D & H India Ltd

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D & H India Ltd

₹ 182 -1.83%
16 Sep - close price
dnhindia.com BSE: 517514
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 ₹ 187 Cr.
  • Current Price ₹ 182
  • High / Low ₹ 305 / 113
  • Stock P/E 20.6
  • Book Value ₹ 75.8
  • Dividend Yield 0.00 %
  • ROCE 14.5 %
  • ROE 13.5 %
  • Face Value ₹ 10.0
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Pros

  • Company has delivered good profit growth of 67.2% CAGR over last 5 years
  • Debtor days have improved from 72.5 to 50.2 days.

Cons

  • 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

Industrials Capital Goods Industrial Manufacturing Industrial Products

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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 86 129 148 194 234 247
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: 27%
TTM: 59%
Stock Price CAGR
10 Years: 28%
5 Years: 57%
3 Years: 43%
1 Year: 13%
Return on Equity
10 Years: 7%
5 Years: 11%
3 Years: 11%
Last Year: 14%

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 -7 -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 2 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 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
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 51
ROCE % 7% 5% 5% 5% 10% 1% 1% 8% 13% 11% 13% 14%

Insights

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Dec 2015 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Permanent Employees
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R&D Expenditure
Rs Lakhs
Installed Capacity
MTPA
Realization per MT
Rs/MT
Top 10 Customers Share of Net Sales
%
Electrode Variants (Product Portfolio)
count
Number of Dealers
count
Number of Manufacturing Plants
count

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Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.02% 0.02%
47.71% 47.71% 47.70% 47.71% 47.71% 47.70% 47.70% 47.71% 47.70% 47.71% 55.11% 55.12%
No. of Shareholders 4,3314,7944,8814,8395,5745,1615,0875,0515,1585,2145,2614,906

* 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.

Click on the line-items to see the names of individual entities.

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