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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
New manufacturing facility
Funding capital expenditure for a new manufacturing facility at Saykha, Bharuch, Gujarat
Working capital
Meeting incremental working capital requirements
Debt repayment
Repayment or prepayment of certain outstanding borrowings
General corporate purposes
General corporate purposes
(₹ in Crore)
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Dharmaj Crop Guard Limited is a Gujarat based agrochemical manufacturer that develops, produces and markets a broad range of crop protection and allied products, including insecticides, fungicides, herbicides, plant growth regulators, micronutrients and other specialty formulations for both retail and institutional customers. Incorporated in 2015, the company has built a wide domestic distribution network of several thousand dealers spread across around 17 Indian states, alongside an export business covering more than two dozen countries across Latin America, East Africa, the Middle East and the Far East. Its existing manufacturing base and in house research facility are located in Ahmedabad, Gujarat, and part of the IPO proceeds were earmarked to fund a new manufacturing facility at Saykha in Bharuch district. The company operates in a competitive Indian agrochemicals industry alongside larger listed peers, but has built a diversified product portfolio spanning insecticides, fungicides, herbicides and other specialty chemicals aimed at both domestic and export markets, positioning it as a mid sized player with room to scale as it adds manufacturing capacity and broadens its institutional client base.
Ahead of the issue opening, the company allotted anchor shares worth roughly Rs 75 crore, with the largest allocations going to Elara India Opportunities Fund, Rajasthan Global Securities and Resonance Opportunities Fund.
Source: RHP • Analysis provided for informational purposes
Last Updated: 18 July 2026, 5:30 AM
Established agrochemical manufacturer with global reach
The company has built a manufacturing and research base since 2015 and exports its crop protection products to more than 25 countries across Latin America, East Africa, the Middle East and East Asia.
Wide domestic distribution network
It sells through several thousand dealers spread across around 17 Indian states, giving it broad reach among domestic farmers and institutional buyers.
Diversified product portfolio
The company's offerings span insecticides, fungicides, herbicides, plant growth regulators and other specialty formulations, along with public health and animal health chemicals, reducing reliance on any single product category.
Strong recent growth and returns
Revenue and profit both grew consistently between FY19 and FY22, with return on net worth above 35 percent in the most recent year.
Regulatory approval dependency
The company needs to obtain and maintain various statutory registrations and permits to manufacture and sell its products, and any failure or delay could disrupt operations.
Weather and monsoon sensitivity
Demand for crop protection products is closely tied to farming activity, so unfavorable or erratic monsoons and seasonal weather patterns can hurt sales.
Exposure to agricultural policy changes
Government decisions on farm subsidies, minimum support prices or crop related trade restrictions can affect how much farmers spend on crop protection products.
Dharmaj Crop Guard Limited
Plot No. 408 to 411, Kerala GIDC Estate, Off NH-8, At: Kerala, Ta. Bavla, Ahmedabad, Gujarat - 382220
View on Maps →MUFG Intime India Private Limited
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Intense industry competition
The domestic agrochemicals industry is competitive, with pricing pressure from both local players and multinational corporations, and products can also face regulatory bans.