Dharmaj Crop Guard is an agrochemical company built on a single, deliberate idea: start by selling to every kind of customer, then build the factory that supplies yourself. Founded in 2015 by first-generation entrepreneurs with decades of farming and industry experience, the company spent its first eight years as a pure formulator - buying active ingredients from others, mixing them into finished crop-protection products, and selling them through two distinct channels. The recurring approach that explains everything else is backward integration: use the cash and customer relationships built in formulations to fund a technical-grade manufacturing plant, turning the company into its own lowest-cost supplier while also selling the raw active ingredients to other formulators. # Business segments A single integrated agrochemical engine with three customer-facing channels - branded sales to farmers, bulk institutional supply, and active-ingredient manufacturing - all fed by the same two factories. ## 1. Active Ingredients: the plant that changed everything **A greenfield technical-manufacturing facility commissioned in 2024 now produces the pure chemical building blocks, supplying the company's own formulation division and selling to third parties - making Dharmaj its own lowest-cost raw-material source.** - **Captive supply eliminates a middleman** - the Sayakha plant feeds 70-75% of its intermediates and 25-30% of its technical-grade active ingredients directly into the company's own formulation factories, so the branded and institutional businesses now buy key inputs at cost rather than from external suppliers. - **Built for flexibility, not just one molecule** - the facility has four separate production blocks with 5,500 tonnes per annum of multipurpose technicals capacity and 2,500 tonnes of dedicated intermediates capacity, allowing it to switch between products like Lambda Cyhalothrin, Chlorantraniliprole, and Tebuconazole as market demand shifts. - **Export-ready from day one** - the plant was set up to meet export-market regulatory standards, and technical-grade product was already shipping to Asian markets within months of commissioning, with registrations underway for North America, South America, Europe, and Australia. - **The chemistry toolkit is wide** - the facility runs reactions spanning chlorination, hydrogenation, bromination, and high-pressure continuous processes, giving it the capability to manufacture across multiple chemical families rather than being locked into one. ## 2. Institutional Formulations: the volume engine that built the company **This is the biggest revenue vertical - selling finished agrochemical formulations in bulk to over 700 B2B customers, from multinationals to small regional players, across India and 41 export countries.** - **Serves the underserved** - the business actively pursues small formulators and regional players with under ₹10 crore in sales, a customer category that larger competitors often ignore, alongside relationships with MNCs and domestic majors. - **Agility is the pitch to big buyers** - large institutional customers run formal procurement processes requiring QC-department approval, and Dharmaj wins by delivering the right material at the right time rather than competing on credit terms. - **Barter locks in relationships** - the business sometimes purchases technical-grade material from customers and supplies them with finished formulations in return, creating a two-way commercial tie that deepens the relationship. - **Export registrations are the long lead time** - with 273 products registered across export markets and 115 institutional customers abroad, expanding into new countries means working through product-by-product regulatory approvals, with initial registrations expected from African, Latin American, and select developed markets. ## 3. Branded Formulations: the farmer-facing franchise **A pan-India branded business selling 134 products under its own labels through 19,300 retail touchpoints, connecting directly with over 13.5 lakh farmers - built state by state over a decade.** - **Clustered expansion, two states a year** - since incorporation the company has entered roughly two new states annually on average, reaching 24 states and becoming a top-5 branded player in its home market of Gujarat, a position it now aims to replicate elsewhere. - **Cash discipline over credit aggression** - the branded business competes on pricing and field-level marketing rather than offering extended credit periods, keeping trade receivables tight and cash conversion high. - **Boots on the ground, not just bottles on shelves** - a 292-person sales and marketing team runs dealer meetings, farmer field days, product demonstrations, and jeep campaigns, generating over 1.2 crore social-media engagements with farmers to build brand pull. - **A digital spine for the distribution network** - the Dharmaj DMS mobile app gives dealers real-time access to order placement, invoicing, account statements, and dispatch information, turning a fragmented physical network into a digitally connected one. - **A national brand ambassador signals ambition** - the appointment of cricketer Rohit Sharma in early 2026 aims to deepen reach into rural markets across all 24 states and strengthen the brand's mass appeal with the farming community. # Group structure and partners **A tightly held, single listed entity with a newly incorporated domestic subsidiary and plans for a Brazil presence - but no complex group structure.** - The company is listed on BSE and NSE, with promoter shareholding at roughly 70% and none under pledge as of the last disclosed date. - A wholly-owned subsidiary, DCGL Industries Limited, was incorporated in January 2025 to carry out agrochemical business activities in support of the parent, with an authorised capital of ₹15 lakh. - Plans were announced in November 2024 to incorporate a wholly-owned subsidiary in Brazil, extending the company's footprint into one of the world's largest agrochemical markets. - The company's bankers include HDFC Bank, State Bank of India, and Standard Chartered Bank, and its credit rating stands at CARE A-/Stable as of early 2026.