DHVIJA FINANCE LIMITED (539552)
🎯 Key Takeaways
- DHVIJA FINANCE LIMITED appears to be in a distressed or dormant phase, with no meaningful revenue or profitability in recent quarters despite a historically strong ROCE of 23.2%.
- Revenue declined 66.7% QoQ to ₹0 in Q2FY20.
- ⚠️ 1) Persistent zero revenue and profitability over multiple quarters signal potential business discontinuation. 2) Minimal public float and lack of ins
📖 The Story
DHVIJA FINANCE LIMITED appears to be in a distressed or dormant phase, with no meaningful revenue or profitability in recent quarters despite a historically strong ROCE of 23.2%. The company has not generated revenue since September 2019, and its financial trajectory shows a sharp decline from prior periods of operation. The balance sheet indicates a significant reduction in liabilities and assets, suggesting a wind-down or minimal operational footprint.
📰 What's Happening
The company has not filed any new operational or strategic updates in the provided filings. The most recent financial results (September 2019 quarter) show zero revenue and operating profit, with management not highlighting any new business initiatives, orders, or expansions. There is no evidence of recent capital raising, acquisitions, or restructuring activities disclosed in the filings.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Dec 2018 | Mar 2019 | Jun 2019 | Sep 2019 |
|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 |
| Operating Profit | 0 | 0 | -0 | 0 |
| OPM % | 5.0% | 0.0% | -5.6% | 8.3% |
| Net Profit | 0 | -0 | -0 | 0 |
| EPS | ₹0.07 | ₹-0.03 | ₹-0.08 | ₹0.03 |
Revenue has been consistently zero since September 2019, with no signs of revival in operations. The company transitioned from modest profitability in December 2018 (EPS ₹0.07) to sustained losses by June 2019 (EPS ₹-0.08), indicating a complete erosion of business activity. The absence of revenue and profits over multiple quarters suggests the business is no longer viable or has been suspended.
🔮 Management Outlook & What's Next
There is no available forward guidance or explicit outlook from management in the provided filing content. Management commentary is limited to historical financials without any disclosed strategy, revival plans, or future expectations. The lack of guidance suggests either no active planning or deliberate silence on future prospects.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2019 | Mar 2019 | Mar 2020 | Mar 2020 |
|---|---|---|---|---|
| Equity Capital | 3 | 3 | 3 | 3 |
| Reserves | 0 | -0 | -0 | 0 |
| Borrowings | 15 | 13 | 2 | 1 |
| Total Liabilities | 18 | 17 | 5 | 5 |
| Fixed Assets | 0 | 0 | 0 | 0 |
| Investments | 1 | 0 | 0 | 0 |
| Total Assets | 18 | 17 | 5 | 5 |
The balance sheet shows a dramatic contraction in assets and liabilities, with total assets declining from ₹17 crore in March 2019 to just ₹5 crore by March 2020. Borrowings have reduced from ₹13 crore to ₹2 crore, and equity remains minimal at ₹3 crore. This indicates a deliberate de-risking or wind-down of operations, with capital preservation taking precedence over growth investments.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2020 |
|---|---|
| Operating | +11 |
| Investing | +1 |
| Financing | -12 |
| Net Cash Flow | +0 |
👥 Shareholding Pattern
| Category | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|
| Promoters | 36.9% | 36.9% | 36.9% |
| FII | 0.0% | 0.0% | 0.0% |
| DII | 0.0% | 0.0% | 0.0% |
| Public | 51.5% | 51.5% | 51.9% |
| # Shareholders | 1,205 | 1,231 | 4,521 |
Promoter holding remains stable at 36.91% over the last three quarters, with no signs of dilution. FII and DII holdings are negligible (0% to 0.02%), and the number of public shareholders has slightly increased, suggesting retail interest may be isolated or speculative. There are no indicators of institutional accumulation or significant retail movement.
⚖️ Peer Comparison — Finance
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| BAJFINANCE | 6.56 L Cr | 32.2 | 10.4% | 18.1% | 3.82 |
| BAJAJFINSV | 3.15 L Cr | 31.0 | 11.4% | 26.5% | 5.50 |
| SHRIRAMFIN | 2.49 L Cr | 18.7 | 11.5% | 17.1% | 3.80 |
| TATACAP | 1.56 L Cr | 28.6 | 8.4% | 12.3% | 5.28 |
| JIOFIN | 1.56 L Cr | 73.3 | 2.3% | 1.6% | 0.17 |
| CHOLAFIN | 1.55 L Cr | 26.7 | 9.3% | 18.9% | 6.93 |
| ICICIAMC | 1.50 L Cr | 30.0 | 111.5% | 83.6% | 0.00 |
| BAJAJHLDNG | 1.26 L Cr | 14.3 | 12.4% | 12.3% | 0.00 |
| MUTHOOTFIN | 1.17 L Cr | 10.3 | 14.4% | 29.3% | 3.88 |
| SBIFUNDS | 1.16 L Cr | — | — | — | 0.00 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Persistent zero revenue and profitability over multiple quarters signal potential business discontinuation. 2) Minimal public float and lack of institutional interest may lead to low liquidity and high volatility. 3) The company's historical operations are unclear, raising governance and transparency concerns. 4) No disclosed revival plan or management vision increases uncertainty around recoverability of capital.
🧠 Analyst's Read
The company is effectively non-operational with no visible path to revenue generation or value creation. Investors should monitor for any future filings indicating business resumption, restructuring, or capital return initiatives, but current indicators suggest limited upside or catalytic events in the near term.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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