DHTL - Docmode Health

📊 NSE: DHTL 🏢 Miscellaneous 📅 Last Updated: 12/13/2025 21:37

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single business segment, 'Transforming Learning and Practice'. Consolidated revenue for FY25 was INR 4,177.29 Lacs, representing a 4.41% growth compared to INR 4,000.73 Lacs in FY24. However, H1 FY26 revenue of INR 1,784.68 Lacs showed a 12.59% decline compared to INR 2,041.81 Lacs in H1 FY25.

Geographic Revenue Split

The company has significant operations based in India, and management has determined there are no reportable geographical segments, indicating 100% of revenue is domestic.

Profitability Margins

The company reported a consolidated net loss of INR 202.64 Lacs in FY25, a significant decline from a profit of INR 18.76 Lacs in FY24. For H1 FY26, the net loss narrowed to INR 9.18 Lacs, a 78.5% improvement compared to the INR 52.13 Lacs loss in H1 FY25. Net profit margin for FY25 was -4.85%.

EBITDA Margin

Consolidated operating profit before working capital changes (EBITDA) for H1 FY26 was INR 89.11 Lacs, yielding an EBITDA margin of 4.99%. This is a substantial improvement over the FY25 EBITDA of INR 28.72 Lacs, which had a margin of only 0.69%.

Capital Expenditure

Not explicitly disclosed in the provided documents; however, depreciation for H1 FY26 was INR 11.34 Lacs compared to INR 29.92 Lacs for the full year FY25.

Credit Rating & Borrowing

Credit rating is not disclosed. Borrowing costs are significant, with interest expenses of INR 191.89 Lacs in FY25 (4.59% of revenue) and INR 85.09 Lacs in H1 FY26 (4.77% of revenue).

⚙️ Operational Drivers

Raw Materials

As a technology and service-driven platform, specific physical raw materials are not applicable. The primary inputs are content development for medical education and IT infrastructure maintenance.

Capacity Expansion

Not applicable for the current service-based model; however, the company is expanding its service delivery capabilities globally through strategic partnerships with international CRO organizations.

Raw Material Costs

Not applicable as a service provider; however, operating expenses for H1 FY26 were INR 1,800.93 Lacs, exceeding revenue of INR 1,784.68 Lacs.

Manufacturing Efficiency

Not applicable; efficiency is measured by technology-driven delivery models and institutional partnership growth.

Logistics & Distribution

Distribution is handled through an exclusive reseller and distributor network to enhance market penetration.

📈 Strategic Growth

Growth Strategy

Growth will be driven by aggressive revenue strategies in the global CRO and CRAMS markets, expanding the 'Transforming Learning and Practice' segment, and deepening engagement with pharmaceutical companies through an exclusive reseller and distributor network.

Products & Services

Continuing medical education (CME) platforms, clinical research services, and contract research and manufacturing services (CRAMS).

Brand Portfolio

Docmode.

New Products/Services

Expansion into traditional pharmaceutical and healthcare business models, specifically clinical research and contract services.

Market Expansion

Targeting both domestic and international expansion in the pharmaceutical research landscape.

Strategic Alliances

Strategic partnerships with pharmaceutical companies, research institutions, and international CRO organizations.

🌍 External Factors

Industry Trends

The healthcare research space is evolving with substantial opportunities in global CRO and CRAMS markets. There is a shift toward technology-driven delivery of medical education and a need for agile curriculum development due to shifting skill requirements.

Competitive Landscape

The company competes in the healthcare research and medical education technology sectors, facing competition from both traditional CROs and emerging ed-tech platforms.

Competitive Moat

The company's moat is built on its exclusive reseller and distributor network and strategic institutional partnerships, which are difficult for competitors to replicate quickly.

Consumer Behavior

Shifting skill requirements in the medical field are driving demand for continuous learning and updated medical education content.

⚖️ Regulatory & Governance

Industry Regulations

The company is subject to the Information Technology Act, 2000, and must comply with standards set by regulatory bodies in the pharmaceutical and clinical research sectors.