Dhruv Consultancy Services Limited has informed the Exchange about Transcript
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Dhruv Consultancy Services, a Navi Mumbai-based infrastructure consultancy, reported 9M FY26 revenue of INR 35.36 crores, which includes a non-cash, one-time accounting adjustment of approximately INR 30 crores under Ind AS 8 and 115, revising project margin estimates downward in line with recent NHAI policy changes (manpower deployment norms, NSV de-scoping, attendance thresholds). Management stressed this is a book adjustment with no cash flow impact, noting operational cash flows of INR 70-75 crores YTD. The unexecuted order book stands at INR 256 crores (total INR 465 crores) over 65-70 projects, with another INR 350 crores in bids awaiting results and a 20-25% strike rate. The company secured its first airport mandate (MADC Nagpur), multiple NHAI/state government projects, and is expanding into Africa (Mozambique, Ghana) and exploring the Middle East. Vision 2030 targets a INR 1,000 crores order book via diversification into aviation, railways, metros, and urban infrastructure. CARE downgraded the credit rating on the 9-month limited review, which management is contesting.
Near-term reported earnings are weighed down by the INR 30 crores accounting revision, but cash flow and order book (INR 256 crores unexecuted) remain intact, providing 2.5-3 year revenue visibility. NHAI's shift to technical-rating-based DPR pricing (rates rising from 2-3 lakh/km to 5-6 lakh/km) is a positive structural change, but margin pressure on traditional PMC work and the credit rating downgrade, combined with investor concerns that market cap is below net worth, may keep the stock volatile until Q4 provides more granular balance sheet clarity.