Dharan Infra-EPC Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Real Estate: 85.9% • Investment (Subsidiary): 14.1%
AI Sector View
AI GENERATEDRealty
Housing and construction indicators remain supportive for real estate. The housing index reached 105 (Mar/26), residential property prices rose 4.21% (Mar/26), construction output was 5.4% (Jul/26), and cement output accelerated to 13.1% YoY (2026-07). Bank lending rates are steady at 8.96% (Aug/26) rather than easing, but FPI flows turned positive with INR 1999 crore net inflow over 3 months to 2026-08-31 from INR -7216 crore previously.
PROS
- Company is almost debt free
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.00x)
- Company generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- Company has a low return on capital employed of -1.6%
- Company has a low return on equity of -3.0% over last 3 years
- Interest coverage is weak at -9.7x - earnings barely cover interest
- Operating margins have contracted to -220.2% from 37.7%
- Effective tax rate is unusually low at -0.1% - earnings may be flattered
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DLF | 655.00 | 36.47 | 162132.92 | 1.22 | 793.90 | -89.59 | 1280.34 | -52.87 | 6.81 | 49.68 |
| LODHA | 1172.00 | 28.39 | 117122.07 | 0.36 | 1373.10 | 103.39 | 4996.70 | 43.10 | 16.89 | 38.51 |
| PHOENIXLTD | 1890.00 | 52.81 | 67601.12 | 0.13 | 394.51 | 22.95 | 1074.94 | 12.80 | 15.41 | 59.77 |
| PRESTIGE | 1543.95 | 58.39 | 66502.59 | 0.13 | 271.40 | -12.87 | 2675.10 | 15.94 | 11.51 | 31.75 |
| OBEROIRLTY | 1785.00 | 24.68 | 64903.00 | 0.45 | 543.51 | 29.02 | 1300.89 | 31.73 | 17.69 | 56.75 |
| GODREJPROP | 1869.00 | 35.18 | 56299.23 | 0.54 | 349.38 | -41.61 | 506.17 | 16.48 | 8.37 | -57.98 |
| ANANTRAJ | 608.70 | 37.86 | 21905.71 | 0.16 | 149.19 | 18.50 | 631.40 | 6.58 | 12.23 | 29.53 |
| BRIGADE | 651.35 | 30.58 | 21250.90 | 0.23 | 216.94 | 37.35 | 1115.55 | -12.93 | 11.02 | 32.33 |
| ABREL | 1336.50 | 112.87 | 14928.13 | 0.19 | -34.59 | -27.73 | 188.85 | 30.95 | -4.54 | -30.02 |
| SOBHA | 1237.20 | 57.37 | 13232.33 | 0.48 | 50.85 | 273.37 | 1278.15 | 50.03 | 6.96 | 6.07 |
| SIGNATURE | 772.75 | 10.42 | 10871.51 | 0.00 | -16.53 | -148.00 | 551.99 | -36.24 | 34.77 | -8.10 |
| DHARAN | 0.19 | 0.00 | 99.35 | 0.00 | -4.19 | -879.44 | 3.50 | -43.55 | -3.60 | -42.86 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 14 | 18 | 62 | 10 | -5 | 13 | 13 | 9 | 6 | 1 | 1 | 0 | 4 | |
| 9 | 22 | 70 | 21 | 9 | 46 | 19 | 23 | 6 | 25 | 3 | 9 | 5 | |
| Operating Profit | 4 | -4 | -7 | -12 | -13 | -33 | -7 | -14 | -0 | -24 | -1 | -8 | -1 |
| OPM % | 32.95% | -25.11% | -11.33% | -120.60% | 298.45% | -262.99% | -54.26% | -147.43% | -3.55% | -2214.68% | -107.30% | -7709.09% | -42.57% |
| 0 | 2 | 12 | 2 | 14 | 11 | 3 | 1 | 2 | 1 | 1 | 1 | 0 | |
| Interest | 4 | 3 | 3 | 3 | 3 | 6 | 1 | 3 | 2 | -3 | 2 | 1 | 3 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 1 | -6 | 2 | -13 | -2 | -29 | -6 | -15 | -0 | -20 | -2 | -8 | -4 |
| Tax % | 7.15% | 3.67% | 3.85% | -0.00% | -0.00% | 0.03% | -0.36% | -0.00% | -2.38% | -0.05% | -0.41% | -0.12% | -0.24% |
| Net Profit | 0 | 0 | 0 | 0 | 0 | -29 | -6 | -15 | -0 | -20 | -2 | -8 | -4 |
| 0.02 | -0.09 | 0.03 | -0.16 | -0.02 | -0.30 | -0.05 | -0.09 | -0.05 | -0.02 | -0.01 | 0.22 | -0.02 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|
| 129 | 102 | 108 | 21 | 18 | 6 | |
| 94 | 73 | 111 | 74 | 58 | 42 | |
| Operating Profit | 35 | 29 | -3 | -53 | -40 | -36 |
| OPM % | 27.21% | 28.22% | -3.00% | -259.18% | -220.16% | -586.16% |
| 8 | 10 | 12 | 28 | 5 | 3 | |
| Interest | 15 | 14 | 13 | 11 | 4 | 2 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 28 | 24 | -4 | -37 | -38 | -35 |
| Tax % | 27.46% | 27.89% | -0.60% | -0.04% | -0.07% | -0.11% |
| Net Profit | 20 | 17 | -4 | -37 | -38 | -35 |
| EPS | 0.33 | 0.28 | -0.05 | -0.33 | -0.15 | — |
| Dividend Payout % | 3.05% | 17.91% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -44%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -74%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 4%
- 3 Years:
- -3%
- Last Year:
- -4%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 12 | 62 | 67 | 110 | 261 |
| 111 | 78 | 851 | 800 | 620 | |
| 159 | 152 | 158 | 121 | 133 | |
| Trade Payables | 16 | 9 | 3 | 5 | 7 |
| 15 | 25 | 50 | 57 | 37 | |
| Total Liabilities | 314 | 327 | 1,128 | 1,093 | 1,059 |
| 1 | 1 | 1 | 1 | 1 | |
| 56 | 29 | 683 | 24 | 16 | |
| 124 | 118 | 129 | 145 | 155 | |
| 0 | 0 | 0 | 84 | 81 | |
| Cash & Bank | 0 | 0 | 3 | 689 | 701 |
| 132 | 179 | 312 | 150 | 106 | |
| Total Assets | 314 | 327 | 1,128 | 1,093 | 1,059 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 38 | -14 | -163 | 68 | 17 | |
| Cash from Investing | -2 | 37 | -654 | 664 | 10 |
| Cash from Financing | -32 | -17 | 821 | -47 | -16 |
| -0 | 0 | 3 | 686 | 11 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-23 - DHARAN INFRA-EPC LIMITED has informed the Exchange regarding 'Ongoing submission of information with SEBI'.
2026-08-18 - DHARAN INFRA-EPC LIMITED has informed the Exchange regarding 'Disclosure regarding ongoing SEBI investigation and submission of information'.
2026-07-14 - DHARAN INFRA-EPC LIMITED has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
2026-06-30 - DHARAN INFRA-EPC LIMITED has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-05-08 - DHARAN INFRA-EPC LIMITED has informed the Exchange about Resignation of Director/KMP/SMP
2026-05-08 - DHARAN INFRA-EPC LIMITED has informed the Exchange regarding Resignation of Mrs Mrs Prachi Aditya Sakpal as Non- Executive Independent Director of the company w.e.f. May 08, 2026.
News
Recent coverage and analyst commentary for DHARAN
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