Steel & Iron Products · Founded 1996 · www.dhatre.com · BSE 540080 · NSE DHATRE · ISIN INE715T01031
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Business
Dhatre Udyog Ltd. operates in the Steel & Iron Products sector in India. The company is primarily engaged in the manufacturing and sale of various steel and iron products. While specific product lines are not detailed, typical offerings in this industry include billets, TMT bars, structural steel, or other value-added steel products. Its core business model involves sourcing raw materials (such as iron ore, scrap, or semi-finished steel), processing them through smelting, rolling, or finishing operations, and then selling the finished products to various end-users. The company generates revenue through the direct sale of these manufactured steel and iron goods to customers, likely comprising construction companies, infrastructure projects, manufacturing units, or distributors.
Revenue Mix
Based on the available information, Dhatre Udyog Ltd. operates primarily within a single overarching segment: the manufacturing and sale of Steel & Iron Products. Specific breakdown of revenue by product type, customer segment, or geographic region is not publicly disclosed. Therefore, the company's revenue is predominantly derived from its integrated operations within this core industry.
Industry
The Indian Steel & Iron Products industry is a fundamental heavy industry, characterized by capital intensity, cyclical demand linked to economic growth and infrastructure development, and susceptibility to raw material price fluctuations. The industry consists of large integrated players (both public and private), mid-sized producers, and numerous smaller regional players. Without specific details on Dhatre Udyog Ltd.'s capacity, market share, or geographic footprint, its exact positioning is difficult to ascertain. It likely competes within a specific regional market or niche product category, contending with both larger, more diversified steel manufacturers and other specialized producers based on factors like product quality, pricing, and distribution efficiency.
MOAT
Based solely on the provided information, a clear and durable competitive advantage (moat) for Dhatre Udyog Ltd. is not readily evident. In the steel industry, moats typically arise from significant economies of scale, backward integration into raw materials (e.g., captive mines), superior cost efficiency due to advanced technology or process innovation, strong brand loyalty for specialized products, or robust distribution networks. Given the generic description, Dhatre Udyog Ltd. may compete primarily on factors like regional presence, operational efficiency, product quality, or pricing, rather than possessing a distinct, long-term structural advantage that insulates it significantly from competition.
Growth Drivers
Key factors that could drive growth for Dhatre Udyog Ltd. over the next 3-5 years include:
Infrastructure Development: Continued government spending on infrastructure projects (roads, railways, housing, industrial corridors) in India will directly fuel demand for steel products.
Urbanization & Construction: Rapid urbanization and growth in the real estate and construction sectors will sustain demand for structural steel and other related products.
"Make in India" Initiative: Government focus on boosting domestic manufacturing can increase industrial demand for steel.
Economic Growth: Overall economic expansion in India generally correlates with increased steel consumption across various sectors.
Operational Expansion: Any potential expansion of manufacturing capacity or entry into new product categories could drive company-specific growth.
Risks
Commodity Price Volatility: Fluctuations in raw material prices (iron ore, coking coal, energy) and finished steel prices can significantly impact profitability.
Cyclical Demand: The steel industry is highly cyclical, sensitive to economic downturns, and changes in construction and industrial activity.
Intense Competition: The presence of numerous domestic and international players can lead to pricing pressure and margin erosion.
Regulatory & Environmental Compliance: Strict environmental regulations and changing government policies can necessitate significant capital expenditure and operational adjustments.
Capital Intensity: The steel industry requires continuous investment in plant and machinery, making it sensitive to financing costs and capital availability.
Foreign Exchange Fluctuations: Dependence on imported raw materials or exports can expose the company to currency risks.
Management & Ownership
Specific details regarding the promoters, key management personnel, or the precise ownership structure of Dhatre Udyog Ltd. are not provided in the input. Typically, for companies of this nature in India, there is a promoter group that holds a significant stake and exerts control over strategic decisions and day-to-day operations. Without further information, it is not possible to comment on the quality or experience of the management team.
Outlook
Dhatre Udyog Ltd. operates in a crucial foundational industry for India's economic development. The optimistic view suggests the company is well-positioned to benefit from India's long-term growth trajectory, driven by robust infrastructure spending, urbanization, and industrialization, which will consistently fuel demand for steel and iron products. Potential for operational efficiencies or strategic expansions could further enhance its market position.
However, a more cautious outlook highlights the inherent challenges of the steel sector. The company is exposed to significant commodity price volatility, intense competition from larger and more diversified players, and the cyclical nature of demand, which can lead to fluctuating profitability. Without a clear, identifiable competitive moat, its performance may be heavily influenced by market dynamics and its ability to manage costs effectively. Execution risks related to operational challenges or adverse regulatory changes also remain pertinent.
Price goes above X
Price falls below X
PE goes above X
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 54 | 74 | 53 | 34 | 39 | 18 | 9 | 0 | 0 | 0 |
| Other Income | 4 | 3 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| Total Income | 58 | 77 | 53 | 34 | 39 | 18 | 9 | 1 | 1 | 1 |
| Total Expenditure | 53 | 72 | 52 | 33 | 39 | 17 | 9 | 2 | 1 | 1 |
| Operating Profit | 5 | 5 | 1 | 0 | 1 | 1 | 0 | -1 | -1 | -0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 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 | 5 | 5 | 1 | 0 | 1 | 1 | 0 | -1 | -1 | -0 |
| Provision for Tax | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | -0 | -1 |
| Profit After Tax | 4 | 4 | 1 | 0 | 0 | 0 | 0 | -2 | -0 | 0 |
| Adjustments | -0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | -0 |
| Profit After Adjustments | 4 | 4 | 1 | 0 | 0 | 0 | 0 | -2 | -0 | 0 |
| Adjusted Earnings Per Share | 0.3 | 0.3 | 0.1 | 0 | 0 | 0 | 0 | -0.2 | -0 | 0 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 503 | 774 | 777 | 752 | 359 | 78 | 12 | 107 | 208 | 144 | 9 | 9 |
| Other Income | 1 | 1 | 3 | 3 | 4 | 5 | 0 | 3 | 12 | 0 | 2 | 3 |
| Total Income | 504 | 776 | 780 | 755 | 362 | 83 | 12 | 110 | 219 | 145 | 11 | 12 |
| Total Expenditure | 490 | 756 | 758 | 735 | 386 | 135 | 11 | 100 | 203 | 142 | 14 | 13 |
| Operating Profit | 14 | 19 | 22 | 20 | -23 | -52 | 1 | 10 | 16 | 3 | -2 | -2 |
| Interest | 12 | 16 | 17 | 16 | 23 | 27 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | -1 | 0 | 0 | 0 | 102 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 2 | 3 | 3 | 3 | -48 | -80 | 102 | 9 | 16 | 2 | -2 | -2 |
| Provision for Tax | 1 | 1 | 1 | 1 | -17 | -27 | 36 | 3 | 4 | 1 | -0 | 0 |
| Profit After Tax | 1 | 2 | 2 | 2 | -31 | -53 | 67 | 7 | 11 | 2 | -2 | -2 |
| Adjustments | 0 | 0 | 0 | 0 | -0 | 0 | 0 | -0 | -2 | -7 | -1 | 0 |
| Profit After Adjustments | 1 | 2 | 2 | 2 | -31 | -53 | 67 | 7 | 9 | -5 | -3 | -2 |
| Adjusted Earnings Per Share | 0.2 | 0.2 | 0.2 | 0.2 | -2.9 | -4.9 | 122.4 | 0.6 | 0.8 | -0.5 | -0.2 | -0.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -94% | -56% | -35% | -33% |
| Operating Profit CAGR | -167% | NAN% | 0% | NAN% |
| PAT CAGR | -200% | NAN% | 0% | NAN% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -40% | -31% | 5% | 1% |
| ROE Average | -3% | 5% | 6% | -6% |
| ROCE Average | -4% | 8% | 27% | 14% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 26 | 39 | 41 | 43 | 11 | -42 | 50 | 61 | 70 | 65 | 48 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 14 | 14 | 10 | 16 | 17 | 1 | 3 | 1 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1 | 1 | 4 | 3 | -14 | -42 | -7 | -4 | -0 | -2 | -2 |
| Total Current Liabilities | 132 | 192 | 201 | 235 | 229 | 226 | 1 | 1 | 6 | 2 | 1 |
| Total Liabilities | 173 | 245 | 255 | 297 | 243 | 143 | 46 | 59 | 76 | 66 | 47 |
| Fixed Assets | 11 | 12 | 17 | 19 | 22 | 15 | 9 | 9 | 9 | 5 | 3 |
| Other Non-Current Assets | 4 | 2 | 5 | 6 | 3 | 1 | 1 | 1 | 19 | 11 | 10 |
| Total Current Assets | 158 | 231 | 234 | 272 | 218 | 127 | 36 | 49 | 48 | 50 | 34 |
| Total Assets | 173 | 245 | 255 | 297 | 243 | 143 | 46 | 59 | 76 | 66 | 47 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 1 | 4 | 2 | 2 | 0 | 0 | 0 | 1 | 1 | 1 |
| Cash Flow from Operating Activities | 6 | -11 | 7 | 18 | -103 | 31 | -0 | -2 | 22 | -1 | 9 |
| Cash Flow from Investing Activities | 2 | -4 | -4 | -11 | 9 | 31 | -0 | -0 | -20 | 0 | 7 |
| Cash Flow from Financing Activities | -7 | 17 | -5 | -8 | 93 | -63 | 1 | 3 | -1 | 0 | -15 |
| Net Cash Inflow / Outflow | 1 | 3 | -1 | -0 | -2 | -0 | 0 | 0 | 1 | -1 | 1 |
| Closing Cash & Cash Equivalent | 1 | 4 | 2 | 2 | 0 | 0 | 0 | 1 | 1 | 1 | 2 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.19 | 0.21 | 0.18 | 0.21 | -2.87 | -4.86 | 122.42 | 0.61 | 0.82 | -0.46 | -0.23 |
| CEPS(Rs) | 0.24 | 0.24 | 0.24 | 0.28 | -2.72 | -4.74 | 123.4 | 0.67 | 1.08 | 0.21 | -0.16 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 3.58 | 3.61 | 3.72 | 3.93 | 0.99 | -3.87 | 71.77 | 5.6 | 6.46 | 6 | 4.38 |
| Core EBITDA Margin(%) | 2.52 | 2.33 | 2.14 | 2.26 | -7.61 | -73.31 | 6.99 | 6.57 | 2.2 | 1.84 | -48.04 |
| EBIT Margin(%) | 2.62 | 2.4 | 2.25 | 2.56 | -6.97 | -68.21 | 881.8 | 8.75 | 7.5 | 1.67 | -23.8 |
| Pre Tax Margin(%) | 0.36 | 0.4 | 0.33 | 0.46 | -13.4 | -102.73 | 881.57 | 8.65 | 7.49 | 1.66 | -23.97 |
| PAT Margin (%) | 0.24 | 0.27 | 0.2 | 0.29 | -8.73 | -68.06 | 574.57 | 6.24 | 5.38 | 1.18 | -19.96 |
| Cash Profit Margin (%) | 0.34 | 0.34 | 0.3 | 0.41 | -8.27 | -66.35 | 579.18 | 6.83 | 5.67 | 1.56 | -19.07 |
| ROA(%) | 0.71 | 1 | 0.71 | 0.79 | -11.6 | -27.48 | 70.5 | 12.72 | 16.56 | 2.39 | -3.23 |
| ROE(%) | 4.81 | 6.4 | 4.43 | 5.25 | -116.59 | 0 | 0 | 13.34 | 17 | 2.5 | -3.22 |
| ROCE(%) | 12.36 | 14.6 | 13.29 | 12.02 | -12.06 | -25.96 | 96.35 | 16.35 | 23.48 | 3.56 | -3.84 |
| Receivable days | 65.94 | 55.29 | 64.19 | 94.97 | 198.81 | 668.24 | 2207.49 | 116.16 | 64.91 | 81.42 | 1076.26 |
| Inventory Days | 31.59 | 22.18 | 15.82 | 9.1 | 15.89 | 34.73 | 47.38 | 15.01 | 11.18 | 8.43 | 0 |
| Payable days | 43.09 | 36.44 | 45.83 | 54.01 | 65.12 | 14.51 | 0 | 1.49 | 4.79 | 6.68 | 6.2 |
| PER(x) | 0 | 16.9 | 28.61 | 14.51 | 0 | 0 | 0.01 | 13.01 | 28.88 | 0 | 0 |
| Price/Book(x) | 0 | 0.96 | 1.37 | 0.77 | 3.6 | -0.53 | 0.01 | 1.42 | 3.67 | 1.16 | 0.72 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.16 | 0.16 | 0.2 | 0.17 | 0.72 | 2.89 | 0.23 | 0.82 | 1.24 | 0.52 | 3.54 |
| EV/Core EBITDA(x) | 5.6 | 6.47 | 7.05 | 6.4 | -11.09 | -4.34 | 2.56 | 8.73 | 15.89 | 25.36 | -15.46 |
| Net Sales Growth(%) | -15.61 | 53.97 | 0.39 | -3.32 | -52.3 | -78.26 | -85.09 | 821.44 | 93.99 | -30.55 | -93.68 |
| EBIT Growth(%) | -0.16 | 39.8 | 6.62 | -3.82 | -229.74 | -112.67 | 292.81 | -90.86 | 66.27 | -84.49 | -189.9 |
| PAT Growth(%) | -10.85 | 70.97 | -15.48 | 23.54 | -1530.05 | -69.38 | 225.9 | -89.99 | 67.21 | -84.81 | -207.26 |
| EPS Growth(%) | -11.7 | 9.78 | -13.45 | 17.48 | -1471.63 | -69.25 | 2617.79 | -99.5 | 33.87 | -156.38 | 50.39 |
| Debt/Equity(x) | 3.26 | 2.71 | 2.83 | 2.86 | 21.96 | -4.8 | 0.07 | 0.02 | 0 | 0 | 0 |
| Current Ratio(x) | 1.2 | 1.21 | 1.16 | 1.16 | 0.95 | 0.56 | 48.35 | 42.1 | 8.02 | 21.83 | 28.65 |
| Quick Ratio(x) | 0.91 | 0.91 | 1.06 | 1.08 | 0.89 | 0.56 | 46.32 | 35.82 | 7.11 | 21.3 | 28.65 |
| Interest Cover(x) | 1.16 | 1.2 | 1.17 | 1.22 | -1.08 | -1.98 | 3810.05 | 90.14 | 3893 | 138.8 | -140.07 |
| Total Debt/Mcap(x) | 0 | 2.81 | 2.06 | 3.69 | 6.11 | 9.02 | 0.31 | 0.01 | 0 | 0 | 0 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 79.04 | 73.42 | 64.64 | 64.32 | 64.23 | 62.28 | 61.92 | 61.92 | 61.92 | 61.92 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 20.96 | 26.58 | 35.36 | 35.68 | 35.77 | 37.72 | 38.08 | 38.08 | 38.08 | 38.08 |
| 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 | 8.61 | 8 | 7.04 | 7.01 | 7 | 6.79 | 6.75 | 6.75 | 6.75 | 6.75 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 2.28 | 2.9 | 3.85 | 3.89 | 3.9 | 4.11 | 4.15 | 4.15 | 4.15 | 4.15 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 10.9 | 10.9 | 10.9 | 10.9 | 10.9 | 10.9 | 10.9 | 10.9 | 10.9 | 10.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -94% | -56% | -35% | -33% |
| Operating Profit CAGR | -167% | 0% | — | 0% |
| PAT CAGR | -200% | 0% | — | 0% |
| Share Price CAGR | -40% | -31% | +5% | +1% |
| ROE Average | -3% | +5% | +6% | -6% |
| ROCE Average | -4% | +8% | +27% | +14% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 79.04 | 73.42 | 64.64 | 64.32 | 64.23 | 62.28 | 61.92 | 61.92 | 61.92 | 61.92 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 20.96 | 26.58 | 35.36 | 35.68 | 35.77 | 37.72 | 38.08 | 38.08 | 38.08 | 38.08 |
| 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 | 8.61 | 8 | 7.04 | 7.01 | 7 | 6.79 | 6.75 | 6.75 | 6.75 | 6.75 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 2.28 | 2.9 | 3.85 | 3.89 | 3.9 | 4.11 | 4.15 | 4.15 | 4.15 | 4.15 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 10.9 | 10.9 | 10.9 | 10.9 | 10.9 | 10.9 | 10.9 | 10.9 | 10.9 | 10.9 |
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