Dharan Infra-EPC Ltd.

•

kardaconstruction.comBSE: 541161NSE: DHARAN

Market Cap₹ 99 Cr.

Current Price

High / Low₹ 1 / 0

Stock P/E—

Book Value₹ 2

Price to Book0.29

Dividend Yield0.00 %

ROCE-3.6 %

ROE-4.3 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Real Estate: 85.9% • Investment (Subsidiary): 14.1%

AI Sector View

AI GENERATED

Realty

Buy

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.

Confidence

75%

View full sector analysis →

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

RealtyRealtyConstruction - Real Estate

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

S.No.	Name
1.	DLF	655.00	36.47	162132.92	1.22	793.90	-89.59	1280.34	-52.87	6.81	49.68
2.	LODHA	1172.00	28.39	117122.07	0.36	1373.10	103.39	4996.70	43.10	16.89	38.51
3.	PHOENIXLTD	1890.00	52.81	67601.12	0.13	394.51	22.95	1074.94	12.80	15.41	59.77
4.	PRESTIGE	1543.95	58.39	66502.59	0.13	271.40	-12.87	2675.10	15.94	11.51	31.75
5.	OBEROIRLTY	1785.00	24.68	64903.00	0.45	543.51	29.02	1300.89	31.73	17.69	56.75
6.	GODREJPROP	1869.00	35.18	56299.23	0.54	349.38	-41.61	506.17	16.48	8.37	-57.98
7.	ANANTRAJ	608.70	37.86	21905.71	0.16	149.19	18.50	631.40	6.58	12.23	29.53
8.	BRIGADE	651.35	30.58	21250.90	0.23	216.94	37.35	1115.55	-12.93	11.02	32.33
9.	ABREL	1336.50	112.87	14928.13	0.19	-34.59	-27.73	188.85	30.95	-4.54	-30.02
10.	SOBHA	1237.20	57.37	13232.33	0.48	50.85	273.37	1278.15	50.03	6.96	6.07
11.	SIGNATURE	772.75	10.42	10871.51	0.00	-16.53	-148.00	551.99	-36.24	34.77	-8.10
12.	DHARAN	0.19	0.00	99.35	0.00	-4.19	-879.44	3.50	-43.55	-3.60	-42.86

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	1.98	1.98	1.27	0.83	0.83	0.83	0.83	0.83
	0.78	0.00	0.00	0.19	0.00	0.75	0.75	0.37
DIIs	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
	97.24	98.02	98.72	98.98	99.17	98.41	98.42	98.80

Documents

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

2026-08-23

Updates

2026-08-23 - DHARAN INFRA-EPC LIMITED has informed the Exchange regarding 'Ongoing submission of information with SEBI'.

2026-08-18

Updates

2026-08-18 - DHARAN INFRA-EPC LIMITED has informed the Exchange regarding 'Disclosure regarding ongoing SEBI investigation and submission of information'.

2026-07-14

Disclosure under SEBI Takeover Regulations

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

Trading Window

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

Resignation of Director/KMP/SMP

2026-05-08 - DHARAN INFRA-EPC LIMITED has informed the Exchange about Resignation of Director/KMP/SMP

2026-05-08

Resignation

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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Dharan Infra-EPC Ltd.

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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

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

-5

Operating Profit

-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%

Interest

-3

Depreciation

Profit before Tax

-6

-13

-2

-29

-6

-15

-0

-20

-2

-8

-4

Tax %

7.15%

3.67%

3.85%

-0.00%

0.03%

-0.36%

-0.00%

-2.38%

-0.05%

-0.41%

-0.12%

-0.24%

Net Profit

-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

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

129

102

108

111

Operating Profit

-3

-53

-40

-36

OPM %

27.21%

28.22%

-3.00%

-259.18%

-220.16%

-586.16%

Interest

Depreciation

Profit before Tax

-4

-37

-38

-35

Tax %

27.46%

27.89%

-0.60%

-0.04%

-0.07%

-0.11%

Net Profit

-4

-37

-38

-35

EPS

0.33

0.28

-0.05

-0.33

-0.15

—

Dividend Payout %

3.05%

17.91%

0.00%

—

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

110

261

111

851

800

620

159

152

158

121

133

Trade Payables

Total Liabilities

314

327

1,128

1,093

1,059

683

124

118

129

145

155

Cash & Bank

689

701

132

179

312

150

106

Total Assets

314

327

1,128

1,093

1,059

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-14

-163

Cash from Investing

-2

-654

664

Cash from Financing

-32

-17

821

-47

-16

-0

686

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

1.98

1.27

0.83

0.78

0.00

0.19

0.00

0.75

0.37

DIIs

0.00

Government

0.00

97.24

98.02

98.72

98.98

99.17

98.41

98.42

98.80

Dharan Infra-EPC Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Dharan Infra-EPC Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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