Dhani Services Ltd Q1 FY26 + NCLT Yaari Merger Drama – How to Lose 6 Million Customers and Still Launch Real Estate
1. At a Glance
Dhani Services Ltd is that rare Indian company which started as a healthcare+fintech app, lost 6 million customers in one year, picked up some land in Gurgaon & Worli, and still convinced NCLT to bless a marriage with Yaari Digital. If corporate strategy was a Netflix show, Dhani would be “Money Heist: But With Shareholders’ Cash.”
2. Introduction – The Saga of a Reinvented Unicorn That Wasn’t
Once upon a time, Dhani wanted to be India’s digital pharmacy, then a wallet, then a brokerage, then a healthcare subscription, then an e-commerce mart, and now… a real estate developer. This company has changed business models more often than Anil Kapoor changes looks in movies.
FY22: 6.1 million paying users. FY23: 70,000 users. That’s not customer attrition, that’s customer genocide.
Meanwhile, revenues halved, profits vanished, impairments ballooned, and the promoters thought the best way forward was — surprise, surprise — real estate. After all, when nothing works, Gurgaon plots always do.
Question: Is this a pivot or just a panic attack in corporate form?
3. Business Model – WTF Do They Even Do?
Think of Dhani as a kirana store that stocks everything but can’t decide whether it’s selling Maggi or Mercedes.
Healthcare Subscriptions (RIP): Once the darling of investors, now quietly buried.
Wallet & Payments: Competing with PhonePe, Paytm, GPay. Customers said “no thank you.”
Brokerage: Competing with Zerodha & Groww, but Dhani charges less. Problem: nobody cared.
Asset Reconstruction: Basically buying distressed loans while being distressed itself.
E-Commerce: Started with medicines, ended with electronics, groceries, and existential crisis.
Real Estate: 60 lakh sq. ft in Gurgaon + 2.6 lakh sq. ft in Worli. Because why not?
This is not a “business model.” This is a buffet where nothing tastes good but the chef insists on expanding the menu.
4. Financials Overview
Source table
Metric
Latest Qtr (Q1 FY26)
YoY Qtr (Q1 FY25)
Prev Qtr (Q4 FY25)
YoY %
QoQ %
Revenue (₹ Cr)
85.9
107.4
89.9
-20.0%
-4.5%
EBITDA (₹ Cr)
22.6
-83.3
-14.2
NA
NA
PAT (₹ Cr)
6.16
-83.3
6.29
NA
-2.1%
EPS (₹)
0.10
-1.37
0.12
NA
-16.7%
Commentary: Imagine a student who failed every subject but finally scraped a pass in Moral Science. That’s Dhani’s “profit.”
5. Valuation Discussion – Fair Value Range Only
P/E Method: EPS ₹0.56 annualised → CMP ₹63.7 = ~114x. Industry avg ~35x. If Dhani was fairly valued, range = ₹20–₹30.
EV/EBITDA: EV ₹3,684 Cr / EBITDA ₹151 Cr ≈ 24x. Peers like CRISIL trade at ~30x but with real ROE. Fair range = 12–18x EV/EBITDA → ₹35–₹50.
Educational Fair Value Range: ₹28 – ₹50 Disclaimer: This range is for educational purposes only. Not investment advice.
6. What’s Cooking – News, Triggers, Drama
NCLT Merger: On 29 Aug 2025, NCLT approved Dhani+Indiabulls into Yaari Digital, with a real estate demerger.
Swap Ratio: 294 shares of Yaari for 100 shares of Dhani. Maths students are already crying.
₹672 Cr Impairment: FY25 results included a Titanic-sized write-off.
Fundraise: Promoters pumped in ₹400 Cr via warrants. More like CPR than growth capital.
Real Estate: “Indiabulls Estate & Club-I” launched in Gurugram, selling 195 units worth ₹1,000 Cr. Because Indians will buy apartments even from a failed fintech app.
Question: Do you think Dhani’s pivot to real estate is genius or just the corporate
