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Dhruv Consultancy Secures Multiple Projects Worth ₹16.24 Cr; Order Book Reaches ₹256 Cr
Dhruv Consultancy Services Limited (DCSL) has secured six new consultancy contracts across Maharashtra, Telangana, Uttar Pradesh, and West Bengal during January and February 2026. These projects, totaling approximately ₹16.24 crore, include Detailed Project Reports (DPR), supervision, and project management consultancy for clients like NHAI and CPWD. The company's unexecuted order book now stands at approximately ₹256 crore, which is nearly 2.5 times its FY25 revenue of ₹103.52 crore. This influx of orders provides strong revenue visibility and demonstrates the company's growing geographic and service-line diversification.
Key Highlights
Secured six new mandates worth approximately ₹16.24 crore across four Indian states.
Total unexecuted order book stands at ₹256 crore as of February 26, 2026.
Largest single win in this batch is a ₹4.58 crore DPR project for NHAI in Maharashtra.
Order book provides high revenue visibility, representing ~2.5x the FY25 total revenue of ₹103.52 crore.
Project durations range from 7 to 36 months, balancing short-term deliverables with long-term supervision fees.
💼 Action for Investors
Investors should take note of the robust order book which provides a clear growth trajectory for the next 2-3 years. The company's ability to win repeat business from NHAI and diversify into multiple states is a positive indicator of its technical execution capabilities.
CARE Downgrades Dhruv Consultancy to 'BB+' After 51.6% Revenue Drop and 9MFY26 Net Loss
CARE Ratings has downgraded Dhruv Consultancy's long-term rating to CARE BB+ (Stable) from BBB- due to a sharp 51.62% decline in 9MFY26 revenue to ₹36.52 crore. The company reported a significant net loss of ₹28.37 crore for the nine-month period, primarily driven by a massive ₹24.97 crore revenue reversal in Q3FY26 following project cost revisions and accounting adjustments. Liquidity is currently stretched with unencumbered cash falling to ₹0.62 crore, while the order book has also seen a reduction to ₹239.55 crore. Despite these setbacks, the company maintains a comfortable capital structure with an overall gearing of 0.33x.
Key Highlights
CARE Ratings downgraded long-term facilities to CARE BB+ (Stable) and short-term to CARE A4+
9MFY26 Total Operating Income plummeted 51.62% YoY to ₹36.52 crore with a net loss of ₹28.37 crore
Q3FY26 reported negative revenue of ₹5.69 crore due to a ₹24.97 crore reversal of previously recognized income
Liquidity is stretched with cash balances dropping from ₹6.92 crore in March 2025 to ₹0.62 crore in December 2025
Order book declined to ₹239.55 crore as of Sept 2025, impacted by previous NHAI debarment issues
💼 Action for Investors
Investors should exercise caution as the rating downgrade and massive revenue reversals indicate significant accounting and execution risks. Monitor the company's ability to secure new NHAI orders following the court stay and its progress in improving liquidity.
Dhruv Consultancy Secures Rs 1.69 Crore PMC Contract from U.P. State Bridge Corp
Dhruv Consultancy Services Limited has received a Letter of Acceptance (LOA) for a Project Management Consultancy (PMC) contract in Kanpur, Uttar Pradesh. The contract, awarded by U.P. State Bridge Corporation Ltd., involves supervision of construction work for the Ganga River Bridge and its approach roads. The total project value is approximately Rs 1.69 Crores (excluding GST) with an execution timeline of 24 months. This win strengthens the company's presence in the infrastructure consultancy segment in North India.
Key Highlights
Contract value is Rs 1,68,81,984 excluding GST
Awarded by U.P. State Bridge Corporation Ltd. for projects in Kanpur Nagar
Project duration is set for 24 months
Scope includes PMC for Ganga River Bridge and approach road construction supervision
Performance security must be furnished within 10 days of LOA issuance
💼 Action for Investors
Investors should view this as a positive development for the company's order book, though the contract size is relatively small. Monitor the company's ability to maintain margins on such consultancy-heavy projects over the 24-month period.
Dhruv Consultancy Secures Rs 2.88 Crore NHAI Supervision Project in Telangana
Dhruv Consultancy Services, in association with Lane Logic Consultants, has received a Letter of Award from the National Highways Authority of India (NHAI) for supervision consultancy services. The project involves the operation and maintenance of an 85.80 km stretch of NH-765 from Hyderabad to Dindi in Telangana. The contract is valued at Rs 2.88 crore (excluding GST) and has a duration of 36 months. This award strengthens the company's service portfolio in the infrastructure consultancy segment.
Key Highlights
Awarded a contract worth Rs 2.88 crore excluding GST by NHAI.
Project involves supervision consultancy for 85.80 kms of NH-765.
The contract duration is 36 months, providing long-term revenue visibility.
Project executed in association with M/s Lane Logic Consultants on PMC mode.
💼 Action for Investors
This is a positive development that adds to the company's order book and ensures steady revenue for the next three years. Investors should monitor the company's success rate in winning larger-scale NHAI contracts to drive significant growth.
Dhruv Consultancy Reports Negative Q3 Revenue of ₹(5.44) Cr Due to ₹30 Cr Accounting Adjustment
Dhruv Consultancy Services reported a negative total revenue of ₹(5.44) crore for Q3 FY26, primarily due to a significant ₹30 crore non-cash accounting adjustment. This adjustment stems from a strategic reassessment of project costs and margins under Ind AS 8 and Ind AS 115 to align with current execution realities. For the 9M FY26 period, total revenue stands at ₹35.36 crore. While the adjustment is non-cash and does not impact operational cash flows, it drastically affects the current year's reported profitability.
Key Highlights
Reported negative Q3 FY26 revenue of ₹(5.44) crore following a ₹30 crore prospective accounting adjustment.
9M FY26 total revenue reached ₹35.36 crore, compared to a full-year FY25 revenue of ₹103.52 crore.
The ₹30 crore adjustment is non-cash and relates to revisions in project cost and margin estimates.
Maintains a robust unexecuted order book of ₹256 crore as of February 2026, providing future revenue visibility.
Management has implemented enhanced cost monitoring and milestone-based controls to stabilize future reporting.
💼 Action for Investors
Investors should exercise caution as the large accounting write-down indicates previous over-estimation of project margins. Monitor the company's ability to convert its ₹256 crore order book into actual cash-positive revenue in the coming quarters.
Dhruv Consultancy Q3 Loss at ₹30.97 Cr; Revenue Reversal of ₹24.97 Cr Impacts Results
Dhruv Consultancy Services reported a significant net loss of ₹30.97 crore for the quarter ended December 31, 2025, compared to a profit of ₹1.01 crore in the previous quarter. The results were severely impacted by a change in accounting estimation methodology for revenue recognition, which led to a ₹24.97 crore reversal in revenue and profit. Consequently, revenue from operations for the quarter turned negative at ₹(5.69) crore. Additionally, the company continues to operate under an interim stay from the Madras High Court regarding a debarment order from NHAI.
Key Highlights
Net loss of ₹30.97 crore in Q3 FY26 against a profit of ₹1.01 crore in Q2 FY26
Revenue from operations fell to ₹(5.69) crore due to a ₹24.97 crore downward revision in project estimates
Accounting adjustment resulted in a ₹6.13 crore decrease in unbilled revenue (Contract Assets)
Quarterly Earnings Per Share (EPS) plummeted to ₹(16.35) from ₹0.53 in the previous quarter
Interim stay on NHAI debarment order remains in force pending further court orders
💼 Action for Investors
The massive revenue reversal suggests potential issues in previous project cost estimations and margin projections, warranting a highly cautious approach. Investors should monitor the final outcome of the NHAI debarment case as it is critical for the company's future order book.
Dhruv Consultancy Secures ₹2.79 Cr NHAI Project for Jalgaon Bypass DPR
Dhruv Consultancy Services Limited has received a Letter of Acceptance (LOA) from the National Highways Authority of India (NHAI) for a new consultancy project. The contract involves the preparation of a Detailed Project Report (DPR) for the construction of a 4-lane Southern Bypass of Jalgaon City in Maharashtra. The project is valued at approximately ₹2.79 Crores plus GST and is expected to be completed within a short duration of 7 months. This win reinforces the company's position in the infrastructure consultancy space and adds to its near-term revenue visibility.
Key Highlights
Awarded a consultancy contract worth ₹2,79,49,500 (plus GST) by NHAI.
Project involves preparing a Detailed Project Report (DPR) for the 4-lane Southern Bypass of Jalgaon City.
The execution timeline for the project is set at 7 months.
Performance security must be furnished within 15 days of the LOA issuance dated February 6, 2026.
💼 Action for Investors
This order win is a positive development for the company's order book, providing clear revenue visibility for the next two quarters. Investors should monitor the company's execution efficiency and its ability to secure larger-scale consultancy mandates from NHAI.
Dhruv Consultancy Secures ₹1.74 Cr Project from CPWD for Indo-Bangladesh Border Infrastructure
Dhruv Consultancy Services Limited has received a Letter of Acceptance (LOA) from the Central Public Works Department (CPWD) for a new consultancy project. The contract involves the preparation of a Detailed Project Report (DPR) and designing for bridges and gates along the Indo-Bangladesh Border Roads in West Bengal. The total project value is approximately ₹1.74 crore, with a fixed cost of ₹1,73,57,189. The company is expected to complete the project within a timeline of 9 months.
Key Highlights
Awarded a consultancy contract worth ₹1,73,57,189 by the Central Public Works Department (CPWD).
Project involves DPR preparation and designing for bridges and 14 grill/drop gates in Malda, Murshidabad, and Nadia districts.
The infrastructure project is located along the strategically important Indo-Bangladesh Border Roads (IBB).
The execution timeline for the consultancy services is set at 9 months.
Performance Bank Guarantee must be furnished within 7 days of the LOA issuance.
💼 Action for Investors
Investors should view this as a positive development that adds to the company's order book and demonstrates its capability in securing government infrastructure projects. Monitor the company's ability to maintain margins on these specialized consultancy assignments.
Dhruv Consultancy Secures ₹4.59 Crore NHAI Contract for Maharashtra Highway DPR
Dhruv Consultancy Services Limited has received a Letter of Award (LOA) from the National Highways Authority of India (NHAI) for a consultancy project in Maharashtra. The contract involves preparing a Detailed Project Report (DPR) for the 4-laning of the Malegaon-Manmad-Kopargaon section. The project value is fixed at ₹4,58,77,800 plus GST, with a completion timeline of 9 months. This award, secured in partnership with Innovative Engineering Advisory LLP, reflects the company's continued success in the domestic infrastructure consultancy market.
Key Highlights
Secured a ₹4.59 Crore contract from NHAI for highway consultancy services
Project involves DPR preparation for 4-laning of Malegaon-Manmad-Kopargaon in Maharashtra
Execution period is 9 months, providing short-term revenue visibility
The contract was won in association with Innovative Engineering Advisory LLP
💼 Action for Investors
This is a positive development for the company's order book; investors should track the timely execution of this project and future NHAI bid wins.
Dhruv Consultancy Wins ₹4.59 Crore NHAI Contract for Maharashtra Road Project
Dhruv Consultancy Services Limited has secured a Letter of Award from the National Highways Authority of India (NHAI) for consultancy services in Maharashtra. The project involves preparing a Detailed Project Report (DPR) for the 4-laning of the Malegaon-Manmad-Kopargaon route. The contract is valued at approximately ₹4.59 Crore plus GST and will be executed in association with Innovative Engineering Advisory LLP. The project has a relatively short execution timeline of 9 months, providing near-term revenue visibility.
Key Highlights
Contract value of ₹4,58,77,800 (approx. ₹4.59 Crore) plus GST awarded by NHAI
Scope includes DPR preparation for 4-laning of Malegaon-Manmad-Kopargaon in Maharashtra
Project execution timeline is set at 9 months from the award date
Awarded in association with Innovative Engineering Advisory LLP
Performance Bank Guarantee to be furnished within 15 days of LOA
💼 Action for Investors
This order win strengthens the company's order book and relationship with NHAI. Investors should monitor the company's execution efficiency and margin maintenance on such short-duration consultancy contracts.
Dhruv Consultancy Credit Rating Reaffirmed at BBB-; Outlook Revised to Stable from Positive
CARE Ratings has reaffirmed Dhruv Consultancy's long-term rating at 'CARE BBB-' but revised the outlook from 'Positive' to 'Stable' due to lower-than-expected growth in scale and order book. The company's order book declined to ₹239.55 crore as of September 2025 from ₹303.52 crore in December 2024, partly due to a temporary NHAI debarment which has since been stayed by the court. While FY25 revenue grew 25% to ₹101.96 crore, H1FY26 revenue saw a dip to ₹40.81 crore. The financial risk profile remains comfortable with a low overall gearing of 0.17x, though operations remain highly working capital intensive.
Key Highlights
Long-term rating reaffirmed at CARE BBB- with outlook revised from Positive to Stable
Order book stood at ₹239.55 crore as of Sept 30, 2025, representing 2.35x FY25 revenue
H1FY26 revenue declined to ₹40.81 crore from ₹52.93 crore in H1FY25 due to project halts
Overall gearing improved to 0.17x in FY25 from 0.31x in FY24 following a ₹33.24 crore equity infusion
Working capital cycle remains elongated at 217 days with unbilled revenue at 55% of total FY25 revenue
💼 Action for Investors
Investors should monitor the company's success in winning new NHAI tenders following the court stay to ensure revenue growth resumes. The high level of unbilled revenue and elongated collection periods are key risks to cash flow that need to be watched closely.
Dhruv Consultancy Receives ₹6.03 Crore NHAI Project in Tamil Nadu
Dhruv Consultancy Services Limited, in association with Maark Civil Engineering Services Pvt. Ltd, has been awarded a consultancy project by the National Highways Authority of India (NHAI) for Supervision Consultants (SC) of Operation & Maintenance of Two Lane with Paved Shoulder of Dindigul to Natham section in Tamil Nadu. The project, awarded via Letter No. NHAI/17011/02/37/2025/RO Madurai/E-283103/2236, is valued at ₹6,03,00,000 (excluding GST). The project duration is 60 months. This new project expands Dhruv Consultancy's portfolio and revenue stream.
Key Highlights
Received Letter of Acceptance for NHAI Project in Tamil Nadu
Project value: ₹6,03,00,000 (Excluding GST)
Project duration: 60 months
Project involves Supervision Consultants (SC) of Operation & Maintenance of Two Lane with Paved Shoulder
Letter No. NHAI/17011/02/37/2025/RO Madurai/E-283103/2236 dated 9th, December 2025
💼 Action for Investors
This project win is a positive sign for Dhruv Consultancy. Investors should monitor the company's progress in executing this project and its impact on future revenue.
DHRUV Receives ₹5.25 Crore Consultancy Project from NHAI
Dhruv Consultancy Services Limited has been appointed by the National Highway Authority of India (NHAI) for consultancy services. The project involves preparation of DPR/Feasibility Report for multiple highway sections in Kerala. The total consideration for this project is ₹5,25,17,190 (excluding GST). The project duration is 9 months, and this new project should positively impact Dhruv's revenue stream.
Key Highlights
Project awarded by NHAI
Project value: ₹5,25,17,190 (excluding GST)
Project duration: 9 months
Involves development of multiple NH sections
💼 Action for Investors
Investors should monitor Dhruv's progress on this project and its impact on the company's financials in the coming quarters. This project win signals continued growth and expansion for the company.