Dharan Infra-Epc share price & results
- Sept 2025
- Dec 2025
Nashik-based affordable-housing real estate developer and civil/infrastructure contractor, formerly Karda Constructions / KBC Global, now expanding into overseas EPC via subsidiaries
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3.5 | −43.5% YoY | Quarterly, as filed | Quarter to Sept 2025 | Revenue from operations as filed. |
| Operating margin | -42.9 | −39.3 pts YoY | Operating profit / revenue | Quarter to Sept 2025 | For the quarter; a change is in percentage points. |
| Net profit | -4.2 | Quarterly, as filed | Quarter to Sept 2025 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. | |
| Return on equity | -3.71 | −0.2 pts | Trailing twelve months | TTM to Sept 2025 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | +98.3 pts | Fiscal year | FY · period unavailable | Not in the analysed materials. No older figure is substituted. | |
| Revenue growth (YoY) | -85.07 | +10.1 pts | Trailing twelve months | TTM to Sept 2025 | Revenue change against the same period one year earlier. |
Price
Performance −72.7% 1Y
1Y: ₹0.44 on 24 Oct 2025 → ₹0.12. High ₹0.54 (10 Nov 2025), low ₹0.11 (30 Mar 2026).
- Previous close
- ₹0.12
- Market cap
- ₹68 Cr
- 52-week range
- ₹0.11 – ₹0.54
- One year
- −71.43%
- Return on equity (TTM to Sept 2025)
- -3.71%
Overview
- Symbol
- NSE:DHARAN
- Sector
- Realty
- Industry
- Consumer Discretionary
- Exchange
- NSE
- Currency
- INR
What DHARAN INFRA-EPC LIMITED does
Based on the company's own presentations, annual report and earnings calls.
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
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 5 fiscal years held (Mar 2021 to Mar 2025).
Financials
What the filings say
Net profit, year on year: −874% (quarter to sept 2025 against sept 2024).
| Line item | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 |
|---|---|---|---|---|---|---|---|---|
| Sales | 13 | 13 | 9 | 6 | 1 | 1 | 0 | 4 |
| Expenses | 46 | 19 | 23 | 6 | 25 | 3 | 9 | 5 |
| Operating profit | -33 | -7 | -14 | -0 | -24 | -1 | -8 | -1 |
| Operating margin | −263.3% | −54.3% | −147.7% | −3.5% | −2214.7% | −107.3% | −7700.0% | −42.9% |
| Other income | 11 | 3 | 1 | 2 | 1 | 1 | 1 | 0 |
| Interest | 6 | 1 | 3 | 2 | -3 | 2 | 1 | 3 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | -29 | -6 | -15 | -0 | -20 | -2 | -8 | -4 |
| Tax rate | −0.0% | 0.4% | 0.0% | 0.0% | 0.1% | 0.4% | 0.0% | 0.0% |
| Net profit | -29 | -6 | -15 | -0 | -20 | -2 | -8 | -4 |
| EPS (₹ per share) | -0.15 | -0.03 | -0.06 | 0 | -0.04 | 0 | -0.02 | -0.01 |
| Line item | Mar 2024 | Mar 2025 |
|---|---|---|
| Sales | 30 | 18 |
| Expenses | 95 | 58 |
| Operating profit | -65 | -40 |
| Other income | 29 | 5 |
| Interest | 14 | 4 |
| Depreciation | 0 | 0 |
| Profit before tax | -50 | -38 |
| Net profit | -50 | -38 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 |
|---|---|---|---|---|---|---|
| Equity capital | 12 | 62 | 67 | 110 | 261 | 261 |
| Reserves | 111 | 78 | 867 | 800 | 620 | 685 |
| Borrowings | 92 | 89 | 126 | 76 | 64 | 68 |
| Other liabilities | 99 | 98 | 69 | 107 | 113 | 196 |
| Total liabilities | 314 | 327 | 1,128 | 1,093 | 1,059 | 1,211 |
| Fixed assets | 1 | 1 | 1 | 1 | 1 | 1 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 56 | 29 | 683 | 24 | 16 | 21 |
| Other assets | 257 | 297 | 444 | 1,068 | 1,042 | 1,189 |
| Total assets | 314 | 327 | 1,128 | 1,093 | 1,059 | 1,211 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Cash from operations | 35 | -20 | -163 | 68 | 17 |
| Cash from investing | -2 | 37 | -654 | 664 | 10 |
| Cash from financing | -32 | -17 | 821 | -47 | -16 |
| Net cash flow | 0 | 0 | 3 | 686 | 11 |
| Free cash flow | 34 | -20 | -163 | 68 | 17 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Debtor days | 163 | 299 | 343 | -1145 | -1440 |
| Inventory days | — | — | — | -1972 | -2747 |
| Cash conversion cycle | 163 | 299 | 343 | -3118 | -4188 |
| Working capital days | 321 | 513 | 886 | 3033 | 3807 |
| Return on capital employed | — | 17.0% | 1.0% | −3.0% | −4.0% |
| Dividend payout | 3.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Where revenue comes from
The businesses behind the company’s reported revenue.
Real Estate contributes 86.9% of reported segment revenue.
Quarter ended 30 Sept 2025 · Consolidated
- Real Estate 86.9%
₹3.04 crore
- Investment in subsidiaries 13.1%
₹0.46 crore
- Civil Contracting Business 0.0%
₹0.00 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Real Estate | 3.04 | 86.9% |
| Investment in subsidiaries | 0.46 | 13.1% |
| Civil Contracting Business | 0.00 | 0.0% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
How these numbers add up
- Total segment revenue
- ₹3.50 crore
- Intersegment adjustment
- ₹0.00 crore
- Net segment revenue
- ₹3.50 crore
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
How the mix has moved
Real Estate grew from 15% to 87% of revenue over the last two years.
| Segment | Mar 2023 | Jun 2023 | Dec 2023 | Jun 2024 | Sep 2024 | Dec 2024 | Jun 2025 | Sep 2025 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Real Estate | 15% | 98% | 99% | 100% | 80% | 54% | — | 87% | -51.0% |
| Investment in subsidiaries | — | — | — | — | — | — | — | 13% | — |
| Civil Contracting Business | 70% | — | 0% | 0% | 0% | — | — | 0% | — |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
Ownership
Who owns it
Public hold 98.80% as of Dec 2025.
- Promoters 0.83%
- Foreign institutions 0.37%
- Domestic institutions 0.00%
- Government 0.00%
- Public 98.80%
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.
- 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 |
|---|---|---|
| FPI fund | 10.09% | −0.23 pp |
| FPI fund | 7.11% | unchanged |
| FPI fund | 5.38% | unchanged |
| FPI fund | 3.58% | unchanged |
| 1.24% | newly disclosed | |
| 0.77% | unchanged | |
| 0.03% | unchanged | |
| 0.02% | unchanged | |
| 0.01% | unchanged | |
| 0.01% | unchanged | |
| VC / PE | — | off the list |
| FPI fund | — | 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.
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