1. At a Glance – The ₹153 Cr Company Sitting on ₹200 Cr Investments?
A ₹153 crore market cap company trading at ₹511 with a P/E of just 2.14. Sounds like a Black Friday sale, right? But wait. The company’s TTM EPS is ₹239, and it’s sitting at 0.63x book value with a book value of ₹810 per share. Almost debt-free (Debt-to-equity 0.04), promoter holding at 73.36%, and an earnings yield of 53%.
And yet… returns over 3 years are -19%. Six-month return is -23.6%.
Latest quarter (Dec 2025):
- Revenue: ₹12.24 Cr
- PAT: ₹1.23 Cr
- EPS: ₹4.10
But here’s the masala — earnings include ₹77 Cr other income in TTM. Yes, you read that correctly.
So is this an LPG regulator exporter or a mutual fund investment holding company with a side hustle in gas accessories? Let’s light the stove and investigate.
2. Introduction – The LPG Regulator That Regulates Its Own Profits
Incorporated in 1991, DHP India Ltd manufactures LPG regulators, brass fittings, hose assemblies and related accessories. Basically, the tiny metal devices that ensure your kitchen cylinder doesn’t turn into a Diwali rocket.
The company is ISO certified and primarily export-oriented. In FY24, exports formed 86% of revenue. Domestic? Just 14%.
But here’s the twist.
Total exports in FY24 were ₹45.87 Cr versus ₹94.64 Cr in FY23. That’s a dramatic fall. Meanwhile, PAT in FY25 jumped massively — not from core business, but from “other income”.
So we are not just analysing a regulator manufacturer. We are analysing a business that earns more from financial investments than from selling regulators.
Question for you — do you want a manufacturing business or a portfolio manager disguised as one?
3. Business Model – WTF Do They Even Do?
Let’s simplify this.
They manufacture:
- Propane regulators
- Butane regulators
- LPG regulators
- Hose assemblies
- Brass fittings
Revenue split FY24:
- LPG Regulators & parts – ~52%
- Brass articles – ~34%
- Scrap – 9%
- Licence income – 3%
- Duty drawback – 2%
Geographically:
- Exports – 86%
- Domestic – 14%
Manufacturing plant is in
