DHARMAJDHARMAJ Forensic Risk Analysis

Pesticides & Agrochemicals
Risk ClassWatch
Market CapN/A
Primary DriverBalance Sheet Stress
Flagium AI Risk Score
Early signs of stress detected. Not yet widespread, but initial deterioration is visible.
20 / 100
+5 QoQ
Early Deterioration
Sentinel Insight

Financial profile remains stable for now. Weakness is detected in balance sheet stress. This suggests a building risk profile. Risk is increasing at a faster pace.

55.6th %ile (Sector)Accel: +2 Qtrs
Updated2026-06-02
Market View
₹285.8▼0.19%
PeriodQ4 FY26

Score Waterfall
Absolute contribution points of each forensic pillar to the final risk score. Derived from: Sector Baseline + Active Penalties - Mitigation Buffers.

Balance Sheet Stress
+15.8 pts
Growth Sustainability
+10.0 pts
Competitive Position
+7.7 pts
Stability Adjustment
-14.0 pts
Final Composite Risk20 / 100

Investment Risk Thesis

Historical Trend

Current risk score has risen from 0 → 20 over 12 quarters.

Expected Direction
⚠ Watch
Primary Deterioration Drivers
  • Inventory Stress
  • Industrial Margin Stress
  • Relative Growth Weakness
What to Watch Next Quarter
  • Operating profit margins
  • Inventory turnover
  • Operating cash flow

Active Risk Objects (9)

CriticalHigh
Industrial Margin Stress
📊 Earnings QualityAnnualActive for 1 Years
More Detail
Impact Weight12/15
MomentumDecaying
Last SignalQ4 FY2024
DHARMAJ: EBITDA margin compressed by 5.9 bps YoY.

"Operating efficiency is stabilizing. The rate of margin deterioration has slowed."

Capex Efficiency Stress
📊 Earnings QualityAnnualActive for 1 Years
More Detail
Impact Weight8/15
MomentumDecaying
Last SignalQ2 FY2024
Aggressive Capex (39.4%) amidst slow revenue growth (-61.5%).

"Earnings quality is stabilizing. The reliance on non-operational items is receding."

Inventory Stress
📊 Earnings QualityAnnualActive for 3 Years
More Detail
Impact Weight15/15
MomentumPersistent
Last SignalQ4 FY2026
Inventory growth (49.8%) significantly outpaced revenue growth (12.6%).

"Stock is piling up in the warehouse. Inventory turnover is slowing down dangerously."

Cash Conversion Deficit
📊 Earnings QualityAnnualActive for 2 Years
More Detail
Impact Weight6/15
MomentumAccelerating
Last SignalFY2026
DHARMAJ: OCF below Net Profit in 2/3 recent years.

"Cash conversion is dangerously low. Operational cash flow is significantly trailing reported PAT."

Profit Collapse
📊 Earnings QualityQuarterlyActive for 2 Qtrs
More Detail
Impact Weight8/15
MomentumDecaying
Last SignalQ3 FY2025
DHARMAJ: Net Profit collapsed by 79.8% from FY2024 Q3 to FY2025 Q3.

"Earnings quality is stabilizing. The reliance on non-operational items is receding."

Working Capital Expansion
💧 Liquidity & CoverageAnnualActive for 4 Years
More Detail
Impact Weight10/15
MomentumPersistent
Last SignalQ4 FY2026
Working capital expansion detected: Receivable days increased by 0.3%.

"Early signs of working capital expansion. Receivable or inventory days are creeping up."

Low Interest Coverage
💧 Liquidity & CoverageQuarterlyActive for 5 Qtrs
More Detail
Impact Weight8/15
MomentumPersistent
Last SignalQ4 FY2026
DHARMAJ: Low Interest Coverage Ratio of 2.06x in FY2026 Q4 (Threshold: 2.5x).

"Earnings buffer for interest payments is narrowing. Monitor for margin pressure."

Relative Growth Weakness
📊 Earnings QualityAnnualActive for 1 Years
More Detail
Impact Weight12/15
MomentumAccelerating
Last SignalQ4 FY2026
Revenue growth consistently lags behind sector median (13.0%).

"Early signs of earnings quality decay. Profitability is being driven by non-core items."

Operating Leverage Stress
📊 Earnings QualityAnnualActive for 1 Years
More Detail
Impact Weight10/15
MomentumAccelerating
Last SignalQ3 FY2026
Expenses are consistently growing faster than revenues, creating operational pressure.

"Debt levels are creeping up. Monitor for signs of excessive borrowing for non-core activities."

Risk Trajectory
Historical 12-quarter risk trend (Q-11 to Q0) followed by a 2-quarter predictive funnel (Q+1, Q+2).
Loading Chart
Resilience Matrix
Diagnostic benchmarking comparing structural sensitivity and risk buffers against sector medians.
MetricValuevs SectorSignal
Volatility (σ)7.277.62✅ RESILIENT
Sensitivity (ε_s)11.00✅ RESILIENT
Escalation Prob.5%5%✅ NEUTRAL
Safety Buffer+46.0+46.5📈 CRITICAL
Forensic Benchmark Context: Pesticides & Agrochemicals (n=18 peers)

Correlation Analysis
Visualizing the relationship between stock price movement and structural risk objects.

Loading Chart
Share Price
Risk Score (0-100)
Market Performance
₹285.8(-0.19%)
1M Divergence+7.93%
1 Week-0.19%
1 Month+10.19%
6 Months+19.94%
1 Year+14.55%
2 Year+28.02%
3 Year+62.99%
Sector Average (1M)+2.27%
Sentinel Forensic Assessment
ALGORITHMIC RISK PROFILE • NON-ADVISORY

The risk profile is Early Signals and currently deteriorating. Recent structural triggers in balance sheet stress suggest a building pressure on the underlying framework. Material forensic traces are visible in core structural metrics, indicating a progressive erosion of structural stability. Strategic vigilance is advised as structural decay is accelerating.

DHARMAJ • MARKET STRUCTURE

Stage 1 — Accumulation

The company is in a foundational phase. Risk metrics are stabilizing as the company builds a base for potential future fundamental improvement.

Stage Transition Prob.14%
Trend QualityStabilizing
Phase Progression
Phase Progression Score55%
Readiness LabelModerate (Transition Potential Building)
Probability of Advancing14%
CoinTree Momentum
Composite Z-Score+0.5554σ
Improving momentum strength
Universe Rank
A cross-sectional rank of this stock's composite momentum score compared to all other tracked equities in the universe. A rank of #1 of 1035 means it has the strongest overall price momentum in the market.
#419 of 2716
Top 15.43% in momentum strength
Timeframe Sparklines
1W-0.2%
1M+10.2%
6M+19.9%
Weinstein Indicators
150 DMA₹250.18
200 DMA₹270.67
150 DMA Slope-1.9336%Declining
Relative Strength+27.43%Leading
Relative Turnover (RTR)1.2186
ParticipationHealthy

PEER COMPARISON

Ranked comparison against sector peers

Risk profile is broadly in line with the Sector Mean (19.5).
ADVANCEAdvance Agrolife Limited
14 Risk
Sector %ile44th
Delta+5
Active Flags3
Accel+1
Growth Sustainability

Stable

DHARMAJDHARMAJ
20 Risk
Sector %ile56th
Delta+5
Active Flags9
Accel+2
Balance Sheet Stress

Watch

DHANUKADhanuka Agritech Limited
36 Risk
Sector %ile83th
Delta+1
Active Flags16
Accel+2
Competitive Position

Watch

BESTAGROBest Agrolife Limited
47 Risk
Sector %ile94th
Delta+33
Active Flags15
Accel+2
Balance Sheet Stress

Moderate Deterioration

* Peer comparison is based on risk signals, not valuation or returns.

Risk Profiles

Solvency
10100th %ile
VS Sector Median (8.5)
Governance
10100th %ile
VS Sector Median (8.5)
Earnings Quality
10100th %ile
VS Sector Median (8.5)
Balance Sheet Stress
2.120.8th %ile
VS Sector Median (8.5)
Competitive Position
4.948.8th %ile
VS Sector Median (8.5)
Growth Sustainability
00th %ile
VS Sector Median (8.5)

Deterioration Timeline

2026

Working Capital Expansion

2026

Inventory Stress

2026

Relative Growth Weakness

2026

Operating Leverage Stress

2026

Inventory Stress

2026

Cash Conversion Deficit

2025

Working Capital Expansion

2025

Inventory Stress

2025

Cash Conversion Deficit

2024

Working Capital Expansion

2024

Industrial Margin Stress

2024

Working Capital Expansion

2024

Capex Efficiency Stress

Key Financials (INR Cr)

PeriodRevenueNet ProfitOCFDebt
FY20261,1465528132
FY20259533539116
FY2024658447112
FY202353833-752