DHANI
Dhani Services share price & financials
- Price
- ₹51.06
- Market cap
- ₹3.3k Cr
- Sector
- Financial Services
- Calls analysed
- 1
Dhani Services Q4 FY22
Revenue (FY22) ₹1,465 cr (+8% YoY); Profit After Tax (FY22) ₹-860 cr. FY22 Revenue recorded at ₹1465 crores, an 8% YoY growth from ₹1363 crores in the prior year.
Read the full call →What Dhani Services does
Dhani Services Limited (formerly Indiabulls Ventures Limited), part of the Indiabulls Group, operates through subsidiaries across three segments: real estate development, equity/securities broking, and asset reconstruction (ARC). Its real estate business develops residential, commercial, plotted and mixed-use projects under the Indiabulls brand across Gurugram, Kharkhouda (NCR) and Mumbai. Indiabulls Securities Limited (formerly Dhani Stocks Limited) provides retail equity and capital-markets broking, while Indiabulls Asset Reconstruction Company Limited acquires and resolves stressed corporate loan portfolios from banks and financial institutions. The company also holds a lending subsidiary, Dhani Loans and Services Limited.
Segments
- Real Estate Development
- Equity / Securities Broking
- Asset Reconstruction (ARC)
- Business segments
- 3 (Real Estate Development, Equity/Securities Broking, Asset Reconstruction)
- Real estate project pipeline
- 6 projects across Gurugram, Kharkhouda (NCR) and Mumbai spanning residential, commercial, plotted-development and mixed-use formats
- Broking subsidiary
- Indiabulls Securities Limited (formerly Dhani Stocks Limited)
- Asset reconstruction subsidiary
- Indiabulls Asset Reconstruction Company Limited
- Lending subsidiary
- Dhani Loans and Services Limited
- Corporate offices
- Gurugram (Haryana) and Mumbai
Guidance record · Q4 FY22
what the last two calls moved 4 tracked 0 delivered 0 missed 4 open- Commission from suppliers open said Q4 FY22 Promised: up to 10% Q4 FY22: objective is to ultimately make up to 10%. commission from our suppliers
All 4 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY26: revenue down 20.0%, net profit up 107.9% against the same quarter last year.
| Line item | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 99 | 87 | 118 | 107 | 103 +4% | 95 +9% | 90 −24% | 86 −20% |
| EBITDA | -64 | -71 | -56 | -58 | 23 +136% | 38 +153% | -14 +75% | 23 +139% |
| Net profit | -105 | -89 | -85 | -83 | 4 +104% | 5 +106% | 6 +107% | 7 +108% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −9.2% 1Y
1Y: ₹56.24 on 25 Oct 2024 → ₹51.06. High ₹108.29 (3 Jan 2025), low ₹51.06 (27 Oct 2025).
Financials, as filed
Revenue fell 19.5% a year over 2 years, FY23 to FY25. Operating margin widened to -3.0%.
| Year ending | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | ₹609 Cr | ₹423 Cr | ₹395 Cr |
| Operating profit | ₹-382 Cr | ₹-235 Cr | ₹-12 Cr |
| Operating margin | -62.8% | -55.6% | -3.0% |
| Interest | ₹166 Cr | ₹93 Cr | ₹64 Cr |
| Depreciation | ₹91 Cr | ₹63 Cr | ₹30 Cr |
| Net profit | ₹-481 Cr | ₹-374 Cr | ₹-68 Cr |
| Net margin | -79.1% | -88.4% | -17.1% |
| Cash from operations | ₹848 Cr | ₹-231 Cr | ₹98 Cr |
| Free cash flow | ₹850 Cr | ₹-243 Cr | ₹95 Cr |
| ROCE | -5.0% | -5.0% | 1.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Equity capital | ₹102 Cr | ₹115 Cr | ₹121 Cr | ₹122 Cr | ₹122 Cr | ₹122 Cr |
| Reserves | ₹4.9k Cr | ₹5.1k Cr | ₹4.9k Cr | ₹3.7k Cr | ₹3.3k Cr | ₹2.7k Cr |
| Borrowings | ₹5.4k Cr | ₹3.7k Cr | ₹2.5k Cr | ₹1.0k Cr | ₹697 Cr | ₹507 Cr |
| Other liabilities | ₹1.1k Cr | ₹1.2k Cr | ₹1.1k Cr | ₹479 Cr | ₹379 Cr | ₹389 Cr |
| Total liabilities | ₹11.6k Cr | ₹10.1k Cr | ₹8.6k Cr | ₹5.3k Cr | ₹4.5k Cr | ₹3.7k Cr |
| Fixed assets | ₹755 Cr | ₹409 Cr | ₹537 Cr | ₹319 Cr | ₹252 Cr | ₹126 Cr |
| Capital work in progress | ₹6 Cr | ₹6 Cr | ₹7 Cr | ₹4 Cr | ₹0 Cr | ₹1 Cr |
| Investments | ₹634 Cr | ₹1.4k Cr | ₹588 Cr | ₹510 Cr | ₹55 Cr | ₹64 Cr |
| Other assets | ₹10.2k Cr | ₹8.3k Cr | ₹7.5k Cr | ₹4.5k Cr | ₹4.2k Cr | ₹3.5k Cr |
| Total assets | ₹11.6k Cr | ₹10.1k Cr | ₹8.6k Cr | ₹5.3k Cr | ₹4.5k Cr | ₹3.7k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Sep 2025
Since Sep 2024, promoters added +4.77 pp while the public trimmed −3.96 pp. The shareholder count shrank 4% to 1,76,379.
- Promoters
- 33.9%
- FIIs
- 18.7%
- DIIs
- 1.5%
- Public
- 41.4%
- Others
- 4.5%
Since Sep 2024
- Promoters +4.77 pp
- Public −3.96 pp
- FIIs −0.54 pp
How it drifted, 12 quarters
Over this window the public fell from 45.0% to 41.4% — −3.6 pp.
Ownership split by quarter, oldest first. Dec '22: Promoters 32.9%, FIIs 15.9%, DIIs 1.4%, Public 45.0%, Others 4.8%.Mar '23: Promoters 32.9%, FIIs 14.6%, DIIs 1.4%, Public 46.3%, Others 4.8%.Jun '23: Promoters 32.9%, FIIs 14.1%, DIIs 1.4%, Public 46.7%, Others 4.8%.Sep '23: Promoters 31.3%, FIIs 14.4%, DIIs 1.4%, Public 48.1%, Others 4.8%.Dec '23: Promoters 31.3%, FIIs 14.3%, DIIs 1.4%, Public 48.2%, Others 4.8%.Mar '24: Promoters 30.8%, FIIs 14.6%, DIIs 1.5%, Public 48.3%, Others 4.8%.Jun '24: Promoters 29.1%, FIIs 16.6%, DIIs 1.5%, Public 48.0%, Others 4.8%.Sep '24: Promoters 29.1%, FIIs 19.2%, DIIs 1.5%, Public 45.3%, Others 4.8%.Dec '24: Promoters 29.1%, FIIs 21.0%, DIIs 1.5%, Public 43.5%, Others 4.8%.Mar '25: Promoters 29.1%, FIIs 22.1%, DIIs 1.8%, Public 42.2%, Others 4.8%.Jun '25: Promoters 29.1%, FIIs 20.8%, DIIs 1.9%, Public 43.4%, Others 4.8%.Sep '25: Promoters 33.9%, FIIs 18.7%, DIIs 1.5%, Public 41.4%, Others 4.5%.
Who bought this quarter
since Jun 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Valerian Real Estate Private Limited +3.42 pp 3.42% held
- Calleis Infracon Private Limited +3.42 pp 3.42% held
The same filing shows 11 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Sep 2025 filing
Every holder of Dhani Services above SEBI's 1% disclosure line, and what changed since Jun 2025.
| Holder | Stake | Change |
|---|---|---|
| Inuus Developers Private Limited | 21.88% | −1.66 pp |
| Sameer Gehlaut | 5.20% | −0.40 pp |
| Acm Global Fund Vcc FPI fund | 5.10% | −0.39 pp |
| Valerian Real Estate Private Limited | 3.42% | +3.42 pp |
| Calleis Infracon Private Limited | 3.42% | +3.42 pp |
| Maybank Securities Pte Ltd FPI fund | 2.52% | −0.20 pp |
| Anand Shaktikumar Sancheti | 2.37% | −0.18 pp |
| Brijkishor Trading Private Limited | 2.30% | −0.18 pp |
| Divyesh Bharatkumar Shah | 1.68% | −0.09 pp |
| Societe Generale - Odi Foreign bank / ODI | 1.52% | −0.29 pp |
| Cohesion Mk Best Ideas Sub-Trust FPI fund | 1.52% | −0.11 pp |
| Jainam Broking Limited | 1.51% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Dhani Services
Guides on how to read this kind of business and the numbers that matter.