DHP India Ltd (531306)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, DHP India's revenue was ₹22.6 Cr (+9.8% year on year, -10.1% on the previous quarter), and net profit ₹4.7 Cr (+3.0% year on year); the operating margin was 32.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹22.6 | +9.8% | -10.1% |
| Operating profit | ₹7.3 | +40.9% | +5.6% |
| Net profit | ₹4.7 | +3.0% | +14.6% |
| EPS (₹) | 15.66 | +3.0% | +14.6% |
| Operating margin | 32.3% | — | — |
📢 Recent Corporate Announcements
DHP India Ltd has scheduled a Board of Directors meeting for November 10, 2026, to review and approve the unaudited financial results for the second quarter and half year ended September 30, 2026. The results will be subject to a limited review by statutory auditors and published on November 11, 2026. In accordance with insider trading regulations, the trading window for designated persons has been closed from September 30, 2026, to November 17, 2026.
- Board meeting scheduled for November 10, 2026 at 11:30 AM
- Agenda includes approval of unaudited results for Q2 and H1 ended September 30, 2026
- Results scheduled to be published on November 11, 2026
- Insider trading window closed from September 30, 2026, to November 17, 2026
Dabriwala Constructions Private Limited, part of the promoter group of DHP India Limited, disclosed the disposal of 529 equity shares (0.02% of total equity) via open market on September 25, 2026. Following this minor transaction, the entity's holding marginally reduced from 3,54,003 shares (11.80%) to 3,53,474 shares (11.78%). The transaction represents a negligible fraction of the company's Rs 153 Cr market cap and has no impact on overall control or operations.
- Dabriwala Constructions sold 529 equity shares representing 0.02% voting capital
- Holding reduced from 3,54,003 shares (11.80%) to 3,53,474 shares (11.78%)
- Transaction conducted via open market on BSE on September 25, 2026
- Total target company equity base remains at 30,00,000 equity shares of Rs 10 each
Dabriwala Constructions Private Limited, part of the promoter group of DHP India Limited, disclosed the disposal of 529 equity shares (0.02% of total equity) via open market on September 25, 2026. Following this minor transaction, the entity's holding marginally reduced from 3,54,003 shares (11.80%) to 3,53,474 shares (11.78%). The transaction represents a negligible fraction of the company's Rs 153 Cr market cap and has no impact on overall control or operations.
- Dabriwala Constructions sold 529 equity shares representing 0.02% voting capital
- Holding reduced from 3,54,003 shares (11.80%) to 3,53,474 shares (11.78%)
- Transaction conducted via open market on BSE on September 25, 2026
- Total target company equity base remains at 30,00,000 equity shares of Rs 10 each
Promoter group entity Dabriwala Constructions Pvt Ltd disclosed the disposal of 326 equity shares of DHP India Ltd via open market transactions on September 24, 2026. The sale represents approximately 0.01% of the company's total voting capital, amounting to roughly Rs 1.66 lakh at current market prices. Following the transaction, Dabriwala Constructions' shareholding marginally reduced from 3,54,329 shares (11.81%) to 3,54,003 shares (11.80%). The total voting equity capital of the company remains unchanged at 30,00,000 shares.
- Dabriwala Constructions Pvt Ltd sold 326 equity shares via open market on 24-09-2026
- Sale accounts for approximately 0.01% of the total paid-up share capital
- Holding before sale stood at 3,54,329 shares (11.81%)
- Post-transaction holding stands at 3,54,003 shares (11.80%)
- Total voting capital of the company is 30,00,000 fully paid equity shares of Rs 10 each
Dabriwala Constructions Private Limited, part of the promoter group of DHP India Limited, disclosed the disposal of 529 equity shares (0.02% of total equity) via open market on September 25, 2026. Following this minor transaction, the entity's holding marginally reduced from 3,54,003 shares (11.80%) to 3,53,474 shares (11.78%). The transaction represents a negligible fraction of the company's Rs 153 Cr market cap and has no impact on overall control or operations.
- Dabriwala Constructions sold 529 equity shares representing 0.02% voting capital
- Holding reduced from 3,54,003 shares (11.80%) to 3,53,474 shares (11.78%)
- Transaction conducted via open market on BSE on September 25, 2026
- Total target company equity base remains at 30,00,000 equity shares of Rs 10 each
Dabriwala Constructions Private Limited, part of the promoter group of DHP India Limited, sold 507 equity shares via an open market transaction on September 23, 2026. This sale represents approximately 0.02% of the company's total voting capital. Following the transaction, the entity's stake decreased marginally from 11.83% (3,54,836 shares) to 11.81% (3,54,329 shares). At the current market price of Rs 509, the transaction value is negligible at approximately Rs 2.58 lakh.
- Dabriwala Constructions Pvt Ltd sold 507 equity shares via open market on 23-09-2026
- Sale constitutes 0.02% of DHP India's total equity capital
- Holding reduced from 3,54,836 shares (11.83%) to 3,54,329 shares (11.81%)
- Total equity base remains unchanged at 30,00,000 shares of Rs 10 each
DHP India Ltd has reported a SEBI SAST Regulation 29(2) disclosure concerning Dabriwala Constructions Private Limited, a promoter group/PAC entity. On September 22, 2026, the entity sold 603 equity shares (0.02% of total share capital) via an open-market transaction on the BSE for a total value of Rs 3,01,560. Following this sale, the seller's holding marginally decreased from 3,55,439 shares (11.85%) to 3,54,836 shares (11.83%). Overall promoter group holding in the Rs 153 crore market-cap company remains overwhelmingly high at over 73%.
- Promoter group entity Dabriwala Constructions sold 603 shares via open market on BSE on 22-09-2026
- Transaction represents 0.02% of total voting capital for a total consideration of Rs 3,01,560
- Seller's stake reduced marginally from 3,55,439 shares (11.85%) to 3,54,836 shares (11.83%)
- Total target company share capital remains unchanged at 30,00,000 equity shares of Rs 10 each
DHP India Limited concluded its 35th Annual General Meeting on September 21, 2026, passing all three ordinary resolutions with near-unanimous shareholder support. Shareholders approved the audited financial statements for FY26 and declared a final dividend of 40% (₹4.00 per equity share of face value ₹10), absorbing ₹120.00 Lakhs (₹1.20 Cr). Additionally, the re-appointment of retiring director Sri Janak Bhardwaj was approved, with 22,04,466 votes in favor and only 1 against.
- Declared a final dividend of 40% (₹4.00 per share) on 30,00,000 equity shares, total payout of ₹120.00 Lakhs
- All three ordinary resolutions approved with 22,04,466 votes in favor (73.48% total voting rights exercised) and 1 vote against
- Approved standalone audited financial statements for the financial year ended March 31, 2026
- Re-appointed Sri Janak Bhardwaj as a Non-Executive Director liable to retire by rotation
DHP India Ltd has released its 35th Annual Report for FY 2025-26 and scheduled its Annual General Meeting (AGM) for September 21, 2026. The company has proposed a final dividend of ₹4.00 per equity share (40% of face value ₹10) for shareholder approval. The standalone financial statements received an unmodified audit opinion from statutory auditors NKSJ & Associates. Remote e-voting for shareholders will take place between September 18, 2026, and September 20, 2026.
- 35th AGM scheduled for Monday, September 21, 2026, at Kolkata
- Final dividend proposed at ₹4.00 per share (40% of face value)
- Remote e-voting window set from September 18, 2026 (9:00 AM) to September 20, 2026 (5:00 PM)
- Auditors issued an unmodified audit opinion on the FY26 financial statements
DHP India reported a 4.1% YoY decline in net revenue to ₹19.71 Cr for Q1 FY27. While operational Net Profit remained stable sequentially at ₹4.10 Cr, the company was hit by a massive unrealized loss of ₹23.97 Cr in Other Comprehensive Income (OCI) due to the market valuation of its mutual fund and ETF investments. Consequently, the company reported a Total Comprehensive Loss of ₹19.87 Cr for the quarter. Despite the non-cash investment hit, the company remains debt-free and maintains healthy operational margins.
- Net Revenue from operations stood at ₹19.71 Cr, down 4.1% YoY from ₹20.55 Cr.
- Net Profit (PAT) for the quarter was ₹4.10 Cr, a 10.1% decline compared to ₹4.56 Cr in the same period last year.
- Unrealized loss on valuation of investments (OCI) reached ₹23.97 Cr, primarily from Equity Mutual Funds and Gold/Silver ETFs.
- Total Comprehensive Income resulted in a loss of ₹19.87 Cr, compared to a profit of ₹8.94 Cr in the previous year's quarter.
- The company continues to operate with zero debt, reporting a Debt Service Coverage Ratio as N.A.
DHP India reported a steady Q1 FY27 with net revenue from operations at Rs 22.61 Cr, representing a 9.7% increase from Rs 20.60 Cr in the year-ago period. Net profit stood at Rs 4.70 Cr, showing a modest 3% YoY growth but a stronger 14.6% sequential improvement from Q4 FY26. A notable highlight is the Total Comprehensive Income of Rs 20.55 Cr, significantly boosted by a Rs 15.86 Cr unrealized gain (net of tax) on the valuation of mutual fund and gold/silver investments. The company maintains its zero-debt status and high promoter holding of 73.36%.
- Net Revenue from operations increased 9.7% YoY to Rs 22.61 Cr for the quarter ended June 30, 2026.
- Net Profit reached Rs 4.70 Cr, up from Rs 4.56 Cr in June 2025 and Rs 4.10 Cr in March 2026.
- Other Comprehensive Income (OCI) contributed a substantial Rs 15.86 Cr (net of tax) due to unrealized gains on investments.
- The company remains debt-free with a Debt Service Coverage Ratio reported as 'N.A. (No Debt)'.
- Earnings Per Share (EPS) for the quarter stood at Rs 15.66, compared to Rs 15.22 in the previous year's corresponding quarter.
Financial Performance
Revenue Growth by Segment
Total net revenue from operations grew 8.56% YoY to INR 57.77 Cr (Rs. 5777.34 Lakhs) from INR 53.22 Cr (Rs. 5321.72 Lakhs) in the previous year. Segmental split is not disclosed.
Geographic Revenue Split
The company has shifted its main manufacturing focus from the domestic market to export markets, which is now the primary revenue driver. Specific regional percentages are not disclosed.
Profitability Margins
Net Profit Margin improved significantly to 115.1% in FY25 from 49.6% in FY24, driven by Profit After Tax of INR 66.53 Cr (Rs. 6653.43 Lakhs) exceeding operational revenue due to high non-operating income.
EBITDA Margin
Operational EBITDA margin is not explicitly provided, but Profit Before Tax (PBT) grew 158.5% YoY to INR 78.88 Cr (Rs. 7888.32 Lakhs), representing 136.5% of total revenue.
Credit Rating & Borrowing
The company maintains sufficient liquidity and financing arrangements for continuity and is confident in its ability to service debt. Specific credit ratings or interest rates are not disclosed.
Operational Drivers
Raw Materials
Zinc (primary material for melting furnace) and various components for LPG appliances. Specific cost percentages for each material are not disclosed.
Raw Material Costs
Rising prices of raw materials and components are identified as a key threat. Procurement strategies involve market analysis to minimize risk, though time delays in procurement are noted as a weakness.
Manufacturing Efficiency
The company installed an Energy Saving Flameless Electrically operated Melting Furnace for Zinc. However, energy consumption per unit of output increased 14.2% to 1.69 units from 1.48 units YoY.
Strategic Growth
Growth Strategy
The company is achieving growth by shifting focus to export markets, pursuing ongoing product innovation, and expanding into untapped global markets for LPG appliances and regulators.
Products & Services
LPG Regulators, Low Pressure Regulators, and various LPG Gas Appliances.
Brand Portfolio
DHP India Limited (ISO 9001, 14001, and 45001 certified).
New Products/Services
The company identifies potential for expansion into diversified products and ongoing product improvements to meet varied market requirements.
Market Expansion
Targeting newer untapped international markets and expanding the existing export base for LPG appliances.
External Factors
Industry Trends
The industry is seeing a growing global trend for consumption of Low Pressure Regulators and Gas Appliances, with an optimistic outlook for the global LPG market.
Competitive Landscape
The company operates in a competitive environment with diverse players in the LPG appliance sector.
Competitive Moat
Moat is built on long-term client relationships and international certifications (ISO 9001, 14001, 45001) which are critical for technical requirements and safety in export markets.
Macro Economic Sensitivity
Sensitive to international macroeconomic conditions and government policy decisions, which may necessitate higher profit retention to absorb unforeseen circumstances.
Consumer Behavior
Increasing global demand for high-quality and safe gas products at affordable prices is driving demand.
Geopolitical Risks
Trade barriers and international market conditions are noted as factors that could bearing on or affect the business.
Regulatory & Governance
Industry Regulations
Operations must comply with specific technical requirements and safety measurements for exported goods in various countries and India.
Environmental Compliance
The company is ISO 14001 certified and has implemented energy-saving systems like flameless electrically operated melting furnaces.
Taxation Policy Impact
The effective tax rate for FY25 was approximately 15.6%, with Profit After Tax of INR 66.53 Cr on Profit Before Tax of INR 78.88 Cr.
Risk Analysis
Key Uncertainties
Key risks include market fluctuations in foreign exchange, interest rates, and commodity prices (Zinc), which could impact profitability by an unspecified percentage.
Geographic Concentration Risk
High concentration in export markets as part of the company's primary business strategy.
Technology Obsolescence Risk
The company mitigates technology risk through ongoing product innovation and improvement.
Credit & Counterparty Risk
The company reports no material risk of non-fulfillment of obligations by any party arising out of existing contracts.
