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Last Updated: February 10, 2026, 10:16 pm
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532960 | NSE: DHANI

Dhani Services Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹67.89Undervalued by 32.86%vs CMP ₹51.10

P/E (97.8) × ROE (1.8%) × BV (₹47.00) × DY (2.00%)

₹47.86Fairly Valued by 6.34%vs CMP ₹51.10
MoS: -6.8% (Negative)Confidence: 56/100 (Moderate)Models: 1 Under, 6 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹118.1730%Under (+131.3%)
Graham NumberEarnings₹24.3418%Over (-52.4%)
DCFCash Flow₹0.5015%Over (-99%)
Net Asset ValueAssets₹43.6910%Over (-14.5%)
Earnings YieldEarnings₹5.6010%Over (-89%)
ROCE CapitalReturns₹18.7510%Over (-63.3%)
Revenue MultipleRevenue₹9.177%Over (-82.1%)
Consensus (7 models)₹47.86100%Fairly Valued
Key Drivers: EPS CAGR 74.1% lifts DCF — verify sustainability. | ROE 1.8% is below cost of equity.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 74.1%

*Investments are subject to market risks

Investment Snapshot

41
Dhani Services Ltd scores 41/100 (Weak)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health37/100 · Weak
ROCE 1.4% WeakROE 1.8% WeakD/E 0.68 ModerateInterest Coverage 0.0x RiskyProfitable 0/5 years Inconsistent
Smart Money40/100 · Moderate
FII holding down -2.31% (6mo) SellingPromoter increased by 4.77% Positive
Earnings Quality55/100 · Moderate
OPM expanding (-48% → -24%) ImprovingWorking capital: 558 days Capital intensive
Quarterly Momentum45/100 · Moderate
Revenue (4Q): -9% YoY DecliningOPM: 26.3% (up 80.6% YoY) Margin expansion
Industry Rank20/100 · Weak
P/E 97.8 vs industry 98.5 In-lineROCE 1.4% vs industry 21.7% Below peersROE 1.8% vs industry 14.2% Below peers3Y sales CAGR: -35% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: February 10, 2026, 10:16 pm

Market Cap 3,317 Cr.
Current Price 51.1
Intrinsic Value₹47.86
High / Low 76.5/49.8
Stock P/E97.8
Book Value 47.0
Dividend Yield0.00 %
ROCE1.39 %
ROE1.81 %
Face Value 2.00
PEG Ratio1.32

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Dhani Services Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Dhani Services Ltd 3,317 Cr. 51.1 76.5/49.897.8 47.00.00 %1.39 %1.81 % 2.00
Indo Thai Securities Ltd 3,235 Cr. 295 470/14486.5 16.90.03 %8.66 %6.54 % 1.00
Indostar Capital Finance Ltd 3,152 Cr. 195 369/179 2470.00 %6.79 %0.45 % 10.0
Monarch Networth Capital Ltd 2,109 Cr. 266 399/23513.2 1110.38 %33.3 %26.2 % 10.0
Kalyani Investment Company Ltd 1,846 Cr. 4,224 6,555/3,80042.8 20,5760.00 %1.15 %0.84 % 10.0
Industry Average6,725.79 Cr1,029.6498.514,364.490.43%21.71%14.20%7.23

All Competitor Stocks of Dhani Services Ltd

Quarterly Result

MetricJun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025
Sales 246.38130.16147.6984.29119.6098.5887.11117.56107.37102.6394.9189.8585.93
Expenses 266.25210.80214.67298.71163.79162.24157.88174.02165.6779.5857.25104.0463.33
Operating Profit -19.87-80.64-66.98-214.42-44.19-63.66-70.77-56.46-58.3023.0537.66-14.1922.60
OPM % -8.06%-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 Income 28.2952.7720.2229.935.0914.2120.4316.7721.5510.6014.2245.7411.11
Interest 58.8342.2634.9829.9825.7224.2422.4820.7418.3117.3815.4213.0812.43
Depreciation 28.6527.6317.4617.1118.2415.7514.3014.4512.845.995.635.685.68
Profit before tax -79.06-97.76-99.20-231.58-83.06-89.44-87.12-74.88-67.9010.2830.8312.7915.60
Tax % 31.44%-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 -103.91-87.29-92.47-197.64-94.52-104.94-89.46-85.01-83.354.195.226.296.56
EPS in Rs -1.69-1.46-1.56-3.25-1.57-1.75-1.48-1.42-1.370.260.080.120.10

Last Updated: December 27, 2025, 7:31 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: December 15, 2025, 3:51 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 2843983974139801,9932,9151,3471,434612448397373
Expenses 1191401622014787501,9529631,986968650404304
Operating Profit 1652582362135021,243963384-551-356-202-769
OPM % 58%65%59%51%51%62%33%29%-38%-58%-45%-2%19%
Other Income 181012961544929109248982
Interest 2461148139224591824518284170946558
Depreciation 51323241227116849591633023
Profit before tax 1541947714628162927-209-901-508-334-1470
Tax % 34%22%4%30%25%27%-55%10%-4%-5%12%384%
Net Profit 1021517410221046042-230-860-481-374-6822
EPS in Rs 3.704.862.122.693.997.590.09-4.27-14.42-7.95-6.22-0.910.56
Dividend Payout % 18%52%119%31%22%15%3,836%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)48.04%-50.99%37.84%105.88%119.05%-90.87%-647.62%-273.91%44.07%22.25%81.82%
Change in YoY Net Profit Growth (%)0.00%-99.03%88.83%68.04%13.17%-209.92%-556.75%373.71%317.98%-21.82%59.57%

Dhani Services Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:0%
5 Years:-33%
3 Years:-35%
TTM:-9%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:25%
TTM:109%
Stock Price CAGR
10 Years:8%
5 Years:-21%
3 Years:-2%
1 Year:15%
Return on Equity
10 Years:-3%
5 Years:-9%
3 Years:-8%
Last Year:-2%

Last Updated: September 5, 2025, 3:11 pm

Balance Sheet

Last Updated: September 10, 2025, 3:29 pm

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Equity Capital 4652596493113102115121122122122
Reserves 1902782734021,8066,3124,9255,0684,9423,6923,3242,714
Borrowings 3681,6902,1931,5194,9298,6485,4103,7392,4821,021697507
Other Liabilities 2144051962319309421,1291,2001,079479379389
Total Liabilities 8182,4252,7202,2157,75816,01511,56610,1218,6245,3144,5213,732
Fixed Assets 346646608666118755409537319252126
CWIP 01136859667401
Investments 326901634996386341,4205885105564
Other Assets 7511,6802,0231,9597,18815,25010,1718,2867,4924,4814,2143,541
Total Assets 8182,4252,7202,2157,75816,01511,56610,1218,6245,3144,5213,732

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 376-26810203-2,912-7,0446,040925-702848-23198
Cash from Investing Activity + 166-330-77120-537-204-848-5377747749257
Cash from Financing Activity + -431994196-2474,4737,062-4,093-1,168-801-1,168-318-89
Net Cash Flow 112397129761,024-1851,099-780-729-244-5766
Free Cash Flow 371-272-22204-2,981-7,1325,231894-762850-24395
CFO/OP 248%-86%20%127%-563%-552%640%260%118%-311%115%-1,369%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-203.00257.00234.00212.00498.00-7.00958.00381.00-553.00-357.00-899.00-514.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 1782282922989850193833717046
Inventory Days 2401,5583,482
Days Payable 284124273
Cash Conversion Cycle 17822829229898501938-111,5053,27946
Working Capital Days -259-739-790-681-937-224169185232774873558
ROCE %38%19%10%12%11%11%6%3%-7%-5%-5%1%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters 32.89%32.89%32.89%31.26%31.26%30.77%29.14%29.14%29.14%29.14%29.14%33.91%
FIIs 15.87%14.56%14.14%14.38%14.27%14.63%16.60%19.21%20.98%22.06%20.77%18.67%
DIIs 1.45%1.38%1.38%1.43%1.45%1.47%1.49%1.52%1.54%1.78%1.87%1.54%
Public 44.96%46.33%46.74%48.10%48.20%48.29%47.95%45.31%43.51%42.19%43.37%41.35%
Others 4.85%4.85%4.85%4.85%4.85%4.85%4.85%4.85%4.85%4.85%4.85%4.51%
No. of Shareholders 2,14,4082,13,6772,22,5542,20,9852,13,5062,11,8981,94,4521,84,2631,79,1681,80,1941,78,7371,76,379

Shareholding Pattern Chart

No. of Shareholders

Dhani Services Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) -0.95-6.49-8.31-15.30-4.16
Diluted EPS (Rs.) -0.95-6.49-8.31-15.30-4.16
Cash EPS (Rs.) -0.61-5.12-6.42-12.63-2.55
Book Value[Excl.RevalReserv]/Share (Rs.) 46.6356.9063.6286.9998.00
Book Value[Incl.RevalReserv]/Share (Rs.) 46.6356.9063.6286.9998.00
Revenue From Operations / Share (Rs.) 6.496.9510.0123.6722.89
PBDIT / Share (Rs.) 1.32-2.94-4.12-8.766.40
PBIT / Share (Rs.) 0.82-3.97-5.62-10.334.93
PBT / Share (Rs.) -0.23-5.50-8.35-14.87-3.64
Net Profit / Share (Rs.) -1.11-6.15-7.91-14.20-4.01
NP After MI And SOA / Share (Rs.) -0.90-6.17-7.89-14.30-3.93
PBDIT Margin (%) 20.35-42.23-41.19-37.0027.96
PBIT Margin (%) 12.71-57.07-56.12-43.6221.55
PBT Margin (%) -3.54-79.10-83.41-62.80-15.92
Net Profit Margin (%) -17.13-88.43-79.09-59.97-17.52
NP After MI And SOA Margin (%) -13.88-88.73-78.81-60.39-17.16
Return on Networth / Equity (%) -1.93-10.89-12.57-17.11-4.34
Return on Capital Employeed (%) 1.70-6.85-8.65-10.584.37
Return On Assets (%) -1.46-8.29-9.01-10.04-2.22
Long Term Debt / Equity (X) 0.000.000.000.100.14
Total Debt / Equity (X) 0.160.180.250.440.68
Asset Turnover Ratio (%) 0.090.080.080.010.00
Current Ratio (X) 3.122.972.522.442.36
Quick Ratio (X) 2.712.712.332.402.36
Inventory Turnover Ratio (X) 1.350.000.000.000.00
Interest Coverage Ratio (X) 1.25-1.92-1.51-1.930.74
Interest Coverage Ratio (Post Tax) (X) -0.05-3.01-1.90-2.130.53
Enterprise Value (Cr.) 0.002336.581939.994879.0711614.16
EV / Net Operating Revenue (X) 0.005.533.193.408.86
EV / EBITDA (X) 0.00-13.08-7.74-9.1931.68
MarketCap / Net Operating Revenue (X) 0.005.472.662.637.35
Price / BV (X) 0.000.670.420.741.86
Price / Net Operating Revenue (X) 0.005.472.662.637.35
EarningsYield 0.00-0.16-0.29-0.22-0.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Dhani Services Ltd. is a Public Limited Listed company incorporated on 09/06/1995 and has its registered office in the State of Haryana, India. Company's Corporate Identification Number(CIN) is L74110HR1995PLC121209 and registration number is 121209. Currently Company is involved in the business activities of Other financial service activities, except insurance and pension funding activities. Company's Total Operating Revenue is Rs. 23.91 Cr. and Equity Capital is Rs. 121.64 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Finance & Investments5th Floor, Plot No. 108, IT Park, Udyog Vihar, Phase 1, Gurgaon Haryana 122016Contact not found
Management
NamePosition Held
Mr. Gurbans SinghExecutive Chairman
Mr. Divyesh B ShahExecutive Director & CEO
Mr. Amit Ajit GandhiNon Exe.Non Ind.Director
Mr. Prem Prakash MirdhaIndependent Director
Mr. Aishwarya KatochIndependent Director
Ms. Swati JainIndependent Director

FAQ

What is the intrinsic value of Dhani Services Ltd and is it undervalued?

As of 09 April 2026, Dhani Services Ltd's intrinsic value is ₹47.86, which is 6.34% lower than the current market price of ₹51.10, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (1.81 %), book value (₹47.0), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Dhani Services Ltd?

Dhani Services Ltd is trading at ₹51.10 as of 09 April 2026, with a FY2026-2027 high of ₹76.5 and low of ₹49.8. The stock is currently near its 52-week low. Market cap stands at ₹3,317 Cr..

How does Dhani Services Ltd's P/E ratio compare to its industry?

Dhani Services Ltd has a P/E ratio of 97.8, which is below the industry average of 98.51. This is broadly in line with or below the industry average.

Is Dhani Services Ltd financially healthy?

Key indicators for Dhani Services Ltd: ROCE of 1.39 % is on the lower side compared to the industry average of 21.71%; ROE of 1.81 % is below ideal levels (industry average: 14.20%). Dividend yield is 0.00 %.

Is Dhani Services Ltd profitable and how is the profit trend?

Dhani Services Ltd reported a net profit of ₹-68 Cr in Mar 2025 on revenue of ₹397 Cr. Compared to ₹-860 Cr in Mar 2022, the net profit shows a mixed trend.

Does Dhani Services Ltd pay dividends?

Dhani Services Ltd has a dividend yield of 0.00 % at the current price of ₹51.10. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Dhani Services Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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