Dhanashree Electronics Ltd (542679)
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Dhanashree Electronics' revenue was ₹48.3 Cr (+15.9% year on year, +164.5% on the previous quarter), and net profit ₹1.2 Cr (-19.0% year on year); the operating margin was -18.4%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹48.3 | +15.9% | +164.5% |
| Operating profit | ₹-8.9 | loss widened | to loss |
| Net profit | ₹1.2 | -19.0% | +67.6% |
| EPS (₹) | 0.84 | -19.2% | +68.0% |
| Operating margin | -18.4% | — | — |
📢 Recent Corporate Announcements
Dhanashree Electronics reported a weak start to FY27, with Q1 revenue declining 11.3% YoY to ₹22.68 Cr. Net profit fell 23.8% YoY to ₹0.80 Cr, down from ₹1.05 Cr in the same quarter last year, as the company struggled with lower top-line performance. The Board has scheduled the 39th Annual General Meeting for September 30, 2026, and fixed September 23, 2026, as the record date for a potential final dividend. Despite a reduction in total expenses to ₹21.71 Cr, margins remain thin in a highly competitive electrical equipment market.
- Revenue from operations decreased by 11.3% YoY to ₹22.68 Cr from ₹25.57 Cr.
- Net profit for the quarter ended June 2026 stood at ₹0.80 Cr, a 23.8% decline from ₹1.05 Cr YoY.
- Basic Earnings Per Share (EPS) dropped to ₹0.50 from ₹0.74 in the corresponding previous year quarter.
- Total expenses were managed down to ₹21.71 Cr compared to ₹24.21 Cr in Q1 FY26.
- Record date for the 39th AGM and final dividend (if approved) is fixed for September 23, 2026.
Dhanashree Electronics reported a weak start to FY27, with Q1 revenue from operations declining 11.3% YoY to ₹22.68 Cr compared to ₹25.57 Cr in the same period last year. Net profit followed suit, falling 23.8% YoY to ₹0.80 Cr from ₹1.05 Cr. Sequentially, revenue saw a sharp 53% drop from the ₹48.30 Cr reported in Q4 FY26, highlighting significant quarterly volatility. The company has scheduled its 39th AGM for September 30, 2026, and fixed September 23, 2026, as the record date for the final dividend for FY26.
- Revenue from operations fell 11.3% YoY to ₹22.68 Cr for the quarter ended June 30, 2026.
- Net profit decreased by 23.8% YoY to ₹0.80 Cr, down from ₹1.05 Cr in the previous year's corresponding quarter.
- Earnings Per Share (EPS) declined to ₹0.50 from ₹0.74 in Q1 FY26.
- Total expenses for the quarter stood at ₹21.71 Cr, representing 95.7% of total income.
- Record date for the 39th AGM and final dividend for FY26 is set for September 23, 2026.
Dhanashree Electronics reported a weak start to FY27 with Q1 revenue declining 11.3% YoY to ₹22.68 Cr. Net profit for the quarter fell 23.8% YoY to ₹0.80 Cr, down from ₹1.05 Cr in the previous year's corresponding quarter. Sequentially, the performance saw a sharp drop as revenue fell 53% from ₹48.30 Cr in Q4 FY26, likely due to seasonality in the lighting segment. The company has fixed September 23, 2026, as the record date for the final dividend of FY26.
- Revenue from operations decreased 11.3% YoY to ₹22.68 Cr from ₹25.57 Cr.
- Net profit declined 23.8% YoY to ₹0.80 Cr, resulting in a Basic EPS of ₹0.50.
- Total expenses stood at ₹21.71 Cr, with material costs alone accounting for nearly 97% of revenue before inventory adjustments.
- Finance costs saw a reduction to ₹0.69 Cr compared to ₹0.97 Cr in Q1 FY26.
- The 39th Annual General Meeting (AGM) is scheduled for September 30, 2026.
Dhanashree Electronics has scheduled a board meeting for August 12, 2026, to consider and approve un-audited financial results for the quarter ended June 30, 2026. This follows a volatile March 2026 quarter where revenue spiked to Rs 48.3 Cr but operating profit was negative at -Rs 8.91 Cr. Investors will be monitoring for margin recovery, as the TTM operating margin stands at -0.1%. The company currently operates with a market capitalization of Rs 189 Cr and a debt-to-equity ratio of 0.80.
- Board meeting scheduled for August 12, 2026, at 3:00 PM.
- Results to be approved for the quarter ended June 30, 2026.
- Company reported TTM revenue of Rs 112 Cr against a market cap of Rs 189 Cr.
- Previous quarter (Mar 2026) saw a significant revenue jump to Rs 48.3 Cr.
- Current TTM EPS stands at Rs 2.60 with a P/E of 51.3.
Dhanashree Electronics has responded to a BSE surveillance query dated July 23, 2026, regarding significant volatility in its share price. The company stated that it has no undisclosed information or events in its possession that would impact price behavior. Management clarified that the movement is purely market-driven and outside their control. This is a standard regulatory response to exchange queries regarding stock price fluctuations.
- Response issued to BSE surveillance query ref no L/SURV/ONL/PV/SJ/2026-2027/4088
- Company confirms no material information or event is being withheld from the exchange
- Management attributes recent price movement entirely to market conditions
- Company maintains a high promoter holding of 74.59% as of June 2026
Dhanashree Electronics Ltd has informed the exchange that Mr. Gopal Sharma, the Company Secretary and Compliance Officer, has resigned from his position. The resignation was tendered on July 16, 2026, citing personal reasons, with his last working day set for August 14, 2026. The company confirmed there are no other material reasons for his departure. This is a routine administrative change involving a Key Managerial Personnel (KMP).
- Resignation letter submitted on July 16, 2026
- Effective date of cessation from the post is August 14, 2026
- Mr. Gopal Sharma holds membership number ACS 19384
- Departure is attributed to personal reasons with no other material factors cited
Dhanashree Electronics has responded to a BSE surveillance query dated July 7, 2026, regarding significant movement in its share price. The company stated that it is not aware of any unpublished price sensitive information (UPSI) that has not been disclosed to the exchange. It confirmed that all material events and information bearing on operations have been intimated as per Regulation 30 of SEBI (LODR) Regulations, 2015. This filing indicates that the recent price volatility is likely driven by market factors rather than undisclosed corporate developments.
- BSE surveillance query received on July 7, 2026, regarding price movement
- Company response issued on July 8, 2026, denying any undisclosed UPSI
- Confirmation of compliance with SEBI Regulation 30 for all material disclosures
- No specific internal events or operational changes cited as reasons for price action
Financial Performance
Revenue Growth by Segment
Total Operating Income grew by 23.09% YoY, reaching INR 111.41 Cr in FY25 compared to INR 90.51 Cr in FY24. The company has maintained a 3-year CAGR of approximately 32% as of March 31, 2025, driven by increased volume sales and demand from OEM partners.
Geographic Revenue Split
The company is primarily focused on the Indian market with significant operations in West Bengal (Kolkata) and Assam, evidenced by approvals from West Bengal PWD and Assam BTC. Specific percentage splits per region are not disclosed in available documents.
Profitability Margins
Profitability showed a downward trend due to cost pressures; PAT margin declined from 4.30% in FY24 to 3.11% in FY25. Net profit (PAT) decreased by 11.51% YoY to INR 3.46 Cr from INR 3.91 Cr.
EBITDA Margin
EBITDA margin moderated to 11.55% in FY25 from 13.21% in FY24, a decrease of 166 basis points. While absolute EBITDA grew 7.5% to INR 12.86 Cr, margins were squeezed by rising production costs that could not be fully passed to consumers.
Capital Expenditure
The company initiated a new pro-audio division for manufacturing audio systems and international brand distribution. Specific INR Cr values for planned CapEx are not disclosed in available documents.
Credit Rating & Borrowing
Assigned a long-term rating of IVR BB+/Stable and a short-term rating of IVR A4+ by Infomerics in August 2025. Interest coverage ratio moderated to 1.72x in FY25 from 1.86x in FY24 due to higher interest expenses on a total debt of INR 63.72 Cr.
Operational Drivers
Raw Materials
Key raw materials include LED chips and flexible boards. The specific percentage of total cost for each material is not disclosed in available documents.
Capacity Expansion
Current capacity is not specified in units; however, the company is expanding its manufacturing footprint through its new pro-audio division and maintains an ISO 9001:2015 certified facility in Salt Lake, Kolkata.
Raw Material Costs
Raw material costs increased in FY25, contributing to a margin compression of 1.66% at the EBITDA level. The company faces high raw material price fluctuation risk due to a lack of full backward integration.
Manufacturing Efficiency
The company operates as an OEM for major brands, indicating high quality standards; however, specific capacity utilization percentages are not disclosed.
Logistics & Distribution
The company utilizes a distribution network for its own 'Rashmi' brand and acts as a distributor for international professional audio brands. Specific distribution costs as a percentage of revenue are not disclosed.
Strategic Growth
Expected Growth Rate
32%
Growth Strategy
Growth is targeted through the expansion of the pro-audio division, manufacturing proprietary audio systems, and securing distributorships for international brands. The company also leverages its 30-year track record to expand its OEM business with major players like Panasonic and HPL.
Products & Services
Electronic chokes, Light Ballasts, CFLs, Tube lights, LED Lamps, LED Home Decorative Lights, pro-audio systems, and rental income from property.
Brand Portfolio
Rashmi Lighting, Rashmi HLED.
New Products/Services
Initiated a pro-audio division manufacturing its own audio systems; expected revenue contribution is not specified but it represents a key diversification strategy.
Market Expansion
Expanding into the professional audio market and strengthening presence in government sector contracts in West Bengal and Assam.
Strategic Alliances
Maintains OEM partnerships with Panasonic, Khaitan, HPL, and Pritam Electricals. It also holds distributorships for international professional audio brands.
External Factors
Industry Trends
The lighting industry is characterized by a shift toward LED and decorative lighting with a current growth trend of ~23% YoY for the company. The industry is evolving toward integrated smart lighting and professional audio-visual solutions.
Competitive Landscape
Faces intense competition from both organized and unorganized players in the LED lighting and electric accessories market.
Competitive Moat
The company's moat is built on a 30-year proven track record and established OEM relationships with Tier-1 brands like Panasonic. This provides a steady offtake and lower default risk compared to new entrants.
Macro Economic Sensitivity
Highly sensitive to cyclicality in the user industry (real estate and infrastructure) and fluctuations in raw material prices.
Consumer Behavior
Increasing demand for energy-efficient LED home decorative lights and professional audio systems for commercial use.
Regulatory & Governance
Industry Regulations
Complies with Section 177 of the Companies Act, 2013 and Regulation 18 of SEBI (LODR) for audit committee oversight. Operations are subject to PWD and government department standards for electrical equipment.
Environmental Compliance
The company follows a policy for environmentally clean and safe operations and is ISO 9001:2015 certified. Specific ESG costs are not disclosed.
Legal Contingencies
No pending applications under the Insolvency and Bankruptcy Code (IBC) 2016. Zero investor complaints were pending as of March 31, 2025.
Risk Analysis
Key Uncertainties
The primary uncertainty is the high working capital cycle (87% limit utilization) and the risk of raw material price spikes reducing PAT further from the current 3.11%.
Geographic Concentration Risk
High concentration in Eastern India, specifically West Bengal and Assam.
Third Party Dependencies
Significant dependency on OEM partners like Panasonic and HPL for revenue stability.
Technology Obsolescence Risk
The lighting industry faces rapid technological shifts; the company mitigates this by diversifying into pro-audio and maintaining updated LED manufacturing capabilities.
Credit & Counterparty Risk
Receivables are stretched due to procedural delays from Government departments, impacting the liquidity buffer.
