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1. At a Glance
A company incorporated in 1916 reported a June 2026 quarter with revenue of ₹231.59 crore and net profit of ₹174.29 crore. Revenue grew 44.8% year-on-year; profit grew 136%. Operating Profit came in at ₹91.04 crore after four consecutive quarters in which that line had been negative — ₹-108.92 crore, ₹-41.02 crore, ₹-42.31 crore and ₹-60.65 crore, a run that reads less like a trend and more like a bass line.
Other Income for the quarter was ₹145.14 crore, the largest quarterly figure in the ten quarters on record. The consolidated statement also carries ₹120.59 crore as share of profit of equity accounted investees, which is the accounting phrase for money made by companies you own a slice of rather than a company you run.
The Food and Beverages segment reported nothing this quarter, for the excellent reason that it no longer exists inside the group: Twelve Cupcakes Pte Ltd initiated creditors’ voluntary winding-up in Singapore on 29 October 2025, the parent lost control, and Ind AS 105 filed the whole segment under “discontinued operations.” A 110-year-old Kolkata house therefore spent part of the last fiscal year formally letting go of a cupcake chain.
Meanwhile Capital Work in Progress on the March 2026 balance sheet stood at ₹818.74 crore against ₹73.91 crore a year earlier, and borrowings rose from ₹387.70 crore to ₹951.82 crore. Both of those numbers point at Panagarh and Kathua, which is where the packaging film story lives.
2. Introduction
Incorporated in 1916, Dhunseri Ventures Ltd describes itself as being in the business of Treasury Operations and Trading activities. That is a sentence with a lot of ceiling height. Most listed companies tell you what they make; this one tells you what it does with money, and then leaves you to find the factories in the footnotes.
The structure, as disclosed: Dhunseri Investments Ltd is the holding company. Subsidiaries include Dhunseri Infrastructure Ltd and Dhunseri Poly Films Pvt Ltd, both wholly owned, plus DVL USA INC. and, until recently, Twelve Cupcakes Pte Ltd of Singapore. Associates are IVL Dhunseri Petrochem Industries Pvt Ltd and IVL Dhunseri Polyester Company S.A.E. The consolidated results for the June 2026 quarter include the parent, Dhunseri Infrastructure and Dhunseri Poly Films, with the two IVL associates equity-accounted.
The recent moves are all in film. Dhunseri Poly Films commenced commercial production of its BOPET Line I at Panagarh, West Bengal on 13 December 2023. A foundation stone for a new BOPP plant at Kathua was laid on 8 June 2025. On 29 October 2025 the board approved a Panagarh BOPET Phase I expansion with the parent to infuse up to ₹190 crore over a two-year timeline. On 16 June the company executed a corporate guarantee for DPFPL’s ₹118 crore and €32 million loan for the Panagarh expansion — a guarantee denominated in two currencies, which is the corporate equivalent of co-signing a lease in a language you had to learn for the occasion.
On the same 29 October 2025 board day, directors approved initiating creditors’ voluntary winding-up of Twelve Cupcakes, in which the company had contributed ₹57.97 crore for 12.07%. Approving a ₹190 crore film expansion and the wind-up of a bakery chain in one sitting is a board agenda with range.
In October 2024 the company signed a Share Purchase Agreement with Dhunseri Overseas Private Limited to divest its 80.83% stake in DVL USA INC. at par value. In November 2024 it was notified that Dhunseri Investments Limited would acquire an 8.79% stake from promoter-group entity Naga Dhunseri Group Limited.
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3. Business Model: WTF Do They Even Do?
Three things, and they have almost nothing to do with each other.
Treasury Operations. The company invests in shares and securities of other corporate bodies. Investments on the March 2026 balance sheet stood at ₹3,096.82 crore. This segment reported revenue of ₹93.68 crore in the June 2026 quarter and segment results of ₹93.68 crore — the same figure, because when your input cost is “having money” the revenue line and the profit line are the same person wearing two badges. Treasury segment revenue for full FY26 was ₹21.25 crore, and for the March 2026 quarter it was negative ₹33.16 crore, which is what happens when a revenue line is allowed to mark itself to market.
Trading. Commodity trading activities including the trading of PET resin. FY24’s disclosed revenue breakup put traded goods at roughly 30% of the total, alongside manufactured goods at ~35%, royalty income at ~10%, change in fair value of financial assets at ~11%, gains on disposal of investments at ~7%, interest income ~5% and dividend income ~1%. Read that list again: a majority of it is finance, dressed for a factory job.
Flexible Packaging Films. This is the part with machines. Dhunseri Poly Films develops and produces advanced plastic film products — BOPET at Panagarh since December 2023, with a 10.4-metre BOPP line under construction in Jammu & Kashmir, the
