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): 0.02
• 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 reserves

A materially stronger cash position provides a durable liquidity buffer to fund project completions, meet short-term obligations and reduce reliance on emergency financing. This improves execution optionality across development cycles and lowers refinancing risk over the medium term.

Positive operating / free cash flow

Achieving positive operating and free cash flow signals the business can generate internal funds to support working capital and select investments. Sustained cash generation is a structural benefit for a developer, enabling deleveraging, funding project finishes and reducing dependence on external capital.

Lower leverage / improved D/E

A more favorable debt-to-equity profile reduces interest burden and balance-sheet strain, increasing financial flexibility. Lower leverage supports bidding and project execution in cyclical markets and makes the company more resilient to funding stress over the next several quarters.

Negative Factors

Severe revenue decline

An 85%-plus revenue decline over two years is a structural concern: loss of scale undermines project economics, reduces recurring inflows and may reflect weak sales/launch execution. Restoring sustainable top-line momentum is essential for long-term profitability and project pipeline viability.

Sustained and widening losses

Persistent net losses that widened to a large negative in 2025 erode equity and limit reinvestment. Even with cash improvements, continued operating losses will pressure reserves, force asset sales or capital raises, and constrain the company’s ability to finance growth or complete projects sustainably.

Deteriorating gross margins

Worsening gross margins indicate structural cost or pricing pressure in project delivery or sales realization. Margin erosion reduces the upside from any revenue recovery and suggests margin-sensitive markets or execution inefficiencies that will hinder durable profitability even if revenues stabilize.

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 primarily makes money through real estate development. Its main revenue stream is generated from the sale of constructed units (e.g., apartments and other real estate units) in its residential and/or commercial projects, typically recognized based on project progress and/or upon sale/possession as applicable under prevailing accounting practices. Additional income may come from ancillary real-estate-related activities connected to its projects (such as development-related receipts), but specific breakdowns of secondary revenue streams, material partnerships, or other significant earnings drivers are null.

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 0.20, and below the 200-day MA of 0.39, 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	₹1.50B	10.11	―	0.31%	-57.76%	-68.83%
STEELCITY	68 Neutral	₹1.23B	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	₹1.08B	9.72	―	―	-53.21%	-78.00%
DHARAN	42 Neutral	₹993.46M	-17.77	―	―	-70.71%	75.39%
CAPTRUST	38 Underperform	₹539.73M	-3.45	―	―	-26.63%	-1320.85%

KBC Global Limited Corporate Events

Dharan Infra-EPC files SEBI demat compliance certificate amid ongoing CIRP

Dharan Infra-EPC Limited has submitted a confirmation certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended December 31, 2025, as received from its registrar and share transfer agent MUFG Intime India Private Limited. The filing confirms that all securities submitted for dematerialisation during the quarter were duly processed, listed on the appropriate exchanges, and that physical certificates were verified, mutilated, cancelled, and replaced in the register of members within the prescribed timelines, underscoring the company’s ongoing compliance with depository and listing norms despite being under CIRP.

MUFG Intime India Private Limited, acting as the company’s registrar and share transfer agent, certified that the dematerialisation requests were either accepted or rejected in line with regulatory requirements and communicated to the depositories. This confirmation helps reassure investors and regulators about the integrity of Dharan Infra-EPC’s share registry processes and supports orderly trading of its securities on NSE and BSE during a period of financial restructuring.

Dharan Infra-EPC Files Delayed Q2 FY26 Results Amid Insolvency Process

Dharan Infra-EPC Limited has submitted its unaudited standalone and consolidated financial results for the second quarter and half year ended September 30, 2025, to the National Stock Exchange of India and BSE. The results were prepared under Indian Accounting Standard 34 and reviewed by SHARP AARTH & CO LLP, which conducted a limited review as per applicable professional standards.

The company disclosed that the filing was delayed due to late receipt of financial information from its subsidiaries, even as it continues to operate under the Corporate Insolvency Resolution Process. Oversight of the financial statements rests with the company’s management, its board, and the interim resolution professional, underscoring ongoing regulatory compliance amid its insolvency proceedings.