KBC Global Limited (DHARAN) AI Stock Analysis

• Market Cap: ₹993.46M
• Dividend Yield: N/A
• Average Volume (3M): 10.29M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.09
• Revenue Growth: -70.71%
• EPS Growth: 75.39%
• Country: IN
• Employees: 52
• Sector: Financial
• Sector Strength: 70
• Industry: Real Estate - Development
• EPS (TTM): N/A
• Shares Outstanding: 5,228,758,300
• 10 Day Avg. Volume: 5,233,687
• 30 Day Avg. Volume: 10,294,218
• PEG Ratio: 0.09
• Price to Book (P/B): 0.30
• Price to Sales (P/S): 14.68
• P/FCF Ratio: 19.73
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: ₹0.18 ▼(-27.20% Downside)
• Action: Reiterated Date: 12/31/25
• Date: Action: Reiterated 12/31/25

The score is held down primarily by weak financial performance (sharp revenue decline and sustained losses) and bearish technicals (price below all major moving averages with very weak momentum). Valuation offers limited support because the company is loss-making (negative P/E) and no dividend yield is available.

Positive Factors

Strong cash position

A materially stronger cash balance provides durable liquidity to fund project completion, meet supplier commitments and absorb near-term cash flow volatility. This buffer reduces immediate refinancing risk and gives management time to execute operational fixes or sell/finish units over the next several months.

Improving operating cash flow

Restored operating cash flow and positive free cash flow signal that core project operations can convert revenue into cash even after setbacks. That durability supports working capital, debt servicing and selective investment without relying solely on external financing, strengthening short- to mid-term financial resilience.

Lower leverage trend

A more favorable leverage profile improves financial flexibility and lowers interest burden, making the company less vulnerable to funding shocks. Over 2-6 months this enhances access to credit and reduces refinancing pressure while management focuses on stabilizing sales and margins.

Negative Factors

Severe revenue decline

A dramatic drop in revenue destroys scale economics and undermines the project's sales pipeline, making it harder to cover fixed construction and SG&A costs. Without a durable rebound in bookings or new project sales, the revenue base remains fragile and constrains recovery prospects over the medium term.

Persistent large losses

Ongoing and sizable net losses erode shareholders' equity and limit capacity to reinvest in projects. Accumulated deficits weaken creditworthiness and may force asset sales, capital raises or project postponements, creating structural headwinds that could impede operational recovery for several quarters.

Deteriorating gross margins

Worsening gross margins point to pricing stress, higher input costs or execution inefficiencies that reduce cash conversion on sales. Margin erosion lowers profitability even if revenues stabilize, meaning structural cost or pricing remediation is required to restore sustainable earnings power.

KBC Global Limited Business Overview & Revenue Model

Company Description

Dharan Infra-EPC Limited engages in the engineering, procurement, and construction business in India. Its projects include railways, roads, bridges, hydro dams, solar farming, waste to energy, housing, and various ports. The company was formerly known as KBC Global Limited and changed its name to Dharan Infra-EPC Limited in June 2025. The company was founded in 1994 and is based in Nashik, India.

How the Company Makes Money

KBC Global Limited generates revenue through several key streams. Primarily, the company earns income by offering subscription-based software services and licensing its proprietary technology to clients. This includes recurring revenue from software-as-a-service (SaaS) offerings that provide ongoing support and updates. Additionally, KBCGLOBAL engages in consulting projects that yield one-time fees, further diversifying its income sources. The company has established significant partnerships with industry leaders, enhancing its market reach and credibility. These collaborations often lead to joint ventures or co-developed products, contributing to increased sales and shared revenue opportunities. Furthermore, KBCGLOBAL capitalizes on market trends by adapting its services to meet evolving customer demands, which is crucial for maintaining a competitive edge and ensuring consistent earnings.

KBC Global Limited Financial Statement Overview

Summary

Income statement quality is weak: revenue declined sharply (2023 to 2025) and losses widened, indicating deteriorating profitability and operating performance. Balance sheet and cash flow are comparatively better (higher cash and improved operating/free cash flow in 2025), but they are outweighed by persistent losses and the need to stabilize revenue.

Income Statement

KBC Global Limited's income statement reveals significant challenges. The company experienced a sharp decline in revenue from 2023 to 2025, with total revenue falling from 1,081 million in 2023 to 179 million in 2025. Additionally, the company has been reporting negative net income since 2023, peaking at a loss of 383 million in 2025. Gross profit margins have also deteriorated, indicating pressure on profitability and operational efficiency.

Balance Sheet

The balance sheet shows a mixed financial position. KBC Global Limited has managed to maintain a strong cash position, with cash equivalents increasing significantly in 2025. However, the company's stockholders' equity has been affected by large accumulated losses. The debt-to-equity ratio has become more favorable due to reduced total debt and increased equity, yet the company needs to address ongoing losses to improve overall stability.

Cash Flow

Cash flow analysis highlights improving operational cash flow in 2025 compared to previous years, with positive free cash flow achieved. Despite this, the company has faced large fluctuations in cash flows from investing and financing activities in the past, indicating potential volatility in cash management. Maintaining positive operating cash flows is crucial for future financial health.

Breakdown	Mar 2025	Jun 2024	Jun 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	179.92M	179.92M	224.86M	1.08B	1.02B
Gross Profit	42.34M	65.68M	96.45M	226.46M	354.08M
EBITDA	-346.12M	-240.02M	-240.02M	90.70M	380.95M
Net Income	-383.38M	-365.75M	-365.75M	-35.42M	172.53M
Balance Sheet
Total Assets	10.59B	10.59B	10.93B	11.28B	3.27B
Cash, Cash Equivalents and Short-Term Investments	7.16B	7.13B	7.12B	242.68M	287.83M
Total Debt	638.88M	759.56M	759.56M	1.26B	894.96M
Total Liabilities	1.77B	1.83B	1.83B	1.95B	1.87B
Stockholders Equity	8.81B	8.81B	9.10B	9.33B	1.40B
Cash Flow
Free Cash Flow	133.80M	683.70M	-1.66B	-197.99M	342.48M
Operating Cash Flow	133.99M	684.04M	-1.66B	-197.40M	345.06M
Investing Cash Flow	101.56M	6.64B	-12.54B	371.28M	-23.16M
Financing Cash Flow	-120.68M	-470.43M	14.23B	-172.61M	-321.90M

KBC Global Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.25
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DHARAN, the sentiment is Negative. The current price of 0.25 is above the 20-day moving average (MA) of 0.19, above the 50-day MA of 0.21, and below the 200-day MA of 0.40, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 33.27 is Neutral, neither overbought nor oversold. The STOCH value of >-0.01 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:DHARAN.

KBC Global Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KEYFINSERV	75 Outperform	₹1.51B	10.11	―	0.31%	-57.76%	-68.83%
STEELCITY	68 Neutral	₹1.28B	9.34	―	4.37%	-8.60%	-9.89%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
INVENTURE	46 Neutral	₹1.10B	9.72	―	―	-53.21%	-78.00%
DHARAN	42 Neutral	₹993.46M	-7.35	―	―	-70.71%	75.39%
CAPTRUST	38 Underperform	₹578.81M	-3.45	―	―	-26.63%	-1320.85%