NSE: DHATRE · BSE: 540080
DHATRE UDYOG LTD.
Operated a steel products manufacturing unit at its Vizianagaram plant, under the former name Narayani Steels Limited, until shutting the unit down in February 2025 because the 30-year-old machinery had become obsolete and uneconomical. Plant and equipment were disposed of as scrap, generating Rs 712.98 lakhs, which was used along with other funds to repay Rs 815.70 lakhs of borrowings. Revenue from operations for 9M FY26 came in at Rs 912.18 lakhs, roughly a 93% drop from Rs 12,654.13 lakhs in the year-ago period, and Q3 FY26 quarterly revenue collapsed to Rs 9.53 lakhs from Rs 3,946.72 lakhs. Management is exploring a pivot to real estate by developing factory land at Kakinada and Jamshedpur into small plots. FY26 closed with a standalone net loss of Rs 182.09 lakhs against a Rs 169.77 lakhs profit the prior year, and the statutory auditor flagged material uncertainty about the company's ability to continue as a going concern. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Steel products manufacturing, Real estate development. Asset-heavy industrial manufacturer whose production has been shut down and which is evaluating a real estate pivot
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 12 | 107 | 208 | 144 | 9 |
| EBITDA (ex other income) | 103 | 7 | 5 | 3 | (4) |
| margin % | 884.2 | 6.6 | 2.2 | 1.8 | (48.2) |
| Owners' profit | 0 | 7 | 11 | 2 | (2) |
| EPS, as reported (₹) | 1224.32 | 11.54 | 1.03 | 0.16 | (0.17) |
| ROE % · ROCE % | 134.6 · 195.9 | 10.9 · 15.0 | 15.9 · 22.1 | 2.6 · 3.7 | (3.8) · (4.6) |
| Debt / equity (x) | 0.05 | 0.02 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (0) | (2) | 22 | (1) | 9 |
| Capex | 0 | 0 | (0) | (0) | 0 |
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 | 53 | 34 | 39 | 18 | 9 | 0 | 0 | 0 |
| Profit before tax | 1 | 0 | 1 | 1 | 0 | (1) | (1) | (0) |
| Net profit | 1 | 0 | 0 | 0 | 0 | (2) | (0) | 0 |
| EPS (₹) | 0.06 | 0.02 | 0.04 | 0.03 | 0.01 | (0.15) | (0.03) | 0.01 |
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. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.9 | 1.5 | 26 of 101 | 75% |
| ROCE | (4.6) | 9.1 | 106 of 115 | 8% |
| ROE | (3.8) | 8.6 | 97 of 103 | 6% |
| Debt / Equity | 0.0 | 0.2 | 1 of 101 | 89% |
| Revenue growth | (100.0) | 13.7 | 94 of 97 | 0% |
| Profit growth | (77.0) | 29.3 | 94 of 105 | 11% |
| Market cap | 41 | 216 | 87 of 122 | 29% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · No demat or remat requests in Q2 FY26 - Dhatre Udyog | compliance | minimal | — | — |
| 29 Sept 2026 · Trading Window Closed Pending Q2 Results Declaration | compliance | minimal | — | — |
| 29 Sept 2026 · Dhatre Udyog 31st AGM voting results: all 4 resolutions passed | board shareholder meetings | low | — | — |
| 26 Sept 2026 · 31st AGM of Dhatre Udyog held; 4 resolutions passed via e-voting | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Notice of 31st AGM on 26 Sept 2026 via video conferencing | compliance | minimal | — | — |
| 4 Sept 2026 · Notice of 31st Annual General Meeting through video conferencing | compliance | minimal | — | — |
| 3 Sept 2026 · AGM notice and annual report link sent to shareholders without registered emails | compliance | minimal | — | — |
| 3 Sept 2026 · Dhatre Udyog files 31st Annual Report; AGM on Sep 26 | compliance | low | — | — |
| 3 Sept 2026 · Dhatre Udyog: 31st AGM notice filed for September 26, 2026 | board shareholder meetings | medium | — | — |
| 2 Sept 2026 · Board approves 31st AGM notice, director continuation and cost auditor | 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.