Dhani Services Ltd: From “Doctor on App” to “Developer with a Land Bank” – 672 Cr Impairment Later
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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?
