Dhanashree Electronics Ltd (DEL)

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Dhanashree Electronics Ltd (DEL) · mywealthgrid

About

Dhanashree Electronics manufactures electrical equipment within the Industrials sector. Market cap ₹184.6 Cr; latest quarter revenue ₹41.69 Cr. BSE-listed with 74.59% promoter ownership, zero institutional shareholding.

Face value: ₹10

Market cap

₹177 Cr

P/E

51.2×

P/B

2.5×

Dividend yield

0.1%

ROE

6.6%

ROCE

11.9%

Debt / equity

0.8

OPM

-0.1%

EPS (TTM)

₹2.4

Book value

₹49.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin volatility extreme: -20.08% (Sep 2023) → +17.89% (Mar 2024) → -16.12% (Mar 2025). Latest collapse despite peak revenue; verify root cause.

Valuation stretched: PE 53.29x on volatile earnings; stock return -21.9% YoY. Verify if multiple justified by growth or disconnected from fundamentals.

High leverage (D/E 1.63) combined with margin compression. Verify debt servicing headroom and covenant compliance.

Zero institutional ownership (0% FII/DII). Small-cap liquidity and information-asymmetry risk.

Generated analysis · source review pending

Growth drivers

Revenue 178% over 2 years: ₹14.99 Cr (Jun 2023) to ₹41.69 Cr (Mar 2025). Verify market-share gains vs sector growth rate.

Sequential acceleration sustained: ₹25.63 Cr (Dec 2024) to ₹41.69 Cr (Mar 2025). Verify if new products, customer wins, or capacity-driven.

If operating margins revert to Mar 2024 levels (17.89% OPM), profit growth multiplies on current volume base. Verify collapse is reversible.

Generated analysis · source review pending

1,420 historical price candles were omitted because the exchange source has not been verified.

₹125.0-0%1Y

Quick read

rule-based

Pros

+Profit CAGR of 17.2% over the last 5 years
+Revenue CAGR of 21.4% over the last 5 years
+High promoter holding of 74.6% with no pledge

Cons

−Low return on equity of 8.6% (3-yr avg)
−Weak interest coverage of 1.7×
−Low dividend payout of 4.1% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

44/100

Business quality: 19
Growth: 59
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Apar Industries LimitedAPARINDSAPARINDS	₹70,945 Cr	₹71,785 Cr	₹24,389 Cr	₹2,159 Cr	8.2%	₹1,182 Cr	4.3%	32.6%	19.7%	30
Waaree Energies LimitedWAAREEENERWAAREEENER	₹67,322 Cr	₹69,813 Cr	₹30,043 Cr	₹6,351 Cr	22.3%	₹2,763 Cr	14.6%	39.7%	30.9%	95
Premier Energies LimitedPREMIERENEPREMIERENE	₹39,863 Cr	₹43,480 Cr	₹8,466 Cr	₹2,543 Cr	30.4%	₹1,665 Cr	19.3%	36.3%	42.4%	115
Mtar Technologies LimitedMTARTECHMTARTECH	₹24,015 Cr	₹24,384 Cr	₹1,080 Cr	₹228 Cr	19.5%	₹133 Cr	10.7%	17.2%	12.1%	419
Emmvee Photovoltaic Power LimitedEMMVEEEMMVEE	₹21,177 Cr	₹21,355 Cr	₹5,578 Cr	₹1,932 Cr	34.3%	₹1,274 Cr	21.4%	43.6%	51.1%	159
Diamond Power Infrastructure LimitedDIACABSDIACABS	₹18,182 Cr	₹20,711 Cr	₹2,298 Cr	₹270 Cr	11.7%	₹197 Cr	8.3%	12.4%	—	93
Avalon Technologies LimitedAVALONAVALON	₹15,232 Cr	₹15,415 Cr	₹1,764 Cr	₹201 Cr	10.8%	₹134 Cr	7.1%	23.4%	16.9%	160
Fujiyama Power Systems LimitedUTLSOLARUTLSOLAR	₹12,327 Cr	₹12,788 Cr	₹3,403 Cr	₹639 Cr	18.5%	₹294 Cr	11.5%	29.6%	23.9%	123
Genus Power Infrastructures LimitedGENUSPOWERGENUSPOWER	₹8,518 Cr	₹10,817 Cr	₹5,173 Cr	₹973 Cr	19.2%	₹652 Cr	12.5%	31%	29%	188
Waaree Renewable Technologies LimitedWAAREERTLWAAREERTL	₹8,436 Cr	₹8,517 Cr	₹3,652 Cr	₹697 Cr	19.2%	₹511 Cr	14.4%	84.1%	68.9%	37
Ram Ratna Wires LimitedRAMRATRAMRAT	₹5,752 Cr	₹6,407 Cr	₹6,047 Cr	₹310 Cr	5.1%	₹127 Cr	2.1%	30.4%	20.1%	33
Vikram Solar LimitedVIKRAMSOLRVIKRAMSOLR	₹5,594 Cr	₹5,694 Cr	₹5,232 Cr	₹800 Cr	19.1%	₹357 Cr	9.8%	31.4%	21.3%	11

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	46	42	48	49	82	98	112
COGS	-29	31	34	43	70	92	104
Gross profit	—	12	14	6	13	7	8
	67	5	6	12	9	7	8
	9	6	8	-6	4	-0	-0
OPM %	18.7%	15.3%	15.8%	-12%	4.7%	-0.2%	-0.1%
Depreciation	0	0	0	0	1	1	1
Interest	5	4	5	5	6	8	7
	0	0	0	15	8	13	13
Profit before tax	3	2	3	4	5	5	5
Tax	1	0	1	1	1	1	1
Tax %	16.1%	17.8%	25.4%	26.5%	26.5%	25.9%	23.1%
	3	2	2	3	4	3	4
PAT margin %	5.8%	3.9%	4.1%	5.5%	4.7%	3.5%	3.3%
EPS (₹)	1.9	1.2	—	1.9	2.8	2.4	2.6
EPS adjusted (₹)	1.9	1.2	1.4	1.9	2.8	2.4	2.6
	0%	0%	—	0%	0%	4.1%	3.8%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	14	14	14	14	14	14	14
Reserves	—	16	18	20	24	28	56
	—	45	47	52	63	64	56
	—	14	9	11	22	38	30
Total equity & liabilities	—	88	88	98	124	144	156
	4	4	4	6	5	5	4
CWIP	—	3	2	0	0	0	0
Investments	—	0	0	0	0	2	2
	—	80	81	92	118	137	150
Total assets	—	88	88	98	124	144	156

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	27.8%	28.8%	12.9%	15.2%	7%	6.9%
EBITDA margin %	18.7%	15.3%	15.8%	-12%	4.7%	-0.2%	-0.1%
EBIT margin %	17.8%	14.1%	14.9%	-13%	4%	-0.9%	-0.8%
PAT margin %	5.8%	3.9%	4.1%	5.5%	4.7%	3.5%	3.3%
Working capital
Receivable days	—	249	190	175	151	196	127
Inventory days	—	522	509	401	280	211	184
Payable days	—	120	48	61	88	133	79
NWC days	—	651	652	515	343	275	232
Leverage
Current ratio	—	3.02	3.12	3.14	2.84	2.41	2.78
Debt to EBITDA	—	6.88	6.19	—	16.16	—	—
Debt to equity	—	1.49	1.48	1.51	1.63	1.52	0.8
Interest coverage	1.6	1.5	1.6	1.7	1.8	1.6	1.7
Asset turnover	—	0.48	0.55	0.51	0.67	0.68	0.72
Return ratios
Return on assets %	—	1.9%	2.2%	2.8%	3.2%	2.4%	2.4%
Return on capital employed %	—	9.8%	11.6%	13.6%	15.4%	14.3%	11.9%
Return on equity %	—	5.6%	6.2%	7.8%	10.2%	8.3%	5.3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	100%	70.2%	70.2%	70.2%	70.2%	70.2%	70.2%	70.2%	70.2%	74.59%	74.59%	74.59%
FII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
DII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	0%	29.8%	29.8%	29.8%	29.8%	29.8%	29.8%	29.8%	29.8%	25.41%	25.41%	25.41%
No. of shareholders	—	—	—	—	—	—	—	—	1,965	2,063	2,007	1,993

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Dhanashree Electronics Ltd. Portfolios are published monthly by each AMC; coverage is still partial.

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

2

Final dividend23 Sept 2026 · ex-date₹0.1
Final dividend22 Aug 2025 · ex-date₹0.1

1

Board meeting to consider results12 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

54 announcementsExport CSV

11 Jul 2026, 4:23 pmCompany Update

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 PDF

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	27.8%	28.8%	12.9%	15.2%	7%	6.9%
EBITDA margin %	18.7%	15.3%	15.8%	-12%	4.7%	-0.2%	-0.1%
EBIT margin %	17.8%	14.1%	14.9%	-13%	4%	-0.9%	-0.8%
PAT margin %	5.8%	3.9%	4.1%	5.5%	4.7%	3.5%	3.3%
Working capital
Receivable days	—	249	190	175	151	196	127
Inventory days	—	522	509	401	280	211	184
Payable days	—	120	48	61	88	133	79
NWC days	—	651	652	515	343	275	232
Leverage
Current ratio	—	3.02	3.12	3.14	2.84	2.41	2.78
Debt to EBITDA	—	6.88	6.19	—	16.16	—	—
Debt to equity	—	1.49	1.48	1.51	1.63	1.52	0.8
Interest coverage	1.6	1.5	1.6	1.7	1.8	1.6	1.7
Asset turnover	—	0.48	0.55	0.51	0.67	0.68	0.72
Return ratios
Return on assets %	—	1.9%	2.2%	2.8%	3.2%	2.4%	2.4%
Return on capital employed %	—	9.8%	11.6%	13.6%	15.4%	14.3%	11.9%
Return on equity %	—	5.6%	6.2%	7.8%	10.2%	8.3%	5.3%

2 deals · 31 Mar 2022 – 2 Jan 2023

Date	Client	Type	Venue	Side	Quantity	Price	Value
2 Jan 2023	CHANDRA GOPILAL RAJGARHIA	Bulk	BSE	Buy	75,989	₹21.10	₹0.16 Cr
31 Mar 2022	ADARSH MOHTA	Bulk	BSE	Buy	1,00,000	₹17.52	₹0.18 Cr

1–2 of 2

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Date	Category	Subject	Filing
11 Jul 2026, 4:23 pm	Company Update Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018	Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018	PDF
8 Jul 2026, 5:00 pm	Company Update General	Clarification On Price Movement	PDF
7 Jul 2026, 5:58 pm	Company Update Clarification	Clarification sought from Dhanashree Electronics Ltd	—
26 Jun 2026, 12:26 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
2 Jun 2026, 4:44 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
30 May 2026, 4:34 pm	Corp. Action Dividend Updates	Announcement under Regulation 30 (LODR)-Dividend Updates	PDF
30 May 2026, 4:29 pm	Result Financial Results	Results	PDF
30 May 2026, 4:17 pm	Board Meeting Outcome of Board Meeting	Board Meeting Outcome for As Per Letter Attached	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-3	2	-15	-13	-7	-8
	-0	1	14	8	13	-3
	4	-2	0	5	-6	10
Net cash flow	0	1	-1	-1	1	-0
Free cash flow	-4	2	-15	-13	-7	-8
CFO / Operating profit %	-53.2%	27.4%	—	-334.3%	—	—

Dhanashree Electronics Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

2

1

Announcements

2

1

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Compounded sales growth

Compounded profit growth

Return on equity

Dhanashree Electronics Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Dividends2

Board meetings1

Announcements

Dividends2

Board meetings1

Ratio timeline

Not in the F&O segment

No fund holdings on record

Announcements

Quarterly record

Annual reports

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

2

1

2

1