Dharni Capital Services Ltd (543753) Quarterly Report Analysis & Insights

Dharni Capital Services Ltd

| Audited Financial Results for Half Year Ended March 31, 2026

⬤24th Apr 26

Summary : Dharni Capital Services Limited reported strong consolidated revenue growth and an unmodified audit opinion, driven by strategic investment in an associate company, despite a decline in standalone revenue and negative consolidated operating cash flow.

Quarterly Report Analysis & Insights

Financial Disclosures

Standalone Total Expenses: Rs. 286.11 lakhs (FY26) vs Rs. 294.66 lakhs (FY25).
Consolidated Total Expenses: Rs. 668.20 lakhs (FY26) vs Rs. 410.48 lakhs (FY25).
Standalone Revenue from Operations: Rs. 555.55 lakhs (FY26) vs Rs. 601.11 lakhs (FY25).
Consolidated Revenue from Operations: Rs. 955.32 lakhs (FY26) vs Rs. 652.36 lakhs (FY25).
Standalone Net Cash flow from Operating activities: Rs. 694.31 lakhs (FY26) vs Rs. 283.54 lakhs (FY25).
Standalone Net Cash used in Investing activities: Rs. -686.65 lakhs (FY26) vs Rs. -372.07 lakhs (FY25).
Standalone Net Cash used in financing activities: Rs. -6.42 lakhs (FY26) vs Rs. -2.94 lakhs (FY25).
Consolidated Net Cash flow from Operating activities: Rs. -122.02 lakhs (FY26) vs Rs. 29.65 lakhs (FY25).
Consolidated Net Cash used in Investing activities: Rs. 302.35 lakhs (FY26) vs Rs. -674.39 lakhs (FY25).
Consolidated Net Cash used in financing activities: Rs. -176.57 lakhs (FY26) vs Rs. 166.88 lakhs (FY25).
Standalone Total Assets: Rs. 2,899.57 lakhs (FY26) vs Rs. 2,103.98 lakhs (FY25).
Standalone Equity Share Capital: Rs. 203.70 lakhs (FY26) vs Rs. 203.70 lakhs (FY25).
Standalone Other Equity: Rs. 2,117.53 lakhs (FY26) vs Rs. 1,831.50 lakhs (FY25).
Consolidated Total Assets: Rs. 3,073.24 lakhs (FY26) vs Rs. 2,380.31 lakhs (FY25).
Consolidated Equity Share Capital: Rs. 203.70 lakhs (FY26) vs Rs. 203.70 lakhs (FY25).
Consolidated Other Equity: Rs. 2,378.87 lakhs (FY26) vs Rs. 1,912.04 lakhs (FY25).
Standalone Investments: Rs. 1,886.59 lakhs (FY26) vs Rs. 1,531.67 lakhs (FY25).
Consolidated Investments: Rs. 1,121.19 lakhs (FY26) vs Rs. 737.80 lakhs (FY25).
Investment in Dhanayu Finance Private Limited, an associate company.
Mr. Hemant Dharnidharka is Director in both companies.
All related party transactions comply with Sections 177 and 188 of the Act.
Standalone and Consolidated Audited Financial Results approved.
Consolidated statements include Dharni Consulting Private Limited (100%) and Dhanayu Finance Private Limited (49%).

Corporate Overview

India (Market Presence: India for Dhanayu Finance Private Limited).
Financial consultants and management consultants.
Provide advice, services, and consultancy in various fields.
Services include general administrative, secretarial, commercial, financial legal, economic, labour, industrial, public relations, scientific, technical, direct and indirect taxation and other levies, statistical, accountancy, quality control and data processing.
Operates in both Online and Offline Space.
The Board of Directors approved financial results and an investment.
Diversified Financial services (Mutual Fund Distribution, Fixed Deposit Distribution, Real Estate Brokerage, Technical Consultancy, Outsourcing services).
Technology-enabled Investment and Financial services platform.
Investment in Dhanayu Finance Private Limited for Rs. 15,27,75,000/- via Rights Issue.
Capital infusion in Dhanayu Finance Private Limited to meet working capital needs and business expansion.

Risk Factors

Standalone revenue from operations declined.
Consolidated operating cash flow turned negative.
Increased investing activities, significant cash outflow.
No dividend declared for the year.

Key Drivers

Strategic investment in associate company.
Strong growth in consolidated revenue.
Unmodified audit opinion on financials.
Effective internal financial controls.

Auditor’s Report

Unmodified opinion on standalone and consolidated financial statements.
Revenue recognition accuracy, measurement, presentation, and disclosure.
Application of Ind AS 115 - Revenue from contracts with customers.
Identification of performance obligations and transaction price determination.
Judgements used in determining satisfaction of performance obligations.
Completeness of internal financial controls over financial reporting.

Board Commentary

No dividend declared or paid during the year.
No pending litigations impacting financial position.
No material foreseeable losses on long-term contracts.
Investment of Rs. 15,27,75,000/- in Dhanayu Finance Private Limited via Rights Issue.
Acquisition of 1,52,77,500 equity shares of Dhanayu Finance Private Limited.

Corporate Governance

Audit committee reviewed and recommended financial results.
No investor complaints pending, received, disposed, or unresolved.

Management Discussion & Analysis

Future Strategy

Strategic investment in an associate company (Dhanayu Finance Private Limited) to support its liquidity and operations.
Focus on diversified financial services and technology-enabled platforms.

Operational Focus Areas

Maintaining adequate capital adequacy and liquidity.
Smooth operations and business expansion.

Performance Drivers

Investment in associate company for working capital and expansion.
Diversified financial services offerings.