• Revenue growth outlook: Dhanuka Agritech expects low double-digit top-line growth in FY27, driven by high single-digit volume growth, a 2–3% pricing increase, and around 60 crore rupees in incremental sales from newly re-approved biostimulants.
• Operating margin contraction: Gross and EBITDA margins are projected to decline by approximately 100 bps in FY27 to around 18.5% due to rising freight expenses and rupee depreciation, with a potential return to 20% in FY28 if monsoons normalize.
• Export and brand expansion: The company aims to expand exports to 3–4% of revenue by setting up subsidiaries in Brazil and Europe, while sales from the Melody Duo fungicide are targeted to grow from 25 crore to 35 crore rupees in FY27.
• Working capital management: After building higher inventory reserves in March amid geopolitical concerns in West Asia, management plans to control purchases and liquidate stock across the Kharif and Rabi seasons to reduce working capital days by the end of FY27.