Dhanuka Agritech Launches Tembotrax Herbicide for Maize and Sugarcane Crops

Key numbers

Market Cap	₹3,885.75 CrMid-Cap
Industry PE TTM	24.59Sector PE 36.63
Day RSI	28.31Oversold Zone
1-Year Return	-39.98%Downside

Key highlights

• Tembotrax is a systemic post-emergence herbicide for Maize and Sugarcane crops
• Launch targets the domestic Indian market to address broadleaf and grassy weeds
• Company reported Q1 FY27 revenue of ₹461.93 crore and net profit of ₹36.3 crore
• Management revised FY27 revenue growth target to lower single digits in August 2026
• A new ₹200 crore pesticide formulation facility is planned in Nagpur by April 2028

Targeting Maize and Sugarcane Crops

Dhanuka Agritech has expanded its agrochemical portfolio with the launch of Tembotrax, a selective and systemic post-emergence herbicide. The product is specifically formulated for the Indian domestic market to provide effective control over broadleaf and grassy weeds that frequently affect Maize and Sugarcane plantations. According to the company regulatory filing, Tembotrax is designed to be used following recommended label directions to ensure high crop safety while managing troublesome weed populations.

This addition strengthens Dhanuka presence in the herbicide segment, catering to two of India major commercial crops.

Operational Performance and Sector Headwinds

The product launch comes at a time when the company is navigating a challenging environment. For the quarter ended June 30, 2026, Dhanuka Agritech reported an operating revenue of ₹461.93 crore, representing a 4.43 percent decline from the previous quarter. The net profit for the same period stood at ₹36.3 crore, a significant 62.87 percent quarter-on-quarter drop.

In August 2026, management revised its FY27 revenue growth targets downward to lower single digits, citing disruptions caused by a delayed monsoon and sowing delays. Additionally, the company anticipates a 200 bps contraction in EBITDA margins for the current fiscal year.

Growth Projects and Capacity Expansion

• The company has guided for ₹75 crore in revenue from its Dahej technical synthesis facility during the 2026-27 fiscal year
• A capital expenditure of ₹200 crore was approved in August 2026 for a new 23,000 MTPA pesticide formulation plant
• The new Nagpur-based facility is scheduled to become operational by the final quarter of FY28 (April 2028)
• Promoter holding remains stable at 69.81 percent, reflecting a slight 0.1 percent increase in the most recent quarter
• Trading windows were closed starting October 1, 2026, ahead of the board meeting for the H1 FY27 financial results

Market Context and Valuation Metrics

Dhanuka Agritech currently holds a market capitalization of ₹3885.75 crore. The stock has experienced a 39.98 percent decline over the past year, underperforming the broader market during a period of agricultural volatility. Valuation metrics show an Industry PE TTM of 24.59, which is lower than the broader sector PE of 36.63.

Technical indicators suggest the stock is in an oversold region, with a Day RSI of 28.31 and a Day MFI of 11.81. Despite recent headwinds, the company maintains a Return on Equity of 17.07 percent, which remains above the sector average of 13.48 percent.

What to watch next

• Declaration of unaudited financial results for Q2 and H1 FY27 (ended September 30, 2026)
• Revenue realization from the Dahej technical synthesis facility, targeted at ₹75 crore for FY27
• Progress on the ₹200 crore pesticide formulation facility in Nagpur, scheduled for April 2028

Dhanuka Agritech · financial snapshot

Share price	₹862
Market capitalisation	₹3,885.75 Cr
Revenue (annual)	₹2,019.79 Cr
Net profit (annual)	₹287.23 Cr
Revenue (latest quarter)	₹461.93 Cr-4.43% vs previous quarter
Net profit (latest quarter)	₹36.30 Cr-62.87% vs previous quarter
Promoter holding	69.81%+0.10% QoQ
FII holding	1.64%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.