D & H India Ltd (517514)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, D & H's revenue was ₹66.0 Cr (+24.7% year on year, -8.7% on the previous quarter), and net profit ₹2.0 Cr (+48.0% year on year); the operating margin was 5.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹66.0 | +24.7% | -8.7% |
| Operating profit | ₹3.7 | +1.6% | -22.1% |
| Net profit | ₹2.0 | +48.0% | -14.5% |
| EPS (₹) | 1.94 | +48.1% | -14.5% |
| Operating margin | 5.6% | — | — |
📢 Recent Corporate Announcements
D & H India's Board has approved withdrawing its proposed preferential issue of up to 21,57,000 warrants convertible at ₹151 each, aggregating to ₹32.57 Cr to promoters. The proposal, originally approved in March 2026, faced abnormal delays in receiving in-principle approval from BSE alongside a rise in the company's share price (currently ₹182.4). The planned fundraise represented ~17.5% of its current ₹186 Cr market cap. Instead of equity dilution, the company will fund its funding requirements via internal accruals and bank borrowings.
- Board withdrew preferential issue of 21,57,000 warrants priced at ₹151 per share
- Proposed issue was valued at ₹32.57 Cr, directed to Promoter & Promoter Group
- Application for in-principle approval was pending with BSE since 17th March 2026
- Funding requirements will now be fulfilled via internal accruals and bank borrowings instead of equity warrants
D & H India has scheduled a Board of Directors meeting on October 15, 2026, to discuss and decide on an ongoing preferential issue of 21,57,000 warrants at ₹151 per warrant. The proposed warrant issue amounts to approximately ₹32.57 crore, which represents about 17.5% of the company's current market capitalization of ₹186 crore. The company noted that in-principle approval from BSE Limited for this issuance is currently awaited.
- Board meeting scheduled for Thursday, October 15, 2026
- Discussion on ongoing preferential issue of 21,57,000 warrants
- Issue price set at Rs 151 per warrant, aggregating to ~Rs 32.57 crore
- In-principle approval from BSE Limited remains awaited
Shareholders of D & H India approved the re-appointment of Mr. Harsh Vora as Chairman and Managing Director for a 3-year term starting October 1, 2026. Additionally, Mr. Saurabh Vora was re-appointed as Whole-time Director for an identical 3-year period effective October 1, 2026. The approvals were granted during the company's 41st Annual General Meeting held on September 30, 2026. The re-appointments ensure continuity of executive leadership for the Rs 186 Cr market cap industrial products manufacturer.
- Re-appointment of Harsh Vora as CMD for 3 years effective October 1, 2026
- Re-appointment of Saurabh Vora as Whole-time Director for 3 years effective October 1, 2026
- Resolutions passed at the 41st Annual General Meeting on September 30, 2026
- Harsh Vora possesses over 41 years of experience, while Saurabh Vora brings more than 16 years
D & H India Limited concluded its 41st Annual General Meeting (AGM) on September 30, 2026, held via video conferencing. Key ordinary and special businesses were placed for shareholder voting, including the adoption of FY26 financial statements and the re-appointment of Mr. Harsh Vora (CMD) and Mr. Saurabh Vora (WTD) for 3-year terms effective October 1, 2026. As of the cut-off date of September 23, 2026, the company had 5,020 members, and the requisite quorum of over 30 members attended. Scrutinizer voting results will be submitted within two working days.
- 41st AGM held on September 30, 2026, from 1:00 P.M. to 1:15 P.M. via VC/OAVM
- Company had 5,020 members as on the cut-off date of September 23, 2026, with >30 members attending to meet quorum
- Special resolutions tabled for the re-appointment of CMD Harsh Vora and WTD Saurabh Vora for 3-year tenures from October 1, 2026
- Scrutinizer voting report to be submitted within 2 working days
D & H India Limited has executed an agreement to acquire 70,094.00 square meters of leasehold industrial land at Mohana Industrial Park in Indore, Madhya Pradesh. The total consideration is ₹18.00 crore, payable to DP Polymers & Chemicals Private Limited. The transaction is non-related party and represents a meaningful capex outlay relative to the company's net worth of ₹77 crore (~23.4%) and market cap of ₹186 crore (~9.7%). The acquired land is aimed at supporting long-term capacity expansion and product portfolio diversification.
- Agreement executed to acquire Plot no. UD-04 admeasuring 70094.00 Square Meter.
- Total transaction consideration fixed at Rs. 18.00 Crore.
- Seller is DP Polymers & Chemicals Private Limited, with nil promoter involvement or related party interest.
- Land acquisition cost equals ~23.4% of company's net worth of Rs 77 Cr.
D & H India Ltd has announced the schedule for its 41st Annual General Meeting (AGM) to be held on September 30, 2026. The company is providing remote e-voting facilities through CDSL, with the voting period starting on September 27, 2026, and ending on September 29, 2026. The cut-off date to determine eligibility for voting is September 23, 2026. This is a standard procedural filing required under SEBI (LODR) and the Companies Act.
- 41st Annual General Meeting scheduled for September 30, 2026
- Cut-off date for e-voting entitlement is September 23, 2026
- Remote e-voting period starts September 27, 2026 (9:00 AM) and ends September 29, 2026 (5:00 PM)
- CDSL appointed as the agency for e-voting and VC/OAVM platform
D & H India's board approved the appointment of M/s Shivangi Bhavin Shah as Cost Auditor for FY 2026-27 during its meeting on August 12, 2026. The board also confirmed the re-appointment of Mr. Saurabh Vora as Whole Time Director, effective October 1, 2026. These administrative updates follow a fiscal year (FY26) where the company achieved Rs 253 Cr in revenue and Rs 8 Cr in net profit. The company maintains a market capitalization of Rs 184 Cr with a debt-to-equity ratio of 0.60.
- Appointment of M/s Shivangi Bhavin Shah as Cost Auditor for the financial year ending March 31, 2027.
- Re-appointment of Mr. Saurabh Vora as Whole Time Director starting October 1, 2026.
- Board meeting conducted on August 12, 2026, to finalize these management decisions.
- Company operates with a TTM revenue of Rs 253 Cr and an operating profit margin of 7.3%.
D & H India Ltd has appointed M/s Shivangi Bhavin Shah, a Cost Accountant firm based in Ahmedabad, as the company's Cost Auditor for the financial year ending March 31, 2027. The appointment was approved by the Board of Directors on August 12, 2026, following a recommendation from the Audit Committee. This is a routine regulatory requirement for manufacturing companies of this scale, as the company reported a TTM revenue of Rs 253 Cr. The change is administrative and does not impact the company's operational capacity or financial performance.
- Appointment of M/s Shivangi Bhavin Shah (Firm Registration No. 000707) as Cost Auditor.
- Appointment is effective from August 12, 2026, for the financial year ending March 31, 2027.
- The company maintains a TTM revenue of Rs 253 Cr and a PAT of Rs 8 Cr as of FY26.
- The decision was based on the recommendation of the Audit Committee during the board meeting held on August 12, 2026.
D & H India Ltd has announced the dates for its 41st Annual General Meeting (AGM) to be held on September 30, 2026. In accordance with SEBI regulations, the Register of Members and Share Transfer books will remain closed from September 24 to September 30, 2026. The cut-off date for determining shareholder eligibility for remote e-voting is September 23, 2026. This is a standard administrative procedure for the company, which reported a TTM revenue of Rs 253 Cr and a PAT of Rs 8 Cr.
- 41st Annual General Meeting (AGM) to be held on September 30, 2026
- Book closure period set for 7 days from September 24 to September 30, 2026
- Cut-off date for remote e-voting eligibility is September 23, 2026
- Company reported FY26 revenue of Rs 253.0 Cr and net profit of Rs 8.0 Cr
D & H India reported a strong year-on-year performance for Q1 FY27, with revenue increasing 24.7% to ₹65.96 Cr compared to ₹52.90 Cr in Q1 FY26. Net profit grew 47.8% YoY to ₹1.98 Cr, supported by a significant 47% reduction in finance costs (₹0.67 Cr vs ₹1.27 Cr YoY). The company absorbed a one-time impact of ₹1.21 Cr related to the New Labour Code (gratuity) during the quarter. Sequentially, revenue saw a seasonal dip of 8.7% from the ₹72.24 Cr reported in Q4 FY26.
- Revenue from operations grew 24.7% YoY to ₹65.96 Cr from ₹52.90 Cr.
- Net Profit increased 47.8% YoY to ₹1.98 Cr, despite a ₹1.21 Cr one-time labour code impact.
- Finance costs decreased by 47% YoY to ₹0.67 Cr, reflecting improved capital structure post-rights issue.
- Rights issue proceeds of ₹24.56 Cr (allotted Feb 2026) were fully utilized by March 2026.
- Management continuity secured with re-appointment of MD and WTD for 3-year terms starting Oct 2026.
D & H India reported a strong year-on-year performance for Q1 FY27, with revenue from operations growing 24.7% to ₹65.96 Cr compared to ₹52.90 Cr in Q1 FY26. Net profit increased by 47.8% YoY to ₹1.98 Cr, even after accounting for a one-time incremental gratuity impact of ₹1.21 Cr due to the New Labour Codes. However, on a sequential basis, revenue declined by 8.7% from the ₹72.24 Cr reported in the March 2026 quarter. The board also approved the re-appointment of the Managing Director and Whole Time Director for three-year terms, ensuring management continuity.
- Revenue from operations increased 24.7% YoY to ₹65.96 Cr from ₹52.90 Cr.
- Net profit grew 47.8% YoY to ₹1.98 Cr, representing ~25% of the total FY26 PAT.
- Recognized a one-time employee benefit expense of ₹1.21 Cr related to the New Labour Codes.
- Rights issue proceeds of ₹24.56 Cr (allotted Feb 2026) were confirmed as fully utilized.
- Re-appointed MD Harsh Vora and WTD Saurabh Vora for 3-year terms effective October 1, 2026.
D & H India Ltd has scheduled a board meeting on August 12, 2026, to approve its unaudited financial results for the quarter ended June 30, 2026. The board will also consider the re-appointment of Managing Director Harsh Vora and Whole Time Director Saurabh Vora for a further three-year term effective October 1, 2026. This follows a fiscal year (FY26) where the company achieved a revenue of ₹253 Cr and a PAT of ₹8 Cr. The meeting will also finalize details for the 41st Annual General Meeting (AGM).
- Board meeting scheduled for August 12, 2026, to approve Q1 FY27 financial results.
- Proposed 3-year re-appointment of Managing Director and Whole Time Director starting October 1, 2026.
- Company reported TTM revenue of ₹253 Cr and TTM PAT of ₹8 Cr as of March 2026.
- Board to approve the 41st Annual General Meeting (AGM) notice and book closure dates.
Financial Performance
Revenue Growth by Segment
The company operates in a single segment: manufacturing of welding consumables and Metallurgical Cored Wires. Total Operating Income grew by 13.87% to INR 157.82 Cr in FY24 from INR 138.60 Cr in FY23. Growth accelerated in 9MFY25, reaching INR 149.98 Cr, a 34.27% increase compared to INR 111.70 Cr in 9MFY24.
Geographic Revenue Split
Not specifically disclosed in available documents, though the company maintains a nationwide distribution network of nearly 150 dealers across India.
Profitability Margins
Profitability is moderate and fluctuating. PAT margin declined to 1.72% in FY24 from 3.01% in FY23 due to higher depreciation, interest costs, and deferred tax. 9MFY25 PAT margin stood at 2.09% compared to 2.22% in 9MFY24. Return on Net Worth improved to 11.15% in FY25 from 6.76% in FY24 due to absolute profit increases.
EBITDA Margin
PBILDT margin was 6.36% in FY24, a slight decline from 6.76% in FY23, driven by increased raw material and employee expenses. 9MFY25 PBILDT margin was 6.70%. Adjusted for a one-time provision of INR 0.51 Cr for a long-due debtor (RINL), the 9MFY25 EBITDA margin would have been 7.1%.
Capital Expenditure
The company expects to generate gross cash accruals of INR 13.75 Cr in FY26, INR 15.65 Cr in FY27, and INR 17.18 Cr in FY28. These funds are slated to cover debt repayments of INR 3.48 Cr to INR 5.16 Cr annually, with remaining surpluses available for potential capex. Downward rating factors include any unplanned debt-led capex.
Credit Rating & Borrowing
Infomerics assigned a long-term rating of IVR BBB-/Stable and a short-term rating of IVR A3 as of May 23, 2025. Conversely, CARE Ratings moved the company to the 'ISSUER NOT COOPERATING' category (CARE BB+/Stable; CARE A4+) on March 28, 2025, due to non-payment of fees.
Operational Drivers
Raw Materials
Specific raw materials include steel and various metallurgical components used for welding consumables and 800+ electrode variants. Raw material costs are a significant driver of the moderate and fluctuating margins.
Capacity Expansion
The company operates three manufacturing plants located at Indore (MP), Ghatabillod (MP), and Durg (Chhattisgarh). Specific MTPA capacity figures are not disclosed, but the company is shifting focus toward higher-margin value-added products starting FY26.
Raw Material Costs
Raw material costs increased in FY24, contributing to the compression of the PBILDT margin to 6.36%. The company faces high volatility in these costs because pricing varies significantly across different grades of welding products.
Manufacturing Efficiency
All three manufacturing plants hold ISO 9001-2008 certification. Efficiency is monitored through regular internal audits reporting directly to the Audit Committee.
Logistics & Distribution
The company utilizes a comprehensive sales and distribution network comprising approximately 150 dealers across India to reach end-user industries.
Strategic Growth
Expected Growth Rate
34.27%
Growth Strategy
Growth is driven by the Indian Government's focus on infrastructure, which increases demand for capital goods. The company is transitioning its product mix toward value-added products to improve profitability from FY26 onwards and leveraging its established track record with reputed clients like BHEL and DNV.
Products & Services
Welding consumables, Metallurgical Cored Wires, and over 800 variants of welding electrodes.
Brand Portfolio
D & H India Limited (formerly D & H Welding Electrodes (India) Ltd).
New Products/Services
The company is focusing on increasing the contribution from value-added products, which is expected to enhance profitability margins starting in the FY26 period.
Market Expansion
The company targets growth in sectors such as Steel, Shipbuilding, Petrochemical, Construction, Transport, and Energy, supported by the national infrastructure push.
External Factors
Industry Trends
The industry is evolving with a focus on infrastructure and capital goods. The welding consumable market is currently growing, and the company is positioning itself by diversifying into value-added products to counter the moderate growth of standard electrodes.
Competitive Landscape
The industry is characterized as highly competitive and fragmented, featuring many players which puts pressure on the company's moderate profitability margins.
Competitive Moat
The company's moat is built on a 40-year established track record, a portfolio of 800+ specialized products, and certifications from major bodies like BHEL and DNV. This is sustainable due to the technical nature of welding requirements in critical sectors like defense and energy.
Macro Economic Sensitivity
Highly sensitive to Indian Government infrastructure spending and general economic development, as these drive demand in the capital goods and industrial sectors.
Consumer Behavior
Industrial demand is shifting toward more specialized, value-added welding consumables that offer better performance in complex infrastructure projects.
Geopolitical Risks
The company notes risks from changes in global economic development and government regulations, though no major immediate risks are foreseen beyond normal demand-supply fluctuations.
Regulatory & Governance
Industry Regulations
Operations are subject to governmental regulations and statutes related to manufacturing and industrial safety. The company holds ISO 9001-2008 certifications for its plants.
Environmental Compliance
The company maintains safe operations and conducts regular internal and external safety audits to comply with health, safety, and environment performance standards.
Taxation Policy Impact
The company follows Indian Accounting Standards (IndAS). PAT in FY24 was specifically impacted by deferred tax adjustments.
Legal Contingencies
The company made a provision of INR 0.51 Cr in 9MFY25 against a long-due debtor, Rashtriya Ispat Nigam Limited (RINL), which has been outstanding since 2016. A historical fine of INR 0.44 Cr was paid to BSE in 2022 for a 2015 shareholding pattern filing delay.
Risk Analysis
Key Uncertainties
Key risks include raw material price volatility and demand-supply fluctuations in the capital goods sector. A decline in revenue or profitability could lead to a deterioration in the credit profile.
Geographic Concentration Risk
Manufacturing is concentrated in Madhya Pradesh (Indore, Ghatabillod) and Chhattisgarh (Durg).
Third Party Dependencies
The company depends on a network of 150 dealers for its distribution, making it reliant on these third-party partners for market reach.
Technology Obsolescence Risk
The company manages technology risk by maintaining a wide portfolio of 800+ variants and shifting toward value-added metallurgical products.
Credit & Counterparty Risk
Receivables quality is a concern, as evidenced by the 60-day collection period and the necessity to provide INR 0.51 Cr for the long-overdue RINL debt.
