BSE: 517238
DYNAVISION LTD.
Operates two businesses. The main one is renting out owned investment property, which on a standalone basis produced ₹8.83 crore of revenue in FY26 with very high profitability. The second, run through subsidiary Dynavision Green Solutions Limited, is implementing and operating solar power projects at the Aruppukottai Solar Power Plant (ASPP), including a 450 kW Phase 3 capacity addition tied to a captive power sale to Apollo Hospitals Enterprise Limited. Consolidated FY26 revenue was ₹13.54 crore with consolidated net profit of ₹8.09 crore. The solar segment has been loss-making, posting a loss of ₹34.14 lakhs for FY26, and was reported separately from the rental business. The cost structure shows no material input costs; the main recurring expenses are other operating expenses (15.2% of revenue) and depreciation (16.6% of revenue), with employee cost at 9.1%. The Board approved the sale of one of the investment properties (Radiance Mandarin Apartment) during FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Renting of investment property, Implementation of solar power projects. Asset-heavy, with property rental as the cash-generating core and a small loss-making solar subsidiary
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 8 | 10 | 13 | 14 |
| EBITDA (ex other income) | 6 | 8 | 10 | 10 |
| margin % | 78.3 | 80.5 | 78.2 | 75.6 |
| Owners' profit | 5 | 7 | 5 | 8 |
| EPS, as reported (₹) | 12.87 | 16.98 | 12.85 | 21.07 |
| ROE % · ROCE % | 42.8 · 22.0 | 30.5 · 14.9 | 18.8 · 15.2 | 23.6 · 14.0 |
| Debt / equity (x) | 0.00 | 1.15 | 0.85 | 0.58 |
| Cash from operations | (1) | 11 | 10 | 8 |
| Capex | (2) | 0 | (3) | (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 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Profit before tax | 2 | 1 | 1 | 2 | 2 | 1 | 2 | 2 |
| Net profit | 2 | 1 | 1 | 1 | 2 | 1 | 1 | 4 |
| EPS (₹) | 4.79 | 2.58 | 2.74 | 2.74 | 4.25 | 2.34 | 3.64 | 10.83 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| (a) Renting of investment property | 9 | 65.2 |
| (b) Implementation of solar power projects | 5 | 34.8 |
| Total, before eliminations | 14 | 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. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 13,278 | 21.8 | 8.92 | 12.7 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 9,301 | 106.7 | 31.09 | 5.9 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,214 | 17.3 | 2.41 | 12.2 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,587 | 16.1 | 11.92 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,553 | 199.2 | 10.46 | 4.7 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,794 | 18.9 | 4.10 | 14.4 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,657 | 37.3 | 2.72 | 27.7 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 4,074 | — | 7.92 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.7 | 13.5 | 30 of 80 | 63% |
| P/B | 2.5 | 1.4 | 64 of 96 | 34% |
| ROCE | 10.8 | 3.4 | 27 of 103 | 75% |
| ROE | 23.6 | 2.9 | 10 of 113 | 92% |
| Debt / Equity | 0.6 | 0.1 | 74 of 91 | 19% |
| EBITDA margin | 97.3 | 25.4 | 8 of 92 | 92% |
| Revenue growth | 1.3 | 16.2 | 62 of 91 | 32% |
| Profit growth | 292.3 | 5.2 | 16 of 110 | 86% |
| Market cap | 87 | 48 | 42 of 109 | 62% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Confirmation certificate for share dematerialisation, Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Dynavision 51st AGM: 3 resolutions passed, RPT with subsidiary approved | compliance | minimal | — | — |
| 21 Sept 2026 · Dynavision 51st AGM held on 21 Sep 2026 via video conferencing | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Newspaper ad intimation for 51st AGM notice and e-voting details | compliance | minimal | — | — |
| 3 Sept 2026 · Dispatch of AGM notice and annual report letter to shareholders | compliance | minimal | — | — |
| 30 Aug 2026 · Newspaper ad filed with BSE for 51st AGM via video conferencing | compliance | minimal | — | — |
| 28 Aug 2026 · Notice of 51st AGM on Sep 21, 2026 - RPT approval with subsidiary worth Rs 30 cr | board shareholder meetings | low | — | — |
| 28 Aug 2026 · FY26 Annual Report and 51st AGM notice filed with BSE | board shareholder meetings | medium | — | — |
| 25 Aug 2026 · Newspaper notice on re-lodgement of share transfer deeds | 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.