Dhani Services (Delisted) share price
BSE: 532960Finance
Dhani Services Limited · Formerly Indiabulls Ventures · Face value ₹2 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Apr 2008
Last traded ₹51.06 on 27 Oct 2025
Delisted on 16 Jan 2026.
Last announcements
The company's own last announcements before its shares stopped trading, routine notices left out.
Oct 2025
24 Oct · Suspension of Trading
Members of the Exchange are hereby informed that the trading in equity shares of Dhani Services Limited shall be suspended w.e.f. October 28, 2025 (i.e., closing hours of trading on October 27, 2025) on account of the Scheme of Amalgamation.14 Oct · Corporate action
10 Oct · Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 ('SEBI Listing Regulations') - ESG Rating
Q1 results, quarter to Jun 2025
Consolidated: the company and its subsidiaries together. ₹ crore.
- Income from operationsIncome from operations. Income from operations is what the business earns: interest on loans, fees, dividends and the rest.
- ₹86 Cr−20.0% on a year ago · −4.4% on the quarter beforeChange on a year ago and on the quarter before. The change against the same quarter a year before: (this quarter's figure less that quarter's) divided by that quarter's, times 100. The change on the quarter before is the same sum against the quarter just before, taken as this quarter's results restate it where the company restated it: this quarter's year to date less this quarter. Left out where either figure is a loss, where the restatement covers two or more earlier quarters without saying which, or across a change of basis named under the table, on the lines it affects.
- Net profitNet profit. What is left of revenue and other income after every cost, interest and tax. Net profit in the glossary
- ₹6.56 Cr+4.4% on the quarter before
- Earnings per shareEarnings per share. Profit belonging to shareholders divided by the number of shares, restated for later splits and bonuses so they do not break the line. Earnings per share in the glossary
- ₹0.11−8.3% on the quarter beforeChange on a year ago and on the quarter before. The change against the same quarter a year before: (this quarter's figure less that quarter's) divided by that quarter's, times 100. The change on the quarter before is the same sum against the quarter just before, taken as this quarter's results restate it where the company restated it: this quarter's year to date less this quarter. Left out where either figure is a loss, on the quarter before wherever the profit of that quarter was restated, and across a change of basis named under the table, on the lines it affects.
- Net interest incomeNet interest income. Interest earned − interest paid; for a finance company, interest earned − finance costs. Net interest income in the glossary
- ₹49 Cr
- Profit before provisionsProfit before provisions. Profit before anything is set aside for loans that may not be repaid: for a bank, total income − its expenses other than provisions, as stated, which are interest paid and operating expenses; for a finance company, total income − finance costs − operating expenses. Profit before provisions in the glossary
- ₹4.30 Cr
From interest earned to net profit, ₹ crore
- Interest earned61
- Interest paid−12
- Net interest income49
- Other income+36
- Operating expenses−80
- Before provisions4.3
- Set aside for bad loans+11
- Profit before tax16
- Tax−9.0
- Net profit6.6
Dhani Services results by quarter
Consolidated: the company and its subsidiaries together. Latest quarter to Jun 2025. Results for the quarter to Sep 2025 were due by 14 Nov 2025, 45 days after it ends. Every company's dates are on the results calendar.
Income from operations and net profit by quarter, ₹ crore
- Income from operations
- Net profit
- Loss
Net interest income and money set aside for bad loans by quarter, ₹ crore
- Net interest income
- Set aside for bad loans
- Loss
| ₹ crore | Sep 2020 | Dec 2020Q3 | Mar 2021 | Jun 2021Q1 | Sep 2021 | Dec 2021Q3 | Mar 2022 | Jun 2022Q1 | Sep 2022 | Dec 2022Q3 | Mar 2023 | Jun 2023Q1 | Sep 2023 | Dec 2023Q3 | Mar 2024 | Jun 2024Q1 | Sep 2024 | Dec 2024Q3 | Mar 2025Q4 | Jun 2025Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income from operations | 363 | 326 | 239 | 304 | 335 | 490 | 305 | 246 | 130 | 148 | 84 | 120 | 99 | 87 | 118 | 107 | 103 | 95 | 90 | 86 |
| Interest earned | 291 | 263 | 146 | – | – | – | – | – | – | – | – | – | – | – | – | 70 | 55 | 45 | 64 | 61 |
| Interest paid | 135 | 119 | 101 | – | – | – | – | – | – | – | – | – | – | – | – | 18 | 17 | 15 | 13 | 12 |
| Net interest income | 156 | 143 | 45 | – | – | – | – | – | – | – | – | – | – | – | – | 51 | 37 | 29 | 51 | 49 |
| Other income. Income besides interest, for the period: for a bank, its other income as stated, such as fees, commissions and gains on investments; for a finance company, total income − interest earned, or where total income is not stated, fees and commission + gains on fair value changes + other income. Other income in the glossary | 108 | 74 | 91 | – | – | – | – | – | – | – | – | – | – | – | – | 59 | 59 | 64 | 72 | 36 |
| Fees and commissionFees and commission. Fees and commissions the finance company charged its customers in the period; given only where interest earned and the other revenue lines add to the revenue from operations stated. Fees and commission in the glossary | 50 | 81 | 85 | – | – | – | – | – | – | – | – | – | – | – | – | 33 | 47 | 46 | 25 | 24 |
| Gains on fair value changesGains on fair value changes. Gains on investments and other holdings counted at their market value, for the period; given only where interest earned and the other revenue lines add to the revenue from operations stated. Gains on fair value changes in the glossary | 6 | 11 | 9 | – | – | – | – | – | – | – | – | – | – | – | – | 4 | 1 | 4 | 1 | 1 |
| Gains on loans soldGains on loans sold. Gains on loans the finance company sold or assigned to others and took off its books, for the period; given only where interest earned and the other revenue lines add to the revenue from operations stated. Gains on loans sold in the glossary | 16 | −29 | 0 | – | – | – | – | – | – | – | – | – | – | – | – | 0 | 0 | 0 | 0 | 0 |
| DividendsDividends received. Dividends received on the shares the finance company holds, for the period; given only where interest earned and the other revenue lines add to the revenue from operations stated. Dividends received in the glossary | 0 | 0 | 0 | – | – | – | – | – | – | – | – | – | – | – | – | 0 | 0 | 0 | 0 | 0 |
| Sale of productsSale of products. Revenue from goods the finance company sold, outside its lending, for the period; given only where interest earned and the other revenue lines add to the revenue from operations stated. Sale of products in the glossary | 0 | 0 | 0 | – | – | – | – | – | – | – | – | – | – | – | – | 0 | 0 | 0 | 0 | 0 |
| Income outside operationsIncome outside operations. The finance company's income outside its revenue from operations, for the period, as its statement gives it. Income outside operations in the glossary | 36 | 11 | −3 | – | – | – | – | – | – | – | – | – | – | – | – | 22 | 11 | 14 | 46 | 11 |
| The lines under it are parts of it, not all of it. | 159 | 223 | 215 | – | – | – | – | – | – | – | – | – | – | – | – | 124 | 84 | 81 | 91 | 80 |
| Profit before provisions | 106 | −5 | −79 | – | – | – | – | – | – | – | – | – | – | – | – | −14 | 11 | 13 | 31 | 4 |
| Set aside for bad loansProvisions for bad loans. What was set aside in the period for loans that may not be repaid: for a bank, its provisions other than for tax, which also cover its investments and loans still being repaid; for a finance company, the impairment of its loans and other financial assets. Provisions for bad loans in the glossary | 63 | 80 | 112 | – | – | – | – | – | – | – | – | – | – | – | – | 54 | 1 | −18 | 18 | −11 |
| Exceptional itemsExceptional items. One-off gains or losses the company states separately, for the period; on a bank's group accounts, not given where the line is the outside owners' share of its subsidiaries' profit. Exceptional items in the glossary | 0 | 0 | 0 | – | – | – | – | – | – | – | – | – | – | – | – | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 43 | −85 | −191 | −252 | −228 | −189 | −232 | −79 | −98 | −99 | −232 | −83 | −89 | −87 | −75 | −68 | 10 | 31 | 13 | 16 |
| 42 | −5 | −27 | −60 | −22 | 29 | 13 | 25 | −10 | −7 | −34 | 11 | 15 | 2 | 10 | 15 | 6 | 26 | 7 | 9 | |
| The lines under it are parts of it, not all of it. | 2 | −80 | −164 | −192 | −206 | −218 | −244 | −104 | −87 | −92 | −198 | −95 | −105 | −89 | −85 | −83 | 4 | 5 | 6 | 7 |
| Other comprehensive incomeOther comprehensive income. Gains and losses after tax that bypass profit, such as the change in value of some investments and of pension obligations. Other comprehensive income in the glossary | −2 | −2 | 1 | −2 | −1 | 1 | 8 | −3 | 2 | 8 | 10 | 2 | 2 | 4 | 2 | 0 | −667 | −4 | 2 | 8 |
| Total comprehensive incomeTotal comprehensive income. Profit + other comprehensive income, given where the two come to it. Total comprehensive income in the glossary | −1 | −82 | −163 | −194 | −207 | −217 | −237 | −107 | −86 | −85 | −187 | −92 | −103 | −86 | −83 | −83 | −663 | 1 | 8 | 14 |
| Earnings per shareEarnings per share. The earnings per share stated for the period ÷ the split factor, so a figure from before a split sits on the same share as today's; a figure the company filed after a split or bonus is already on the new share count and is divided by the splits after its filing day only. | ₹0.07 | −₹1.38 | −₹2.97 | −₹3.47 | −₹3.77 | −₹3.89 | −₹4.20 | −₹1.80 | −₹1.62 | −₹1.45 | −₹3.39 | −₹1.60 | −₹1.81 | −₹1.55 | −₹1.48 | −₹1.43 | ₹0.28 | ₹0.08 | ₹0.12 | ₹0.11 |
| Diluted earnings per shareDiluted earnings per share. That diluted earnings per share on today's share count, restated by the same splits and bonuses as the basic figure. Diluted earnings per share in the glossary | ₹0.07 | −₹1.38 | −₹2.97 | −₹3.47 | −₹3.77 | −₹3.89 | −₹4.20 | −₹1.80 | −₹1.62 | −₹1.45 | −₹3.39 | −₹1.60 | −₹1.81 | −₹1.55 | −₹1.48 | −₹1.43 | ₹0.27 | ₹0.08 | ₹0.12 | ₹0.11 |
Earnings per share in rupees, restated for later splits and bonuses. A lender's lines are blank for the quarters to Jun 2021, Sep 2021, Dec 2021, Mar 2022, Jun 2022, Sep 2022, Dec 2022, Mar 2023, Jun 2023, Sep 2023, Dec 2023 and Mar 2024: the company's accounts for the year each falls in show under half its income as interest, which is not a lender's business.
Segment results by quarter
Consolidated, ₹ crore, quarters to Jun 2025.
Financing, Digital wallet services and related activities
Revenue, ₹ croreProfit, ₹ croreBroking and related activities
Revenue, ₹ croreProfit, ₹ croreAsset reconstruction and related activities
Revenue, ₹ croreProfit, ₹ croreOthers
Revenue, ₹ croreProfit, ₹ croreReal Estate development and related activities
Revenue, ₹ croreProfit, ₹ crore
| ₹ crore | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue of all businesses | 136 | 151 | 97 | 133 | 113 | 104 | 132 | 124 | 119 | 114 | 108 | 101 |
| Company revenue, as in its resultsCompany revenue. The company's revenue from operations for the period in its results, on the same accounts as its segments. It is below the businesses' sum where they sell to one another, or where the segments include a business the results report as discontinued. | 130 | 148 | 84 | 120 | 99 | 87 | 118 | 107 | 103 | 95 | 90 | 86 |
| Revenue | 85 | 70 | 38 | 68 | 68 | 58 | 80 | 68 | 65 | 61 | 65 | 59 |
| Revenue growthSegment revenue growth, year on year. The change in the segment's revenue from the same period a year before, as a percentage of that earlier revenue: a year against the year before, a quarter against the same quarter. Segment revenue growth, year on year in the glossary | −60.9% | −80.8% | −84.7% | −60.5% | −19.6% | −16.6% | 109.4% | −0.9% | −5.5% | 4.5% | −18.4% | −12.3% |
| ProfitSegment profit. What the business earned before tax and finance costs, as the company measures each of its businesses. Segment profit in the glossary | −74 | −50 | −177 | −28 | −25 | 5 | 29 | 3 | 21 | 46 | 4 | 8 |
| Profit growthSegment profit growth, year on year. The change in the segment's profit from the same period a year before, as a percentage of that earlier profit, left empty where either is a loss, since growth from or into a loss is not a percentage. Segment profit growth, year on year in the glossary | – | – | – | – | – | – | – | – | – | 896.4% | −86.7% | 150.3% |
| MarginSegment margin. Segment profit as a percentage of the segment's revenue. Segment margin in the glossary | −86.9% | −72.3% | −465.0% | −41.2% | −36.9% | 8.0% | 36.6% | 4.6% | 32.9% | 75.8% | 6.0% | 13.3% |
| AssetsSegment assets. What the company holds for this business at the period end: plant, stock, receivables and the like. Segment assets in the glossary | 3,601 | 3,088 | 2,490 | 2,341 | 2,129 | 2,139 | 1,923 | 1,902 | 1,573 | 1,510 | 1,521 | 1,494 |
| LiabilitiesSegment liabilities. What this business owes at the period end, such as payments due to suppliers. Segment liabilities in the glossary | 1,173 | 893 | 619 | 508 | 457 | 455 | 324 | 234 | 232 | 200 | 150 | 99 |
| Revenue | 31 | 31 | 32 | 25 | 28 | 26 | 35 | 35 | 39 | 31 | 29 | 29 |
| Revenue | −3 | 31 | 15 | 34 | 13 | 15 | 17 | 18 | 14 | 20 | 12 | 10 |
| Revenue | 1 | 0 | 1 | 1 | 1 | 4 | 0 | 3 | 2 | 2 | 2 | 2 |
| Revenue | – | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Revenue | 19 | 19 | 10 | 4 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | – |
Profit is before tax and finance costs, the way companies report their segments.
9 years at a glance
Consolidated, laid out as a lender that is not a bank files them. No figures on this form for the year to Mar 2016. A lender's lines are blank for the years to Mar 2017 and Mar 2018: the company's filing for those results has none of them. A lender's lines are blank for the years to Mar 2022, Mar 2023 and Mar 2024: the company's accounts for those years show under half its income as interest, which is not a lender's business.
Net interest income, Net profit, ₹ crore
- Net interest income
- Net profit
- Loss
Net interest margin, Return on assets, per cent
- Net interest marginNet interest margin. Net interest income ÷ the average assets that earn interest × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. Net interest margin in the glossary
- Return on assetsReturn on assets. Profit after tax ÷ average total assets × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. It equals net interest income + other income − operating expenses − provisions + exceptional items − tax + the lines below tax, each on the same base. Return on assets in the glossary
Dhani Services business segments, year to Mar 2025
A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.
Revenue by segment
₹466 CrTotal
- Financing, Digital wallet services and related activities₹258 Cr55.5% of total
- Broking and related activities₹134 Cr28.7% of total
- Asset reconstruction and related activities₹64 Cr13.7% of total
- Others₹7 Cr1.6% of total
- Real Estate development and related activities₹3 Cr0.5% of total
- E-Commerce and related activities₹0 Cr0.0% of total
Profit by segment
- Financing, Digital wallet services and related activities₹74.4 Cr56.8% of total
- Broking and related activities₹24.4 Cr18.7% of total
- Real Estate development and related activities₹32.1 Cr24.6% of total
Segment results by year
Consolidated, ₹ crore, years to March.
Financing, Digital wallet services and related activities
Revenue, ₹ croreProfit, ₹ croreBroking and related activities
Revenue, ₹ croreProfit, ₹ croreAsset reconstruction and related activities
Revenue, ₹ croreProfit, ₹ croreOthers
Revenue, ₹ croreProfit, ₹ croreReal Estate development and related activities
Revenue, ₹ croreProfit, ₹ croreE-Commerce and related activities
Revenue, ₹ croreProfit, ₹ crore
| ₹ crore | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|
| Revenue of all businesses | 1,994 | 3,084 | 1,455 | 1,449 | 629 | 482 | 466 |
| Company revenue, as in its results | 1,993 | 2,915 | 1,311 | 1,434 | 609 | 423 | 395 |
| Revenue | 1,650 | 2,580 | 1,085 | 1,061 | 367 | 275 | 258 |
| Revenue growth | – | – | −57.9% | −2.2% | −65.5% | −25.0% | −6.0% |
| Profit | 581 | 31 | −221 | −167 | −247 | −20 | 74 |
| Margin | 35.2% | 1.2% | −20.4% | −15.7% | −67.4% | −7.2% | 28.8% |
| Assets | 12,417 | 8,169 | 6,940 | 5,600 | 2,490 | 1,923 | 1,521 |
| Liabilities | 7,821 | 5,357 | 3,836 | 2,346 | 619 | 324 | 150 |
| Revenue | 281 | 352 | 152 | 134 | 125 | 114 | 134 |
| Revenue | – | 146 | 168 | 65 | 69 | 79 | 64 |
| Revenue | 63 | 6 | 50 | 4 | 3 | 6 | 7 |
| Revenue | – | – | – | – | 1 | 1 | 3 |
| Revenue | – | – | – | – | 65 | 7 | 0 |
| Revenue | – | – | – | 185 | – | – | – |
Profit is before tax and finance costs, the way companies report their segments.
Income
₹ crore, years to March.
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Total incomeTotal income. Everything earned in the period, the total the statement states: for a bank, its interest earned and other income, with any other income line its statement totals; for a finance company, revenue from operations + other income; for a general insurer, premium earned + income from the policyholders' investments + other income; for a life insurer, premiums + the income and gains on the policyholders' investments. Total income in the glossary | – | – | 1,997 | 2,919 | 1,363 | – | – | – | 487 |
| Interest earned | – | – | 1,580 | 1,972 | 1,012 | – | – | – | 266 |
| Interest paid | – | – | 587 | 800 | 491 | – | – | – | 64 |
| Net interest income | – | – | 993 | 1,173 | 521 | – | – | – | 202 |
| – | – | 417 | 947 | 351 | – | – | – | 221 | |
| Fees and commission | – | – | 337 | 275 | 263 | – | – | – | 118 |
| Gains on fair value changes | – | – | 16 | 0 | 36 | – | – | – | 11 |
| Gains on loans sold | – | – | 34 | 618 | 0 | – | – | – | 0 |
| Dividends | – | – | 26 | 50 | 0 | – | – | – | 0 |
| Sale of products | – | – | 0 | 0 | 0 | – | – | – | 0 |
| Income outside operations | – | – | 4 | 4 | 52 | – | – | – | 92 |
| The lines under it are parts of it, not all of it. | – | – | 654 | 1,132 | 803 | – | – | – | 381 |
| Profit before provisions | – | – | 756 | 987 | 69 | – | – | – | 42 |
| Set aside for bad loans | – | – | 127 | 960 | 278 | – | – | – | 56 |
| Exceptional items | – | – | 0 | 0 | 0 | – | – | – | 0 |
| Profit before tax | 146 | 320 | 629 | 27 | −209 | −901 | −508 | −335 | −14 |
| 44 | 83 | 169 | −15 | 21 | −40 | −26 | 39 | 54 | |
| The lines under it are parts of it, not all of it. | 102 | 237 | 460 | 42 | −230 | −860 | −481 | −374 | −68 |
| Other comprehensive income | – | – | −1 | 6 | 3 | 5 | 9 | 6 | −670 |
| Total comprehensive income | – | – | 459 | 47 | −227 | −855 | −472 | −368 | −737 |
| Earnings per share | ₹3.47 | ₹5.51 | ₹8.42 | ₹0.07 | −₹4.16 | −₹15.30 | −₹8.31 | −₹6.49 | – |
| Diluted earnings per share | ₹3.28 | ₹4.99 | ₹8.01 | ₹0.07 | −₹4.16 | −₹15.30 | −₹8.31 | −₹6.49 | – |
Balance sheet
₹ crore, at 31 March.
| ₹ crore | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|
| Total assetsTotal assets. Everything the company owns, at the period end; for an insurer, whose balance sheet shows its assets net of what it owes in the short term, that net figure + its current liabilities and provisions − any debit balance in its profit and loss account and expenditure not yet written off, and not given where only the net figure is stated. Total assets in the glossary | 16,015 | 11,577 | 10,129 | – | – | – | 3,732 |
| Loans given | 11,197 | 5,231 | 4,599 | – | – | – | 1,280 |
| Investments | 603 | 634 | 1,420 | – | – | – | 64 |
| DepositsDeposits. Money customers have placed with the company on deposit, at the period end. Deposits in the glossary | 0 | 0 | 0 | – | – | – | 0 |
| Borrowings. Money borrowed, at the period end, deposits left out: for a bank and an insurer, its borrowings as stated; for a finance company, bonds and debentures + loans taken + subordinated debt. Borrowings in the glossary | 8,240 | 5,388 | 3,739 | – | – | – | 481 |
| Bonds and debenturesBonds and debentures. Money the finance company borrowed by issuing bonds, debentures and commercial paper, at the period end. Bonds and debentures in the glossary | 2,035 | 887 | 771 | – | – | – | 29 |
| LoansLoans. Money the finance company borrowed from banks and other lenders, besides bonds, subordinated debt and deposits, at the period end. Loans in the glossary | 6,205 | 4,501 | 2,968 | – | – | – | 452 |
| Net worth. Net worth at the period end, the whole group's on group accounts: for a bank, share capital + reserves and surplus; for a finance company, total equity as stated; for a general insurer, share capital + reserves; for a life insurer, shareholders' funds as stated, or share capital + reserves + the fair value change account where they are not. An insurer's is less any debit balance in its profit and loss account and expenditure not yet written off. Not given where the balance sheet states the share capital, the reserves or the net worth as 0. Net worth in the glossaryThe lines under it are parts of it, not all of it. | 6,575 | 5,588 | 5,612 | – | – | – | 2,877 |
Margins and returns
Per cent a year, on the average of the opening and closing balance sheets.
| Figure | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|
| Net interest margin | – | 13.28% | 8.76% | – | – | – | 13.28% |
| Yield on interest-earning assetsYield on interest-earning assets. Interest earned ÷ the average assets that earn interest × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. Yield on interest-earning assets in the glossary | – | 22.33% | 17.03% | – | – | – | 17.51% |
| Cost of fundsCost of funds. Interest paid ÷ the average of what the company pays interest on × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. Cost of funds in the glossary | – | 11.74% | 10.77% | – | – | – | 10.91% |
| SpreadSpread. Yield on the assets that earn interest − cost of funds; not given for an insurer. Spread in the glossary | – | 10.59% | 6.27% | – | – | – | 6.60% |
| Cost to incomeCost to income. Operating expenses ÷ (net interest income + other income) × 100. Cost to income in the glossary | 46.37% | 53.41% | 92.10% | – | – | – | 90.15% |
| Credit costCredit cost. What was set aside for loans that may not be repaid ÷ average loans given × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. Credit cost in the glossary | – | 11.69% | 5.65% | – | – | – | 3.81% |
| Return on assets | – | 0.30% | −2.12% | – | – | – | −1.64% |
| Assets per rupee of net worthAssets per rupee of net worth. Average total assets ÷ average net worth: rupees of assets for each rupee of net worth; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. Assets per rupee of net worth in the glossary | – | 2.27 | 1.94 | – | – | – | 1.30 |
| Return on equityReturn on equity. Return on assets × average total assets ÷ average net worth: profit after tax as a percentage of average net worth, a rate per year; not given for an insurer. Return on equity: how it is worked out | – | 0.69% | −4.10% | – | – | – | −2.13% |
Where the return on assets comes from
Per cent of average total assets, a year. Each line adds to the one below it. The year to Mar 2019, the first with a balance sheet on this form, has none a year before it to average with, so its ratios are blank.
| Per cent | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|
| Net interest income | 8.50% | 4.80% | – | – | – | 4.88% |
| Other income | 6.86% | 3.24% | – | – | – | 5.36% |
| Operating expenses | 8.20% | 7.40% | – | – | – | 9.23% |
| Profit before provisions | 7.16% | 0.63% | – | – | – | 1.01% |
| Set aside for bad loans | 6.96% | 2.56% | – | – | – | 1.35% |
| Exceptional items | 0.00% | 0.00% | – | – | – | 0.00% |
| Profit before tax | 0.20% | −1.92% | – | – | – | −0.34% |
| Tax | −0.11% | 0.19% | – | – | – | 1.30% |
| Associates and businesses sold or closedAssociates and businesses sold or closed. What sits between the tax line and the profit after tax, the group's share of its associates' profit and the result of businesses sold or closing: (profit after tax − (profit before tax − tax)) ÷ average total assets × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. Associates and businesses sold or closed in the glossary | 0.00% | 0.00% | – | – | – | 0.00% |
| Return on assets | 0.30% | −2.12% | – | – | – | −1.64% |
Cash flow
Consolidated, ₹ crore, years to March.
| ₹ crore | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Cash from operationsCash from operations. Cash the business brought in from its operations in the period, after paying suppliers, staff and tax. Cash from operations in the glossary | 925 | −702 | 848 | −231 | 98 |
| Capital spendingCapital spending. Cash spent in the period on plant, equipment, buildings and other long-lived assets. Capital spending in the glossary | 34 | 145 | 49 | 0 | 0 |
| Free cash flowFree cash flow. Cash from operations less capital spending: what is left to repay borrowings, pay dividends or keep. Free cash flow in the glossary | 891 | −847 | 798 | −231 | 98 |
| Cash from investingCash from investing. Cash spent on, below nought, or received from plant, investments, businesses bought or sold, and interest and dividends received. Cash from investing in the glossary | −537 | 774 | 76 | 489 | 52 |
| Cash from financingCash from financing. Cash raised from, or paid to, lenders and shareholders: borrowings taken and repaid, interest, lease payments, dividends and shares issued or bought back. Cash from financing in the glossary | −1,168 | −801 | −1,168 | −318 | −89 |
| Dividends paidDividends paid. Cash paid to shareholders as dividends during the period. Dividends paid in the glossary | 1 | 1 | 0 | 0 | 0 |
| Shares bought backShares bought back. Cash spent buying the company's own shares back from shareholders. Shares bought back in the glossary | 208 | 71 | 0 | 0 | 0 |
| Shares issuedShares issued. Cash raised by selling new shares. Shares issued in the glossary | 588 | 795 | 8 | 0 | 0 |
| Net change in cashNet change in cash. Cash from operations, investing and financing added together: how much cash and cash equivalents rose or fell over the year, before currency effects. Net change in cash in the glossary | −780 | −729 | −245 | −60 | 62 |
Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.
Growth and returns over 3, 5 and 10 years
Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2025.
| Measure | 10 years | 5 years | 3 years |
|---|---|---|---|
| Revenue growth, yearly rateRevenue growth, yearly rate. 3 years: Revenue in the latest year ÷ revenue in the year three years before, to the power of one third, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. 5 years: Revenue in the latest year ÷ revenue in the year five years before, to the power of one fifth, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. 10 years: Revenue in the latest year ÷ revenue in the year ten years before, to the power of one tenth, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. | – | −33.0% | −35.0% |
| Return on equity, averageReturn on equity, average. 3 years: The plain average of the yearly return on equity over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly return on equity over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly return on equity over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | −6.8% | −7.6% |
| Return on capital employed, averageReturn on capital employed, average. 3 years: The plain average of the yearly return on capital employed over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly return on capital employed over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly return on capital employed over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | – | −8.4% |
| Operating margin, averageOperating margin, average. 3 years: The plain average of the yearly operating profit margin over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly operating profit margin over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly operating profit margin over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | – | −59.2% |
| Net margin, averageNet margin, average. 3 years: The plain average of the yearly net profit margin over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly net profit margin over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly net profit margin over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | −20.5% | −52.4% | −61.6% |
| Asset turnover, averageAsset turnover, average. 3 years: The plain average of the yearly asset turnover over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly asset turnover over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly asset turnover over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | 0.11 | 0.09 |
| Debt to equity, averageDebt to equity, average. 3 years: The plain average of the yearly debt to equity over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly debt to equity over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly debt to equity over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | – | 0.23 |
Where the cash came from and went
Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2025.
| ₹ crore | 5 years | 3 years | Latest year |
|---|---|---|---|
| Cash from operationsCash from operations. Latest year: Cash from operating activities in the latest year. 3 years: Cash from operating activities added over the last three years, needing every one of them. 5 years: Cash from operating activities added over the last five years, needing every one of them. | 938 | 715 | 98 |
| Cash from investingCash from investing. Latest year: Cash from investing activities in the latest year. 3 years: Cash from investing activities added over the last three years, needing every one of them. 5 years: Cash from investing activities added over the last five years, needing every one of them. | 855 | 617 | 52 |
| Cash from financingCash from financing. Latest year: Cash from financing activities in the latest year. 3 years: Cash from financing activities added over the last three years, needing every one of them. 5 years: Cash from financing activities added over the last five years, needing every one of them. | −3,545 | −1,575 | −89 |
| Capital spendingCapital spending. Latest year: Spending on property, plant and equipment in the latest year. 3 years: Spending on property, plant and equipment added over the last three years, needing every one of them. 5 years: Spending on property, plant and equipment added over the last five years, needing every one of them. | 228 | 49 | 0 |
| Dividends paidDividends paid. Latest year: Dividends paid in the latest year. 3 years: Dividends paid added over the last three years, needing every one of them. 5 years: Dividends paid added over the last five years, needing every one of them. | 2 | 0 | 0 |
| Shares bought backShares bought back. Latest year: Shares bought back in the latest year. 3 years: Shares bought back added over the last three years, needing every one of them. 5 years: Shares bought back added over the last five years, needing every one of them. | 278 | 0 | 0 |
| Shares issued for cashShares issued for cash. Latest year: Shares issued for cash in the latest year. 3 years: Shares issued for cash added over the last three years, needing every one of them. 5 years: Shares issued for cash added over the last five years, needing every one of them. | 1,390 | 8 | 0 |
Where the return came from
Yearly rates to Mar 2025, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | +49.4% | – | – | 0.0% |
| 3 years | −3.0% | – | – | 0.0% |
| 5 years | −12.0% | – | – | 0.0% |
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth and the change in P/E are left empty where earnings per share at either end of the window was a loss or is not on record. Earnings growth over 1 year is on profit divided by shares in issue at both ends: the earnings per share stated for one end does not match that year's profit and share count. Earnings growth and the change in P/E over 3 and 5 years are left empty: the earnings per share stated for one end does not match that year's profit and share count, and no share count is on record to work it out.
Who owns Dhani Services, filing by filing
Per cent of the company's shares. Every filing on record, from Sep 2021; the latest is the filing for Jun 2025.
Jun 2025 filing
- Promoters29.13%
- Foreign institutions20.77%
- Indian institutions1.87%
- GovernmentsNone
- Individuals and others43.37%
- Employee trusts4.85%
Shareholding pattern, per cent, from Sep 2022
- Promoters
- Foreign institutions
- Indian institutions
- Governments
- Individuals and others
- Employee trusts
| Per cent | Sep 2021 | Sep 2022 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Dec 2024 | Jun 2025 |
|---|---|---|---|---|---|---|---|---|
| 30.05% | 33.00% | 32.89% | 31.25% | 30.77% | 29.13% | 29.13% | 29.13% | |
| Indian promoters | 30.05% | 33.00% | 32.89% | 31.25% | 30.77% | 29.13% | 23.54% | 23.54% |
| Foreign promoters | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.60% | 5.60% |
| Public. Every shareholder outside the promoter group, the employee trusts and the shares held against depositary receipts, as the filing totals them. Public in the glossary | 66.72% | 62.13% | 62.26% | 63.90% | 64.38% | 66.02% | 66.02% | 66.02% |
| Employee trusts | 3.23% | 4.87% | 4.85% | 4.85% | 4.85% | 4.85% | 4.85% | 4.85% |
| Shares in issue | 60,99,47,910 | 60,99,47,910 | 61,21,47,910 | 61,21,47,910 | 61,21,47,910 | 61,21,47,910 | 61,21,47,910 | 61,21,47,910 |
| Shares locked inShares locked in. Shares the filing reports as barred from sale until a set day, such as promoters' shares after a public issue or shares allotted to an investor directly. Shares locked in in the glossary | 3,36,00,000 | 0 | 0 | 0 | 0 | 0 | 0 | – |
| Shares underlying depositary receipts | 2,038 | 2,038 | 2,038 | 2,038 | 0 | 0 | 0 | – |
Filings before Sep 2022 are on an older form, which did not split institutions into foreign and Indian and grouped some holders differently, so those columns show only the lines both forms state alike. A dash is a line the filing did not state. “Under 0.01%” is a holding of shares too small to show at two decimals.
Dhani Services promoters
Promoters are the founders, families and companies that control the company, as its filings name them. Every member of the promoter group holding shares in the filing for Jun 2025; the largest is INUUS DEVELOPERS PRIVATE LIMITED, 23.54%. The filing names 2 more members with no shares.
| Holder | ||
|---|---|---|
| INUUS DEVELOPERS PRIVATE LIMITEDIndian companies, trusts and others | 23.54% | 14,40,75,710 |
| SAMEER GEHLAUTNon-resident and foreign individuals | 5.60% | 3,42,52,493 |
No promoter shares are reported as pledged.
Largest public holders of Dhani Services, filing by filing
Per cent, on the same shares as the split above.
| Holder | Sep 2021 | Sep 2022 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Dec 2024 | Jun 2025 |
|---|---|---|---|---|---|---|---|---|
| ACM GLOBAL FUND VCCForeign portfolio investors, category I | – | – | 1.68% | 2.44% | 2.53% | 4.18% | 4.90% | 5.49% |
| MAYBANK SECURITIES PTE LTD - ODIForeign portfolio investors, category I | – | – | – | – | – | – | – | 2.72% |
| ANAND SHAKTIKUMAR SANCHETIResident individuals, over ₹2 lakh at face value | – | 2.56% | 2.55% | 2.55% | 2.55% | 2.55% | 2.55% | 2.55% |
| BRIJKISHOR TRADING PRIVATE LIMITEDCompanies | 1.36% | 1.41% | 1.40% | 1.40% | 1.40% | 2.48% | 2.48% | 2.48% |
| SOCIETE GENERALE - ODIForeign portfolio investors, category I | – | – | 1.30% | – | – | 2.13% | 2.44% | 1.81% |
| DIVYESH BHARATKUMAR SHAHDirectors and their relatives | – | 1.78% | 1.77% | 1.77% | 1.77% | 1.77% | 1.77% | 1.77% |
| COHESION MK BEST IDEAS SUB-TRUSTForeign portfolio investors, category II | – | – | – | – | – | 1.22% | 1.63% | 1.63% |
| THINK INDIA OPPORTUNITIES MASTER FUND LPForeign portfolio investors, category I | In concert | In concert | – | – | – | – | 1.55% | 1.55% |
| JAINAM BROKING LIMITEDCompanies | – | 1.72% | 1.74% | 1.94% | 1.85% | 2.00% | 1.53% | 1.53% |
| UNICO GLOBAL OPPORTUNITIES FUND LIMITEDForeign portfolio investors, category I | – | – | – | – | – | – | – | 1.09% |
| MAYBANK SECURITIES PTE LTDForeign portfolio investors, category I | – | 2.02% | – | 1.01% | 3.51% | 3.48% | 3.48% | – |
| TUPELO CONSULTANCY LLPCompanies | 2.17% | 1.88% | 1.84% | 1.73% | 1.71% | 1.70% | – | – |
| RISHIKESH PARTHASARATHINon-resident Indians | – | – | 1.05% | 1.19% | 1.29% | 1.23% | – | – |
| BOFA SECURITIES EUROPE SAForeign portfolio investors, category I | – | 2.18% | 2.15% | 2.25% | 1.78% | – | – | – |
| STEADVIEW CAPITAL MAURITIUS LIMITEDForeign portfolio investors, category I | 4.35% | 4.35% | 3.10% | 3.10% | 1.29% | – | – | – |
| NOMURA SINGAPORE LIMITED ODIForeign portfolio investors, category I | – | 2.14% | – | – | – | – | – | – |
| TAMARIND CAPITAL PTE LTDOther non-institutions | 10.01% | – | – | – | – | – | – | – |
| JASMINE CAPITAL INVESTMENTS PTE LTDInstitutions Foreign Portfolio Investor | 7.87% | – | – | – | – | – | – | – |
| BAILLIE GIFFORD PACIFIC FUND A SUB FUND OF BAILLIE GIFFORD OInstitutions Foreign Portfolio Investor | 2.07% | – | – | – | – | – | – | – |
| DIVYESH BHARAT SHAHResident individuals, over ₹2 lakh at face value | 1.78% | – | – | – | – | – | – | – |
| RIBBIT CAYMAN IN HOLDINGS VI LTDInstitutions Foreign Portfolio Investor | 1.72% | – | – | – | – | – | – | – |
| BNP PARIBAS ARBITRAGE ODIInstitutions Foreign Portfolio Investor | 1.58% | – | – | – | – | – | – | – |
| NWI EMERGING MARKET FIXED INCOME MASTER FUND LTDInstitutions Foreign Portfolio Investor | 1.38% | – | – | – | – | – | – | – |
A filing names every holder above one per cent, in the company's own words: an insurer's holding can carry one of its funds' names. A dash is a filing that did not name the holder, which includes holding under one per cent. “In concert” is a filing that named the holder only among the persons acting in concert; the latest filing's list is below.
Who moved in the Jun 2025 filing
Against the Dec 2024 filing. A filing names a public holder only at 1% or more, so a holder no longer named fell under 1% or sold out.
- Foreign institutions: MAYBANK SECURITIES PTE LTD no longer named, from 3.48%; MAYBANK SECURITIES PTE LTD - ODI newly named at 2.72%; UNICO GLOBAL OPPORTUNITIES FUND LIMITED newly named at 1.09%; 2 more moved
Persons acting in concert
From the filing for Jun 2025.
| NamePersons acting in concert. Shareholders who have agreed to act together in the company, such as members of a family or a fund house and its schemes, listed together in the filing with what each holds. Persons acting in concert in the glossary | Holding | Shares |
|---|---|---|
| TIMF Holdings | 1.55% | 94,85,358 |
Shareholders who act together in the company, with what each holds. The list can repeat holders shown above, under another name or as one of a fund house's schemes.
Dhani Services share price by year
Each calendar year to 2025.
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 51.06 | −45.6% | 108.29 | 51.06 |
| 2024 | 93.90 | +142.0% | 96.76 | 34.15 |
| 2023 | 38.80 | −6.3% | 48.60 | 24.95 |
| 2022 | 41.40 | −75.0% | 162.70 | 29.60 |
| 2021 | 165.60 | −48.5% | 388.50 | 144.10 |
| 2020 | 321.65 | +50.1% | 340.25 | 66.35 |
| 2019 | 214.35 | −44.6% | 401.90 | 81.55 |
| 2018 | 387.05 | +45.8% | 813.65 | 228.75 |
| 2017 | 265.45 | +1,194.9% | 302.40 | 20.15 |
| 2016 | 20.50 | −17.8% | 34.25 | 13.40 |
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before. The 2025 close is its last trade, on 27 Oct 2025.
Recent sessions
The 10 trading days to 27 Oct 2025, as traded on BSE.
| Date | Open | High | Low | Close | Average price | Volume |
|---|---|---|---|---|---|---|
| 27 Oct 2025 | 56.31 | 56.31 | 50.39 | 51.06 | 51.95 | 2,23,39,498 |
| 24 Oct 2025 | 56.40 | 57.16 | 55.27 | 56.03 | 56.05 | 19,89,551 |
| 23 Oct 2025 | 55.00 | 56.90 | 54.95 | 56.20 | 56.05 | 37,78,066 |
| 21 Oct 2025 | 54.90 | 55.80 | 53.15 | 54.80 | 55.10 | 6,91,255 |
| 20 Oct 2025 | 56.80 | 56.99 | 53.97 | 54.53 | 54.93 | 31,91,634 |
| 17 Oct 2025 | 57.30 | 57.30 | 56.00 | 56.37 | 56.58 | 15,72,115 |
| 16 Oct 2025 | 55.93 | 58.00 | 55.37 | 57.57 | 56.78 | 40,98,395 |
| 15 Oct 2025 | 57.15 | 57.64 | 55.26 | 55.43 | 56.28 | 37,40,803 |
| 14 Oct 2025 | 59.90 | 60.00 | 57.06 | 57.36 | 58.24 | 26,82,644 |
| 13 Oct 2025 | 60.86 | 60.87 | 59.00 | 59.38 | 59.62 | 26,76,649 |
Prices in ₹ per share as traded, not adjusted.
Price adjustments
What the price chart is corrected for, so it reads as one share held throughout.
| Ex-date | Event | Price factor | What happened |
|---|---|---|---|
| 21 Feb 2022 | Price move | – | Between two trading sessions the price moved by a fifth or more. The company made an announcement in time for trading that day or the trading day before. Not adjusted for. |
Each event is noted and not adjusted for.
Company details
- BSE code
- 532960
- ISIN
- INE274G01010
- Industry
- Finance
- Former symbols
- DHANI, IBVENTURES, IBSEC
- Website
- www.indiabulls.com
- CIN
- L74110HR1995PLC121209
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 1995
- Registered office
- 5th Floor, Plot No. 108, IT Park, Udyog Vihar, Phase 1, Gurugram 122016, Haryana
- Share registrar
- The company itself
- Keeps the register of shareholders and handles transfers and dividend payments