BSE: 512048
DHANSAFAL FINSERVE LIMITED
Operates as an RBI-registered non-banking financial company that lends to micro, small and medium enterprises, with a focus on secured loans against property for MSMEs, traders and self-employed borrowers. Revenue comes almost entirely from interest income and fees on its loan book; total revenue from operations was ₹12.23 crore in FY26, more than double the ₹4.86 crore earned in FY25. The portfolio expanded sharply, with assets under management rising 90% year-on-year to ₹82.49 crore and active loan accounts reaching 686 across 20 branches in 4 states (Maharashtra, Madhya Pradesh, Rajasthan and Uttar Pradesh). Gross disbursements for the year were ₹51.76 crore spread across 434 loans. The largest cost lines are employee expenses at 49.1% of revenue and other operating expenses at 19.7%, while finance costs grew materially as borrowings rose to ₹2,215.56 lakh to fund loan growth. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Interest income and fees on MSME loans and loans against property. Small, growing, branch-based NBFC focused on secured MSME lending, reliant on borrowed funds to build its loan book.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2 | 2 | 2 | 5 | 12 |
| EBITDA (ex other income) | 1 | 1 | 1 | 1 | 4 |
| margin % | 56.2 | 66.3 | 54.3 | 13.4 | 29.3 |
| Owners' profit | 1 | 1 | 1 | 0 | 1 |
| EPS, as reported (₹) | 0.06 | 0.07 | 0.06 | 0.02 | 0.03 |
| ROE % · ROCE % | 4.0 · — | 4.5 · — | 3.9 · — | 0.7 · — | 1.1 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (5) | 4 | (3) | (35) | (39) |
| Capex | 0 | 0 | 0 | (2) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 0 | 1 | 2 | 2 | 3 | 4 | 4 |
| Profit before tax | 1 | (0) | (0) | 0 | 0 | (0) | 0 | 1 |
| Net profit | 1 | (0) | (0) | 0 | 0 | (0) | 0 | 1 |
| EPS (₹) | 0.07 | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.01 | 0.02 |
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. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,67,346 | 27.9 | 4.85 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,93,785 | 14.5 | 2.94 | — | 15.2 | — | 22.5 | 74.7 |
| TATA CAPITAL LIMITED | 1,28,620 | 23.5 | 2.73 | — | 10.4 | — | — | 75.8 |
| CHOLAMANDALAM IN & FIN CO | 1,25,298 | 21.7 | 4.11 | — | 17.2 | — | 26.5 | 71.2 |
| MUTHOOT FINANCE LIMITED | 96,653 | 8.5 | 2.43 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,250 | 22.1 | 3.20 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 42,997 | 19.2 | 2.89 | — | 13.8 | — | — | 78.4 |
| PIRAMAL FINANCE LIMITED | 42,166 | 24.9 | 1.50 | — | 5.3 | — | — | 63.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 63.3 | 18.5 | 166 of 200 | 17% |
| P/B | 0.9 | 1.1 | 108 of 253 | 57% |
| ROE | 1.1 | 3.1 | 168 of 257 | 35% |
| EBITDA margin | 45.7 | 48.6 | 129 of 249 | 48% |
| Revenue growth | 97.6 | 12.6 | 39 of 231 | 84% |
| Profit growth | 161.6 | 7.8 | 47 of 251 | 82% |
| Market cap | 57 | 33 | 109 of 268 | 60% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Newspaper ad for re-lodgement of physical share transfer requests | compliance | minimal | — | — |
| 7 Oct 2026 · Reg 74(5) Depository Compliance Certificate for Q2 FY26-27 | compliance | minimal | — | — |
| 2 Oct 2026 · 3.69 crore unexercised warrants lapse and get forfeited; about Rs 3.98 crore forfeited | fund raising | high | — | — |
| 2 Oct 2026 · Forfeiture of unexercised convertible warrants - 3.69 crore warrants lapsed | fund raising | high | — | — |
| 29 Sept 2026 · CEO Bobby Singh Chandel resigns citing personal reasons | management changes | critical | — | — |
| 28 Sept 2026 · Trading window closed ahead of Q2 FY27 results announcement | compliance | minimal | — | — |
| 23 Sept 2026 · 45th AGM: All 4 resolutions passed including private placement fund raise | board shareholder meetings | low | — | — |
| 23 Sept 2026 · 45th AGM: Financials adopted, private placement authority approved | board shareholder meetings | low | — | — |
| 19 Sept 2026 · Conversion of 1 crore share warrants into equity shares via preferential allotment | fund raising | high | — | — |
| 19 Sept 2026 · Warrants converted into 1 crore equity shares via preferential allotment | fund raising | high | — | — |
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.