D & H India

BSE: DHINDIA · Industrial Products

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52W Range₹122 – ₹305

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Snapshot

Unlock D & H India's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

D & H India Limited is a manufacturer of welding consumables and equipment, including electrodes, wires, and fluxes. The company serves heavy industrial sectors such as power generation, oil and gas, railways, and shipbuilding.

Business Model

The company generates revenue through the manufacturing and sale of specialized welding products and integrated metal joining solutions. It leverages a widespread distribution network to supply both domestic and international industrial markets.

Management Commentary

Management focuses on research and development to maintain international quality standards and meet specialized metallurgical requirements for its industrial clients.

Growth Outlook

Growth is driven by the company's established presence in critical infrastructure sectors and its ability to provide integrated welding solutions for heavy engineering projects.

Key Risks

  • Raw Material Price Volatility. Fluctuations in the prices of steel and other base metals directly impact the company's production costs and profit margins.
  • Cyclical Industrial Demand. The company's performance is heavily dependent on capital expenditure cycles within the power, oil and gas, and infrastructure sectors.
  • Competitive Pressure. The welding consumables market is highly competitive, with pressure from both domestic players and low-cost international imports.
  • Technological Obsolescence. Failure to continuously innovate and adapt to new welding technologies could lead to a loss of market share in specialized industrial applications.

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Key Metrics

REVENUE

₹253 Cr

TTM · consolidated

+19.9%YoY

NET PROFIT

₹8 Cr

TTM · consolidated

+56.2%YoY

EPS

₹8.79

TTM · consolidated

+44.1%YoY

RETURN ON EQUITY

14.0%

TTM · consolidated

+2.6 ppYoY

P/E

22.8x

Q4 FY26 · consolidated

22.8 vs 59.5x5Y avg

EV/EBITDA

12.4x

Q4 FY26 · consolidated

12.4 vs 27.6x5Y avg

EBITDA MARGIN

7.5%

TTM · consolidated

+0.3 ppYoY

NET PROFIT MARGIN

3.2%

Q4 FY26 · consolidated

-0.2 ppYoY

DEBT TO EQUITY

0.6x

Q4 FY26 · consolidated

-0.52xYoY

Peers · Industrial Products

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
D & H IndiaDHINDIA
₹203 Cr22.7612.3919.9%7.5%14.0%20.0%+12.1%
Gujarat Apollo Industries LimitedGUJAPOLLO
₹437 Cr72.0331.0717.7%29.6%1.1%1.9%-30.7%
BatliboiBATLIBOI
₹397 Cr25.7314.1447.5%6.5%4.2%5.6%-8.1%
Birla Precision Technologies LimitedBIRLAPREC
₹388 Cr27.1714.789.6%11.3%8.3%13.0%+17.9%
True ColorsTRUECOLORS
₹370 Cr———16.0%——-22.1%
FluidomatFLUIDOM
₹365 Cr18.1113.314.3%38.2%22.2%29.2%-21.8%

As of Q4 FY26

Financials