DHRUV
Dhruv Consultancy Services financials
- Market cap
- ₹46 Cr
- Sector
- Services
- Calls analysed
- 6
Dhruv Consultancy Services Limited Q1 FY27
What went well
- Secured new orders worth INR 90 crores in Q1 FY27, including a INR 40.92 crores assignment from OBCC, indicating increasing ticket sizes.
- Empaneled by BMC and India Exim Bank, expanding ability to participate in larger and more diversified infrastructure assignments.
- Acquired a 55% stake in Verul Drivehub Private Limited, establishing a new Wayside Amenities vertical with revenue expected to start by February next year.
What to watch
- Reported an operating loss of INR 3 crores in Q1 FY27, with an operating margin of -23%.
- Q1 financial performance impacted by 'paper loss' due to corrections in estimates and policy changes by clients like NHAI, leading to a reduction in initial work orders.
What Dhruv Consultancy Services Limited does
Dhruv Consultancy Services Ltd is a multidisciplinary infrastructure consulting firm delivering design and engineering, project management, and techno-advisory services across highways, bridges, tunnels, ports, railways, metros and airports. It earns fees as Authority's Engineer, Independent Engineer, DPR consultant and construction-supervision/PMC consultant on government (NHAI, MoRTH, state PWDs) and private infrastructure projects in India and, more recently, international markets such as Mozambique, Saudi Arabia, Bangladesh and the Philippines. The company also operates traffic-survey and equipment-leasing capabilities (Automatic Traffic Counter Classifiers, Retro Reflectometers, Falling Weight Deflectometers) that support its consulting assignments.
Segments
- Design and Engineering
- Project Management
- Techno-Advisory
- Traffic surveys & equipment leasing
- Total employee strength
- 398
- Completed projects
- 200+
- Government client projects delivered (highways/bridges/transportation)
- 175+ projects for 20+ government clients
- Happy clients
- 25+
- Falling Weight Deflectometers operated
- 2
- States with expressway/highway project presence
- 20+ states
Guidance record · Q1 FY27
what the last two calls moved 10 tracked 1 delivered 2 missed 7 open- Total Order Book missed said Q3 FY25 Promised: we plan to double this order book [from 557 cr] in the coming months. Q1 FY27: Promise not mentioned; remains missed.
- EBITDA Margin in New Sectors at risk said Q2 FY26 Promised: We are eyeing on 30% to 35% EBITDA margin in these sectors. Q1 FY27: Overall operating margin was -23%; no specific new sector margin reported. Management expects improvement in H2.
- Leadership in new sectors on track said Q4 FY25 Promised: Vision 2030, wherein at least we become a leader in 2 other such sectors [beyond highways]. Q1 FY27: Entered Wayside Amenities vertical via SPV; hiring 100 people for railway projects.
All 10 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 26.1%, net profit down 397.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 33 | 22 | 28 | 21 | 19 −41% | -6 −126% | 8 −70% | 16 −26% |
| EBITDA | 4 | 4 | 4 | 3 | 2 −47% | -29 −854% | -9 −301% | -4 −213% |
| Net profit | 2 | 2 | 2 | 2 | 1 −47% | -31 −1542% | -0 −103% | -5 −397% |
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 −62.5% 1Y
1Y: ₹58.24 on 10 Sept 2025 → ₹21.84. High ₹59.03 (15 Sept 2025), low ₹21.84 (11 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- −1.0%
- 18 Aug
- Q3 FY26
- +10.0%
- 2 Mar
- Q2 FY26
- −0.4%
- 17 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 27.4% a year over 2 years, FY24 to FY26. Operating margin narrowed to -77.0%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹82 Cr | ₹102 Cr | ₹43 Cr |
| Operating profit | ₹14 Cr | ₹14 Cr | ₹-33 Cr |
| Operating margin | 17.0% | 14.2% | -77.0% |
| Interest | ₹3 Cr | ₹2 Cr | ₹1 Cr |
| Depreciation | ₹5 Cr | ₹5 Cr | ₹4 Cr |
| Net profit | ₹6 Cr | ₹7 Cr | ₹-28 Cr |
| Net margin | 7.2% | 6.8% | -66.4% |
| Cash from operations | ₹-2 Cr | ₹-14 Cr | ₹-3 Cr |
| Free cash flow | ₹-5 Cr | ₹-18 Cr | ₹-8 Cr |
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 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity capital | ₹15 Cr | ₹16 Cr | ₹19 Cr | ₹19 Cr |
| Reserves | ₹42 Cr | ₹50 Cr | ₹87 Cr | ₹53 Cr |
| Borrowings | ₹19 Cr | ₹20 Cr | ₹24 Cr | ₹28 Cr |
| Other liabilities | ₹32 Cr | ₹22 Cr | ₹20 Cr | ₹18 Cr |
| Total liabilities | ₹108 Cr | ₹108 Cr | ₹150 Cr | ₹119 Cr |
| Fixed assets | ₹17 Cr | ₹14 Cr | ₹9 Cr | ₹11 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹91 Cr | ₹95 Cr | ₹141 Cr | ₹107 Cr |
| Total assets | ₹108 Cr | ₹108 Cr | ₹150 Cr | ₹119 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 Jun 2026
Since Jun 2025, DIIs trimmed −3.62 pp while the public added +2.82 pp. The shareholder count shrank 5% to 6,071.
- Promoters
- 49.4%
- FIIs
- 2.2%
- Public
- 48.4%
Since Jun 2025
- DIIs −3.62 pp
- Public +2.82 pp
- FIIs +0.79 pp
How it drifted, 12 quarters
Over this window promoters fell from 61.4% to 49.4% — −11.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 61.4%, FIIs 0.1%, Public 38.6%.Dec '23: Promoters 60.9%, FIIs 0.1%, Public 39.0%.Mar '24: Promoters 59.1%, FIIs 1.4%, Public 39.5%.Jun '24: Promoters 59.1%, FIIs 1.0%, Public 39.9%.Sep '24: Promoters 59.0%, FIIs 2.7%, Public 38.3%.Dec '24: Promoters 49.4%, FIIs 3.1%, DIIs 1.0%, Public 46.5%.Mar '25: Promoters 49.4%, FIIs 2.1%, DIIs 1.0%, Public 47.5%.Jun '25: Promoters 49.4%, FIIs 1.4%, DIIs 3.6%, Public 45.5%.Sep '25: Promoters 49.4%, FIIs 2.3%, DIIs 3.6%, Public 44.6%.Dec '25: Promoters 49.4%, FIIs 2.3%, DIIs 0.9%, Public 47.3%.Mar '26: Promoters 49.4%, FIIs 2.2%, Public 48.3%.Jun '26: Promoters 49.4%, FIIs 2.2%, Public 48.4%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Deenyar Sheriar Jehani newly disclosed 1.07% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Dhruv Consultancy Services Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Pandurang Balkrishna Dandawate | 21.31% | unchanged |
| Jayashri Pandurang Dandawate | 15.32% | unchanged |
| Tanvi Tejas Auti | 8.37% | unchanged |
| Dheeraj Kumar Lohia | 2.74% | unchanged |
| Rajasthan Global Securities Private Limited NBFC / DFI | 2.64% | unchanged |
| Prutha Pandurang Dandawate | 2.64% | unchanged |
| Sandeep Balkrishna Dandawate | 1.72% | unchanged |
| Dandawate Anjali Mahesh | 1.70% | unchanged |
| Mukesh Sharma | 1.58% | −0.25 pp |
| Aegis Investment Fund Pcc FPI fund | 1.40% | unchanged |
| Asha Devi Mohta | 1.08% | unchanged |
| Deenyar Sheriar Jehani | 1.07% | newly disclosed |
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.
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Dhruv Consultancy Services Limited
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