Dhanlaxmi Crop ScienceShare price, financial results, shareholding and management
- Market cap
- ₹47 cr
- Stock P/E
- -peers 23.5
- Book value
- ₹27.8
- Price to book
- 1.03
- EV / operating profit
- 53.5
- Market cap to sales
- 1.22
- ROCE · FY26
- 0.9%
- ROE · FY26
- -1.1%
- ROE, 3-year average
- 20.3%
- Operating margin · FY26
- 2.7%peers 9.2%
- Sales growth, 3 years
- -6.5%
- Profit growth, 3 years
- -105.6%
- Debt to equity
- 0.23peers 0.18
- Borrowings
- ₹10.6 cr
- Interest cover
- 0.5×
- Cash from business / op. profit
- -1329%
- Debtor days
- 154
- Pledged
- 0.00%
- Promoter holding
- 73.97%
- Change in promoter holding
- +0.21 pts
- Shareholders
- 649
- 52-week high / low
- ₹41 / ₹20
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Dhanlaxmi Crop Science share price chart
Close on 5 Nov 2026 · +2.70% on the day · Vol 4,000
Daily prices to 5 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 5 Nov 2026
- 1 month
- +7.5%
- 3 months
- +15.2%
- 6 months
- -20.4%
- 1 year
- -28.8%
- Since IPO
- -48.2%
- Traded a day, 20 days
- ₹0.05 cr
- Taken for delivery
- 92%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | -71% | -106% |
| 3 years, a year | -7% | - |
| Latest half, H2 FY26 | -0% | -1215% |
About Dhanlaxmi Crop Science: business, products and customers
Dhanlaxmi Crop Science breeds, grows and packs seeds that farmers sow, mainly cotton but also wheat, maize, bajra, soybean, cumin and others, from its base at Himatnagar in Gujarat. Its shares trade on NSE Emerge.
Dhanlaxmi Crop Science develops hybrid and open pollinated seeds at its research farm at Himatnagar, has them multiplied on farmland of contracted seed growers, then cleans, tests, treats and packs them at its Himatnagar plant. It sells through dealers and distributors in states such as Gujarat, Rajasthan, Haryana, Maharashtra, Madhya Pradesh and Telangana. Its cotton hybrids carry the Bollgard II trait under a sub-licence from Mahyco Monsanto Biotech, and its research is led by Dr. Fula Bhila Patil.
Seed is a one season business: the company says about 95% of its revenue comes in April to September, ahead of the kharif sowing, so the second half of each year usually shows little revenue and a loss. Seed is sold into the dealer channel before the season and unsold packets come back, so revenue can be cut sharply by returns after the fact, as happened in FY26 when the company says about 70% of cotton sales were returned. Because growers are paid and seed is processed months before sale, cash is tied up in stock, and a bad season leaves both stock and dealer dues on the books.
Read more about the business
The documents do not name rivals; Kaveri Seed Company, a listed maker of hybrid cotton and maize seed sold through dealers, does the same work on a far larger scale. The offer document notes that two promoter group firms, Jay Hind Seed Science LLP and Global Hybrid Seeds Co, are in a similar business, with no agreement not to compete.
What is new: after a record FY25 helped by its IPO year, FY26 revenue fell sharply as cotton acreage dropped, rains damaged crops and illegal herbicide tolerant cotton seed spread. The company is widening into maize, wheat, paddy, soybean, gram and vegetables, and in August 2026 announced regulatory approval for its seeds in Chhattisgarh.
From the red herring prospectus (December 2024), the FY26 annual report, the June 2025 investor presentation and the company's press release of 1 August 2026.
Read the deeper study ↓In its favour
- It has little debt for its size: debt to equity 0.23.
- The promoters own a large part of the company: 73.97%.
To watch
- Sales returns of cotton seed in the 2026 kharif season, after about 70% came back in FY26.
- Recovery of the ₹4.4 cr of disputed dealer dues and the use of ₹39.1 cr of seed stock held at March 2026.
- Sales in Chhattisgarh after the approval announced on 1 August 2026.
- The share of non-cotton crops, which the company says it aims to raise from 66%.
- Customers take longer to pay than before: 154 days in FY26, against 88 in FY22.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Dhanlaxmi Crop Science revenue and profit growth
Half-yearly results · Profit and lossSales have fallen. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were lower than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Dhanlaxmi Crop Science half-yearly results
SME companies report every six months · ₹ crore
| H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|
| Sales | 5.20 | 119.95 | 9.35 | 28.79 | 9.34 |
| Expenses | 8.68 | 108.50 | 8.47 | 21.86 | 15.23 |
| Operating profit | -3.48 | 11.45 | 0.88 | 6.93 | -5.89 |
| OPM | -66.9% | 9.6% | 9.5% | 24.1% | -63.1% |
| Interest | 0.15 | 0.30 | 0.39 | 0.48 | 0.48 |
| Depreciation | 0.12 | 0.12 | 0.12 | 0.25 | 0.28 |
| Profit before tax | -3.71 | 11.04 | 0.69 | 6.20 | -6.66 |
| Net profit | -2.84 | 8.21 | 0.46 | 4.64 | -5.13 |
Dhanlaxmi Crop Science profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 35.43 | 46.61 | 63.71 | 129.30 | 38.13 |
| Expenses | 33.88 | 42.12 | 56.83 | 116.97 | 37.09 |
| Operating profit | 1.55 | 4.49 | 6.88 | 12.33 | 1.04 |
| OPM | 4.4% | 9.6% | 10.8% | 9.5% | 2.7% |
| Other income | 0 | 0.03 | 0.04 | 0.32 | 0 |
| Interest | 0.55 | 0.21 | 0.25 | 0.69 | 0.97 |
| Depreciation | 0.21 | 0.22 | 0.23 | 0.24 | 0.53 |
| Profit before tax | 0.79 | 4.09 | 6.44 | 11.73 | -0.46 |
| Tax rate | 26.6% | 26.7% | 27.3% | 26.0% | -7.2% |
| Net profit | 0.58 | 3 | 4.68 | 8.68 | -0.49 |
| EPS ₹ | 3.27 | 7.50 | 5.20 | 6.55 | 0.30 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
A tax rate above 60% or below zero (FY26) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY26 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Dhanlaxmi Crop Science profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a low return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 4.4% | 9.6% | 10.8% | 9.5% | 2.7% |
| Tax rate | 26.6% | 26.7% | 27.3% | 26.0% | -7.2% |
| ROCE | · | 29.4% | 43.0% | 35.4% | 0.9% |
| ROE | · | 34.1% | 34.0% | 28.0% | -1.1% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Dhanlaxmi Crop Science debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has shrunk. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Dhanlaxmi Crop Science balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 1.78 | 4 | 9 | 16.33 | 16.33 |
| Reserves | 4.40 | 7.40 | 7.10 | 29.61 | 29.12 |
| Net worth | 6.18 | 11.40 | 16.10 | 45.94 | 45.45 |
| Borrowings | 9.14 | 2.58 | 1.04 | 7.17 | 10.58 |
| Other liabilities | 5.54 | 6.05 | 17.82 | 29.81 | 7.81 |
| Total liabilities | 20.86 | 20.03 | 34.96 | 82.92 | 63.84 |
| Fixed assets | 2.23 | 2.03 | 2.27 | 3.47 | 4.56 |
| Capital work in progress | 0 | 0 | 0 | 0.39 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other assets | 18.63 | 18 | 32.69 | 79.06 | 59.28 |
| Receivables | · | · | · | 15.43 | 16.11 |
| Inventory | · | · | · | 43.94 | 39.10 |
| Cash | · | · | · | 13.89 | 1.40 |
| Trade payables | · | · | · | 19.59 | 4.03 |
Dhanlaxmi Crop Science cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 2.03 | 6.30 | 0.08 | -12.31 | -13.82 |
| Cash from investing | 0 | 0 | -0.46 | -1.54 | -1.24 |
| Cash from financing | -1.20 | -4.51 | -1.75 | 26.64 | 2.57 |
| Net cash flow | 0.83 | 1.79 | -2.13 | 12.79 | -12.49 |
| Capital spending | · | · | · | 1.83 | 0 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 88 | 68 | 51 | 44 | 154 |
| Inventory days | 91 | 47 | 74 | 158 | 572 |
| Days payable | 27 | 8 | 5 | 71 | 59 |
| Cash conversion cycle | 152 | 107 | 120 | 131 | 667 |
| Working capital days | 80 | 68 | 81 | 85 | 404 |
Dhanlaxmi Crop Science peers and competitors
Listed SME companies in the same industryBy sales, Dhanlaxmi Crop Science is number 28 of the 37 listed SME companies in agricultural food & other products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Prospect Consumer Products | 22 | 9.1 | 57.5 | 2.5 | 11.0% | 0.38 |
| NFP Sampoorna Foods | 25 | 5.6 | 51.1 | 4.5 | 18.1% | 1.73 |
| Sawaliya Food Products | 188 | 23.5 | 41.3 | 8 | 29.4% | 0.31 |
| Dhanlaxmi Crop Science | 47 | - | 38.1 | -0.5 | 2.7% | 0.23 |
| Neopolitan Pizza And Foods | 12 | 61.2 | 29.5 | 0.2 | 1.7% | 0.02 |
| Kck Industries | 97 | 229.0 | 29.5 | 0.4 | 0.1% | 0.08 |
| Indong Tea Company | 12 | - | 23 | -0.8 | 7.3% | 0.17 |
| Times Green Energy (India) | 47 | 211.6 | 22 | 0.2 | 3.4% | 0.02 |
| City Crops Agro | 91 | - | 19.5 | -3.9 | 64.0% | 0.00 |
| Hamps Bio | 21 | - | 8.5 | -0.7 | 0.5% | 0.85 |
| Raghuvansh Agrofarms | 41 | 9.3 | 7.7 | 4.4 | 26.3% | 0.19 |
| Median of the 10 others | 33 | 23.5 | 26.2 | 0.3 | 9.2% | 0.18 |
Dhanlaxmi Crop Science shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little more than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has come down.
Dhanlaxmi Crop Science shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Dec 24 | Mar 25 | Sep 25 | Mar 26 | |
|---|---|---|---|---|
| Promoters | 73.11% | 73.76% | 73.76% | 73.97% |
| Foreign investors (FIIs) | 6.86% | 5.93% | 3.11% | 0.98% |
| Indian institutions (DIIs) | 4.47% | 1.11% | 1.11% | 1.13% |
| HNIs (over ₹2 lakh each) | 0.38% | 3.57% | 5.91% | 8.70% |
| Small holders (up to ₹2 lakh) | 12.05% | 10.80% | 12.20% | 11.66% |
| Companies and others | 3.13% | 4.83% | 3.91% | 3.56% |
| Number of shareholders | 1,174 | 665 | 687 | 649 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
Dhanlaxmi Crop Science study: the business from its own documents
Read from 4 of the company's own documentsDhanlaxmi Crop Science so far
From the company's own record
- 16 Dec 2024Listed on NSE Emerge at ₹55
- 31 March 2026Promoters at 73.97%
- 16 Dec 2024Highest close since listing, ₹89.72
Dhanlaxmi Crop Science key facts from the filings
Each figure with the document it comes from
- Revenue in FY26
- ₹38.1 cr
- Down from ₹129.3 cr in FY25, with a loss of ₹0.49 cr against a profit of ₹8.7 cr.Annual report FY26, p.25
- Cotton returns
- About 70%
- The share of FY26 cotton seed sales that the company says came back from the channel; cotton revenue was ₹12.7 cr.Annual report FY26, p.40 and p.41
- Non-cotton share
- 66%
- Share of FY26 revenue from crops other than cotton, against cotton's 95.64% in the half year to September 2024.Annual report FY26, p.42; Red herring prospectus, p.132
- Half year season
- About 95%
- Share of yearly revenue earned from April to September, so second halves are usually small.Investor presentation, June 2025, p.14
- Stock of seed
- ₹39.1 cr
- Inventory at March 2026, more than the year's revenue, of which ₹17.8 cr was finished seed.Annual report FY26, p.59
Show 5 more facts
- Disputed dealer dues
- ₹4.4 cr
- Receivables marked disputed within total trade receivables of ₹16.1 cr at March 2026; at March 2025 ₹2.9 cr of the disputed dues were over three years old.Annual report FY26, p.59
- Top five customers
- 86.69%
- Share of revenue from the five largest buyers in the half year to September 2024, against 64.98% in FY24.Red herring prospectus, p.165
- Bank overdraft
- ₹8.9 cr
- ICICI Bank overdraft at March 2026, up from ₹6.3 cr, as operating cash flow was negative ₹13.8 cr in FY26.Annual report FY26, p.50 and p.57
- Seed growers
- Over 1,000 farmers
- Contracted growers on more than 3,000 acres who multiply the company's seed; the company keeps ownership of the crop.Annual report FY26, p.41; Red herring prospectus, p.161
- IPO money
- ₹23.8 cr, all used
- Raised at ₹55 a share in December 2024 and spent almost wholly on working capital.Annual report FY26, p.31
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Dhanlaxmi Crop Science earns nearly all its money in one sowing season by selling packed seed to dealers, so one good or bad season decides the year.
Its weak spots are dependence on cotton, seed returned unsold, a handful of large buyers, and cash locked in stock and dealer dues.
WatchCan it set its own prices?No. Cotton seed prices face pressure from cheap illegal seed and from farmers moving to other crops.
AverageHow strong is it against rivals?It has its own research, registered cotton hybrids and a Bollgard II licence, but it is a small company in a crowded seed market.
WatchWho are its customers?Dealers and distributors who pass the seed on to farmers, and a few of them take most of the seed.
WatchDoes it need a lot of money?Yes, for working capital. Seed is grown and stored long before it is paid for, and returns and slow dealers stretch this further.
AverageCan it keep finding new work?It is adding crops and states, but must win back dealers and farmers each season.
WatchDo good and bad years swing a lot?Very much. Weather, cotton acreage and returns turned a record year into a loss year.
Who runs Dhanlaxmi Crop Science?
Promoters, directors and officers; tap a name for the background
KJKamleshkumar Jayantilal PatelPromoter, Chairman and Managing Director · holds 19.41%
Higher Secondary (1995), with more than 20 years in agriculture; the annual report says the founding journey began in 1994 with an agri-input shop. A director from 2016 to 2021 and again from May 2023; Managing Director from 1 December 2023 to November 2028. The offer document states that Kamleshkumar Jayantilal Patel is the father of Meet Kamleshkumar Patel and the brother of Alpeshbhai Jayantibhai Patel.
Red herring prospectus, p.193, p.197 and p.198; Annual report FY26, p.2 and p.16AJAlpeshbhai Jayantibhai PatelPromoter and Joint Managing Director · holds 17.6%
BSc in chemistry from North Gujarat University (1998), with more than 15 years in agriculture; a first director from incorporation in 2005 and Joint Managing Director from 1 December 2023. Responsible for strategic planning and day to day operations. A partner in Global Hybrid Seeds Co and Jay Hind Seed Science LLP.
Red herring prospectus, p.194 and p.197MKMeet Kamleshkumar PatelPromoter and Whole-time Director (Marketing) · holds 19.5%
MBA in agribusiness management from Anand Agriculture University (2020); a director since August 2021 and Whole-time Director from 1 December 2023, in charge of marketing.
Red herring prospectus, p.195 and p.198PDPankaj Dahyabhai PatelWhole-time Director
BA from North Gujarat University (1994), with more than 15 years in agriculture; a first director since 2005, with expertise in sales, business development and quality control.
Red herring prospectus, p.194 and p.198PNPankajkumar Narsinhbhai PatelIndependent Director
BBA from Hemchandracharya North Gujarat University and MBA from International Management Institute, Brussels, with more than 15 years of experience; chairs the audit committee.
Red herring prospectus, p.196; Annual report FY26, p.27PVPooja Vimal DaveChief Financial Officer
Named as Chief Financial Officer; the documents give no further background.
Annual report FY26, p.17; Investor presentation, June 2025, p.6Dhanlaxmi Crop Science latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹9.3 cr (-0%), net profit -₹5.1 cr (-1215%) on H2 FY25.
- Shareholding, 31 March 2026: promoters 73.76% to 73.97%.
Dhanlaxmi Crop Science announcements
16 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Shareholders meetingof Revised scrutinizer's report of Annual General Meeting held on September 30, 2026PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 30, 2026PDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 30, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 30, 2026PDF ↗
- Outcome of Board MeetingHeld on August 25, 2026PDF ↗
- Press Releasea press release dated August 01, 2026, titled "Dhanlaxmi Crop Science strenghens presence in Chattisgarh with Regulator Approval for Selling Seeds of Multiple HPDF ↗
- AppointmentOf Fin Portal Investments Private Limited as Investor Relations Agency of the company w.e.f. August 01, 2026PDF ↗
- Reply to Clarification- Financial resultsThe Exchange had sought clarification from Dhanlaxmi Crop Science Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing OPDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Clarification - Financial ResultsThe Exchange has sought clarification from Dhanlaxmi Crop Science Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing OPDF ↗
Dhanlaxmi Crop Science annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 June 2025 ↗read
Dhanlaxmi Crop Science share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Dhanlaxmi Crop Science's data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,63,28,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Dhanlaxmi Crop Science
What does Dhanlaxmi Crop Science do?
Dhanlaxmi Crop Science breeds, grows and packs seeds that farmers sow, mainly cotton but also wheat, maize, bajra, soybean, cumin and others, from its base at Himatnagar in Gujarat. Its shares trade on NSE Emerge.
What is the share price of Dhanlaxmi Crop Science?
₹28.5 at the close on 5 Nov 2026, from the exchange's daily figures.
What is the market cap of Dhanlaxmi Crop Science?
₹47 cr at the close on 5 Nov 2026, on 1,63,28,000 shares.
What are Dhanlaxmi Crop Science's revenue and profit?
Revenue ₹38 cr and profit after tax -₹0 cr in FY26.
Who are the promoters of Dhanlaxmi Crop Science?
Kamleshkumar Jayantilal Patel, Alpeshbhai Jayantibhai Patel, Meet Kamleshkumar Patel; promoters held 73.97% at 31 March 2026.
What was the IPO price of Dhanlaxmi Crop Science?
₹55 a share; it listed on 16 Dec 2024.
What is Dhanlaxmi Crop Science's website?
www.dhanlaxmiseeds.com
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Built from 2 annual reports, 1 offer document, 1 investor presentation, 16 exchange announcements, 4 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.