BSE: 511451
DHARANI FINANCE LTD.
Operates as a small non-banking financial company (NBFC) registered with the RBI and listed on BSE, with all FY26 revenue coming from a single 'Financial Services' segment that generated Rs. 1.3981 crore in segment revenue and Rs. 0.8096 crore in segment EBIT for the period ending 31 March 2026. On a company-wide basis, total income was Rs. 1.388 crore in FY26 with net profit of Rs. 0.5546 crore and total assets of Rs. 11.2424 crore, indicating a very small balance sheet. The statutory auditor (Srivatsan & Associates) has issued a qualified opinion flagging an outstanding inter-corporate deposit of Rs. 200 lakh given to Aryav Exports (also referred to as Aryov Exports) Private Limited in July 2017 on which no interest has been received, and has raised a material going-concern uncertainty. The auditor notes that any provision for this ICD would push net owned funds below the RBI's prescribed minimum capital requirement for NBFCs. The company is currently under Corporate Insolvency Resolution Process (CIRP) at NCLT Chennai. Employee cost at 15.6% of revenue and other operating expenses at 16.1% are the disclosed cost lines, with no material inputs. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Financial Services (100%). Very small, single-segment NBFC currently under CIRP, with a stressed legacy inter-corporate deposit and a going-concern qualification from the statutory auditor.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1 | 1 | 1 | 1 | 1 |
| EBITDA (ex other income) | 0 | 0 | (0) | 1 | 1 |
| margin % | 39.1 | 5.8 | (23.7) | 67.5 | 64.0 |
| Owners' profit | 0 | (0) | (0) | 1 | 1 |
| EPS, as reported (₹) | 0.61 | (0.25) | (0.61) | 1.68 | 1.11 |
| ROE % · ROCE % | 3.7 · — | (1.6) · — | (3.5) · — | 8.8 · — | 5.5 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (0) | (0) | (0) | 0 | 0 |
| Capex | 0 | 0 | 0 | 0 | (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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.62 | 0.22 | 0.46 | 0.38 | 0.33 | 0.20 | 0.32 | 0.26 |
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 | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.4 | 18.1 | 62 of 200 | 69% |
| P/B | 0.6 | 1.1 | 62 of 253 | 75% |
| ROE | 5.5 | 3.1 | 98 of 257 | 62% |
| EBITDA margin | 37.2 | 48.6 | 137 of 249 | 45% |
| Revenue growth | (12.8) | 12.6 | 160 of 231 | 31% |
| Profit growth | (30.0) | 7.8 | 146 of 251 | 42% |
| Market cap | 6 | 34 | 245 of 268 | 9% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 11 Oct 2026 · Compliance certificate under SEBI DP regulation 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 23 Sept 2026 · Dharani Finance 36th AGM: Both resolutions passed with near-unanimous support | board shareholder meetings | low | — | — |
| 23 Sept 2026 · 36th AGM held via video conference; 2 ordinary resolutions transacted | board shareholder meetings | medium | — | — |
| 1 Sept 2026 · Notice of 36th AGM published in newspapers | compliance | minimal | — | — |
| 29 Aug 2026 · Dharani Finance AGM notice weblink sent to shareholders with unregistered emails | compliance | minimal | — | — |
| 28 Aug 2026 · Book closure from Sep 17 to Sep 23, 2026 for 36th AGM | board shareholder meetings | low | — | — |
| 28 Aug 2026 · 36th AGM on September 23, 2026 via video conferencing; FY26 PAT at Rs 55.46 lakh | board shareholder meetings | medium | — | — |
| 28 Aug 2026 · Dharani Finance 36th AGM notice and FY2025-26 annual report filed | board shareholder meetings | medium | — | — |
| 24 Aug 2026 · Dharani Finance announces 36th AGM for 23 September 2026 | compliance | minimal | — | — |
| 13 Aug 2026 · Dharani Finance Q1 FY27 results: PAT Rs 20.35 lakh, up 24% YoY | compliance | minimal | — | — |
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.