Dharmaj Crop Guard Limited (DHARMAJ.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-382.9%

-₹713.10

vs ₹252.10 price

Levered DCF

-₹1,216.90

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	14.24×	18.11×	18.05×	14.84×	22.92×	20.9×	51.21×	10.61×
P/B	1.73×	1.6×	2.23×	1.26×	7.74×	7.78×	15.56×	5.06×
P/S	0.68×	0.66×	1.23×	0.76×	1.69×	1.47×	2.86×	0.39×
EV / EBITDA	8.3×	9.7×	13.77×	9.87×	15×	14.41×	30.74×	6.54×
Gross margin	16.0%	21.7%	20.0%	17.3%	20.4%	20.5%	14.1%	12.7%
Operating margin	7.1%	5.9%	8.9%	8.4%	10.0%	9.5%	8.0%	6.1%
Net margin	4.8%	3.7%	6.8%	5.1%	7.4%	7.1%	5.6%	3.7%
Current ratio	1.55×	1.53×	1.94×	3.48×	1.44×	1.5×	1.22×	1.75×
Debt / equity	0.29×	0.29×	0.31×	0.17×	0.43×	0.48×	0.57×	1.93×
Interest coverage	4.73×	4.38×	18.33×	18.77×	14.89×	19.86×	6.92×	3.97×
Dividend yield	0.0%	0.0%	0.0%	0.1%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.9%	0.6%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.2%	8.8%	12.3%	8.5%	33.8%	37.2%	30.4%	47.7%
Return on invested capital	10.4%	8.3%	9.4%	8.4%	23.3%	24.5%	20.1%	18.6%
Return on assets	6.5%	4.7%	7.9%	6.2%	13.1%	16.3%	11.6%	10.5%
Free cash flow yield	-1.6%	1.0%	-22.8%	-23.3%	-1.1%	-1.4%	-2.3%	-1.2%
Earnings yield	7.0%	5.5%	5.5%	6.7%	4.4%	4.8%	2.0%	9.4%
Enterprise value	₹9B	₹7.5B	₹9.1B	₹4.5B	₹6.9B	₹4.6B	₹5.7B	₹727.7M
Net debt / EBITDA	1.15×	1.5×	1.65×	1.14×	0.78×	0.81×	1.07×	1.75×
Cash conversion cycle (days)	87	67	85	33	112	52	51	53