BSE: 543753
DHARNI CAPITAL SERVICES LIMITE
Distributes financial products and provides related advisory/consulting services, earning ₹9.55 crore in revenue and ₹4.67 crore in net profit in FY26, with an EBITDA margin of 64.7%. The standalone business contributed ₹266.66 lakhs of revenue from operations in H1 FY26, while the consolidated picture (which includes wholly-owned subsidiary Dharni Consulting Private Limited) added further revenue, lifting H1 FY26 consolidated revenue to ₹445.63 lakhs. The company also holds a 49.28% stake (₹61.11 lakh) in associate Dhanayu Finance Private Limited, which was granted an NBFC licence by the RBI in February 2026. Employee cost is the largest cost line at 47.3% of revenue, followed by other operating expenses at 19.1% and depreciation at 2.8%, pointing to a people-led services model with little capex. The balance sheet is essentially debt-free, with FY26 outstanding borrowings of ₹5.36 crore against total assets of ₹30.73 crore and cash and equivalents of ₹411.01 lakhs at end-H1 FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Standalone financial product distribution and related services, Subsidiary consulting services (Dharni Consulting Private Limited). Small, debt-light capital markets services and distribution company with a consulting subsidiary and an associate NBFC
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 5 | 8 | 7 | 10 |
| EBITDA (ex other income) | 1 | 3 | 3 | 3 |
| margin % | 28.7 | 35.4 | 39.8 | 33.6 |
| Owners' profit | 0 | 3 | 4 | 0 |
| EPS, as reported (₹) | 0.75 | 1.53 | 1.89 | 2.29 |
| ROE % · ROCE % | 8.4 · 11.3 | 17.9 · 23.9 | 18.2 · 22.2 | 18.1 · 22.9 |
| Debt / equity (x) | 0.00 | 0.00 | 0.10 | 0.15 |
| Cash from operations | 1 | 4 | 0 | (1) |
| Capex | (1) | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|
| Revenue | 2 | 0 | 3 | 0 | 4 | 4 | 5 |
| Profit before tax | 1 | 0 | 2 | 0 | 3 | 3 | 3 |
| Net profit | 1 | 0 | 2 | 0 | 2 | 2 | 2 |
| EPS (₹) | 0.36 | 0.00 | 0.77 | 0.00 | 0.98 | 1.13 | 1.16 |
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. % |
|---|---|---|---|---|---|---|---|---|
| ANAND RATHI WEALTH LTD | 37,708 | 49.0 | 37.27 | 64.0 | 39.3 | 48.6 | — | 68.0 |
| PRUDENT CORP ADV SER LTD | 12,207 | 49.8 | 13.83 | — | 25.2 | — | — | 31.6 |
| DHARNI CAPITAL SERVICES LIMITE ◆ | 113 | 16.9 | 4.36 | 18.8 | 18.1 | 22.6 | — | 63.0 |
| SODHANI CAPITAL LIMITED | 52 | 19.2 | — | — | — | 17.7 | — | — |
| VEDANT ASSET LIMITED | 17 | 22.2 | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.9 | 19.6 | 23 of 58 | 61% |
| P/B | 4.4 | 2.8 | 43 of 65 | 34% |
| ROCE | 22.6 | 16.0 | 11 of 33 | 69% |
| ROE | 18.1 | 11.4 | 23 of 65 | 66% |
| Debt / Equity | 0.1 | 0.0 | 23 of 30 | 24% |
| EBITDA margin | 63.0 | 45.7 | 21 of 64 | 68% |
| Revenue growth | 49.5 | 23.1 | 11 of 58 | 83% |
| Profit growth | 49.3 | 17.6 | 19 of 61 | 70% |
| Market cap | 113 | 940 | 50 of 69 | 28% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Reg 74(5) compliance certificate for Q2 FY27 - no physical securities received | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closure for Un-audited H1 FY27 Financial Results | compliance | minimal | — | — |
| 18 Sept 2026 · Statutory Auditors re-appointed for second 5-year term | management changes | medium | — | — |
| 18 Sept 2026 · 11th AGM voting results: all 3 resolutions passed unanimously | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Re-appointment of Statutory Auditors for 2nd term of 5 years | management changes | medium | — | — |
| 18 Sept 2026 · Dharni Capital Services holds 11th AGM on 18 Sep 2026 | board shareholder meetings | medium | — | — |
| 24 Aug 2026 · Cut-off date set for 11th AGM on 18 September 2026 | board shareholder meetings | low | — | — |
| 24 Aug 2026 · Annual Report and 11th AGM Notice for FY 2025-26 | board shareholder meetings | medium | — | — |
| 24 Aug 2026 · 11th AGM on September 18 2026 with annual report and reappointments | board shareholder meetings | low | — | — |
| 24 Aug 2026 · Dharni Capital Services 11th AGM notice for September 18, 2026 | board shareholder meetings | low | — | — |
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.