DHANI - Dhani Services

📊 NSE: DHANI 🏢 Finance & Investments 📅 Last Updated: 12/13/2025 21:30

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue stood at INR 4.87 Bn for FY 2024. Segment-specific growth percentages are not disclosed, but the business is transitioning from digital-first services to real estate development as its primary undertaking.

Geographic Revenue Split

Not disclosed in available documents, though real estate projects are focused on key Indian urban micro-markets.

Profitability Margins

Net profit margin improved significantly from -88.43% in FY 2023-24 to -17.14% in FY 2024-25. Operating profit margin also improved from -88.43% to -17.14% over the same period due to improved profit after tax.

EBITDA Margin

EBITDA margin turned positive, reaching 20.35% in FY 2024-25 compared to -42.23% in FY 2023-24, reflecting a recovery in core operational profitability.

Capital Expenditure

Not disclosed in available documents; however, the company is moving toward a 'capital-light' model for its e-commerce and credit businesses to improve cash flow efficiency.

Credit Rating & Borrowing

Total borrowings were reduced by 26.45% from INR 6.54 Bn in March 2024 to INR 4.81 Bn in March 2025. The company maintains a comfortable credit risk profile with standardized risk management for its broking business.

⚙️ Operational Drivers

Raw Materials

Not applicable for service/digital segments. For real estate, land and construction materials are primary, though specific cost percentages are not disclosed.

Capacity Expansion

The company services 0.060 million active customers, with 0.18 million clients holding shares valued at INR 63,000.80 Crores as of March 31, 2025. Real estate expansion is focused on building a strong development pipeline in urban markets.

Raw Material Costs

Not disclosed; however, the company is shifting to a marketplace model where it earns commissions from suppliers rather than carrying full inventory risk.

Manufacturing Efficiency

Asset turnover ratio increased from 4.11 in FY 2023-24 to 5.79 in FY 2024-25, indicating improved efficiency in utilizing assets to generate revenue.

Logistics & Distribution

100% of Dhani Store deliveries are handled by third-party logistics providers who pick up inventory directly from suppliers.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

Growth is targeted through a strategic pivot to real estate development and a capital-light digital marketplace model. The company aims to channelize credit (Dhani Plus) specifically for purchases on its own Dhani Store to capture higher unit economics and commissions.

Products & Services

Real estate developments, Dhani Store (e-commerce), Dhani Stocks (broking), Dhani Plus (credit limits), UPI-based payments, and Asset Reconstruction (ARC).

Brand Portfolio

Dhani, Dhani Services, Dhani Stocks, Indiabulls Securities Limited, Dhani Plus.

New Products/Services

Dhani Plus, a credit-linked subscription model (INR 500/annum) designed to drive captive spending on the Dhani Store marketplace.

Market Expansion

Focusing on urban micro-markets for real estate and scaling the digital franchise to the mass Indian population.

🌍 External Factors

Industry Trends

The Indian real estate sector is seeing sustained momentum; e-commerce is highly competitive with players like Amazon and Flipkart, forcing Dhani to pivot to a niche captive-credit model.

Competitive Landscape

Faces intense competition from established e-commerce giants (Amazon, Flipkart, Meesho) and fintech/broking competitors (PayTM, various discount brokers).

Competitive Moat

The primary moat is the integrated ecosystem of credit and commerce (Dhani Plus + Dhani Store), though its sustainability is challenged by intense e-commerce competition and regulatory oversight.

Macro Economic Sensitivity

Real estate segment is highly sensitive to Indian interest rates and end-user demand dynamics which drove growth in FY 2024-25.

Consumer Behavior

Shift toward digital-first investment platforms and UPI-based payments among the mass Indian population.

⚖️ Regulatory & Governance

Industry Regulations

Requires formal RBI approval for specific credit product offerings; must comply with SEBI (LODR) and SEBI (Depositories and Participants) Regulations for its listed securities and broking operations.

Environmental Compliance

The company received an ESG Rating as of October 10, 2025, indicating active monitoring of environmental and social governance metrics.

Legal Contingencies

The company is processing a Scheme of Arrangement (effective Oct 2025). Specific values for pending court cases or labor disputes were not disclosed.

⚠️ Risk Analysis

Key Uncertainties

Regulatory risk regarding RBI approvals for credit products and the high competitive intensity of the e-commerce sector which may delay profitability.