DHUNINV - Dhunseri Invest.
Financial Performance
Revenue Growth by Segment
Total consolidated revenue from operations for H1 FY26 was INR 264.10 Cr, representing a 22% decrease from INR 338.58 Cr in H1 FY25. The 'Sale of Products' (Tea segment) contributed INR 188.87 Cr (71.5% of total revenue), down 15% from INR 222.40 Cr YoY. Treasury operations (Interest + Dividend) contributed INR 13.82 Cr, a 22.5% decline from INR 17.84 Cr YoY.
Geographic Revenue Split
Not disclosed in available documents.
Profitability Margins
The company experienced a significant shift in profitability due to fair value changes. H1 FY26 recorded a net loss on fair value changes of INR 59.52 Cr compared to a gain of INR 97.68 Cr in H1 FY25. Finance costs as a percentage of total income rose to 14% (INR 41.58 Cr) in H1 FY26 from 6% (INR 22.06 Cr) in H1 FY25.
EBITDA Margin
Not explicitly disclosed; however, finance costs for H1 FY26 were INR 41.58 Cr, an 88.5% increase YoY, impacting core profitability.
Capital Expenditure
Not disclosed in available documents.
Credit Rating & Borrowing
Not disclosed in available documents.
Operational Drivers
Raw Materials
Specific raw materials include green leaf and tea processing inputs. Cost of materials consumed for Q2 FY26 was INR 62.46 Cr, representing 79% of total quarterly revenue from operations.
Import Sources
Not disclosed in available documents.
Key Suppliers
Not disclosed in available documents.
Capacity Expansion
Not disclosed in available documents.
Raw Material Costs
Cost of materials consumed for H1 FY26 was not fully aggregated, but Q2 FY26 costs were INR 62.46 Cr. Management monitors market volatility to manage procurement.
Manufacturing Efficiency
Not disclosed in available documents.
Logistics & Distribution
Not disclosed in available documents.
Strategic Growth
Expected Growth Rate
Not disclosed in available documents.
Growth Strategy
The company aims to achieve growth by monitoring market conditions to use opportunities at the 'right moment' for capital appreciation in treasury assets and maintaining harmonious industrial relations in its tea operations. It focuses on long-term investment holdings to insulate against market volatility.
Products & Services
Tea products, Treasury investment services (holding equity and debt instruments for capital appreciation).
Brand Portfolio
Dhunseri.
New Products/Services
Not disclosed in available documents.
Market Expansion
Management is exploring new opportunities for expansion as the Indian economy becomes more insulated globally, though specific regions are not named.
Market Share & Ranking
Not disclosed in available documents.
Strategic Alliances
The company has investments in various subsidiaries and associates, though specific new JV partners were not named in the current period.
External Factors
Industry Trends
The Indian economy is creating a mark on a global level, but the NBFC sector faces hindrances due to small size and market unpredictability. The company is positioning itself to monitor these trends and act on opportunities.
Competitive Landscape
Operates as a small-size NBFC in a volatile market with plenty of hindrances that may hamper growth.
Competitive Moat
The company's moat is built on its long-term investment holding strategy and its established presence in the tea segment. This strategy is designed to withstand temporary market fluctuations, though its sustainability is tied to management's ability to monitor market shifts.
Macro Economic Sensitivity
Highly sensitive to financial market volatility and Indian economic growth trends. Slowdowns in economic growth adversely affect the company's predictable performance.
Consumer Behavior
Not disclosed in available documents.
Geopolitical Risks
Global industry downtrends and significant changes in the political environment in India are cited as important development risks.
Regulatory & Governance
Industry Regulations
Subject to NBFC regulations and Companies Act 2013 provisions. Compliance with SEBI (LODR) and Insider Trading regulations is maintained.
Environmental Compliance
Not disclosed in available documents.
Taxation Policy Impact
Not disclosed in available documents.
Legal Contingencies
The company reported no pending litigations as of March 31, 2025, that would impact its financial position. No material foreseeable losses on long-term or derivative contracts were identified.
Risk Analysis
Key Uncertainties
Fluctuation in share prices poses a risk to the Treasury segment (fair value changes). Economic slowdowns could impact the tea segment's revenue.
Geographic Concentration Risk
Operations are primarily based in Kolkata, India, with a focus on the domestic market.
Third Party Dependencies
Not disclosed in available documents.
Technology Obsolescence Risk
Not disclosed in available documents.
Credit & Counterparty Risk
Receivables quality is monitored through internal financial controls; no reportable material weaknesses were observed in the audit for FY 2024-25.