Dharan Infra-EPC Ltd
Incorporated in 2007, Dharan Infra-EPC Ltd is in the business of real estate construction, development, civil contracts (EPC) and other related activities[1]
- Market Cap ₹ 225 Cr.
- Current Price ₹ 0.43
- High / Low ₹ 1.28 / 0.34
- Stock P/E
- Book Value ₹ 1.64
- Dividend Yield 0.00 %
- ROCE -3.78 %
- ROE -4.49 %
- Face Value ₹ 1.00
Pros
- Company is almost debt free.
- Stock is trading at 0.26 times its book value
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -30.9% over past five years.
- Promoter holding is low: 0.83%
- Company has a low return on equity of -3.95% over last 3 years.
- Contingent liabilities of Rs.99.1 Cr.
- Company has high debtors of 1,584 days.
- Promoter holding has decreased over last 3 years: -25.1%
* 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
Consumer Discretionary Realty Realty Residential, Commercial Projects
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2012 | Mar 2013 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 17 | 42 | 101 | 106 | 127 | 105 | 114 | 129 | 102 | 91 | -27 | 18 | |
| 16 | 35 | 79 | 79 | 95 | 75 | 87 | 94 | 73 | 94 | 19 | 56 | |
| Operating Profit | 2 | 7 | 21 | 27 | 32 | 30 | 27 | 35 | 29 | -3 | -46 | -38 |
| OPM % | 10% | 16% | 21% | 25% | 25% | 28% | 24% | 27% | 28% | -3% | -223% | -210% |
| 0 | 1 | 5 | 4 | 8 | 3 | 3 | 8 | 10 | 1 | 20 | 2 | |
| Interest | 0 | 4 | 17 | 18 | 20 | 17 | 18 | 15 | 14 | 13 | 11 | 4 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 2 | 4 | 9 | 12 | 19 | 16 | 13 | 28 | 24 | -15 | -37 | -39 |
| Tax % | 33% | 30% | 32% | 35% | 31% | 25% | 24% | 27% | 28% | 0% | 0% | 0% |
| 1 | 3 | 6 | 8 | 13 | 12 | 10 | 20 | 17 | -15 | -37 | -39 | |
| EPS in Rs | 0.76 | 1.80 | 0.13 | 0.09 | 0.11 | 0.10 | 0.08 | 0.16 | 0.14 | -0.11 | -0.17 | -0.08 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 3% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -31% |
| 3 Years: | -44% |
| TTM: | -167% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | -6% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | -37% |
| 3 Years: | -29% |
| 1 Year: | -50% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | -2% |
| 3 Years: | -4% |
| Last Year: | -4% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2012 | Mar 2013 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 5 | 9 | 12 | 12 | 12 | 12 | 62 | 67 | 110 | 261 |
| Reserves | 2 | 14 | 18 | 21 | 71 | 82 | 91 | 111 | 78 | 855 | 788 | 596 |
| 25 | 32 | 123 | 135 | 127 | 128 | 99 | 92 | 89 | 126 | 76 | 64 | |
| 77 | 115 | 104 | 83 | 89 | 43 | 88 | 99 | 98 | 68 | 106 | 110 | |
| Total Liabilities | 105 | 162 | 250 | 248 | 299 | 265 | 291 | 314 | 327 | 1,117 | 1,079 | 1,032 |
| 0 | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 2 | 2 | 6 | 20 | 2 | 27 | 47 | 56 | 29 | 21 | 24 | 689 |
| 102 | 159 | 241 | 226 | 295 | 236 | 243 | 257 | 297 | 1,095 | 1,054 | 342 | |
| Total Assets | 105 | 162 | 250 | 248 | 299 | 265 | 291 | 314 | 327 | 1,117 | 1,079 | 1,032 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2012 | Mar 2013 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 33 | 59 | -18 | 45 | 35 | -20 | -825 | 45 | 678 | |||
| 0 | -8 | 25 | -21 | -15 | -2 | 37 | 8 | 2 | -663 | |||
| 0 | -24 | 6 | -46 | -35 | -32 | -17 | 821 | -47 | -16 | |||
| Net Cash Flow | 0 | 1 | 90 | -85 | -6 | 0 | 0 | 3 | 0 | -0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2012 | Mar 2013 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 48 | 6 | 1 | 3 | 5 | 39 | 39 | 163 | 299 | 343 | -1,145 | 1,584 |
| Inventory Days | -1,972 | 4,941 | ||||||||||
| Days Payable | 116 | |||||||||||
| Cash Conversion Cycle | 48 | 6 | 1 | 3 | 5 | 39 | 39 | 163 | 299 | 343 | -3,118 | 6,409 |
| Working Capital Days | 514 | 298 | 360 | 450 | 145 | 298 | 412 | 321 | 513 | 3,488 | 12,214 | 4,663 |
| ROCE % | 8% | 21% | 19% | 20% | 15% | 14% | 20% | 17% | -0% | -3% | -4% |
Documents
Announcements
-
REASON FOR DELAY IN SUBMISSION OF FINANCIAL RESULTS FOR THE
QUARTER ENDED JUNE 30, 2025
11 Aug - Delay in Q1 2025 financial results due to subsidiary financials unavailability.
-
Additional Details As Per SEBI Circular On Appointment Of Managing Director
7 Aug - Appointment of Mr. Devesh Karda as Managing Director from 07.08.2025 for 5 years; Mr. Naresh Karda resigns MD role.
-
Rumour verification - Regulation 30(11)
7 Aug - Company denies arrest rumors of director; assures no impact on operations or governance.
-
Announcement under Regulation 30 (LODR)-Change in Management
7 Aug - Managing Director Naresh Karda resigns; Devesh Karda appointed effective August 7, 2025.
-
Execution Of One-Time Settlement Agreement With Central Bank Of India
28 Jul - Dharan Infra-EPC settles ₹4.30 Cr dues with Central Bank via OTS, initial ₹43 L paid, balance by Jan 2026.
Business Overview:[1][2]
DIEPCL is primarily engaged in 2 business verticals:
a) Construction and development of residential and commercial projects
b) Contractual project execution.
As of 31 March 2024, the company had delivered 101 residential and commercial units in its various ongoing projects in Nashik, covering a built-up area of 1.08 lakh square feet. In FY24, the company secured 11 active work orders. The group has handed over possession for a ~109 units from April 2024.
They have handed over possession of 76 units of the project Hari Kunj Mayflower, a residential cum commercial project situated at Karmayogi Nagar, Nashik.
In the Hari Krishna Phase IV project, the company has handed over 19 units, while the remaining units are from the other projects.