🧠 Dhanuka Realty: From Dormant Builder to FY25 Surprise? 🏗️
Date of Publishing -
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📌 At a Glance
Dhanuka Realty Ltd is a Jaipur-based microcap real estate company with a rollercoaster financial history. After a near-zero revenue patch, FY25 finally saw a spark: ₹3.13 Cr in sales and ₹0.89 Cr in net profit. But with 333 debtor days, bizarre cash flows, and promoter stake dilution, is this rally real—or a real estate illusion?
1. 🏠 WTF Do They Even Do?
Engaged in real estate development—residential flats, apartments, townships
Operates under Dhanuka Group, with past CREDAI, IGBC, CII affiliations
Also acts as contractor/sub-contractor for infra projects
Has flirted with zero revenue for multiple years (FY19-FY21)
So, basically… they build houses. Sometimes.
2. 📈 Financials — The Resurrection Arc?
Metric
FY23
FY24
FY25
Revenue (₹ Cr)
2.21
1.46
3.13
Net Profit (₹ Cr)
-1.51
-0.12
0.89
EPS (₹)
-1.95
-0.16
1.15
OPM (%)
-42.9%
-20.5%
43.8%
ROE (%)
-20.0%
-1.6%
9.4%
🧪 From bleeding cash to surprising OPM—FY25’s profit actually happened, but…
