Overview

Detailed Summary

Dhatre Udyog Limited, formerly Narayani Steels Limited, is an integrated manufacturer and trader of iron and steel products, with a focus on TMT bars, rounds, squares, angles, and billets. Its main manufacturing facility is located in Vizianagaram, Andhra Pradesh.
The company utilizes advanced quenching and tempering methods in its production process, ensuring the production of high-strength TMT bars that meet global standards. Its bars offer improved toughness, ductility, bond strength, and seismic resistance, contributing to construction efficiency.
Incorporated in 1996, the company recently rebranded itself from Narayani Steels Limited to Dhatre Udyog Limited in 2023, marking a strategic pivot or growth plan externally.
Dhatre Udyog maintains a large 100,000 sq. ft. steel stockyard to secure a regular supply chain flow, showcasing its logistical capabilities and strategic importance in the supply chain.

Sector: Industrial Products
Industry: Iron & Steel Products
Market Cap: 55 Cr
Volatility: High Risk
P/E Ratio: -40.1
Industry P/E: 35.4
PEG Ratio: —
P/B Ratio: 1.0
52W High: 10.00
52W Low: 3.11

Sales CAGR

1Y: -30.55%
3Y: 131.55%
5Y: -16.64%
10Y: -13.14%

Profit CAGR

1Y: -84.78%
3Y: -70.60%
5Y: —
10Y: 3.68%

ROE

TTM: -1.45%
3Y: 9.93%
5Y: 16.30%
10Y: 2.56%

ROCE

TTM: 0.34%
3Y: 13.78%
5Y: 36.42%
10Y: 27.53%

Technicals

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Forecasts

Peers

Industrials Capital Goods Industrial Products Iron & Steel Products

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
TULSYAN		38.00	65 Cr	-0.72	0.28	0.00	-36.46	-0.29	-10.57
AIML		1.56	64 Cr	-0.01	0.00	0.00	26.77	34.64	-25.35
AHLADA		42.67	62 Cr	25.25	0.45	3.34	3.33	8.14	0.96
KASTURI		57.05	58 Cr	19.95	1.65	0.00	11.20	13.75	5.15
UMIYA		31.21	56 Cr	34.68	4.96	0.00	0.00	0.00	7.65
DHATRE		5.21	55 Cr	-40.08	0.96	0.00	-1.45	0.34	-2.61
ACROW		700.00	53 Cr	248.23	2.36	0.00	0.61	0.85	0.71
Median: 7 Co.	—	38.00	58 Cr	19.95	0.96	0.00	0.61	0.85	0.71

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Jun 2025	Sep 2025	Dec 2025
Sales	40	39	54	74	53	34	39	9.03	0.10	0.00
Expenses	38	40	53	72	52	33	39	9.16	1.79	1.45
Operating Profit	2.05	-1.14	1.65	1.99	1.07	0.40	0.70	-0.13	-1.69	-1.45
OPM %	5.08	-2.93	3.04	2.68	2.00	1.19	1.77	-1.44	-1,690.00	—
Other Income	0.86	4.08	3.51	3.15	0.02	0.04	0.01	0.29	0.61	0.74
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Depreciation	0.15	0.15	0.15	0.15	0.15	0.15	0.14	0.03	0.02	0.03
Profit Before Tax	2.76	2.79	5.02	5.00	0.94	0.29	0.57	0.13	-1.10	-0.74
Tax %	27.90	31.18	27.89	27.20	24.47	13.79	31.58	15.38	-52.73	55.41
Net Profit	1.99	1.92	3.62	3.64	0.71	0.25	0.40	0.10	-1.68	-0.32
EPS in Rs	0.18	0.18	0.33	0.33	0.06	0.02	0.04	0.01	-0.15	-0.03

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	784	780	752	359	78	12	107	208	144	136
Expenses	756	758	735	386	135	11	100	203	142	134
Operating Profit	28	22	17	-27	-57	0.80	7.03	4.56	2.64	2.04
OPM %	3.55	2.76	2.26	-7.58	-72.80	6.92	6.57	2.19	1.83	1.50
Other Income	1.03	1.83	3.16	3.84	4.91	102	2.96	12	0.30	0.36
Interest	16	17	16	23	27	0.02	0.10	0.00	0.00	0.00
Depreciation	0.54	0.87	0.91	1.67	1.34	0.54	0.63	0.60	0.55	0.47
Profit Before Tax	3.17	2.94	3.43	-48	-80	102	9.26	16	2.40	1.93
Tax %	33.78	39.70	36.10	34.83	33.75	34.82	27.84	28.22	29.19	24.35
Net Profit	2.10	1.77	2.19	-31	-53	67	6.68	11	1.70	1.46
EPS in Rs	—	—	—	-2.94	-5.97	6.13	0.61	1.02	—	-0.13
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	7.31	11	11	11	11	11	0.55	11	11	11
Reserves	19	28	30	32	-0.06	-53	49	50	60	54
Borrowings	85	107	115	121	238	203	2.72	1.19	0.00	0.00
Other Liabilities	61	99	100	133	9.15	25	0.74	1.19	5.96	1.78
Total Liabilities	173	245	255	297	258	186	53	63	76	67
Fixed Assets	11	12	17	19	22	15	9.32	9.19	8.99	4.85
CWIP	0.16	0.00	0.76	2.05	0.00	0.00	0.00	0.00	0.00	0.00
Investments	2.79	3.50	3.84	3.77	2.29	0.00	0.00	0.01	18	10
Other Assets	159	230	234	272	234	171	44	54	49	52
Total Assets	173	245	255	297	258	186	53	63	76	67

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	6.49	-11	7.33	18	-103	31	-0.18	-2.30	22	-0.70
Cash from Investing Activity	1.74	-4.17	-3.53	-11	9.07	31	-0.34	-0.48	-20	0.12
Cash from Financing Activity	-7.34	17	-5.18	-8.11	93	-63	0.91	3.13	-0.74	0.00
Net Cash Flow	0.89	2.56	-1.39	-0.40	-1.81	-0.12	0.39	0.36	0.56	-0.58

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	90.01%	90.01%	89.60%	79.04%	73.42%	64.64%	64.32%	64.23%	62.28%	61.92%	61.92%	61.92%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	9.99%	9.99%	10.40%	20.96%	26.58%	35.36%	35.68%	35.77%	37.72%	38.08%	38.08%	38.08%
Total Shareholders	3,158	3,031	8,169	12,125	47,866	46,128	46,995	46,195	45,506	44,955	43,253	41,675

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