BSE: 517514
D&H INDIA LTD
Manufactures welding electrodes and consumables used in metal-joining and fabrication work. All reported segment revenue comes from this single product line — Welding Electrodes and Consumable — while a separate Metallurgical Cored Wire line recorded zero revenue. In FY26, total revenue was Rs 252.71 crore, up 20.8% year-on-year, and net profit rose 62.6% to Rs 8.38 crore. Materials dominate the cost structure at 73.1% of revenue, followed by other operating expenses at 10.9% and employee costs at 9.8%. Capital expenditure was Rs 11.34 crore, or 4.5% of revenue, in FY26. The company operates through one wholly-owned subsidiary, V & H Fabricators Pvt. Ltd., which is not classified as a material subsidiary. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Welding Electrodes and Consumable (100%). Single-product, materials-heavy industrial manufacturer.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 91 | 139 | 158 | 209 | 253 |
| EBITDA (ex other income) | 5 | 9 | 10 | 15 | 18 |
| margin % | 5.3 | 6.7 | 6.0 | 6.9 | 7.2 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 2.99 | 5.56 | 3.42 | 6.40 | 9.95 |
| ROE % · ROCE % | 7.6 · 9.6 | 11.2 · 16.2 | 6.5 · 13.3 | 11.0 · 17.3 | 10.8 · 16.4 |
| Debt / equity (x) | 0.64 | 0.56 | 1.06 | 1.11 | 0.59 |
| Cash from operations | 1 | 5 | (0) | (2) | 22 |
| Capex | (4) | (6) | (9) | (14) | (11) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 50 | 55 | 59 | 53 | 66 | 62 | 72 | 66 |
| Profit before tax | 1 | 2 | 3 | 2 | 2 | 3 | 4 | 3 |
| Net profit | 1 | 2 | 2 | 1 | 2 | 2 | 2 | 2 |
| EPS (₹) | 1.03 | 1.90 | 2.46 | 1.76 | 1.84 | 2.64 | 2.55 | 1.94 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.8 | 26.7 | 44 of 130 | 67% |
| P/B | 2.1 | 3.1 | 43 of 112 | 62% |
| ROCE | 11.4 | 11.3 | 71 of 142 | 50% |
| ROE | 10.8 | 9.8 | 52 of 113 | 55% |
| Debt / Equity | 0.6 | 0.2 | 89 of 113 | 21% |
| EBITDA margin | 6.2 | 12.4 | 87 of 110 | 21% |
| Revenue growth | 24.7 | 20.6 | 46 of 114 | 60% |
| Profit growth | 47.9 | 17.1 | 45 of 109 | 59% |
| Market cap | 164 | 273 | 83 of 141 | 41% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Proposed promoter warrant issue withdrawn after BSE rejection | fund raising | medium | — | — |
| 15 Oct 2026 · Board withdraws Rs 32.57 cr preferential warrant issue, to fund via accruals and borrowings | results | medium | — | — |
| 12 Oct 2026 · Board meeting on 15 Oct to consider update on preferential warrants issue | board shareholder meetings | low | — | — |
| 5 Oct 2026 · SEBI Reg 74(5) compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Re-appointment of CMD and Whole-time Director approved at AGM | management changes | medium | — | — |
| 30 Sept 2026 · D&H India 41st AGM: All 5 resolutions passed including MD re-appointment | board shareholder meetings | low | — | — |
| 30 Sept 2026 · D&H India 41st AGM voting results - all 5 resolutions passed | board shareholder meetings | low | — | — |
| 30 Sept 2026 · D&H India 41st AGM proceedings filed with 5 resolutions tabled | board shareholder meetings | medium | — | — |
| 23 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · D&H India to acquire leasehold industrial land in Indore for Rs 18 Cr | capex operations | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.