MarketFriction

Dhani Services Ltd(Merged)

NSE DHANI · Other Financial Services
₹51.06 -8.87%
NSE close2025-10-27
Market cap₹3,317 Cr.
P/E97.8
Merged or delisted Delivery 67.9%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025
Sales130.16147.6984.29119.6098.5887.11117.56107.37102.6394.9189.8585.93
Expenses210.80214.67298.71163.79162.24157.88174.02165.6779.5857.25104.0463.33
Operating Profit-80.64-66.98-214.42-44.19-63.66-70.77-56.46-58.3023.0537.66-14.1922.60
OPM %-61.95%-45.35%-254.38%-36.95%-64.58%-81.24%-48.03%-54.30%22.46%39.68%-15.79%26.30%
Other Income52.7720.2229.935.0914.2120.4316.7721.5510.6014.2245.7411.11
Interest42.2634.9829.9825.7224.2422.4820.7418.3117.3815.4213.0812.43
Depreciation27.6317.4617.1118.2415.7514.3014.4512.845.995.635.685.68
Profit before tax-97.76-99.20-231.58-83.06-89.44-87.12-74.88-67.9010.2830.8312.7915.60
Tax %-10.70%-6.78%-14.66%13.80%17.33%2.70%13.53%22.75%59.14%83.10%50.82%57.95%
Net Profit-87.29-92.47-197.64-94.52-104.94-89.46-85.01-83.354.195.226.296.56
EPS in Rs-1.46-1.56-3.25-1.57-1.75-1.48-1.42-1.370.260.080.120.10
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales3983974139801,9932,9151,3471,434612448397373
Expenses1401622014787501,9529631,986968650404304
Operating Profit2582362135021,243963384-551-356-202-769
OPM %65%59%51%51%62%33%29%-38%-58%-45%-1.8%19%
Other Income1012961544929109248982
Interest61148139224591824518284170946558
Depreciation1323241227116849591633023
Profit before tax1947714628162927-209-901-508-334-1470
Tax %22%4%30%25%27%-55%10%-4%-5%12%384%
Net Profit1517410221046042-230-860-481-374-6822
EPS in Rs4.862.122.693.997.590.09-4.27-14.42-7.95-6.22-0.910.56
Dividend Payout %52%119%31%22%15%3,836%0%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth0%-33%-35%-9%
Compounded Profit Growth%%25%109%
Stock Price CAGR7%-23%7%-19%
Return on Equity-3%-9%-8%-2%
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Equity Capital4652596493113102115121122122122
Reserves1902782734021,8066,3124,9255,0684,9423,6923,3242,714
Borrowings3681,6902,1931,5194,9298,6485,4103,7392,4821,021697507
Other Liabilities2144051962319309421,1291,2001,079479379389
Total Liabilities8182,4252,7202,2157,75816,01511,56610,1218,6245,3144,5213,732
Fixed Assets346646608666118755409537319252126
CWIP01136859667401
Investments326901634996386341,4205885105564
Other Assets7511,6802,0231,9597,18815,25010,1718,2867,4924,4814,2143,541
Total Assets8182,4252,7202,2157,75816,01511,56610,1218,6245,3144,5213,732
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity376-26810203-2,912-7,0446,040925-702848-23198
Cash from Investing Activity166-330-77120-537-204-848-5377747749257
Cash from Financing Activity-431994196-2474,4737,062-4,093-1,168-801-1,168-318-89
Net Cash Flow112397129761,024-1851,099-780-729-244-5766
Free Cash Flow371-272-22204-2,981-7,1325,231894-762850-24395
CFO/OP248%-86%20%127%-563%-552%640%260%118%-311%115%-1,369%
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days1782282922989850193833717046
Inventory Days2401,5583,482
Days Payable284124273
Cash Conversion Cycle17822829229898501938-111,5053,27946
Working Capital Days-259-739-790-681-937-224169185232774873558
ROCE %38%19%10%12%11%11%6%3%-7%-5%-5%1%
Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters32.89%32.89%32.89%31.26%31.26%30.77%29.14%29.14%29.14%29.14%29.14%33.91%
FIIs15.87%14.56%14.14%14.38%14.27%14.63%16.60%19.21%20.98%22.06%20.77%18.67%
DIIs1.45%1.38%1.38%1.43%1.45%1.47%1.49%1.52%1.54%1.78%1.87%1.54%
Public44.96%46.33%46.74%48.10%48.20%48.29%47.95%45.31%43.51%42.19%43.37%41.35%
Others4.85%4.85%4.85%4.85%4.85%4.85%4.85%4.85%4.85%4.85%4.85%4.51%
No. of Shareholders2,14,4082,13,6772,22,5542,20,9852,13,5062,11,8981,94,4521,84,2631,79,1681,80,1941,78,7371,76,379

Fundamentals

Market Cap₹ 3,317 Cr.
Current Price₹ 51.1
Stock P/E97.8
Book Value₹ 47.0
ROCE1.39 %
ROE-1.81 %
Dividend Yield0.00 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)-9%
Compounded Profit Growth (TTM)109%
Consolidated figures.
Valuation
Market capRs 3,126 Cr
Enterprise valueRs 2,959 Cr
P/E (TTM)92.17x
Price to book1.10x
Price to sales8.37x
EV / EBITDA19.63x
EV / EBIT23.15x
EV / sales7.93x
Price to cash flow31.75x
Earnings yield1.08%
P/B, 3-year average0.78x
P/B, 5-year average1.01x
Profitability
Operating margin (excl. other income)-1.81%
Operating margin (incl. other income)20.56%
EBITDA margin40.39%
Pre-tax margin18.62%
Net profit margin9.08%
Net margin, latest quarter7.17%
ROE-1.75%
ROCE1.38%
ROA-1.33%
ROE, 3-year average-7.63%
ROCE, 3-year average-3.14%
ROA, 3-year average-5.28%
ROE, 5-year average-8.84%
ROCE, 5-year average-2.74%
ROA, 5-year average-5.43%
ROIC (approx.)23.15%
Tax rate-383.56%
Other income / net worth3.13%
Growth
Sales growth (latest year)-11.49%
Sales CAGR, 3 years-34.84%
Sales CAGR, 5 years-32.89%
Sales growth QoQ-4.36%
Profit growth QoQ-14.21%
Sales growth YoY (latest quarter)-19.97%
Per share
EPS (TTM)Rs 0.55
EPS (latest year)Rs -0.90
EPS (latest quarter)Rs 0.10
EPS, 3-year averageRs -4.95
EPS, 5-year averageRs -6.55
Book value per shareRs 46.33
Sales per shareRs 6.10
Cash flow per shareRs 1.61
Free cash flow per shareRs 1.55
Efficiency
Asset turnover0.11x
Fixed asset turnover3.14x
Inventory turnover0.15x
Inventory days2381 days
Debtor days46 days
Debtors turnover7.99x
Creditor days273 days
Cash conversion cycle46 days
Working capital days558 days
Leverage
Total debtRs 507 Cr
Cash and bankRs 673 Cr
Net debtRs -166 Cr
Debt to equity0.18x
Net debt / EBITDA-1.10x
Interest coverage2.19x
Owners' fund to total sources75.99%
Debt to assets13.59%
Cash flow
Cash from Operating Activity (latest year)Rs 98 Cr
Cash from Investing Activity (latest year)Rs 57 Cr
Cash from Financing Activity (latest year)Rs -89 Cr
Net Cash Flow (latest year)Rs 66 Cr
Free cash flow (latest year)Rs 95 Cr
FCFE (approx.: FCF + change in debt)Rs -95 Cr
Sales to cash flow4.03x
Statement figures
Net sales (TTM)Rs 373 Cr
Net sales (latest year)Rs 397 Cr
Sales (latest quarter)Rs 86 Cr
Operating profit excl. other income (latest year)Rs -7 Cr
Operating profit (latest quarter)Rs 23 Cr
Other income (TTM)Rs 82 Cr
EBITDA (TTM)Rs 151 Cr
PBDT (TTM)Rs 92 Cr
Profit before tax (TTM)Rs 70 Cr
Tax (latest year)Rs 54 Cr
Net profit (TTM)Rs 34 Cr
Net profit (latest year)Rs -55 Cr
Net profit (latest quarter)Rs 6 Cr
Depreciation (TTM)Rs 23 Cr
Depreciation (latest quarter)Rs 6 Cr
Interest (TTM)Rs 58 Cr
Cost of goods sold (latest year)Rs 49 Cr
Total expenditure (latest year)Rs 404 Cr
Total income (latest year)Rs 486 Cr
Share capitalRs 122 Cr
ReservesRs 2,714 Cr
Shareholders' fundsRs 2,836 Cr
Total assetsRs 3,732 Cr
Net blockRs 126 Cr
Capital work in progressRs 1 Cr
InvestmentsRs 64 Cr
ReceivablesRs 50 Cr
InventoryRs 318 Cr
Other liabilitiesRs 389 Cr
Shares outstanding (crore)61.21
Ownership
Promoter holding33.91% (+4.77 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 92.2 is at the 47th percentile of its own 3.9-year range (median 95.3, low 9.4, high 288.6).
P/B 1.10 is at the 38th percentile (median 1.67).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodDHANINifty 50Difference
1 week-9.4%-2.8% -6.6 pts
1 month-20.8%-6.8% -14.1 pts
3 months-19.7%-7.6% -12.1 pts
6 months-15.2%+0.4% -15.6 pts
1 year-13.5%-9.9% -3.5 pts
2 years+18.2%-13.6% +31.8 pts
3 years-11.0%+14.2% -25.2 pts
5 years-73.3%+27.9% -101.1 pts

Red flags

F-score 7 of 8
lookInventory outrunning sales Inventory grew 19% vs sales -11% in 2025
lookRepeated losses Net loss in each of the last two years
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2025
Sales ₹86 Cr -20.0% vs Jun 2024. Net profit ₹7 Cr +107.9%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2024-09-17Annual General Meeting
2023-09-20Annual General Meeting
2022-09-22Annual General Meeting
2021-09-16 Annual General Meeting
2020-09-21 Annual General Meeting
2020-03-23 Interim Dividend - Rs 2.25 Per Share
2019-12-18 Buy Back
2019-09-24 Annual General Meeting
2019-05-08 Interim Dividend - Re 1 Per Share
2018-09-12 Annual General Meeting
2018-05-03 Interim Dividend - Re 1 Per Share
2018-02-09 Rights 3:16 @ Premium Rs 238/-
2017-09-21 Annual General Meeting
2017-03-27 Interim Dividend Re 1/- Per Share
2016-09-06 Annual General Meeting
2016-02-01 Interim Dividend - Re 0.50/- Per Share
2015-11-02 Interim Dividend - Re 0.50/- Per Share
2015-08-28 Annual General Meeting
2015-07-30Second Interim Dividend - Re 1/- Per Share
2015-05-06Interim Dividend - Re 1/- Per Share
2015-01-29Third Interim Dividend - Re 1/- Per Share
2014-09-18Annual General Meeting And 2nd Interim Dividend Re.1/- Per Share (Purpose Revised)
2014-07-31Interim Dividend Re 1/-Per Share
2014-05-05Fourth Interim Dividend - Re 1/- Per Share
2014-02-03Third Interim Dividend - Re 1/- Per Share
2013-10-31Interim Dividend Re 1/- Per Share
2013-09-20Annual General Meeting
2013-08-05Interim Dividend Re 1/- Per Share
2013-05-063rd Interim Dividend Re.1/- Per Equity Share
2013-01-312nd Interim Dividend Re 1 Per Share
2012-10-31Interim Dividend Re.1/- Per Share
2012-09-21Annual General Meeting
2011-09-22Annual General Meeting
2010-10-27Interim Dividend-Re.1/- Per Share
2010-06-03Annual General Meeting And Dividend Rs.2/- Per Share
2009-09-22Agm/Div-Rs.2/- Per Share
2008-08-27Agm/Dividend - 375%
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Dhani Services Ltd(Merged)?

Dhani Services Ltd(Merged) (DHANI) has a market capitalisation of Rs 3,317 Cr. at the 2025-10-27 close.

What is the P/E ratio of Dhani Services Ltd(Merged)?

Dhani Services Ltd(Merged) trades at a P/E of 97.8 on trailing twelve-month profit, at the 2025-10-27 close.

What were Dhani Services Ltd(Merged)'s latest quarterly results?

In the Jun 2025 quarter, Dhani Services Ltd(Merged) sales was Rs 86 Cr (-20.0% vs Jun 2024) and net profit was Rs 7 Cr.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03