Electric Equipment · Founded 1987 · www.rashmilighting.com · BSE 542679 · · ISIN INE413F01016
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Business
Dhanashree Electronics Ltd. (DEL) operates in the electric equipment sector. The company's core business likely involves the design, manufacturing, and distribution of various electrical components, devices, and systems. This could include products such as switchgear, transformers, cables, wires, lighting products, motors, or other electrical accessories used in industrial, commercial, residential, and infrastructure applications. The company generates revenue primarily through the sale of these manufactured products to a diverse customer base, which may include contractors, original equipment manufacturers (OEMs), distributors, and end-users.
Revenue Mix
Without specific financial data, the exact revenue mix and key segments for Dhanashree Electronics Ltd. are not available. Typically, companies in the electric equipment sector segment their business by product categories (e.g., power transmission and distribution, industrial automation, consumer electricals, lighting solutions) or by end-user applications (e.g., residential, commercial, industrial, utilities). A detailed breakdown would require access to the company's financial reports.
Industry
The electric equipment industry in India is dynamic and driven by robust demand from infrastructure development, industrial growth, urbanization, and increasing electrification. The industry structure is generally fragmented, with a mix of large established players, mid-sized regional companies, and numerous small-scale manufacturers. Competition is intense, encompassing both domestic and international players. Dhanashree Electronics Ltd. likely positions itself by focusing on specific product niches, competitive pricing, quality standards, or by building strong regional distribution networks. Its positioning relative to major incumbents would likely be as a specialized or regional player rather than a market leader across all segments.
MOAT
Without specific details, it is challenging to ascertain a strong, durable competitive advantage for Dhanashree Electronics Ltd. Potential sources of a moat for a company in this sector could include:
Cost Advantage: Achieved through efficient manufacturing processes, economies of scale, or optimized supply chains.
Brand Recognition: For specific product lines, especially in the consumer or retail segment.
Proprietary Technology/Patents: For specialized or advanced electrical components.
Strong Distribution Network: An extensive and reliable network of dealers and distributors can provide significant market reach.
Switching Costs: For critical industrial components where reliability and compatibility are paramount, making it costly for customers to switch suppliers.
However, the presence and strength of these advantages for DEL would need to be assessed with more specific company information.
Growth Drivers
Key factors that can drive growth for Dhanashree Electronics Ltd. over the next 3-5 years include:
Infrastructure Spending: Government initiatives in power generation, transmission, distribution, smart cities, and public infrastructure.
Urbanization and Electrification: Increased demand for electrical products in new residential and commercial constructions.
Industrial Expansion: Growth in manufacturing and industrial sectors leading to demand for electrical equipment in new factories and modernization projects.
Renewable Energy Integration: Demand for specialized electrical components required for solar, wind, and other renewable energy projects.
Technological Upgrades: Adoption of energy-efficient products, smart electrical systems, and automation solutions.
Export Opportunities: Potential to tap into international markets with competitive products.
Risks
Key business risks for Dhanashree Electronics Ltd. include:
Raw Material Price Volatility: Fluctuations in prices of key materials like copper, aluminum, steel, and plastics can impact profitability.
Intense Competition: Pressure from both organized and unorganized players, leading to price wars and margin erosion.
Economic Slowdown: A general downturn in the economy can reduce demand from industrial, construction, and consumer segments.
Technological Obsolescence: Failure to innovate or adapt to new industry standards and technologies (e.g., smart grids, IoT) can lead to loss of market share.
Regulatory Changes: Evolving safety standards, environmental norms, and import/export policies can impact operations and costs.
Supply Chain Disruptions: Geopolitical events or natural disasters can disrupt the availability and cost of components.
Foreign Exchange Fluctuations: If the company relies on imported raw materials or exports finished goods.
Management & Ownership
As is common with many Indian companies, Dhanashree Electronics Ltd. is likely promoter-led, with the founding family or group holding a significant stake. The quality of management would typically involve their ability to navigate market cycles, manage operational efficiency, innovate, and maintain strong customer and supplier relationships. Specific details regarding the promoters, key management personnel, or the complete ownership structure (e.g., institutional holdings, public float) would require accessing regulatory filings and company reports.
Outlook
Dhanashree Electronics Ltd. operates in a sector poised for growth in India, driven by the country's economic development, urbanization, and infrastructure push. This provides a favorable backdrop for increased demand for its products. The company has potential to capitalize on these tailwinds, especially if it can maintain product quality, manage costs effectively, and expand its distribution. However, the industry is highly competitive and subject to risks such as raw material price volatility, technological shifts, and economic downturns. Sustained success will depend on its ability to innovate, adapt to evolving market needs, and strategically differentiate itself amidst strong competition, while prudently managing its financial health and operational efficiencies.
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| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 30 | 14 | 17 | 26 | 42 | 26 | 20 | 18 | 48 | 23 |
| Other Income | 0 | 0 | 1 | 0 | 12 | 0 | 0 | 0 | 12 | 0 |
| Total Income | 30 | 14 | 18 | 26 | 54 | 26 | 20 | 18 | 61 | 23 |
| Total Expenditure | 24 | 13 | 15 | 22 | 48 | 23 | 17 | 15 | 57 | 21 |
| Operating Profit | 6 | 1 | 3 | 3 | 6 | 3 | 3 | 3 | 4 | 2 |
| Interest | 3 | 1 | 2 | 2 | 3 | 1 | 2 | 2 | 2 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 2 | 0 | 1 | 1 | 2 | 1 | 1 | 1 | 2 | 1 |
| Provision for Tax | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 2 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Adjustments | -0 | -0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 |
| Profit After Adjustments | 2 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Adjusted Earnings Per Share | 1.3 | 0.3 | 0.4 | 0.7 | 1 | 0.7 | 0.5 | 0.5 | 0.8 | 0.6 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 21 | 31 | 34 | 54 | 44 | 46 | 42 | 48 | 49 | 82 | 98 | 109 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15 | 9 | 13 | 12 |
| Total Income | 21 | 31 | 34 | 54 | 44 | 46 | 43 | 48 | 65 | 91 | 111 | 122 |
| Total Expenditure | 19 | 27 | 27 | 46 | 35 | 37 | 36 | 40 | 55 | 79 | 99 | 110 |
| Operating Profit | 2 | 4 | 7 | 8 | 9 | 9 | 7 | 8 | 9 | 12 | 13 | 12 |
| Interest | 1 | 2 | 4 | 4 | 5 | 5 | 4 | 5 | 5 | 6 | 7 | 7 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 1 | 2 | 3 | 3 | 3 | 2 | 3 | 4 | 5 | 5 | 5 |
| Provision for Tax | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 0 |
| Profit After Tax | 0 | 1 | 2 | 2 | 3 | 3 | 2 | 2 | 3 | 4 | 3 | 4 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 1 | 2 | 2 | 3 | 3 | 2 | 2 | 3 | 4 | 3 | 4 |
| Adjusted Earnings Per Share | 0 | 0 | 0 | 0 | 0 | 0 | 1.2 | 1.4 | 1.9 | 2.8 | 2.4 | 2.4 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 20% | 27% | 16% | 17% |
| Operating Profit CAGR | 8% | 18% | 8% | 21% |
| PAT CAGR | -25% | 14% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -70% | 48% | 58% | NA% |
| ROE Average | 9% | 9% | 8% | 8% |
| ROCE Average | 12% | 12% | 11% | 11% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 9 | 10 | 21 | 23 | 26 | 28 | 30 | 32 | 35 | 38 | 42 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 16 | 31 | 28 | 29 | 24 | 31 | 29 | 34 | 44 | 44 |
| Other Non-Current Liabilities | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Total Current Liabilities | 20 | 17 | 12 | 20 | 18 | 29 | 26 | 25 | 28 | 40 | 57 |
| Total Liabilities | 30 | 44 | 65 | 73 | 74 | 82 | 88 | 88 | 98 | 124 | 144 |
| Fixed Assets | 3 | 4 | 4 | 4 | 4 | 5 | 4 | 4 | 6 | 5 | 5 |
| Other Non-Current Assets | 6 | 6 | 6 | 7 | 7 | 5 | 6 | 4 | 3 | 3 | 2 |
| Total Current Assets | 21 | 34 | 54 | 61 | 63 | 72 | 78 | 80 | 88 | 115 | 137 |
| Total Assets | 30 | 44 | 65 | 73 | 74 | 82 | 88 | 88 | 98 | 124 | 144 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 2 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 0 |
| Cash Flow from Operating Activities | -11 | -3 | -20 | 9 | 4 | 9 | -3 | 2 | -15 | -13 | -7 |
| Cash Flow from Investing Activities | -0 | -2 | -1 | -1 | 0 | 0 | -0 | 1 | 14 | 8 | 13 |
| Cash Flow from Financing Activities | 11 | 5 | 20 | -8 | -4 | -10 | 4 | -2 | 0 | 5 | -6 |
| Net Cash Inflow / Outflow | -0 | -0 | -1 | -0 | -0 | 0 | 0 | 1 | -1 | -1 | 1 |
| Closing Cash & Cash Equivalent | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 0 | 1 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 1.17 | 1.39 | 1.89 | 2.76 | 2.44 |
| CEPS(Rs) | 0.72 | 1.54 | 1.54 | 2 | 2.04 | 2.16 | 1.52 | 1.69 | 2.22 | 3.19 | 2.93 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 |
| Book NAV/Share(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 21.05 | 22.43 | 24.33 | 27.1 | 29.54 |
| Core EBITDA Margin(%) | 8.09 | 10.99 | 19.24 | 14.79 | 19.88 | 18.75 | 15.21 | 15.75 | -12.06 | 4.68 | -0.16 |
| EBIT Margin(%) | 7.19 | 10.83 | 18.68 | 14.4 | 19.3 | 18.06 | 14.34 | 15.08 | 18.07 | 14.26 | 12.37 |
| Pre Tax Margin(%) | 1.61 | 3.52 | 7.02 | 6.11 | 7.13 | 6.92 | 4.77 | 5.5 | 7.4 | 6.46 | 4.75 |
| PAT Margin (%) | 0.36 | 2.41 | 5.22 | 4.56 | 5.75 | 5.81 | 3.93 | 4.11 | 5.45 | 4.75 | 3.52 |
| Cash Profit Margin (%) | 2.31 | 3.38 | 6.23 | 5.26 | 6.6 | 6.7 | 5.09 | 5.01 | 6.37 | 5.49 | 4.23 |
| ROA(%) | 0.31 | 2.01 | 3.38 | 3.58 | 3.45 | 3.43 | 1.97 | 2.24 | 2.9 | 3.54 | 2.59 |
| ROE(%) | 0.84 | 7.91 | 12.15 | 11.31 | 10.39 | 9.9 | 5.74 | 6.38 | 8.1 | 10.72 | 8.62 |
| ROCE(%) | 7.21 | 10.9 | 14.38 | 12.95 | 13.05 | 12.51 | 8.72 | 9.44 | 10.78 | 12.52 | 11.77 |
| Receivable days | 122.81 | 152.96 | 233.9 | 186.03 | 210.71 | 206.57 | 242.5 | 205.16 | 179.96 | 127.82 | 161.39 |
| Inventory Days | 104.88 | 128.78 | 173.36 | 167.85 | 260.35 | 287.34 | 355.64 | 347.86 | 350.43 | 223.47 | 197.86 |
| Payable days | 5.85 | 59.29 | 102.54 | 53.78 | 64.57 | 96.75 | 150.6 | 85.67 | 51.74 | 64.52 | 104.09 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 14.94 | 12.11 | 12.4 | 19.22 | 27.66 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0.83 | 0.75 | 0.97 | 1.96 | 2.29 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.15 |
| EV/Net Sales(x) | 1.17 | 1.01 | 1.47 | 0.98 | 1.26 | 1.1 | 1.62 | 1.44 | 1.72 | 1.67 | 1.61 |
| EV/Core EBITDA(x) | 12.81 | 8.55 | 7.24 | 6.47 | 6.25 | 5.82 | 10.47 | 8.99 | 9.04 | 11.14 | 12.33 |
| Net Sales Growth(%) | 131.33 | 46.28 | 11.25 | 58.74 | -18.76 | 4.5 | -7.39 | 13.06 | 2.95 | 66.93 | 19.37 |
| EBIT Growth(%) | 23.78 | 120.24 | 98.38 | 18.34 | 8.9 | -2.22 | -26.47 | 18.89 | 23.35 | 31.76 | 3.52 |
| PAT Growth(%) | -32.2 | 884.62 | 148.83 | 34.03 | 2.44 | 5.53 | -37.34 | 18.13 | 36.55 | 45.49 | -11.47 |
| EPS Growth(%) | 0 | 0 | 0 | 0 | 0 | 0 | -37.34 | 18.13 | 36.55 | 45.49 | -11.47 |
| Debt/Equity(x) | 1.99 | 2.49 | 1.8 | 1.72 | 1.63 | 1.31 | 1.49 | 1.48 | 1.51 | 1.63 | 1.52 |
| Current Ratio(x) | 1.04 | 1.97 | 4.7 | 3.04 | 3.52 | 2.51 | 3.02 | 3.12 | 3.14 | 2.84 | 2.41 |
| Quick Ratio(x) | 0.62 | 1.22 | 2.94 | 1.59 | 1.66 | 1.15 | 1.33 | 1.25 | 1.46 | 1.51 | 1.47 |
| Interest Cover(x) | 1.29 | 1.48 | 1.6 | 1.74 | 1.59 | 1.62 | 1.5 | 1.57 | 1.69 | 1.83 | 1.62 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 1.79 | 1.97 | 1.56 | 0.83 | 0.67 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 70.2 | 70.2 | 70.2 | 70.2 | 70.2 | 70.2 | 70.2 | 74.59 | 74.59 | 74.59 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 29.8 | 29.8 | 29.8 | 29.8 | 29.8 | 29.8 | 29.8 | 25.41 | 25.41 | 25.41 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1.06 | 1.06 | 1.06 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.36 | 0.36 | 0.36 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.42 | 1.42 | 1.42 | 1.42 | 1.42 | 1.42 | 1.42 | 1.42 | 1.42 | 1.42 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +20% | +27% | +16% | +17% |
| Operating Profit CAGR | +8% | +18% | +8% | +21% |
| PAT CAGR | -25% | +14% | 0% | — |
| Share Price CAGR | -70% | +48% | +58% | — |
| ROE Average | +9% | +9% | +8% | +8% |
| ROCE Average | +12% | +12% | +11% | +11% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 70.2 | 70.2 | 70.2 | 70.2 | 70.2 | 70.2 | 70.2 | 74.59 | 74.59 | 74.59 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 29.8 | 29.8 | 29.8 | 29.8 | 29.8 | 29.8 | 29.8 | 25.41 | 25.41 | 25.41 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1.06 | 1.06 | 1.06 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.36 | 0.36 | 0.36 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.42 | 1.42 | 1.42 | 1.42 | 1.42 | 1.42 | 1.42 | 1.42 | 1.42 | 1.42 |
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