Dhunseri Ventures Limited

Financial Services — Capital Markets · NSE

₹285.65−₹4.05 (−1.40%)

DalalBaazaar Score

64 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:27 pm

Understanding the Business

Company site ↗

The 60-second version of Dhunseri Ventures Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Dhunseri Ventures Limited engages in the treasury operations in shares and securities in India, Singapore, and internationally. It operates through Trading, Treasury Operations, and Flexible Packaging Films segments.

IndustryCapital Markets

SectorFinancial Services

Employees18

Annual revenue₹289 Cr

How does it make money?

Turns over ₹289 Cr a year. Of every ₹100 of sales, about ₹31 reaches shareholders as profit, with ₹55 left at the operating level before interest, tax and depreciation. Each of its 18 employees supports ₹16.05 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹16.05 Cr

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC LIFE INS CO LTD, SBI LIFE INSURANCE CO LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE13.7%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +33% while net margin moved -87% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+33%

Margin effect-87%

DalalBaazaar Score

64/ 100

Good

Weighted across six categories. Every point is explained below.

• Revenue CAGR of 9.9% is steady
✗ Profit has declined at 44.9% a year
✗ Profit is compounding slower than revenue — margins are being squeezed as the business grows

Quality vs. Valuation

Company Quality

61/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

83/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

5.3x

3Y Median

7.0x

40 monthly readings · mean 6.3x · range 1.7x–11.5x

Sector Median

58.4x

median of 3 sector peers

🟢Current valuation is approximately 24% below its 3y median of 7.0x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 91% below the peer median of 58.4x.

vs. its own history

Cheap

7.0x median over 40 months · -24%

vs. sector peers

Cheap

58.4x median of 3 peers · -91%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

11.7x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention4

Return on equity is falling
ROE has dropped from 20.6% to 2.8% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 20.9% to 2.8% — often a sign of competition or overexpansion.
Receivables growing faster than sales
Receivables are up 277% against revenue growth of 33% — customers are taking longer to pay.
Inventory building faster than sales
Inventory is up 7692% against revenue growth of 33% — stock may not be moving.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Significant margin compressionFinancial
EBITDA margin has fallen 288.1 points, from 343.1% to 55.0%.
🟡Profit is decliningFinancial
Net profit is down 83% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 24% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 91% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 343.1% to 55.0%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Returns on shareholder capital are falling
ROE has dropped from 20.6% to 2.8%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 53%✓ 55.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✗ 2.8%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Revenue growth stays above 7% a year✓ 9.9% CAGR
Latest reported year was 32.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
4Interest cover stays above 4x✓ 6.5x
How much operating profit can fall before interest stops being comfortably covered.
5Valuation vs its own median of 7.0x✓ 5.3x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

8 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 2 neutral · 3 weak

Market Cap

₹1,000 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

5.3x

Cheap

Cheap against the generic band

P/B Ratio

0.30x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹53.54

Profitable

Profitable on a per-share basis

ROE

2.8%

Weak

Weak capital efficiency

ROCE

2.8%

Weak

Low return on total capital employed

Debt/Equity

0.29x

Low

Conservative leverage

Revenue Growth (YoY)

32.5%

Healthy

Healthy top-line growth

Profit Growth (YoY)

144.5%

Healthy

Profits growing at a healthy clip

Dividend Yield

1.75%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹822 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

42.6%

Good

Healthy core-business profitability

Net Margin

39.1%

Good

Strong bottom-line conversion

Current Ratio

5.16

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.74

Defensive

Steadier than the market

52W Range Position

61%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

283.3 / 281.1

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

49.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹217 Cr	₹377 Cr	₹446 Cr	₹289 Cr	+9.9%
EBITDA	₹746 Cr	₹236 Cr	₹259 Cr	₹159 Cr	-40.3%
EBITDA Margin	343.1%	62.5%	58.0%	55.0%	—
PAT (Net Profit)	₹542 Cr	₹153 Cr	₹144 Cr	₹91 Cr	-44.9%
EPS	₹154.88	₹43.71	₹41.16	₹25.97	-44.9%
ROE	20.6%	5.2%	4.5%	2.8%	—
ROCE	20.9%	5.5%	5.4%	2.8%	—
Total Debt	₹365 Cr	₹377 Cr	₹388 Cr	₹952 Cr	+37.7%
Free Cash Flow	-₹215 Cr	-₹92 Cr	-₹453 Cr	-₹822 Cr	—

🟢 Revenue has grown at 9.9% a year over 3 years.

🔴 EBITDA has shrunk at 40.3% a year over 3 years.

🔴 EBITDA Margin has fallen from 343.1% to 55.0% over 3 years (-288.1 pts).

🔴 PAT (Net Profit) has shrunk at 44.9% a year over 3 years.

🔴 EPS has shrunk at 44.9% a year over 3 years.

🔴 ROE has fallen from 20.6% to 2.8% over 3 years (-17.8 pts).

🔴 ROCE has fallen from 20.9% to 2.8% over 3 years (-18.1 pts).

🔴 Total Debt has grown at 37.7% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹4,878 Cr

Total Liabilities

₹1,590 Cr

Cash & Equivalents

₹90 Cr

Operating Cash Flow

-₹102 Cr

Capex

-₹721 Cr

Shareholding (proxy)

Institutional Holding

1.8%

Insider Holding

77.3%

Corporate Actions

Dividend Rate

₹5

Ex-Dividend Date

11 Aug 2026

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC LIFE INS CO LTD	58.4x	11.3%
SBI LIFE INSURANCE CO LTD	63.9x	13.7%

Recent News

1 positive1 mixed4 general

Compare with DHUNSERI VENTURES

Equitymaster, 16 Oct

Dhunseri Ventures Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 28 Aug

Dhunseri Ventures (DVL.NS) Eases 1.31% to ₹275.05, Holding Above ₹261 Support - Dark Pool Prints

siam.in, 04 Oct

Dhunseri Ventures seeks ₹350 crore RPT approval at 110th AGM

scanx.trade, 22 Jul

Dhunseri Ventures Share Price: Good Buy After Q1 FY27 Results?

Univest, 10 SeptResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Dhunseri Ventures consolidated net profit rises 144.58% in the June 2026 quarter

Business Standard, 10 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Watch Items

This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Valuation

MiddlingProfitability

WeakGrowth · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

1 of 5 tripwires tripped — Return on equity stays above 8% · see Key things to watch ↑