52-week high of ₹300.55 and 11% above the low of ₹215.80 (as of Nov 11, 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 Nutrien Ltd, Qinghai Salt Lake Industry Co, CF Industries Holdings, Yara International ASA, 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 Nov 12, 2026: price ₹240.35, calculated fair value ₹122.51 (−49%), Quality Score 44/100, 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 6 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ₹122.51 builds on their evidence-weighted average, 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 14.0% 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 Nov 11, 2026 was ₹240.35. Our model-based fair value is ₹122.51, about 49% lower (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 (44/100) 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 ₹8.1B (≈ $86.7M). 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 0.71 (last twelve months). 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 ₹17.80 (price ÷ EPS = P/E 13.5). 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 5.2% (last twelve months). 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 13.7% (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 +4.1% 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 +17.0% 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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Nov 12, 2026