Dhunseri Investments financials and balance sheet

NSE: DHUNINVBSE: 533336FinanceSmall Cap

₹825.00₹23.15 (2.73%)BSE ₹805.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹848.15.

52-week range of traded prices to 23 Oct 2026

₹667.10Low, 30 Mar 2026₹1,499.00High, 24 Oct 2025

Market cap: ₹503 Cr1,785th largest listed
P/E: Owners' profit not stated
P/B: 0.2
Dividend yield: 0.36%
ROCE: −1.9%
Debt to equity: 0.27
Volume, NSE: 42370.5% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Dhunseri Investments annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 1 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out.

The years either side of a change of basis do not compare. From the year to Mar 2020, the company's revenue for that year, ₹76 Cr, differs from its quarters added, ₹97 Cr. From the year to Mar 2021, the company's revenue for that year, ₹247 Cr, differs from its quarters added, ₹225 Cr. From the year to Mar 2023, the company's revenue for that year, ₹243 Cr, differs from its quarters added, ₹276 Cr. From the year to Mar 2026, the company's revenue for that year, ₹361 Cr, differs from its quarters added, ₹387 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue361
Materials and goods−242
Employee costs−34
Other expenses−161
Operating profit−77
Depreciation−26
Other income+63
One-off items+0.2
Finance costs−66
Profit before tax−106
Tax−21
Joint ventures+174
Discontinued businesses−0.2
Net profit47

What the company owns

Plant, investments and other assets₹4,915 Cr
Cash and bank₹119 Cr
Inventory₹47 Cr
Receivables₹15 Cr

What pays for it: net worth and liabilities

Net worth₹3,506 Cr
Borrowings₹951 Cr
Other liabilities₹639 Cr

Dhunseri Investments business segments, year to Mar 2026

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.Dhunseri Investments segment results by quarter

Revenue by segment

₹462 CrTotal

Flexible Packaging Film₹351 Cr75.9% of total
Treasury Operations₹82 Cr17.7% of total
Food and Beverages(discontinued operation)₹30 Cr6.4% of total

Profit by segment

Flexible Packaging Film₹23.1 Cr99.9% of total
Food and Beverages(discontinued operation)₹0.0 Cr0.1% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Flexible Packaging Film
Revenue, ₹ crore
0
95
367
351
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−15
−11
36
23
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Treasury Operations
Revenue, ₹ crore
126
79
103
195
141
82
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
156
70
26
117
9
−99
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Food and Beverages(discontinued operation)
Revenue, ₹ crore
82
80
75
73
58
30
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
12
6
−7
−11
5
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Tea
Revenue, ₹ crore
7
2
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
−2
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Trading Operation
Revenue, ₹ crore
120
129
145
28
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1
2
2
1
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	–	–	207	279	308	515	596	462
Company revenue, as in its results	2,639	76	247	279	243	465	518	361
Revenue	–	–	–	–	0	95	367	351
Revenue growth	–	–	–	–	–	–	285.4%	−4.4%
Profit	–	–	–	–	−15	−11	36	23
Profit growth	–	–	–	–	–	–	–	−35.5%
Margin	–	–	–	–	–	−11.1%	9.7%	6.6%
Return on capital	–	–	–	–	−3.2%	−1.9%	6.6%	4.1%
Assets	–	–	–	–	850	965	990	1,659
Liabilities	–	–	–	–	391	415	449	1,099
Capital employed	–	–	–	–	459	550	541	560
Revenue	–	–	126	79	103	195	141	82
Revenue growth	–	–	–	−36.9%	30.6%	88.1%	−27.6%	−42.2%
Profit	–	–	156	70	26	117	9	−99
Profit growth	–	–	–	−55.2%	−63.1%	353.3%	−92.5%	–
Margin	–	–	124.1%	88.2%	24.9%	60.0%	6.2%	−121.2%
Return on capital	–	–	17.4%	5.6%	2.6%	11.9%	0.8%	−10.1%
Assets	–	–	898	1,246	977	1,002	1,106	980
Liabilities	–	–	3	3	2	17	10	0
Capital employed	–	–	895	1,243	975	985	1,096	981
Revenue	–	–	82	80	75	73	58	30
Revenue growth	–	–	–	−2.6%	−5.9%	−2.4%	−20.3%	−49.3%
Profit	–	–	12	6	−7	−11	5	0
Profit growth	–	–	–	−50.6%	–	–	–	−99.4%
Margin	–	–	14.2%	7.2%	−8.8%	−15.3%	9.3%	0.1%
Return on capital	–	–	114.2%	29.6%	−30.4%	−25.3%	85.7%	–
Assets	–	–	43	53	57	73	33	0
Liabilities	–	–	33	33	35	29	26	0
Capital employed	–	–	10	19	22	44	6	0
Revenue	–	–	–	–	–	7	2	0
Revenue growth	–	–	–	–	–	–	−67.0%	–
Profit	–	–	–	–	–	0	−2	0
Margin	–	–	–	–	–	6.4%	−66.2%	–
Return on capital	–	–	–	–	–	0.2%	−25.4%	–
Assets	–	–	–	–	–	263	6	0
Liabilities	–	–	–	–	–	1	0	0
Capital employed	–	–	–	–	–	262	6	0
Revenue	–	–	–	120	129	145	28	0
Revenue growth	–	–	–	–	7.4%	12.6%	−80.7%	−100.0%
Profit	–	–	–	1	2	2	1	0
Profit growth	–	–	–	–	178.3%	48.5%	−73.7%	−100.0%
Margin	–	–	–	0.5%	1.2%	1.6%	2.1%	–
Assets	–	–	–	0	0	0	0	0
Liabilities	–	–	–	0	0	0	0	0
Capital employed	–	–	–	0	0	0	0	0
Revenue	–	–	–	–	–	–	–	−38
Profit	–	–	–	–	–	–	–	0
Assets	–	–	–	–	–	–	–	0
Liabilities	–	–	–	–	–	–	–	0

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Dhunseri Investments quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 5 Jun	Mar 2020Filed 26 Aug	Mar 2021Filed 7 Aug	Mar 2022Filed 9 Jun	Mar 2023Filed 29 May	Mar 2024Filed 31 Jul	Mar 2025Filed 17 Jun	Mar 2026Filed 27 May
Revenue from operations	2,352	2,755	2,639	76	247	279	243	465	518	361
	2,166	2,537	–	81	72	202	232	358	471	438
Materials and goods bought	1,851	2,243	2,172	12	17	138	145	250	308	242
Employee costs	47	33	–	–	31	36	41	54	60	34
Other expenses	268	262	–	–	25	28	47	53	104	161
Operating profit before depreciation	186	218	–	−5	174	77	11	108	47	−77
Operating margin	7.9%	7.9%	–	−6.6%	70.7%	27.6%	4.4%	23.1%	9.1%	−21.4%
Materials, % of revenue	78.7%	81.4%	–	–	6.7%	49.5%	59.5%	53.8%	59.3%	67.2%
Employee costs, % of revenue	2.0%	1.2%	–	–	12.6%	13.0%	16.8%	11.7%	11.5%	9.5%
Other expenses, % of revenue	11.4%	9.5%	–	–	10.0%	9.9%	19.4%	11.4%	20.0%	44.7%
Depreciation and amortisation	86	31	–	28	26	23	22	29	43	26
Operating profit after depreciation	101	186	–	−33	149	54	−11	79	5	−103
Other income	20	31	71	37	0	59	65	50	78	63
Finance costs	134	52	57	7	5	5	6	16	29	66
Profit before one-off items and tax	−13	165	165	−3	144	108	47	113	53	−106
One-off items	612	0	–	0	4	0	0	0	0	0
Profit before tax	599	165	194	−3	148	108	47	113	53	−106
	−44	29	–	−14	56	93	178	47	59	21
Current tax	–	–	–	3	10	37	33	38	29	19
Deferred tax	–	–	–	−16	47	55	145	9	30	2
Share of profit of joint ventures and associates	10	13	−26	−33	157	305	659	49	145	174
Profit from discontinued businesses	–	–	–	–	–	–	–	–	–	0
	363	99	88	−23	249	320	528	115	140	47
Belonging to the company's shareholders	363	99	88	3	141	154	293	49	91	18
Belonging to outside owners of subsidiaries	–	–	–	−26	108	166	236	66	49	29
Other comprehensive income	–	–	–	−63	147	122	35	242	160	44
Total comprehensive income	–	–	–	−86	396	443	564	357	299	91
Net margin	15.4%	3.6%	3.3%	−29.8%	101.0%	114.8%	217.6%	24.6%	26.9%	12.9%
Net margin without joint ventures and associates	15.0%	3.1%	4.3%	14.3%	37.2%	5.5%	−53.6%	14.1%	−1.0%	−35.4%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2020 they do not, so they are left blank. Tax is left blank for the year to Mar 2019: profit before tax less the tax charge stated does not come to the profit after tax the same statement states, so the tax charge is not shown. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2019: the statement does not state its depreciation, which operating profit is worked out from, so operating profit is not given.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 5 Jun	Mar 2020Filed 26 Aug	Mar 2021Filed 7 Aug	Mar 2022Filed 9 Jun	Mar 2023Filed 29 May	Mar 2024Filed 31 Jul	Mar 2025Filed 17 Jun	Mar 2026Filed 27 May
	1,526	1,688	2,097	2,533	3,092	3,440	3,428	3,506
	1,128	1,369	1,670	1,943	2,270	2,558	2,682	2,742
Share capital	6	6	6	6	6	6	6	6
Reserves	1,122	1,363	1,664	1,937	2,264	2,552	2,676	2,736
Belonging to outside owners of subsidiaries	398	319	427	590	822	881	746	764
	62	66	45	90	339	356	369	951
Repayable after a year	56	–	–	–	–	–	–	–
Repayable within a year	7	–	–	–	–	–	–	–
Total assets	1,615	1,927	2,388	2,930	3,976	4,422	4,416	5,096
Plant in use, after depreciation	104	42	59	65	66	627	614	586
Plant being built	–	46	46	85	540	55	74	819
Inventories	0	0	1	1	1	27	24	47
Trade receivables	0	0	0	0	0	4	8	15
Cash and cash equivalents	20	28	34	28	62	31	141	95
Other bank balances	0	5	5	25	214	244	83	24
Current investments	206	–	–	–	–	–	–	–
Net debt	−164	34	6	38	64	82	146	832

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 7 Aug	Mar 2022Filed 9 Jun	Mar 2023Filed 29 May	Mar 2024Filed 31 Jul	Mar 2025Filed 17 Jun	Mar 2026Filed 27 May
Cash from operations	26	−34	139	133	65	137
Capital spending	43	81	359	92	95	732
Free cash flow	−17	−114	−220	41	−30	−595
Cash from investing	37	36	−115	−92	−63	−725
Cash from financing	−56	11	200	−43	−41	484
Dividends paid	2	5	8	9	9	12
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	7	13	225	−1	−39	−104

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.

Consolidated, ₹ per share, years to March.Dhunseri Investments dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 5 Jun	Mar 2020Filed 26 Aug	Mar 2021Filed 7 Aug	Mar 2022Filed 9 Jun	Mar 2023Filed 29 May	Mar 2024Filed 31 Jul	Mar 2025Filed 17 Jun	Mar 2026Filed 27 May
Earnings per share	₹594.68	₹162.60	₹143.90	₹5.58	₹230.98	₹252.63	₹480.16	₹80.14	₹148.88	₹29.49
Diluted earnings per share	₹594.68	₹162.60	₹143.90	₹5.58	₹230.98	₹252.63	₹480.16	₹80.14	₹148.88	₹29.49
Dividend per share	₹1.50	₹1.50	₹1.50	₹1.50	₹2.50	₹2.50	₹2.50	₹2.50	₹3.00	₹3.00
Book value per share	–	–	₹1,850.06	₹2,245.35	₹2,738.39	₹3,187.03	₹3,722.85	₹4,196.16	₹4,399.05	₹4,497.92
Dividend payout	0.3%	0.9%	1.0%	26.9%	1.1%	1.0%	0.5%	3.1%	2.0%	10.2%
Shareholder yield	–	–	–	–	1.1%	1.4%	2.1%	1.3%	1.0%	2.9%
Market cap at the year end (₹ crore)	107	231	162	75	162	381	365	697	877	421

Ratios

Consolidated, years to March.Dhunseri Investments PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 5 Jun	Mar 2020Filed 26 Aug	Mar 2021Filed 7 Aug	Mar 2022Filed 9 Jun	Mar 2023Filed 29 May	Mar 2024Filed 31 Jul	Mar 2025Filed 17 Jun	Mar 2026Filed 27 May
Revenue growth	7,174.6%	17.2%	−4.2%	–	–	13.2%	–	91.5%	11.4%	–
Operating profit growth	–	17.1%	–	–	–	−55.8%	–	914.4%	−56.0%	–
Net profit growth	–	−72.7%	−11.5%	–	–	28.6%	65.0%	−78.3%	22.0%	−66.7%
Earnings per share growth	–	−72.7%	−11.5%	−96.1%	4,039.4%	9.4%	90.1%	−83.3%	85.8%	−80.2%
	–	–	7.8%	0.3%	9.3%	8.5%	13.9%	2.0%	3.5%	0.7%
	–	–	–	−7.5 pts	9.0 pts	−0.7 pts	5.4 pts	−11.9 pts	1.4 pts	−2.8 pts
From the net margin	–	–	–	2.7 pts	3.2 pts	−0.3 pts	10.1 pts	−12.7 pts	1.4 pts	−2.5 pts
From asset turnover	–	–	–	−10.2 pts	5.8 pts	−0.7 pts	−6.1 pts	0.7 pts	0.2 pts	−0.3 pts
From borrowing	–	–	–	0.0 pts	0.0 pts	0.3 pts	1.4 pts	0.1 pts	−0.1 pts	0.0 pts
Return on capital employed	–	–	–	−1.9%	6.9%	2.1%	−0.3%	2.1%	0.1%	−2.3%
Cash conversion	–	–	–	–	10.4%	−10.5%	26.3%	116.5%	46.6%	294.1%
Interest cover	0.7	3.6	–	–	30.8	10.0	–	4.9	0.2	–
Debt to equity	–	–	0.04	0.04	0.02	0.04	0.11	0.10	0.11	0.27
Receivable days	–	–	0	0	0	0	0	3	6	15
Inventory days	–	–	0	9	12	1	2	40	28	71
Asset turnover	–	–	1.63	0.04	0.11	0.11	0.07	0.11	0.12	0.08
Assets per rupee of net worth	–	–	1.43	1.42	1.42	1.47	1.64	1.74	1.69	1.75
Sales per rupee of plant	–	–	25.45	1.79	4.15	4.29	3.71	0.74	0.84	0.62
Capital spending to depreciation	–	–	–	–	1.67	3.55	16.26	3.19	2.22	28.08
Plant being built, % of plant in use	–	–	–	108.1%	77.6%	131.2%	823.4%	8.8%	12.1%	139.8%

Interest cover is left blank for the years to Mar 2020, Mar 2023 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. Revenue growth is left blank for the years to Mar 2020, Mar 2021 and Mar 2026: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Revenue growth and operating profit growth are left blank for the year to Mar 2023: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 0.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	27.3%	7.9%	14.1%
Profit growth, yearly rate	–	−33.7%	−60.5%
Return on equity, average	–	5.7%	2.1%
Return on capital employed, average	–	0.3%	0.0%
Operating margin, average	13.6%	8.6%	3.6%
Net margin, average	49.0%	79.4%	21.5%
Asset turnover, average	–	0.10	0.10
Interest cover, average	–	–	2.5
Debt to equity, average	–	0.13	0.16

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 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	441	336	137
Cash from investing	−959	−881	−725
Cash from financing	611	400	484
Capital spending	1,359	919	732
Dividends paid	44	31	12
Shares bought back	0	0	0
Shares issued for cash	0	0	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	8.65	11.95	14.60	1.75	3.11	13.35
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.12	0.25	0.43	1.12
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	75.71	52.60	−737.67	13.44	4,321.22	−35.85	120.28
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	1.08	3.02	23.87	0.09	2.48	–
Effective tax ratePublished threshold 17.16 per cent	−7.30	17.51	34.02	–	38.08	85.82	374.28	41.81	109.73	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	34.28	287.49	4.16	−34.70	–

A threshold marked as ours has no published figure; it is the line we read the check against.