D & H India Ltd (DHINDIA)

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D & H India Ltd (DHINDIA) · mywealthgrid

About

D & H India Ltd manufactures industrial products within the Industrial Manufacturing industry. With a market cap of ₹181.51 Cr and 55% public shareholding, the company operates at modest scale. Recent quarters show accelerating revenue growth and margin expansion, though earnings remain volatile.

Face value: ₹10

Market cap

₹204 Cr

P/E

24.4×

P/B

2.6×

Dividend yield

ROE

13.4%

ROCE

19.2%

Debt / equity

0.59

OPM

7.3%

EPS (TTM)

₹8.2

Book value

₹76.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Earnings volatility undermines valuation confidence: EPS swung from ₹0.31 (Mar 2024) to ₹2.02 (Dec 2024), with Mar 2025 recording EPS of 0 despite ₹2.02 net profit
Operating margins remain thin at 5.27% average (ranging 5.44%–7.57%), offering limited buffer against input cost or volume shocks
Valuation multiple is stretched at PE 75.63 relative to the earnings base, limiting safety margin
Stock declined 5.27% over one year despite 78% revenue growth and margin expansion, suggesting investor concern about underlying profit quality or sustainability

Generated analysis · source review pending

Growth drivers

Revenue expanded 78% from ₹33.25 Cr (Jun 2023) to ₹59.15 Cr (Mar 2025) across eight consecutive quarters, indicating sustained demand in the industrial products segment
Operating margin improved from 5.53% (Jun 2023) to 7.57% (Mar 2025), reflecting improved cost control or operational efficiency—verify which cost lines (raw materials, labour, overhead) drove the expansion
Net profit reached ₹2.02 Cr in Mar 2025, the highest in the recent data, driven by both volume and margin expansion; verify whether this reflects structural improvements or temporary industrial cycle strength

Generated analysis · source review pending

2,151 historical price candles were omitted because the exchange source has not been verified.

₹200.1-2.8%1Y

Quick read

rule-based

Pros

+Profit CAGR of 25.7% over the last 3 years
+Revenue CAGR of 30.2% over the last 5 years

Cons

−Low return on equity of 10.6% (3-yr avg)
−Thin operating margin of 7.3%
−Promoter holding fell 7.4 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

62/100

Business quality: 35
Growth: 87
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

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Financials

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

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	68	91	139	158	209	253
COGS	51	69	106	119	157	182
Gross profit	17	21	33	39	53	71
	15	17	23	29	38	52
	2	5	9	10	15	18
OPM %	3%	5.3%	6.8%	6%	6.9%	7.3%
Depreciation	2	2	2	2	3	4
Interest	1	1	2	3	5	5
	0	1	0	0	1	1
Profit before tax	-1	2	6	5	8	11
Tax	-0	-0	1	2	2	3
Tax %	-17.9%	-6.7%	26.1%	41.4%	31.8%	25.4%
	-1	2	4	3	5	8
PAT margin %	-1.2%	2.7%	3%	1.7%	2.5%	3.3%
EPS (₹)	—	—	5.6	3.4	6.4	10
EPS adjusted (₹)	-1.1	3.2	5.4	3.3	6.3	8.2
Annual report	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 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	7	7	8	8	8	10
Reserves	22	24	30	34	39	68
	15	20	21	44	52	46
	12	14	26	15	22	27
Total equity & liabilities	56	66	85	101	121	151
	14	17	21	29	39	46
CWIP	0	0	0	4	0	1
Investments	0	0	0	0	0	2
	41	49	63	68	82	102
Total assets	56	66	85	101	121	151

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Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	24.7%	23.7%	23.5%	24.7%	25.2%	28%
EBITDA margin %	3%	5.3%	6.8%	6%	6.9%	7.3%
EBIT margin %	0.4%	3.5%	5.5%	4.7%	5.5%	5.8%
PAT margin %	-1.2%	2.7%	3%	1.7%	2.5%	3.3%
Working capital
Receivable days	88	73	74	80	89	51
Inventory days	161	138	96	76	52	66
Payable days	54	51	71	25	29	26
NWC days	194	161	99	132	112	90
Leverage
Current ratio	1.98	1.73	1.7	1.54	1.57	1.95
Debt to EBITDA	7.24	4.21	2.27	4.66	3.59	2.52
Debt to equity	0.5	0.64	0.56	1.06	1.11	0.59
Interest coverage	0.3	2.6	3.8	2.5	2.7	3.3
Asset turnover	1.21	1.38	1.64	1.56	1.72	1.67
Return ratios
Return on assets %	-1.4%	3.6%	5%	2.7%	4.2%	5.5%
Return on capital employed %	1.2%	10%	18.1%	14.5%	19%	19.2%
Return on equity %	-2.7%	7.6%	11.2%	6.5%	11%	10.8%

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
	52.26%	52.26%	52.26%	52.26%	52.26%	52.26%	52.26%	52.26%	52.26%	52.26%	44.86%	44.86%
FII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.02%	0.02%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	47.71%	47.71%	47.71%	47.71%	47.71%	47.71%	47.71%	47.71%	47.71%	47.71%	55.12%	55.12%
No. of shareholders	—	—	—	—	—	—	—	—	5,158	5,214	5,261	4,906

Promoter holding down 7.4 percentage points since Sep 2023.

3 deals · 8 Aug 2022 – 1 Apr 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
1 Apr 2026	MADHUSUDAN JAIN	Bulk	BSE	Buy	51,267	₹291.40	₹1.49 Cr
14 Oct 2022	COUNTER CYCLICAL INVESTMENTS PRIVATE LIMITED	Bulk	BSE	Sell	40,000	₹66.73	₹0.27 Cr
8 Aug 2022	DHEERAJ KUMAR LOHIA	Bulk	BSE	Sell	50,000	₹36.56	₹0.18 Cr

1–3 of 3

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.

Mr. HARSH VORAExecutive Director-Chairperson-MD
Mr. SAURABH VORAExecutive Director
Mrs. ATITHI VORAExecutive Director
Mr. SOMENDRA SHARMANon-Executive - Independent Director
Mr. NIRANJAN SHASTRINon-Executive - Independent Director
Mr. ANIT SAKLECHANon-Executive - Independent Director
Mr. Ashok JainChief Operating Officer
Mr. Rajesh SongirkarChief Financial Officer
Rajesh SenCompany Secretary and Compliance Officer & Key Managerial Person

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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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 D & H India Ltd. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

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

Announcements

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Events

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

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

16 announcementsExport CSV

30 Sept 2026, 8:22 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Directorate

Change in Directorate

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Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	24.7%	23.7%	23.5%	24.7%	25.2%	28%
EBITDA margin %	3%	5.3%	6.8%	6%	6.9%	7.3%
EBIT margin %	0.4%	3.5%	5.5%	4.7%	5.5%	5.8%
PAT margin %	-1.2%	2.7%	3%	1.7%	2.5%	3.3%
Working capital
Receivable days	88	73	74	80	89	51
Inventory days	161	138	96	76	52	66
Payable days	54	51	71	25	29	26
NWC days	194	161	99	132	112	90
Leverage
Current ratio	1.98	1.73	1.7	1.54	1.57	1.95
Debt to EBITDA	7.24	4.21	2.27	4.66	3.59	2.52
Debt to equity	0.5	0.64	0.56	1.06	1.11	0.59
Interest coverage	0.3	2.6	3.8	2.5	2.7	3.3
Asset turnover	1.21	1.38	1.64	1.56	1.72	1.67
Return ratios
Return on assets %	-1.4%	3.6%	5%	2.7%	4.2%	5.5%
Return on capital employed %	1.2%	10%	18.1%	14.5%	19%	19.2%
Return on equity %	-2.7%	7.6%	11.2%	6.5%	11%	10.8%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Indo-Mim LimitedINDOMIMINDOMIM	₹62,891 Cr	₹63,981 Cr	₹4,193 Cr	₹1,071 Cr	25.5%	₹534 Cr	12.7%	29.6%	21.3%	—
Aditya Infotech LimitedCPPLUSCPPLUS	₹44,797 Cr	₹44,910 Cr	₹4,883 Cr	₹709 Cr	13.4%	₹477 Cr	8.7%	33.8%	25.5%	61
Syrma Sgs Technology LimitedSYRMASYRMA	₹33,121 Cr	₹33,474 Cr	₹5,464 Cr	₹610 Cr	11.3%	₹402 Cr	7.2%	18.7%	15%	48
Honeywell Automation India LimitedHONAUTHONAUT	₹29,454 Cr	₹29,454 Cr	₹4,703 Cr	₹637 Cr	12.9%	₹551 Cr	11.2%	16.7%	12.4%	-12
Jyoti Cnc Automation LimitedJYOTICNCJYOTICNC	₹23,470 Cr	₹24,320 Cr	₹2,191 Cr	₹535 Cr	25.2%	₹322 Cr	16.1%	25.3%	18.2%	359
Kaynes Technology India LimitedKAYNESKAYNES	₹22,773 Cr	₹23,648 Cr	₹3,899 Cr	₹609 Cr	15.8%	₹346 Cr	10%	15.4%	9.6%	193
Lmw LimitedLMWLMW	₹17,706 Cr	₹17,706 Cr	₹3,374 Cr	₹219 Cr	5.3%	₹175 Cr	4.1%	6.4%	4.6%	23
Tega Industries LimitedTEGATEGA	₹15,721 Cr	₹16,039 Cr	₹3,059 Cr	₹231 Cr	13.7%	₹21 Cr	8.4%	8.5%	5.9%	153
Lloyds Engineering Works LimitedLLOYDSENGGLLOYDSENGG	₹14,553 Cr	₹14,587 Cr	₹1,611 Cr	₹229 Cr	14.5%	₹163 Cr	15.2%	17.5%	16.4%	184
Kennametal India LimitedKENNAMETKENNAMET	₹9,411 Cr	₹9,411 Cr	₹991 Cr	₹179 Cr	18.1%	₹114 Cr	11.5%	24.5%	18.5%	170
Dynamatic Technologies LimitedDYNAMATECHDYNAMATECH	₹9,354 Cr	₹9,883 Cr	₹1,675 Cr	₹200 Cr	11.3%	₹42 Cr	2%	12.3%	4.3%	142
Standard Engineering Technology LimitedSETLSETL	₹8,318 Cr	₹8,376 Cr	₹849 Cr	₹129 Cr	15.4%	₹89 Cr	10.7%	15.5%	10.7%	335

Date	Category	Subject	Filing
30 Sept 2026, 8:22 pm	Company Update Change in Directorate	Announcement under Regulation 30 (LODR)-Change in Directorate	PDF
30 Sept 2026, 8:17 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
30 Sept 2026, 8:11 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
30 Sept 2026, 8:03 pm	AGM/EGM AGM	Submission Of Proceedings Of The 41St Annual General Meeting Of The Company Held On Wednesday, 30Th September, 2026	PDF
5 Sept 2026, 5:13 pm	AGM/EGM AGM	Intimation For Dispatch Of Letter To Shareholder Whose Email Addresses Not Registered With Company/RTA/Depository Participant	PDF
5 Sept 2026, 3:13 pm	AGM/EGM AGM	Notice Of 41St Annual General Meeting To Be Held On 30Th September, 2026	PDF
5 Sept 2026, 3:00 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
4 Sept 2026, 1:33 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2	1	5	-0	-2	22
	-1	-5	-9	-14	-7	-25
	-2	4	4	15	11	16
Net cash flow	-0	-0	0	0	1	13
Free cash flow	2	-3	-0	-10	-16	11
CFO / Operating profit %	100.5%	24.5%	58.4%	-2.6%	-16.1%	121.3%

D & H India 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

Announcements

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

9

1

Compounded sales growth

Compounded profit growth

Return on equity

D & H India 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

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

Dividends9

Board meetings1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

9

1