NSE: DVL · BSE: 523736
DHUNSERI VENTURES LIMITED
Makes flexible packaging items, which generated 87.3% of segment revenue at Rs 350.51 crore in the period ending 31 March 2026, with a 6.6% segment EBIT margin. The remaining segment revenue came from a discontinued Foods and Beverages operation (7.4%, Rs 29.54 crore) and Treasury Operations (5.3%, Rs 21.25 crore), with Trading contributing nothing. A wholly-owned subsidiary, Dhunseri Poly Films Pvt Ltd, is adding a Brownfield BOPET Line of 59,200 tonnes per annum capacity and a 10,200 TPA Metallizer unit at Panagarh Industrial Park in West Bengal, funded in part by a corporate guarantee from DVL to EXIM Bank covering a Rs 118 crore rupee term loan and a Euro 32 million term loan. The company also runs a PET Resins trading arrangement with related party IVL Dhunseri Petrochem capped at 45,000 tonnes annually and Rs 350 crore. Results are consolidated with associates IVL Dhunseri Petrochem and IVL Dhunseri Polyester Co. SAE, which contributed Rs 14,978.20 lakhs of share of profits in the consolidated FY26 numbers. The biggest cost line is materials at 66.5% of revenue, and capex was 193.9% of revenue, reflecting the ongoing packaging capacity build-out. Twelve Cupcakes Pte. Ltd, identified as a material subsidiary, entered creditors voluntary winding-up in Singapore in October 2025. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Flexible Packaging Items (87%), Foods and Beverages (discontinued operations) (7%), Treasury Operations (5%), Trading (0%). Capital-intensive packaging manufacturing with a large ongoing capacity expansion.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 264 | 232 | 403 | 480 | 372 |
| EBITDA (ex other income) | 63 | (1) | 54 | 16 | (62) |
| margin % | 23.8 | (0.3) | 13.3 | 3.3 | (16.6) |
| Owners' profit | 359 | 542 | 153 | 144 | 91 |
| EPS, as reported (₹) | 102.53 | 154.88 | 43.71 | 41.16 | 25.97 |
| ROE % · ROCE % | 17.4 · 4.5 | 20.5 · 1.6 | 5.1 · 2.7 | 4.5 · 1.9 | 2.7 · (0.1) |
| Debt / equity (x) | 0.04 | 0.13 | 0.12 | 0.12 | 0.29 |
| Cash from operations | (26) | 143 | (7) | (378) | (102) |
| Capex | (80) | (358) | (85) | (75) | (721) |
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 | 168 | 122 | 147 | 173 | 82 | 72 | 71 | 232 |
| Profit before tax | 36 | (7) | (116) | 66 | (44) | (40) | (60) | 105 |
| Net profit | 26 | (1) | (87) | 71 | (13) | 6 | 24 | 174 |
| EPS (₹) | 24.74 | (0.92) | (24.85) | 20.35 | (3.05) | 1.72 | 6.95 | 49.76 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Treasury Operations | 21 | 5.3 |
| Flexible Packaging Items | 104 | 25.9 |
| Flexible Packaging Films | 246 | 61.4 |
| Food and Beverages (discontinued operations) | 3 | 0.8 |
| Food and Beverages | 26 | 6.5 |
| Total, before eliminations | 401 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| EPL LIMITED | 6,871 | 14.1 | 2.40 | 7.5 | 13.7 | 13.6 | 9.0 | 19.1 |
| AGI GREENPAC LIMITED | 4,627 | 12.8 | 1.92 | 7.0 | 14.6 | 16.5 | — | 23.4 |
| UFLEX LIMITED | 4,203 | 6.2 | 0.52 | 6.7 | 3.9 | 2.7 | 11.6 | 17.1 |
| TCPL PACKAGING LIMITED | 3,722 | 32.2 | 5.18 | 14.1 | 13.6 | 13.0 | 15.4 | 17.8 |
| JINDAL POLY FILMS LIMITED | 2,951 | 144.3 | 0.72 | 10.1 | 0.6 | 0.8 | 8.5 | 23.0 |
| POLYPLEX CORPORATION LTD | 2,899 | 18.7 | 0.41 | 8.0 | 0.6 | 0.3 | 7.6 | 14.3 |
| XPRO INDIA LIMITED | 2,360 | 71.5 | 2.96 | 51.2 | 2.4 | 2.8 | 6.2 | 11.4 |
| COSMO FIRST LIMITED | 1,923 | 11.4 | 1.19 | 7.2 | 9.6 | 6.4 | 9.8 | 12.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.8 | 16.2 | 8 of 64 | 89% |
| P/B | 0.3 | 1.3 | 2 of 61 | 98% |
| ROCE | (1.5) | 6.9 | 60 of 68 | 12% |
| ROE | 2.7 | 6.8 | 43 of 61 | 30% |
| Debt / Equity | 0.3 | 0.4 | 26 of 61 | 58% |
| EBITDA margin | 49.9 | 12.1 | 3 of 62 | 97% |
| Revenue growth | 33.5 | 14.0 | 12 of 61 | 82% |
| Profit growth | 146.1 | 23.4 | 15 of 60 | 76% |
| Market cap | 939 | 118 | 12 of 73 | 85% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 29 Sept 2026 · Credit rating reaffirmed at IVR A1+ for 30 Crore bank facility | credit debt | medium | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 20 Aug 2026 · Dhunseri Ventures re-appoints MD and Independent Director | management changes | medium | — | — |
| 20 Aug 2026 · AGM voting results all six resolutions passed including related party deal | compliance | minimal | — | — |
| 18 Aug 2026 · 110th AGM proceedings: dividend, director re-appointments, RPT approval | board shareholder meetings | low | — | — |
| 10 Aug 2026 · Dhunseri Ventures Q1 FY27 Results: Strong Consolidated Profit Growth | results | high | — | — |
| 31 Jul 2026 · 110th AGM Notice and FY26 Annual Report Web-Link Shared | compliance | minimal | — | — |
| 31 Jul 2026 · Board meeting on Aug 10 to consider Q1 FY27 results | results | low | — | — |
| 28 Jul 2026 · Notice of 110th AGM and e-voting facility details | compliance | minimal | — | — |
| 27 Jul 2026 · Notice of 110th AGM on 18 August 2026 via video conferencing | 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.