Dhunseri Ventures financials and balance sheet

NSE: DVLBSE: 523736Industrial ProductsSmall Cap

Formerly Dhunseri Petrochem

₹254.10₹11.70 (4.40%)BSE ₹253.75

Share price at the NSE close on 23 Oct 2026. Previous close ₹265.80.

52-week range of traded prices to 23 Oct 2026

₹186.99Low, 30 Mar 2026₹344.40High, 28 Oct 2025

Market cap: ₹890 Cr1,568th largest listed
P/E: 4.6
P/B: 0.3
Dividend yield: 1.97%
ROE: 6.0%
ROCE: −1.9%
Debt to equity: 0.29
Volume, NSE: 12,24461.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Dhunseri Ventures 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, ₹70 Cr, differs from its quarters added, ₹79 Cr. From the year to Mar 2023, the company's revenue for that year, ₹232 Cr, differs from its quarters added, ₹265 Cr. From the year to Mar 2025, the company's revenue for that year, ₹480 Cr, differs from its quarters added, ₹583 Cr. From the year to Mar 2026, the company's revenue for that year, ₹372 Cr, differs from its quarters added, ₹398 Cr.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue372
Materials and goods−242
Employee costs−33
Other expenses−158
Operating profit−62
Depreciation−26
Other income+82
One-off items0.0
Finance costs−66
Profit before tax−71
Tax−25
Joint ventures+184
Discontinued businesses−0.2
Net profit88

What the company owns

Plant, investments and other assets₹3,992 Cr
Current investments₹714 Cr
Cash and bank₹110 Cr
Inventory₹47 Cr
Receivables₹15 Cr

What pays for it: net worth and liabilities

Net worth₹3,288 Cr
Borrowings₹951 Cr
Other liabilities₹591 Cr
Owed to suppliers₹48 Cr

Dhunseri Ventures 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 Ventures segment results by quarter

Revenue by segment

₹401 CrTotal

Flexible Packaging Films₹351 Cr87.3% of total
Food and Beverages (discontinued operations)₹30 Cr7.4% of total
Treasury Operations₹21 Cr5.3% of total

Profit by segment

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

Segment results by year

Consolidated, ₹ crore, years to March.

Flexible Packaging Films
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
Food and Beverages (discontinued operations)
Revenue, ₹ crore
52
82
80
75
73
58
30
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−9
12
6
−7
−11
5
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Treasury Operations
Revenue, ₹ crore
44
18
100
64
28
90
21
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
44
−9
100
64
26
90
−64
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Trading
Revenue, ₹ crore
677
0
120
129
145
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
5
0
1
2
2
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	762	70	182	264	232	403	480	401
Company revenue, as in its results	762	70	182	264	232	403	480	372
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	–	52	82	80	75	73	58	30
Revenue growth	–	–	57.3%	−2.6%	−5.9%	−2.4%	−20.3%	−49.3%
Profit	–	−9	12	6	−7	−11	5	0
Profit growth	–	–	–	−50.6%	–	–	–	−99.4%
Margin	–	−17.3%	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	–	46	43	53	57	73	33	0
Liabilities	–	47	33	33	35	29	26	0
Capital employed	–	−1	10	19	22	44	6	0
Revenue	44	18	100	64	28	90	–	21
Revenue growth	–	−59.6%	460.1%	−36.0%	–	223.2%	–	–
Profit	44	−9	100	64	26	90	–	−64
Profit growth	–	–	–	−36.0%	–	239.7%	–	–
Margin	100.0%	−49.4%	100.0%	100.0%	95.1%	100.0%	–	−300.0%
Return on capital	–	−2.2%	17.4%	8.3%	5.0%	11.6%	–	−8.4%
Assets	–	402	575	774	530	771	–	762
Liabilities	–	0	0	0	0	0	–	0
Capital employed	–	402	575	774	530	771	–	762
Revenue	677	0	–	120	129	145	–	0
Revenue growth	–	−100.0%	–	–	7.4%	12.6%	–	–
Profit	5	0	–	1	2	2	–	0
Profit growth	–	−100.0%	–	–	178.3%	48.5%	–	–
Margin	0.7%	–	–	0.5%	1.2%	1.6%	–	–
Return on capital	–	0.0%	–	–	–	–	–	–
Assets	–	1	–	0	0	0	–	0
Liabilities	–	0	–	0	0	0	–	0
Capital employed	–	1	–	0	0	0	–	0
Revenue	–	–	–	–	–	–	28	–
Profit	–	–	–	–	–	–	1	–
Margin	–	–	–	–	–	–	2.1%	–
Assets	–	–	–	–	–	–	0	–
Liabilities	–	–	–	–	–	–	0	–
Capital employed	–	–	–	–	–	–	0	–
Revenue	–	–	–	–	–	–	27	–
Profit	–	–	–	–	–	–	1	–
Margin	–	–	–	–	–	–	4.9%	–
Return on capital	–	–	–	–	–	–	0.2%	–
Assets	–	–	–	–	–	–	866	–
Liabilities	–	–	–	–	–	–	0	–
Capital employed	–	–	–	–	–	–	866	–
Revenue	41	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–
Margin	0.0%	–	–	–	–	–	–	–

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

Profit and loss

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

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 2 Jun	Mar 2020Filed 6 Jul	Mar 2021Filed 3 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 25 May	Mar 2024Filed 14 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
Revenue from operations	22	970	762	70	182	264	232	403	480	372
	21	943	737	81	71	201	233	350	465	434
Materials and goods bought	–	835	639	12	17	138	145	246	306	242
Employee costs	–	16	20	26	31	36	40	53	58	33
Other expenses	–	92	78	43	24	27	48	50	101	158
Operating profit before depreciation	1	27	25	−12	111	63	−1	54	16	−62
Operating margin	3.3%	2.8%	3.3%	−16.5%	60.8%	23.8%	−0.3%	13.3%	3.3%	−16.6%
Materials, % of revenue	–	86.1%	83.9%	16.9%	9.2%	52.3%	62.3%	61.0%	63.7%	65.2%
Employee costs, % of revenue	–	1.7%	2.7%	37.9%	16.9%	13.7%	17.4%	13.2%	12.1%	8.9%
Other expenses, % of revenue	–	9.4%	10.2%	61.7%	13.1%	10.2%	20.6%	12.5%	20.9%	42.6%
Depreciation and amortisation	0	2	4	28	26	23	22	29	42	26
Operating profit after depreciation	0	25	20	−39	85	40	−23	25	−27	−88
Other income	6	11	44	42	55	67	77	76	104	82
Finance costs	0	2	23	7	5	5	6	16	29	66
Profit before one-off items and tax	6	34	41	−4	135	102	48	85	48	−71
One-off items	0	0	−27	0	0	0	0	0	0	0
Profit before tax	6	34	14	−4	135	102	48	85	48	−71
	−54	26	−3	−14	45	90	176	41	54	25
Current tax	15	5	4	2	7	35	31	34	27	16
Deferred tax	−69	21	−7	−17	38	55	145	6	27	9
Share of profit of joint ventures and associates	43	44	15	−67	143	348	670	108	150	184
Profit from discontinued businesses	–	–	–	–	–	–	–	–	–	0
	551	52	32	−57	233	360	542	152	143	88
Belonging to the company's shareholders	551	52	33	−55	232	359	542	153	144	91
Belonging to outside owners of subsidiaries	–	–	−1	−2	1	1	−1	−1	−1	−3
Other comprehensive income	–	–	6	−61	127	109	47	187	104	37
Total comprehensive income	–	–	38	−118	360	469	589	339	247	125
Net margin	2,483.3%	5.3%	4.2%	−81.3%	128.4%	136.3%	233.7%	37.7%	29.8%	23.7%
Net margin without joint ventures and associates	2,287.9%	0.8%	2.2%	14.6%	49.5%	4.4%	−55.1%	11.0%	−1.4%	−25.8%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2017 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 2 Jun	Mar 2020Filed 6 Jul	Mar 2021Filed 3 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 25 May	Mar 2024Filed 14 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
	1,364	1,233	1,605	2,064	2,642	2,963	3,192	3,288
	1,362	1,233	1,604	2,062	2,637	2,959	3,189	3,288
Share capital	35	35	35	35	35	35	35	35
Reserves	1,327	1,198	1,569	2,027	2,602	2,924	3,154	3,253
Belonging to outside owners of subsidiaries	2	0	1	2	4	4	3	0
	62	60	45	90	339	356	369	951
Repayable after a year	56	49	43	52	309	277	292	852
Repayable within a year	7	11	3	38	30	80	77	99
	26	42	34	70	73	162	144	183
Trade payables	9	4	4	4	5	44	30	48
Other financial liabilities	10	26	23	23	27	28	26	25
Other liabilities	0	1	4	4	4	7	10	10
Provisions	0	0	0	0	0	1	1	1
Tax owed	0	0	0	0	5	3	0	0
	215	204	254	325	815	803	834	1,407
Other financial liabilities	0	10	8	11	11	8	8	0
Other liabilities	0	0	0	–	74	73	69	60
Provisions	2	4	4	4	4	5	4	3
Deferred tax	157	140	199	258	417	440	461	491
Total assets	1,605	1,479	1,893	2,459	3,529	3,928	4,171	4,878
	1,187	1,254	1,565	2,019	2,976	3,272	3,225	3,932
Plant in use, after depreciation	15	42	57	62	64	616	609	570
Plant being built	46	46	46	84	537	55	74	819
Intangible assets	0	0	0	0	0	0	0	0
Goodwill	8	1	1	1	1	1	1	0
Property held to earn rent	12	12	11	11	11	11	11	11
Investments	336	359	465	584	438	622	349	177
Stakes in joint ventures and associates	765	790	947	1,194	1,858	1,876	2,015	2,205
Loans given	0	5	3	0	0	0	0	0
Other financial assets	5	0	35	6	7	13	41	49
Other assets	0	0	0	75	60	79	126	100
	419	225	328	440	554	656	945	946
Inventories	0	0	1	1	1	27	24	47
Trade receivables	0	0	0	0	0	3	8	15
Cash and cash equivalents	18	22	32	27	61	27	135	90
Other bank balances	1	5	5	24	214	243	82	20
Current investments	210	133	228	301	217	274	632	714
Loans given	121	1	3	0	0	0	0	0
Other financial assets	38	32	49	72	21	41	41	38
Tax paid in advance	24	29	9	12	21	10	11	2
Other assets	6	2	2	3	19	31	13	20
Net debt	−167	−100	−219	−262	−153	−187	−481	127

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 3 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 25 May	Mar 2024Filed 14 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
	30	−26	143	−7	−378	−102
	17	24	181	29	−316	−71
	−33	−39	126	11	−4	−141
Receivables	0	0	0	−2	−5	−7
Inventories	0	0	0	−26	3	−24
Other working capital	−33	−39	126	40	−2	−110
Tax paid	13	−50	−39	−36	−62	−8
Capital spending	40	80	358	85	75	721
Free cash flow	−10	−106	−215	−92	−453	−822
	35	13	−301	24	539	−410
Plant and property sold	0	0	0	0	0	0
Interest received	9	8	23	25	31	18
Dividends received	21	106	85	93	46	59
	−56	7	194	−51	−50	467
Borrowings raised	0	47	238	6	62	597
Borrowings repaid	−7	−7	−9	0	−53	−77
Interest paid	−4	−5	−5	0	−25	−22
Lease payments	0	0	−15	−17	−16	−1
Dividends paid	2	9	14	18	18	30
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	10	−5	35	−34	111	−45

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 Ventures dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 2 Jun	Mar 2020Filed 6 Jul	Mar 2021Filed 3 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 25 May	Mar 2024Filed 14 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
Earnings per share	₹171.61	₹14.95	₹9.40	−₹15.63	₹66.31	₹102.53	₹154.88	₹43.71	₹41.16	₹25.97
Diluted earnings per share	₹171.61	₹14.95	₹9.40	−₹15.63	₹66.31	₹102.53	₹154.88	₹43.71	₹41.16	₹25.97
Dividend per share	₹2.00	₹3.50	₹4.00	₹0.50	₹2.50	₹4.00	₹5.00	₹5.00	₹5.00	₹5.00
Book value per share	–	–	₹388.85	₹351.97	₹457.91	₹588.62	₹752.80	₹844.69	₹910.40	₹938.43
Dividend payout	1.3%	23.8%	42.6%	–	3.8%	3.9%	3.2%	11.4%	12.2%	19.3%
Shareholder yield	–	–	–	–	0.5%	1.1%	1.8%	1.6%	1.6%	4.5%
Market cap at the year end (₹ crore)	265	453	327	162	345	803	764	1,126	1,122	656

Ratios

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

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 2 Jun	Mar 2020Filed 6 Jul	Mar 2021Filed 3 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 25 May	Mar 2024Filed 14 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
Revenue growth	−99.2%	4,267.9%	−21.4%	–	160.2%	45.1%	–	74.0%	–	–
Operating profit growth	−93.6%	3,521.7%	−6.7%	–	–	−43.2%	–	–	–	–
Net profit growth	–	−90.7%	−38.4%	–	–	54.1%	50.6%	−71.9%	−6.0%	−38.5%
Earnings per share growth	–	−91.3%	−37.1%	–	–	54.6%	51.1%	−71.8%	−5.8%	−36.9%
	–	–	2.4%	−4.2%	16.4%	19.6%	23.1%	5.5%	4.7%	2.8%
	–	–	–	−6.6 pts	20.6 pts	3.2 pts	3.5 pts	−17.6 pts	−0.8 pts	−1.9 pts
From the net margin	–	–	–	−46.2 pts	11.1 pts	1.1 pts	14.1 pts	−19.3 pts	−1.1 pts	−0.9 pts
From asset turnover	–	–	–	39.6 pts	9.5 pts	2.2 pts	−12.2 pts	1.5 pts	0.4 pts	−1.2 pts
From borrowing	–	–	–	0.0 pts	0.0 pts	0.0 pts	1.6 pts	0.2 pts	−0.1 pts	0.2 pts
Return on capital employed	–	–	1.4%	−3.0%	5.2%	1.9%	−0.8%	0.8%	−0.7%	−2.1%
Cash conversion	–	–	–	–	13.1%	−7.2%	26.3%	−4.6%	−264.6%	−115.6%
Interest cover	3.0	15.8	0.9	–	17.7	7.4	–	1.5	–	–
Debt to equity	–	–	0.05	0.05	0.03	0.04	0.13	0.12	0.12	0.29
Receivable days	–	–	0	0	0	0	0	2	6	14
Inventory days	–	–	0	9	12	1	2	40	28	71
Payable days	–	–	5	119	80	11	12	64	36	73
Cash conversion cycle, days	–	–	−5	−110	−67	−10	−11	−22	−2	12
Working capital days	–	–	81	176	65	78	31	27	22	37
Asset turnover	–	–	0.47	0.05	0.11	0.12	0.08	0.11	0.12	0.08
Assets per rupee of net worth	–	–	1.18	1.19	1.19	1.19	1.27	1.33	1.32	1.40
Sales per rupee of plant	–	–	51.90	1.68	3.20	4.22	3.61	0.66	0.79	0.65
Capital spending to depreciation	–	–	–	–	1.58	3.51	16.24	2.96	1.77	28.02
Plant being built, % of plant in use	–	–	312.3%	110.4%	80.9%	135.0%	835.6%	8.9%	12.1%	143.8%

Interest cover is left blank for the years to Mar 2020, Mar 2023, Mar 2025 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 2023 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 2025: 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: 2.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−18.7%	15.4%	17.0%
Profit growth, yearly rate	–	−17.1%	−44.9%
Return on equity, average	–	11.1%	4.3%
Return on capital employed, average	–	−0.2%	−0.7%
Operating margin, average	7.7%	4.7%	0.0%
Net margin, average	300.1%	92.2%	30.4%
Asset turnover, average	–	0.10	0.10
Cash conversion cycle, days, average	–	−7	−4
Debt to equity, average	–	0.14	0.18

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	−370	−487	−102
Cash from investing	−135	153	−410
Cash from financing	568	366	467
Capital spending	1,318	881	721
Dividends paid	88	65	30
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	949	664	597
Borrowings repaid	146	130	77

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
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	8	5	5	5	5	2
Altman Z-scorePublished threshold 1.81	–	–	2.81	1.73	2.41	2.81	1.83	2.08	2.15	1.44
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.19	−1.86	−2.66	6.79	−0.39	−1.61
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	9.95	17.12	23.40	3.63	−0.43	13.25
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.13	0.10	−0.29	−1.27
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	96.26	−143.11	−33.40	37.68	1,534.94	195.21	108.82
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	74.41	52.60	−737.67	13.44	4,272.79	−36.59	120.83
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−6.99	−1.66	10.19	−11.07	5.25	−3.78	−0.97
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.84	1.13	2.98	22.58	0.09	2.07	–
Effective tax ratePublished threshold 17.16 per cent	−896.92	76.49	−20.64	–	33.38	88.66	365.37	48.08	114.32	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	40.09	285.35	5.78	−16.85	–

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

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
1 Oct 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Bank Loan Ratings	IVR A1+Review, Re-affirm		30

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.