BSE: 531237
DHRUVA CAPITAL SERVICES LTD.
Operates an RBI-registered non-banking financial company (NBFC) that lends to retail borrowers through three streams: small-ticket consumer loans via the NeoMoney digital app launched in April 2026 (ticket sizes Rs 500 to Rs 5,000, credit limit up to Rs 50,000, tenures of 30-90 days), service finance for motor vehicles and tyres, and goldsmith pledge loans of Rs 50,000-Rs 1 lakh at 18-32 percent interest rates. The NeoMoney platform uses AI-driven underwriting and offers instant disbursement through partnerships with RazorpayX and IDFC First Bank, targeting students aged 18-30 and salaried professionals aged 18-50, with an emphasis on Tier 2 and Tier 3 markets. The FY26 loan book stood at Rs 2,963 lakh against borrowings of Rs 1,270 lakh, both of which roughly doubled year-on-year. FY26 revenue was Rs 5.48 crore with net profit of Rs 1.62 crore, helped by an exceptional NPA recovery of Rs 236.93 lakh and an NPA provision reversal of Rs 107.50 lakh. Operating cash flow was deeply negative at minus Rs 1,044 lakh, and the company raised Rs 1,830.75 lakh via a July 2025 preferential issue deployed entirely into working capital. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Digital consumer lending (NeoMoney app), Service finance, Goldsmith pledge loans. Small, digitally-focused retail NBFC in transition from legacy lending to app-based consumer credit
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 1 | 2 | 5 |
| EBITDA (ex other income) | 0 | 0 | 0 | (1) | 3 |
| margin % | 37.9 | 26.9 | 6.1 | (27.8) | 58.7 |
| Owners' profit | 0 | 0 | 4 | (1) | 2 |
| EPS, as reported (₹) | 0.29 | 0.17 | 10.48 | (2.73) | 2.25 |
| ROE % · ROCE % | 2.1 · — | 1.2 · — | 35.0 · — | (10.1) · — | 5.2 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (0) | 0 | (7) | (8) | (10) |
| Capex | 0 | 0 | 0 | 0 | (1) |
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 | 1 | 1 | 0 | 1 | 1 | 2 | 1 | 1 |
| Profit before tax | 1 | 0 | (2) | (1) | (1) | 2 | (1) | 0 |
| Net profit | 1 | 0 | (2) | (1) | (1) | 2 | (1) | 0 |
| EPS (₹) | 1.41 | 0.20 | (5.19) | 4.51 | (2.12) | 3.60 | (1.13) | 1.54 |
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) | 42.3 | 18.1 | 152 of 200 | 24% |
| P/B | 1.9 | 1.1 | 177 of 253 | 30% |
| ROE | 5.2 | 3.1 | 103 of 257 | 60% |
| EBITDA margin | 70.2 | 48.6 | 81 of 249 | 68% |
| Revenue growth | 0.6 | 12.6 | 140 of 231 | 40% |
| Profit growth | 105.5 | 7.8 | 64 of 251 | 75% |
| Market cap | 58 | 34 | 108 of 268 | 60% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 20 Oct 2026 · Board approves QIP to raise up to Rs. 160 Crores | fund raising | medium | — | — |
| 14 Oct 2026 · Quarterly Demat Confirmation Certificate filed with BSE | compliance | minimal | — | — |
| 12 Oct 2026 · EGM approves authorised capital hike and fund raising plans | board shareholder meetings | medium | — | — |
| 10 Oct 2026 · Dhruva Capital EOGM held; votes pending on capital raise and share capital hike | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Dhruva Capital publishes EGM notice and e-voting details in newspapers | compliance | minimal | — | — |
| 16 Sept 2026 · EGM on Oct 10 to approve capital hike and fundraise up to Rs 160 cr | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Board approves Rs 160 cr fund raise, capital hike, office shift | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Board to consider fund raising on Sept 11, 2026 | fund raising | low | — | — |
| 4 Sept 2026 · All 5 resolutions approved at 32nd AGM | board shareholder meetings | low | — | — |
| 4 Sept 2026 · 32nd AGM concludes; 5 resolutions passed including registered office change | 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.