Dollex Agrotech Ltd.

•

dollex.inBSE: -NSE: DOLLEX

Market Cap₹ 152 Cr.

Current Price

High / Low₹ 44 / 26

Stock P/E19.2

Book Value₹ 31

Price to Book0.87

Dividend Yield0.00 %

ROCE5.4 %

ROE8.9 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Mfg: 60.7% • Trading: 39.3%

AI Sector View

AI GENERATED

Fast Moving Consumer Goods

Hold

Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.

Confidence

62%

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PROS

Company has delivered good profit growth of 38.1% CAGR over last 5 years
Company has delivered good sales growth of 23.9% CAGR over last 5 years

CONS

Receivables are growing faster than sales - a possible quality concern
Operating cash flow has been negative in recent years
Promoter holding has decreased over last 2 years: -17.5pp
Company has a low return on capital employed of 7.1%
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -3.17x)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Fast Moving Consumer GoodsAgriSugar

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BALRAMCHIN	692.55	39.50	14654.18	0.51	44.15	-14.40	1636.79	6.13	9.29	7.36
2.	EIDPARRY	720.25	27.57	12817.26	0.00	311.50	-32.93	9017.52	3.37	23.60	8.33
3.	TRIVENI	255.60	20.04	5632.48	1.08	3.65	73.81	1950.14	-0.22	8.92	2.94
4.	RENUKA	24.87	0.00	5293.55	0.00	-251.50	4.59	2120.20	5.61	-3.84	-3.60
5.	BAJAJHIND	20.95	43.28	5008.45	0.00	-1847.00	-961.49	11259.70	801.92	2.86	-10.64
6.	BANARISUG	3542.25	36.48	4441.88	0.35	-10.92	-171.57	172.45	-58.81	9.33	-3.00
7.	DALMIASUG	417.25	14.27	3377.19	1.44	6.91	—	848.19	-16.48	8.38	5.10
8.	AVADHSUGAR	771.95	23.43	1545.32	1.30	2.34	127.81	7792.51	987.42	6.50	4.68
9.	GODAVARIB	235.20	5349.60	1203.66	0.00	-19.32	-20.62	557.88	4.62	5.79	0.09
10.	UTTAMSUGAR	280.65	12.31	1070.35	0.89	1.30	-91.05	606.37	-3.56	11.62	4.32
11.	DHAMPURSUG	163.65	14.97	1052.38	1.22	60.90	6592.31	7861.70	961.42	6.63	3.98
12.	DOLLEX	38.09	19.15	152.16	0.00	1.28	-27.03	39.95	10.31	5.44	8.53

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	38	43	38	119	36	53	27	109	40
	30	42	35	116	33	51	24	101	38
Operating Profit	8	1	3	3	4	2	4	8	2
OPM %	21.20%	1.30%	8.95%	2.35%	9.72%	4.39%	13.18%	7.19%	4.43%
	0	0	0	0	0	0	0	0	0
Interest	1	1	1	1	1	1	1	1	1
Depreciation	1	1	1	1	1	1	1	1	1
Profit before Tax	7	-1	2	1	2	1	2	6	2
Tax %	24.43%	18.92%	-3.81%	82.83%	12.50%	41.94%	4.60%	25.88%	27.99%
Net Profit	5	-1	2	0	2	0	2	5	1
	1.98	-0.24	0.77	0.07	0.62	0.13	0.59	1.25	0.32

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	25	77	79	110	135	237	225	229
	21	71	71	98	122	221	208	214
Operating Profit	4	7	9	13	14	16	17	16
OPM %	17.57%	8.65%	10.83%	11.61%	10.32%	6.88%	7.57%	6.77%
	1	1	0	0	0	0	0	0
Interest	2	2	2	2	3	3	4	4
Depreciation	2	2	2	3	3	3	3	3
Profit before Tax	1	3	4	8	8	10	11	10
Tax %	55.47%	36.10%	23.07%	23.35%	13.48%	21.10%	20.79%	23.63%
Net Profit	1	2	3	6	7	8	8	8
EPS	0.58	0.84	1.63	2.87	2.81	3.32	2.11	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 24%
3 Years:: 27%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 38%
3 Years:: 11%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: -4%
1 Year:: -6%

RETURN ON EQUITY

10 Years:: —
5 Years:: 13%
3 Years:: 12%
Last Year:: 9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	10	20	20	25	25	25	40
	2	3	6	25	33	41	84
	53	51	41	38	101	164	157
Trade Payables	22	27	33	67	102	38	112
	3	4	14	13	10	16	22
Total Liabilities	89	105	114	168	271	283	415
	46	44	39	35	32	29	27
Capital Work in Progress	0	1	1	1	8	55	86
	29	40	38	101	162	146	97
	0	0	0	0	14	14	115
Cash & Bank	-1	3	6	1	10	1	2
	15	17	29	31	46	39	89
Total Assets	89	105	114	168	271	283	415

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-9	0	10	-18	-43	-25	-7
Cash from Investing	-8	-2	3	3	-7	-47	-31
Cash from Financing	15	6	-10	13	59	63	39
	-2	4	3	-5	9	-9	1

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	71.69	71.69	71.69	71.69	54.20	54.20	54.20	54.20	54.20
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	28.31	28.31	28.31	28.31	45.80	45.80	45.80	45.80	45.80

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10

General Updates

2026-09-10 - Dollex Agrotech Limited has informed the Exchange about Intimation regarding receipt of Listing and Trading Approval for Migration of Securities from NSE Emerge to Main Board of BSE Limited (BSE) respectively

2026-09-09

General Updates

2026-09-09 - Dollex Agrotech Limited has informed the Exchange about Intimation of receipt of approval of listing of equity shares of Dollex Agrotech Limited on Capital Market Segment (Main Board) pursuant to Migration from SME Emerge Platform (NSE).

News

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