Dharmaj Corp Guard Ltd

IPO Size

`300 Cr

Price Band


Minimum Lot Size


Face Value

`10 Per Share

Employee Discount


Retail Allocation


Issue Open Date


Issue Close Date


Listing Date


About the Company:

Founded: 2015

Dharmaj is an agrochemical company engaged in the business of manufacturing, distributing, and marketing a wide range of agrochemical formulations such as insecticides, fungicides, herbicides, plant growth regulators, micro fertilizers, and antibiotics to the B2C and B2B customers. Firm also engages in the marketing and distribution of agrochemical products under brands in-licensed by the firm, owned by the firm, and through generic brands, to Indian farmers through its distribution network. The company provides crop protection solutions to farmers to assist them to maximize productivity and profitability.

The firm exports its products to more than 20 countries in Latin America, East African Countries, the Middle East, and Far East Asia. Dharmaj sells its agrochemical products in granules, powder, and liquid forms to its customers.

The firm has over 150 trademark registrations including its branded products. The firm’s formulations are sold as branded products to customers. As of November 30, 2021, Dharmaj has exported its products to more than 60 customers across 20 countries.

Outstanding Litigation:

S.No. 1 - Company 2 - Directors 3 - Promoters
Entity Name By the Company Against the Company By the Director Against the Director By the Promoter Against the Promoter
Criminal cases 1 1 - - - -
Material civil cases 2 2 - - - -
Taxation matters - - - - - -
Regulatory Procedings - 1 - - - -

Financial Statements:

Income Statement (In Millions) Apr'21-Oct'21 FY21 FY20 FY19
Gross Operating Income 2,281.54 3,035.65 1,991.65 1,399.52
Cost of Employee Benefit 88.11 120.07 82.04 61.36
Other Expenses 1,988.57 2,713.53 1,802.90 1,288.60
EBITDA 292.97 322.13 188.75 110.93
Depreciation 29.58 26.01 21.76 20.22
Interest  13.63 14.19 22.37 20.77
Profit Before Tax  249.76 281.93 144.62 69.94
 Tax 63.09 72.32 37.03 19.7
Profit After Tax 186.67 209.15 107.34 50.22

Promoter of the Company

Rameshbhai Ravajibhai Talavia,

Peer Comparison

• Rallis India • India Pesticides • Punjab Chemical & Crop Protection • Bharat Rasayan • Astec Lifesciences • Heranba Industries

Objectives of the Issue

Offer for Sale

Dharmaj Crop Guard will not receive any proceeds from the sale of 1,483,000 Equity Shares by its promoters.

Fresh Issue

Net proceeds from the sale of shares worth Rs216 crores will be utilized for: • Rs.105 crores will be utilized for funding capital expenditure towards setting up a manufacturing facility at Saykha Bharuch, Gujarat • Rs.45 crores for funding incremental working capital requirements • Rs.10 crores for the repayment or prepayment of borrowings • general corporate purposes

Download the App

Get best experience

Download Now