BSE: 501945
DHENU BUILDCON INFRA LTD.
Operates as a non-banking financial company whose reported revenue comes entirely from interest income on lending. As of Q2 FY26 (September 30, 2025), the balance sheet carried loans of around ₹80,080 lakhs and investments of ₹20,177 lakhs, against borrowings of about ₹1,00,051 lakhs and equity of just ₹313.80 lakhs. FY26 revenue from operations was ₹82.64 lakhs versus ₹0.67 lakhs in FY25, and the company posted a net loss of ₹119.36 lakhs. Q3 FY26 total income was ₹84.50 lakhs, entirely interest income. The statutory auditor flagged a ₹160 crore loan in the books with no interest provision, along with doubts over recoverability of debited interest for which no receipts were recorded, and noted that several bank accounts at IDBI, HDFC and Yes Bank were dormant with balances unverifiable. In December 2025, the company allotted 591.55 crore equity shares at ₹1.42 per share on a preferential basis to six non-promoter entities, converting roughly ₹840 crore of unsecured loans into equity and lifting equity share capital from ₹183 lakhs to ₹59,337.93 lakhs. In March 2026, the Memorandum of Association was altered to add an investment company object, allowing the company to acquire, hold, invest in, buy or sell securities, gold, silver, platinum and precious stones. Operating cash flow was positive at ₹1,672.25 lakhs for FY26. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Interest income from lending. Small, highly leveraged NBFC — loan book and borrowings both dwarf equity; auditor-flagged recoverability and provisioning concerns
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | (0) | 1 |
| EBITDA (ex other income) | (0) | (0) | (0) | (0) | (0) |
| margin % | — | — | — | 598.4 | (59.3) |
| Owners' profit | (0) | (0) | (0) | (0) | (1) |
| EPS, as reported (₹) | (0.01) | (0.18) | (0.05) | (0.22) | 0.00 |
| ROE % · ROCE % | (0.9) · — | (10.9) · — | (1.5) · — | (15.3) · — | (0.1) · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (0) | (0) | 1 | (20) | 17 |
| Capex | 0 | 0 | 0 | 0 | 0 |
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 | 0 | 0 | 0 | 0 | 1 | 1 | (1) | 1 |
| Profit before tax | (0) | (0) | (0) | 0 | 0 | 1 | (2) | 1 |
| Net profit | (0) | (0) | (0) | 0 | 0 | 1 | (3) | 1 |
| EPS (₹) | (0.12) | (0.01) | (0.02) | 0.17 | 0.13 | 0.00 | 0.00 | 0.00 |
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) | 29.6 | 18.1 | 136 of 200 | 32% |
| P/B | 2.7 | 1.1 | 200 of 253 | 21% |
| ROE | (0.1) | 3.1 | 201 of 257 | 22% |
| EBITDA margin | 95.8 | 48.6 | 28 of 249 | 89% |
| Revenue growth | 288.0 | 12.6 | 19 of 231 | 92% |
| Profit growth | 179.1 | 7.8 | 44 of 251 | 83% |
| Market cap | 2285 | 34 | 28 of 268 | 90% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · RTA Compliance Certificate Under Reg 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 28 Sept 2026 · 118th AGM: All 4 resolutions passed with over 99.69% majority | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 ahead of Sep quarter results | compliance | minimal | — | — |
| 26 Sept 2026 · 118th AGM held; FY26 accounts, director changes moved for shareholder vote | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Newspaper publication of 118th AGM notice | compliance | minimal | — | — |
| 8 Sept 2026 · Record date fixed for 118th AGM on September 26, 2026 | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Dhenu Buildcon Infra files 118th Annual Report for FY26, AGM on Sep 26 | compliance | minimal | — | — |
| 4 Sept 2026 · 118th AGM on Sept 26, 2026 - director appointments and financials | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Board approves 118th AGM notice and sets September 18 as record date | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Newspaper publication of Q1FY27 unaudited results | 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.