Dhani Services Limited (DHANI) AI Stock Analysis

• Market Cap: ₹37.03B
• Dividend Yield: N/A
• Average Volume (3M): 487.76K
• Price to Earnings (P/E): 106.6
• Beta (1Y): 1.70
• Revenue Growth: -5.91%
• EPS Growth: N/A
• Country: IN
• Employees: 7
• Sector: Services
• Sector Strength: N/A
• Industry: Financial - Capital Markets
• EPS (TTM): 0.10
• Shares Outstanding: 604,600,500
• 10 Day Avg. Volume: 641,776
• 30 Day Avg. Volume: 487,763
• PEG Ratio: 0.74
• Price to Book (P/B): 1.21
• Price to Sales (P/S): 8.97
• P/FCF Ratio: 36.60
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹65.00
• Price Target Upside: 6.12% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 52 Neutral
• Price Target: ₹65.00 ▲(6.12% Upside)

The overall stock score of 52 reflects significant financial challenges, including declining revenues and persistent losses. While technical indicators show some positive momentum, the high P/E ratio suggests overvaluation, impacting the stock's attractiveness.

Dhani Services Limited Business Overview & Revenue Model

Company Description

Dhani Services Limited provides digital healthcare and digital transactional finance through its Dhani app in India. The company offers personal loans, business installment loans, etc. Its e-pharmacy sells pharmaceutical products. It also provides monthly subscriptions for product offerings, including doctor consultancy, pharmacy, health365, one freedom card, credit, family health insurance and third-party product distribution, etc. In addition, the company offers card enabled prepaid payment program management and remittance services. Further, it engages in the provision of stock and commodity broking services; business of cross selling of real estate; and asset reconstruction business of stressed assets. The company was formerly known as Indiabulls Ventures Limited and changed its name to Dhani Services Limited in October 2020. Dhani Services Limited was incorporated in 1995 and is based in Mumbai, India.

How the Company Makes Money

Dhani Services Limited makes money through several revenue streams. The primary source of revenue is its financial services segment, where the company earns interest and fees from personal loans and credit lines provided to customers via its app. Additionally, Dhani generates revenue from transaction fees associated with its digital payment solutions. In the healthcare space, Dhani earns money through subscription fees for telemedicine services and sales of pharmaceutical products through its online pharmacy platform. The company's earnings are further supported by strategic partnerships with financial institutions and healthcare providers, which help expand its service offerings and customer base.

Dhani Services Limited Financial Statement Overview

Summary

Dhani Services Limited exhibits significant financial challenges, including declining revenues, persistent losses, and volatile cash flows. Although there are slight improvements in leverage, the overall financial health remains weak.

Income Statement

Dhani Services Limited has experienced significant revenue decline over the years, with a sharp drop from 2020 to 2025. The company has faced persistent net losses, indicating profitability challenges. Gross profit margins have been negative, particularly in 2024, highlighting operational inefficiencies. The EBIT and EBITDA margins have consistently been negative, reflecting ongoing losses at the operating level.

Balance Sheet

The balance sheet shows a decrease in total assets and stockholders' equity over time, signaling potential weaknesses in asset management and equity preservation. However, the debt-to-equity ratio has improved slightly, suggesting better leverage management. The equity ratio indicates a strong equity base relative to total assets, but the overall decline in equity is concerning.

Cash Flow

Operating cash flows have been volatile, with significant negative cash flows in some years, reflecting cash generation challenges. Free cash flow has been positive in recent periods, indicating some improvement in cash management. However, the relationship between operating cash flow and net income is inconsistent, raising concerns about earnings quality.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.84B	3.84B	2.20B	5.54B	11.90B	12.26B
Gross Profit	907.18M	907.18M	-1.90B	361.01M	571.58M	4.73B
EBITDA	-313.01M	-313.01M	-1.92B	-1.12B	-7.13B	708.73M
Net Income	-548.18M	-548.18M	-3.75B	-4.80B	-8.66B	-2.25B
Balance Sheet
Total Assets	37.32B	37.32B	45.23B	53.18B	86.29B	101.29B
Cash, Cash Equivalents and Short-Term Investments	6.73B	6.73B	4.85B	8.95B	11.78B	29.14B
Total Debt	5.07B	5.07B	6.97B	10.21B	24.82B	37.39B
Total Liabilities	8.55B	8.55B	10.63B	14.49B	33.57B	45.17B
Stockholders Equity	28.36B	28.36B	34.45B	38.14B	50.63B	51.82B
Cash Flow
Free Cash Flow	0.00	940.58M	-2.45B	7.98B	-8.47B	8.91B
Operating Cash Flow	0.00	984.29M	-2.31B	8.48B	-7.02B	9.25B
Investing Cash Flow	0.00	523.80M	4.89B	761.44M	7.74B	-5.37B
Financing Cash Flow	0.00	-890.66M	-3.18B	-11.68B	-8.01B	-11.68B

Dhani Services Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 61.25
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DHANI, the sentiment is Negative. The current price of 61.25 is below the 20-day moving average (MA) of 64.85, below the 50-day MA of 63.25, and below the 200-day MA of 68.44, indicating a bearish trend. The MACD of 0.41 indicates Positive momentum. The RSI at 42.14 is Neutral, neither overbought nor oversold. The STOCH value of 10.96 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:DHANI.

Dhani Services Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GEOJITFSL	74 Outperform	₹22.07B	14.30	14.46%	1.90%	4.68%	-12.79%
SMCGLOBAL	71 Outperform	₹14.58B	11.91	11.97%	1.72%	-1.20%	-41.78%
SHAREINDIA	67 Neutral	₹28.01B	8.83	14.04%	0.98%	-14.58%	-43.34%
MONARCH	64 Neutral	₹25.56B	15.96	18.73%	0.31%	6.10%	-6.37%
INDOTHAI	56 Neutral	₹30.64B	42.41	4.60%	0.04%	-8.74%	-60.68%
DHANI	52 Neutral	₹37.03B	106.61	―	―	-5.91%	―
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%