Dhani Services Ltd: From “Doctor on App” to “Developer with a Land Bank” – 672 Cr Impairment Later
1. At a Glance
Dhani started as a quirky healthcare + fintech app (ex-Indiabulls Ventures), then became a broking shop, then a wallet, then a pharmacy, then e-commerce, then an ARC, and now—drumroll—a real estate developer. FY25 saw ₹373 Cr sales, ₹34 Cr profit (thanks to other income), ROE -1.7%, and a dramatic ₹672 Cr impairment loss that makes you wonder if they’re accountants or magicians. Market cap ~₹3,939 Cr, stock P/E 116. It’s not just a pivot story—it’s a full-blown Bollywood career change.
2. Introduction
Imagine going to a doctor who suddenly says, “Sir, I also do stock trading and sell groceries on the side. And by the way, would you like to buy a flat in Gurgaon?” That’s Dhani Services in corporate form.
This company, once a financial services arm of Indiabulls, has shapeshifted across industries faster than an OTT actor switching genres. Subscription healthcare, e-wallets, trading, ARC, now property development with 60 lakh sq ft residential in Gurgaon and 2.6 lakh sq ft commercial in Worli, Mumbai.
Customers? Down from 6.1 million paid subscribers in FY22 to just 70,000 in FY23. That’s like a multiplex launching with Shah Rukh Khan but ending up playing to an empty hall.
Question for you: Is this strategic diversification or corporate-level ADHD?
Real Estate: Land bank in Gurgaon (17 acres) & Mumbai (0.57 acres).
Revenue Mix FY24:
Interest Income = 50%
Fees & Commission = 36%
Others = 14%
This is not a “business model” — it’s a buffet menu where the chef forgot to specialize.
4. Financials Overview (Q1 FY26)
Source table
Metric
Jun’25
Jun’24
Mar’25
YoY %
QoQ %
Revenue
₹85.9 Cr
₹107.4 Cr
₹89.9 Cr
-20%
-5%
EBITDA
₹22.6 Cr
-₹58.3 Cr
-₹14.2 Cr
+139%
Turnaround
PAT
₹6.16 Cr
-₹83.4 Cr
₹6.29 Cr
+107%
Flat
EPS
₹0.10
-₹1.37
₹0.12
+107%
-17%
Commentary: Losses finally turned to slim profits, but revenues shrinking. The “turnaround” feels more accounting than operational.
5. Valuation (Fair Value RANGE)
P/E: EPS ₹0.56 × sector PE 35 → ₹20/share. CMP = ₹65. Too hot.
P/B: Book value ₹47, CMP ₹65 → 1.4x. Not crazy, but assets include impaired stuff.
EV/EBITDA: 25x vs sector ~12x → Overvalued.
Fair Value Range: ₹25 – ₹45. “This FV range is for educational purposes only and is not investment advice.”
6. What’s Cooking – News, Triggers, Drama
Amalgamation: With Yaari Digital (swap ratio 294:100). Classic “merger of cousins.”
Real Estate Push: Gurgaon 60 lakh sq ft project launched in July 2024; Worli office in Aug 2024. Already sold 195 luxury units worth ₹1,000 Cr in Gurugram.
Fundraising: Issued 4.5 Cr warrants to promoters in Mar 2025; raised ₹406 Cr in Dec 2024.
