Engineering Consultancy · Founded 2009 · www.dra.net.in · BSE 540144 · · ISIN INE746V01016
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Business
DRA Consultants Ltd. is an Indian engineering consultancy firm. The company's core business involves providing a comprehensive range of consulting services for various infrastructure and development projects. This includes services such as feasibility studies, detailed project reports (DPRs), design and engineering, project management consultancy (PMC), construction supervision, and environmental and social impact assessments. The company makes money by charging fees for its professional services rendered to clients, which primarily include government bodies, public sector undertakings, and private developers engaged in infrastructure development.
Revenue Mix
While specific revenue contribution by segment is not provided, DRA Consultants typically offers services across various infrastructure verticals. These generally include:
Roads & Bridges
Urban Infrastructure (water supply, sewerage, solid waste management)
Irrigation & Water Resources
Buildings & Architecture
Power & Energy (potentially)
Its revenue is largely derived from project-based fees for the aforementioned consulting services.
Industry
The engineering consultancy industry in India is characterized by significant demand driven by the government's strong focus on infrastructure development. The industry is competitive, comprising both large multinational firms, established domestic players, and numerous smaller niche consultancies. DRA Consultants operates as an established mid-sized player within the Indian market, likely specializing in specific infrastructure sectors. Its positioning relies on its track record, technical expertise, and client relationships, particularly within the government and public sector project ecosystem.
MOAT
DRA Consultants' competitive advantages primarily stem from:
Expertise and Track Record: A proven history of successfully executing complex engineering projects builds credibility and trust with clients.
Client Relationships: Long-standing relationships with government agencies and other key clients are crucial in a B2B service industry.
Human Capital: Access to and retention of skilled engineers and technical experts is vital for service delivery and innovation.
Regulatory Knowledge: Deep understanding of local regulations, project approval processes, and technical standards specific to the Indian context.
However, the industry generally has moderate switching costs, and the lack of proprietary technology or significant brand recognition outside niche circles limits a strong "moat."
Growth Drivers
Government Infrastructure Push: Continued high capital expenditure by the Indian government on infrastructure (roads, railways, urban development, water management) is the primary driver.
Urbanization and Industrialization: Growing urban populations and industrial growth demand significant investment in supporting infrastructure.
Smart Cities & Sustainable Infrastructure: Initiatives like Smart Cities, clean energy, and climate-resilient infrastructure create new project opportunities.
Digitalization in Engineering: Adoption of technologies like Building Information Modeling (BIM), drones, and data analytics can enhance efficiency and offer new service lines.
Geographic Expansion / Diversification: Expansion into new states within India or select international markets, or into new sub-sectors of infrastructure.
Risks
Dependence on Government Spending: A significant portion of revenue is likely linked to public sector projects, making it vulnerable to changes in government policy, budgetary allocations, and project delays.
Intense Competition & Fee Pressure: The fragmented nature of the industry can lead to aggressive bidding and pressure on consulting fees.
Project Delays/Cancellations: Unexpected delays or cancellations of large-scale infrastructure projects can impact revenue and profitability.
Talent Retention: The ability to attract and retain experienced engineers and project managers is critical and can be challenging.
Regulatory and Environmental Risks: Changes in environmental norms, land acquisition policies, or other regulations can impact project feasibility and timelines.
Economic Slowdowns: Broader economic downturns can reduce private sector infrastructure investment and potentially impact government spending.
Management & Ownership
As an Indian company, DRA Consultants is likely promoted by its founding family or a group of key individuals who maintain significant ownership and control. The management team typically comprises experienced professionals with deep domain expertise in engineering and project management. Promoters usually hold a substantial stake, aligning their interests with the company's long-term success, while the remaining shares are held by the public and institutional investors. Specific details on management quality would require deeper public disclosures.
Outlook
DRA Consultants is well-positioned to benefit from India's sustained focus on infrastructure development. The robust pipeline of government-backed projects in roads, urban development, and water management provides a strong demand environment for engineering consultancy services. The company's established track record and relationships with public sector clients are key assets. However, the outlook is balanced by intense competition in the industry, which can lead to pricing pressures. Furthermore, reliance on government projects exposes the company to risks associated with funding uncertainties and project execution delays. The ability to continually upgrade technical expertise, adapt to new technologies, and secure a consistent flow of new projects will be crucial for its sustained growth and profitability.
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| #(Fig in Cr.) |
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| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
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| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(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 | 10 | 16 | 17 | 19 | 23 | 20 | 15 | 15 | 15 | 20 | 21 | |
| Other Income | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 1 | 1 | |
| Total Income | 10 | 17 | 18 | 19 | 23 | 21 | 16 | 16 | 16 | 20 | 22 | |
| Total Expenditure | 8 | 13 | 13 | 14 | 18 | 18 | 13 | 13 | 12 | 16 | 18 | |
| Operating Profit | 2 | 4 | 4 | 5 | 5 | 3 | 3 | 3 | 3 | 4 | 5 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Depreciation | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 2 | 3 | 4 | 4 | 4 | 2 | 2 | 2 | 2 | 3 | 4 | |
| Provision for Tax | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |
| Profit After Tax | 1 | 2 | 2 | 3 | 3 | 2 | 2 | 2 | 2 | 2 | 3 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 1 | 2 | 2 | 3 | 3 | 2 | 2 | 2 | 2 | 2 | 3 | |
| Adjusted Earnings Per Share | 0 | 0 | 2.1 | 2.6 | 2.6 | 1.5 | 1.5 | 1.5 | 1.6 | 2.2 | 2.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 5% | 12% | 1% | 8% |
| Operating Profit CAGR | 25% | 19% | 11% | 10% |
| PAT CAGR | 50% | 14% | 8% | 12% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -12% | -3% | 15% | NA% |
| ROE Average | 9% | 8% | 7% | 12% |
| ROCE Average | 12% | 11% | 11% | 19% |
| #(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 | 8 | 10 | 15 | 18 | 21 | 23 | 24 | 26 | 28 | 30 | 33 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 3 | 7 | 6 | 4 | 7 | 6 | 7 | 6 | 4 | 4 | 3 |
| Total Liabilities | 11 | 17 | 22 | 22 | 28 | 29 | 31 | 32 | 31 | 34 | 36 |
| Fixed Assets | 1 | 1 | 1 | 1 | 1 | 1 | 7 | 7 | 7 | 7 | 7 |
| Other Non-Current Assets | 1 | 5 | 5 | 6 | 8 | 13 | 9 | 10 | 12 | 12 | 12 |
| Total Current Assets | 9 | 10 | 15 | 14 | 18 | 15 | 14 | 15 | 13 | 15 | 17 |
| Total Assets | 11 | 17 | 22 | 22 | 28 | 29 | 31 | 32 | 31 | 34 | 36 |
| #(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 | 1 | 0 | 0 | 0 | 3 | 1 | 2 | 1 | 1 | 2 |
| Cash Flow from Operating Activities | 2 | 3 | -2 | 2 | 5 | 3 | 5 | -1 | 2 | 2 | 2 |
| Cash Flow from Investing Activities | -1 | -4 | -1 | -2 | -3 | -5 | -4 | -1 | -1 | -1 | 0 |
| Cash Flow from Financing Activities | -0 | 0 | 2 | 0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Net Cash Inflow / Outflow | 1 | -1 | -0 | 0 | 2 | -2 | 1 | -1 | 1 | 1 | 2 |
| Closing Cash & Cash Equivalent | 1 | 0 | 0 | 0 | 3 | 1 | 2 | 1 | 1 | 2 | 4 |
| # | 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 | 2.09 | 2.62 | 2.61 | 1.51 | 1.47 | 1.51 | 1.58 | 2.17 | 2.45 |
| CEPS(Rs) | 0 | 0 | 2.37 | 3.06 | 3.18 | 1.99 | 1.89 | 2.14 | 2.17 | 2.82 | 3.27 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 0 | 0 | 13.4 | 16.17 | 18.93 | 20.59 | 22.21 | 23.71 | 25.3 | 27.47 | 29.92 |
| Core EBITDA Margin(%) | 23.89 | 23.05 | 20.9 | 22.84 | 18.98 | 10.8 | 15.21 | 17.32 | 17.09 | 17.27 | 18.36 |
| EBIT Margin(%) | 19.71 | 22.26 | 21.77 | 21.92 | 18.09 | 11.03 | 16.49 | 15.86 | 16.69 | 16.68 | 18.09 |
| Pre Tax Margin(%) | 17.88 | 20.2 | 20.79 | 20.93 | 17.31 | 10.57 | 15.42 | 15.04 | 15.8 | 15.73 | 16.83 |
| PAT Margin (%) | 12 | 13.2 | 13.42 | 15.43 | 12.68 | 8.08 | 10.66 | 10.92 | 11.54 | 12.13 | 12.54 |
| Cash Profit Margin (%) | 17 | 15.23 | 15.21 | 18.02 | 15.44 | 10.66 | 13.7 | 15.5 | 15.82 | 15.76 | 16.73 |
| ROA(%) | 11.22 | 15.6 | 11.86 | 13.05 | 11.45 | 5.87 | 5.42 | 5.21 | 5.44 | 7.29 | 7.73 |
| ROE(%) | 17 | 24.43 | 18.47 | 17.73 | 14.88 | 7.62 | 6.88 | 6.56 | 6.45 | 8.23 | 8.55 |
| ROCE(%) | 27.31 | 40.91 | 29.77 | 24.68 | 20.88 | 10.37 | 10.63 | 9.52 | 9.34 | 11.31 | 12.33 |
| Receivable days | 236.74 | 123.38 | 155.02 | 182.28 | 139.1 | 134.86 | 173.17 | 184.88 | 212.44 | 176.45 | 152.54 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 0 | 0 | 22.17 | 10.26 | 4.58 | 3.88 | 6.18 | 8.93 | 12.58 | 11.52 | 10.13 |
| Price/Book(x) | 0 | 0 | 3.46 | 1.66 | 0.63 | 0.28 | 0.41 | 0.57 | 0.79 | 0.91 | 0.83 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | -0.11 | -0.01 | 2.97 | 1.58 | 0.47 | 0.28 | 0.54 | 0.94 | 1.36 | 1.28 | 1.09 |
| EV/Core EBITDA(x) | -0.45 | -0.06 | 12.62 | 6.45 | 2.26 | 2.04 | 2.74 | 4.59 | 6.46 | 6.31 | 4.88 |
| Net Sales Growth(%) | -0.01 | 64.73 | 4.24 | 9.21 | 21.19 | -9.51 | -25.91 | -0.1 | -0.56 | 30.49 | 9.33 |
| EBIT Growth(%) | -4.74 | 86.05 | 1.9 | 9.99 | 0.04 | -44.82 | 10.7 | -3.91 | 4.66 | 30.41 | 18.55 |
| PAT Growth(%) | -11.88 | 81.13 | 6.02 | 25.51 | -0.36 | -42.33 | -2.27 | 2.31 | 5.04 | 37.2 | 13.06 |
| EPS Growth(%) | 0 | 0 | 0 | 25.51 | -0.36 | -42.33 | -2.27 | 2.31 | 5.04 | 37.2 | 13.05 |
| Debt/Equity(x) | 0.02 | 0 | 0.01 | 0.03 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 2.69 | 1.54 | 2.42 | 3.71 | 2.74 | 2.51 | 2.12 | 2.37 | 3.69 | 3.96 | 5.98 |
| Quick Ratio(x) | 2.69 | 1.54 | 2.42 | 3.71 | 2.74 | 2.51 | 2.12 | 2.37 | 3.69 | 3.96 | 5.98 |
| Interest Cover(x) | 10.74 | 10.79 | 22.22 | 22.03 | 23.08 | 23.86 | 15.53 | 19.35 | 18.73 | 17.59 | 14.37 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0.02 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.02 | 73.02 | 73.02 | 73.02 | 73.02 | 73.02 | 73.02 | 73.02 | 73.02 | 73.02 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 26.98 | 26.98 | 26.98 | 26.98 | 26.98 | 26.98 | 26.98 | 26.98 | 26.98 | 26.98 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +5% | +12% | +1% | +8% |
| Operating Profit CAGR | +25% | +19% | +11% | +10% |
| PAT CAGR | +50% | +14% | +8% | +12% |
| Share Price CAGR | -12% | -3% | +15% | — |
| ROE Average | +9% | +8% | +7% | +12% |
| ROCE Average | +12% | +11% | +11% | +19% |
| # | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.02 | 73.02 | 73.02 | 73.02 | 73.02 | 73.02 | 73.02 | 73.02 | 73.02 | 73.02 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 26.98 | 26.98 | 26.98 | 26.98 | 26.98 | 26.98 | 26.98 | 26.98 | 26.98 | 26.98 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 |
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