D & H India Ltd

₹ 191 0.68%

14 Oct - close price

About

Incorporated in 1985, D & H India Ltd manufactures welding consumables and Metallurgical Cored Wire.^[1]

Key Points

Business Overview:^[1]
a) DHIL manufactures welding consumables with a portfolio of over 800 electrode variants.
b) It offers a broad range of products catering to industries such as Steel, Shipbuilding, Petrochemical, Construction, Transport, and Energy.
c) Orders are secured from private and government entities through a competitive tender bidding process.

Product Profile:^[2]
Welding Electrodes & Consumables, CO2 Wire, SAW Wire, M Core Wire, Flux Powder, Flux cored Wire, Stainless Steel Wire

Website BSE

Market Cap ₹ 196 Cr.
Current Price ₹ 191
High / Low ₹ 305 / 113
Stock P/E 21.6
Book Value ₹ 75.8
Dividend Yield 0.00 %
ROCE 14.4 %
ROE 13.5 %
Face Value ₹ 10.0

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Pros

Company has delivered good profit growth of 67.0% CAGR over last 5 years
Debtor days have improved from 72.5 to 50.2 days.

Cons

Stock is trading at 2.52 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
Company has a low return on equity of 11.2% over last 3 years.
Promoter holding has decreased over last 3 years: -7.40%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	33.25	35.50	42.90	46.18	44.47	50.31	55.20	59.15	52.90	65.62	61.93	72.24	65.96
	31.41	33.18	40.05	43.67	41.70	47.18	51.05	54.68	49.24	61.65	56.00	67.44	62.24
Operating Profit	1.84	2.32	2.85	2.51	2.77	3.13	4.15	4.47	3.66	3.97	5.93	4.80	3.72
OPM %	5.53%	6.54%	6.64%	5.44%	6.23%	6.22%	7.52%	7.56%	6.92%	6.05%	9.58%	6.64%	5.64%
	0.02	0.02	0.02	0.12	0.01	0.03	0.04	0.45	0.18	0.24	0.17	0.85	0.39
Interest	0.69	0.72	0.81	0.78	1.01	1.04	1.21	1.27	1.26	1.40	1.55	0.70	0.67
Depreciation	0.47	0.47	0.51	0.63	0.68	0.68	0.88	0.73	0.83	0.87	0.85	1.07	0.89
Profit before tax	0.70	1.15	1.55	1.22	1.09	1.44	2.10	2.92	1.75	1.94	3.70	3.88	2.55
Tax %	12.86%	35.65%	27.74%	81.15%	27.52%	54.17%	19.52%	31.16%	23.43%	18.04%	15.14%	39.43%	22.35%
	0.62	0.75	1.13	0.22	0.80	0.65	1.69	2.02	1.34	1.58	3.14	2.35	1.98
EPS in Rs	0.61	0.74	1.11	0.22	0.78	0.64	1.66	1.98	1.31	1.55	3.08	2.30	1.93
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	66	62	60	69	79	79	68	91	139	158	209	253	266
	62	59	56	65	74	77	66	86	129	148	195	234	247
Operating Profit	3	3	4	4	6	2	2	5	9	10	15	18	18
OPM %	5%	6%	6%	5%	7%	2.5%	3.0%	5%	7%	6%	7%	7%	7%
	1	0	0	0	0	-0	0	0	0	0	1	1	2
Interest	1	1	2	1	2	2	1	1	2	3	5	5	4
Depreciation	2	2	2	2	2	2	2	2	2	2	3	4	4
Profit before tax	2	1	1	0	2	-2	-1	2	6	5	8	11	12
Tax %	27%	31%	33%	28%	22%	-9%	-19%	-7%	26%	41%	32%	25%
	1	0	0	0	2	-2	-1	2	4	3	5	8	9
EPS in Rs	1.27	0.43	0.39	0.34	2.11	-1.81	-0.81	2.60	4.31	2.67	5.06	8.21	8.86
Dividend Payout %	31%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	15%
5 Years:	30%
3 Years:	22%
TTM:	22%

Compounded Profit Growth
10 Years:	34%
5 Years:	67%
3 Years:	26%
TTM:	59%

Stock Price CAGR
10 Years:	28%
5 Years:	56%
3 Years:	37%
1 Year:	26%

Return on Equity
10 Years:	7%
5 Years:	11%
3 Years:	11%
Last Year:	13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	7	7	7	7	7	7	7	7	8	8	8	10
Reserves	21	21	22	22	24	22	21	24	29	33	38	67
	10	13	14	13	16	15	15	18	28	38	53	47
	17	15	16	19	17	15	12	16	19	22	22	27
Total Liabilities	55	58	59	62	65	60	56	66	84	100	121	151
	21	21	20	18	17	15	14	16	20	28	38	45
CWIP	0	0	0	0	0	0	1	0	0	4	0	1
Investments	2	2	2	2	2	2	2	2	2	2	2	4
	32	35	37	41	46	43	40	47	62	67	80	101
Total Assets	55	58	59	62	65	60	56	66	84	100	121	151

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1	-1	2	2	-1	-0	2	1	5	-0	-2	22
	-2	-1	-2	-0	0	1	-1	-5	-9	-14	-9	-23
	1	2	-1	-2	1	-1	-2	4	4	15	11	14
Net Cash Flow	0	0	-0	-0	0	-0	-0	-0	-0	0	0	13
Free Cash Flow	-2	-2	2	2	-2	0	1	-3	-0	-14	-12	11
CFO/OP	61%	-17%	62%	65%	-20%	12%	103%	23%	69%	6%	-7%	130%

Ratios

Standalone / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	60	80	76	76	73	71	84	71	73	79	88	50
Inventory Days	146	155	197	176	169	160	157	135	94	75	51	65
Days Payable	79	81	87	100	77	62	54	63	48	46	29	26
Cash Conversion Cycle	127	155	186	152	165	170	187	143	119	107	110	89
Working Capital Days	42	57	61	65	74	71	99	75	64	50	45	49
ROCE %	7%	5%	5%	5%	10%	1%	1%	8%	13%	11%	14%	14%

Insights

In beta

Dec 2015

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Permanent Employees
count

	xxx	xxx		xxx	xxx	xx	xxx	xxx	xxx	xxx
		xx.xx	xxx.xx	xxx.xx		xx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx
x,xxx				x,xxx
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						xx.xx	xxx.xx
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R&D Expenditure
Rs Lakhs

Installed Capacity
MTPA

Number of Manufacturing Plants
count

Realization per MT
Rs/MT

Top 10 Customers Share of Net Sales
%

Electrode Variants (Product Portfolio)
count

Number of Dealers
count

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	52.26%	52.26%	52.26%	52.26%	52.26%	52.26%	52.26%	52.26%	52.26%	44.86%	44.86%	44.86%
	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.02%	0.02%	0.02%
	47.71%	47.70%	47.71%	47.71%	47.70%	47.70%	47.71%	47.70%	47.71%	55.11%	55.12%	55.12%
No. of Shareholders	4,794	4,881	4,839	5,574	5,161	5,087	5,051	5,158	5,214	5,261	4,906	4,905

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	47.18%	47.18%	47.18%	48.56%	48.92%	48.92%	49.81%	52.26%	52.26%	44.86%	44.86%
	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.02%	0.02%
	52.79%	52.79%	52.79%	51.41%	51.05%	51.05%	50.15%	47.70%	47.70%	55.11%	55.12%
No. of Shareholders	5,713	5,014	4,615	4,297	4,040	3,802	3,983	4,881	5,087	5,261	4,905

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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D & H India Ltd

D & H India Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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