DHARAN
DHARAN INFRA-EPC financials
- Market cap
- ₹68 Cr
- Sector
- Realty
What DHARAN INFRA-EPC LIMITED does
Dharan Infra-EPC Limited (formerly KBC Global Limited / Karda Constructions Limited) develops residential and commercial real estate in and around Nashik, Maharashtra, largely through joint-development tie-ups with local landowners under its 'Hari' project brand. A second segment executes civil/infrastructure contracting for government bodies, such as bus stands, police quarters, hospital wings and market complexes in Maharashtra and Goa. The company has begun extending into overseas infrastructure contracting through wholly-owned subsidiaries, including a civil-engineering subcontract in East Africa.
Segments
- Real Estate
- Civil / Infrastructure Contracting
- Residential/commercial units handed over (FY25)
- 118 units
- Real estate projects completed since inception
- 23
- Total area constructed since inception
- 14.30 lakh sq ft
- Ongoing real estate projects
- 19 projects (~24.5 lakh sq ft)
- Land bank
- ~4 lakh sq ft (as on 31-Mar-2021)
- Joint development (JD) projects
- 4
Quarterly results
Q2 FY26: revenue down 43.5%, net profit down 874.4% against the same quarter last year.
| Line item | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13 | 13 | 9 | 6 | 1 −91% | 1 −89% | 0 −99% | 4 −44% |
| EBITDA | -33 | -7 | -14 | -0 | -24 +27% | -1 +78% | -8 +39% | -1 −582% |
| Net profit | -29 | -6 | -15 | -0 | -20 +31% | -2 +55% | -8 +46% | -4 −874% |
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 −73.5% 1Y
1Y: ₹0.49 on 10 Sept 2025 → ₹0.13. High ₹0.61 (26 Sept 2025), low ₹0.11 (30 Mar 2026).
Financials, as filed
Revenue fell 40.7% a year over 1 year, FY24 to FY25. Operating margin narrowed to -220.2%.
| Year ending | FY24 | FY25 |
|---|---|---|
| Revenue | ₹30 Cr | ₹18 Cr |
| Operating profit | ₹-65 Cr | ₹-40 Cr |
| Operating margin | -214.9% | -220.2% |
| Interest | ₹14 Cr | ₹4 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr |
| Net profit | ₹-50 Cr | ₹-38 Cr |
| Net margin | -164.8% | -213.1% |
| Cash from operations | ₹68 Cr | ₹17 Cr |
| Free cash flow | ₹68 Cr | ₹17 Cr |
| ROCE | -3.0% | -4.0% |
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 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Equity capital | ₹12 Cr | ₹62 Cr | ₹67 Cr | ₹110 Cr | ₹261 Cr |
| Reserves | ₹111 Cr | ₹78 Cr | ₹867 Cr | ₹800 Cr | ₹685 Cr |
| Borrowings | ₹92 Cr | ₹89 Cr | ₹126 Cr | ₹76 Cr | ₹68 Cr |
| Other liabilities | ₹99 Cr | ₹98 Cr | ₹69 Cr | ₹107 Cr | ₹196 Cr |
| Total liabilities | ₹314 Cr | ₹327 Cr | ₹1.1k Cr | ₹1.1k Cr | ₹1.2k Cr |
| Fixed assets | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹56 Cr | ₹29 Cr | ₹683 Cr | ₹24 Cr | ₹21 Cr |
| Other assets | ₹257 Cr | ₹297 Cr | ₹444 Cr | ₹1.1k Cr | ₹1.2k Cr |
| Total assets | ₹314 Cr | ₹327 Cr | ₹1.1k Cr | ₹1.1k Cr | ₹1.2k 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 Dec 2025
Since Dec 2024, FIIs added +0.18 pp while the public trimmed −0.18 pp. The shareholder count grew 32% to 3,45,709.
- Promoters
- 0.8%
- FIIs
- 0.4%
- Public
- 98.8%
Since Dec 2024
- FIIs +0.18 pp
- Public −0.18 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Over this window promoters fell from 3.3% to 0.8% — −2.4 pp.
Ownership split by quarter, oldest first. Mar '23: Promoters 3.3%, Public 96.7%.Jun '23: Promoters 3.3%, FIIs 0.9%, Public 95.8%.Sep '23: Promoters 2.6%, FIIs 7.9%, Public 89.5%.Dec '23: Promoters 2.3%, FIIs 2.7%, Public 95.0%.Mar '24: Promoters 2.0%, FIIs 0.8%, Public 97.2%.Jun '24: Promoters 2.0%, Public 98.0%.Sep '24: Promoters 1.3%, Government 0.0%, Public 98.7%.Dec '24: Promoters 0.8%, FIIs 0.2%, Public 99.0%.Mar '25: Promoters 0.8%, Public 99.2%.Jun '25: Promoters 0.8%, FIIs 0.8%, Public 98.4%.Sep '25: Promoters 0.8%, FIIs 0.8%, Public 98.4%.Dec '25: Promoters 0.8%, FIIs 0.4%, Public 98.8%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Siddharth Verma newly disclosed 1.24% held
The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Dec 2025 filing
Every holder of DHARAN INFRA-EPC LIMITED above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Wave Capital Ltd FPI fund | 10.09% | −0.23 pp |
| Zeal Global Opportunities Fund FPI fund | 7.11% | unchanged |
| Nova Global Opportunities Fund Pcc - Touchstone FPI fund | 5.38% | unchanged |
| M7 Global Fund Pcc - Cell Dewcap Fund FPI fund | 3.58% | unchanged |
| Siddharth Verma | 1.24% | newly disclosed |
| Naresh Jagumal Karda | 0.77% | unchanged |
| Neha Prem Karda | 0.03% | unchanged |
| Komal Laxman Karda | 0.02% | unchanged |
| Karamchand Jagumal Karda | 0.01% | unchanged |
| Laxman Jagumal Karda | 0.01% | unchanged |
| Manohar Jagumal Karda | 0.00% | unchanged |
| Aio Growth Capital Fund Spc VC / PE | — | off the list |
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 DHARAN INFRA-EPC LIMITED
Guides on how to read this kind of business and the numbers that matter.