Dhruv Consultancy Services Ltd. (DHRUV) AI Stock Analysis

• Market Cap: ₹584.17M
• Dividend Yield: 0.42%
• Average Volume (3M): 3.34K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.75
• Revenue Growth: -9.83%
• EPS Growth: -5.90%
• Country: IN
• Employees: 327
• Sector: Services
• Sector Strength: N/A
• Industry: Engineering & Construction
• EPS (TTM): -16.35
• Shares Outstanding: 18,966,570
• 10 Day Avg. Volume: 1,027
• 30 Day Avg. Volume: 3,337
• PEG Ratio: 10.48
• Price to Book (P/B): 1.26
• Price to Sales (P/S): 1.28
• P/FCF Ratio: -7.18
• 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: 56 Neutral
• Price Target: ₹31.00 ▼(-35.42% Downside)
• Action: Reiterated Date: 03/03/26
• Date: Action: Reiterated 03/03/26

The score is anchored by generally solid business performance and balance-sheet stability, but it is held back by weak cash generation (negative free cash flow) and a clearly bearish technical trend with the stock trading well below major moving averages. Valuation is mixed due to a negative P/E and only a modest dividend yield.

Positive Factors

Operating margins

Sustained gross and EBIT margins indicate the company controls cost of goods and operating expenses well. Durable margin strength supports long-run profitability, provides a buffer versus demand swings, and enables reinvestment or debt service even if topline growth moderates.

Balance-sheet stability

A strong equity base and prudent leverage provide financial flexibility for capex, bidding on projects, and surviving industry cyclicality. Manageable debt limits refinancing pressure and preserves capacity to fund growth or weather downturns without dilutive financing.

Financing resilience

Proven ability to access financing or restructure cash flow cushions near-term liquidity gaps from operating shortfalls. This structural capability reduces immediate solvency risk and buys time to fix cash conversion, preserving business continuity and strategic options.

Negative Factors

Negative free cash flow

Persistent negative free cash flow constrains internally funded investment and dividend capacity and necessitates external financing. Over months this raises liquidity risk, may increase borrowing costs, and limits capital allocation flexibility for growth or margin improvement.

Net margin underperformance

A gap between gross and net margins suggests structural pressures—higher operating, financing, or one-off costs—that reduce return on equity and cash generation. Without addressing these items, margin leakage will persistently blunt shareholder returns and reinvestment capacity.

Revenue volatility

Large negative reported revenue growth indicates volatility or recent demand weakness, which undermines forecasting and pricing power. Over a multi-month horizon, volatile top-line performance complicates planning, may reduce bargaining leverage with suppliers, and raises execution risk.

Dhruv Consultancy Services Ltd. Business Overview & Revenue Model

Company Description

Dhruv Consultancy Services Limited, an infrastructure consultancy company, provides design, engineering, procurement, construction, and integrated project management services for highways, bridges, tunnels, architectural, environmental engineering, and ports in India. The company offers services, which include the preparation of detailed project report and feasibility studies for infrastructure projects; operations and maintenance works; project management consultancy services; and independent and authority's engineer, project planning, designing, estimation, traffic and transportation engineering, financial analysis, technical audit, structural audit, bridges inspection, and techno legal services. The company was incorporated in 2003 and is headquartered in Navi Mumbai, India.

How the Company Makes Money

Dhruv Consultancy Services Ltd. generates revenue primarily through its consulting services, which are structured on a fee-for-service model. The company charges clients based on the scope and duration of projects, often adopting a retainer model for long-term engagements. Key revenue streams include project-based fees, ongoing advisory retainers, and performance-based incentives tied to the success of implemented solutions. DHRUV also benefits from strategic partnerships with technology providers and industry leaders, enabling it to offer integrated solutions that enhance client value. Additionally, the firm may generate revenue from training programs and workshops aimed at upskilling client teams, further diversifying its income sources.

Dhruv Consultancy Services Ltd. Financial Statement Overview

Summary

Income statement strength (Score 76) shows solid growth and healthy operating margins, and the balance sheet is stable with manageable leverage (Score 68). However, cash flow is a key कमजोरी (Score 51) with negative free cash flow and weak conversion of earnings into cash, which materially raises liquidity risk.

Income Statement

Dhruv Consultancy Services Ltd. demonstrates a strong revenue growth trajectory, with a notable increase of 25% in the latest year. The company maintains healthy gross and EBIT margins, indicating efficient cost management and operational effectiveness. However, the net profit margin could be improved, as it lags behind the gross profit margin, suggesting potential areas to optimize costs or enhance financial strategies.

Balance Sheet

The company showcases a solid equity position with a favorable equity ratio, highlighting financial stability. The debt-to-equity ratio is manageable, reflecting prudent leverage usage. However, there is room for improvement in enhancing the return on equity, which remains moderate, indicating that the company may leverage its equity base more effectively to boost profitability.

Cash Flow

Cash flow analysis reveals challenges, particularly with negative free cash flow in recent periods, posing risks to liquidity management. The operating cash flow to net income ratio suggests inefficiencies in converting net income into cash flow. Despite these challenges, the company has shown resilience with financing strategies to support operational needs.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	1.03B	1.02B	815.01M	811.80M	750.65M	633.94M
Gross Profit	784.80M	748.36M	587.74M	571.28M	544.27M	429.40M
EBITDA	165.37M	157.78M	136.72M	102.88M	96.99M	93.32M
Net Income	76.25M	69.03M	58.95M	48.22M	57.56M	48.35M
Balance Sheet
Total Assets	0.00	1.42B	1.15B	1.08B	849.52M	827.11M
Cash, Cash Equivalents and Short-Term Investments	131.59M	277.85M	65.24M	70.86M	18.87M	65.18M
Total Debt	0.00	177.89M	203.15M	189.54M	120.17M	104.61M
Total Liabilities	-1.04B	387.63M	483.63M	511.47M	391.20M	431.39M
Stockholders Equity	1.04B	1.04B	662.74M	570.42M	458.31M	395.72M
Cash Flow
Free Cash Flow	0.00	-181.75M	-46.08M	-53.82M	-25.81M	24.42M
Operating Cash Flow	0.00	-144.04M	-17.13M	17.73M	36.51M	26.93M
Investing Cash Flow	0.00	-30.87M	-27.48M	-64.26M	-60.43M	2.25M
Financing Cash Flow	0.00	251.05M	38.98M	74.97M	6.93M	-9.23M

Dhruv Consultancy Services Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 48.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DHRUV, the sentiment is Negative. The current price of 48 is above the 20-day moving average (MA) of 28.71, above the 50-day MA of 36.57, and below the 200-day MA of 53.45, indicating a neutral trend. The MACD of -1.24 indicates Negative momentum. The RSI at 46.49 is Neutral, neither overbought nor oversold. The STOCH value of 74.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:DHRUV.

Dhruv Consultancy Services Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AKASH	57 Neutral	₹414.14M	11.84	―	―	51.76%	―
DHRUV	56 Neutral	₹584.17M	-0.73	―	0.42%	-9.83%	-5.90%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
GAYAPROJ	54 Neutral	₹2.41B	0.03	―	―	―	―
RKEC	49 Neutral	₹959.38M	20.28	―	―	-12.26%	-36.87%
SADBHIN	43 Neutral	₹1.06B	-0.31	―	―	4.63%	67.17%
MBECL	42 Neutral	₹557.77M	0.01	―	―	-36.07%	―

Dhruv Consultancy Services Ltd. Corporate Events

Dhruv Consultancy Posts Q3 and Nine-Month FY26 Earnings Call Transcript

Dhruv Consultancy Services Limited has released the official transcript of its earnings conference call for the third quarter and nine months ended December 31, 2025. The company informed stock exchanges that the transcript of the March 2, 2026 call, led by the chairman and managing director and moderated by Kirin Advisors, is now available and has also been posted on its website for investor information and records.

Dhruv Consultancy Posts Q3 FY26 Earnings Call Recording Online

Dhruv Consultancy Services Ltd. has notified the stock exchanges that the audio recording of its earnings conference call for the third quarter and nine months ended December 31, 2025, is now available on its website. The call, held on March 2, 2026 following an earlier scheduling intimation, offers investors and other stakeholders access to management’s discussion of the company’s latest financial performance.

By uploading the Q3 FY 2025-26 earnings call recording, the company is enhancing disclosure and facilitating transparency for shareholders and analysts who could not attend the live event. This move supports better-informed decision-making in the market by providing a convenient channel to review the company’s recent results and commentary at any time.

Dhruv Consultancy Takes ₹30 Crore Non-Cash Hit as It Tightens Revenue Estimates in Q3 FY26

Dhruv Consultancy Services Ltd., a Navi Mumbai-based infrastructure consultancy specializing in design, engineering, procurement, construction, and project management, has built a portfolio around detailed project reports, feasibility studies, and technical audits for infrastructure assets. The company focuses on supporting both domestic and international infrastructure projects with end-to-end advisory and execution support.

The company reported unaudited consolidated revenue of negative ₹5.44 crore for Q3 FY26 and ₹35.36 crore for the first nine months, largely due to a prospective accounting adjustment of about ₹30 crore under Ind AS 8 and Ind AS 115. Management emphasized that this is a non-cash, estimate-driven revision aligning revenue recognition with updated project costs and execution realities, noting that project-level profitability remains positive on most contracts, operational cash flows and a ₹256 crore unexecuted order book are stable, and that the move reinforces a more conservative financial discipline rather than signaling structural weakness.

Dhruv Consultancy wins NHAI supervision mandate for NH-765 stretch in Telangana

Dhruv Consultancy Services Ltd., in association with Lane Logic Consultants, has received a Letter of Award from the National Highways Authority of India’s Hyderabad regional office to provide supervision consultancy services for the operation and maintenance of a 2-lane highway with paved shoulders on the Hyderabad (near Tukkuguda) to Dindi section of NH-765 in Telangana. The contract, valued at Rs. 2.88 crore excluding GST and spanning 85.80 km from Km 23.000 to Km 108.000 over a 36-month period, underscores Dhruv’s growing role in India’s highway management ecosystem and adds to its order book, with execution contingent on furnishing performance security within the stipulated timeline.

The mandate strengthens the company’s presence in southern India’s road infrastructure segment and reinforces its positioning as a specialist in project management consultancy for national highway operations. For stakeholders, the award signals incremental revenue visibility over the next three years and highlights continued demand from NHAI for private-sector expertise in maintaining and supervising critical transport assets.

Dhruv Consultancy Files SEBI Dematerialisation Compliance Certificate for Q3 FY2025-26

Dhruv Consultancy Services Limited has submitted to BSE and NSE a compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended December 31, 2025, confirming that all physical securities received for dematerialisation have been duly verified, mutilated, cancelled, and replaced in the records with the depositories as registered owners within prescribed timelines. The company’s registrar and transfer agent, MUFG Intime India Private Limited, has also certified that securities received for dematerialisation during the quarter were appropriately accepted or rejected, that the underlying securities are listed on the relevant stock exchanges, and that all register-of-members updates were completed on time, underscoring Dhruv Consultancy’s adherence to regulatory requirements in handling its shareholders’ demat requests.