Annual reportSep 2026
Sep 2026 · Shareholders meeting 2 Sep - 41st AGM on 26 Sept 2026 via VC/OAVM; annual report for FY 2025-26 released.
Source: Nse
Dhansa Labs Limited (DHANSA)
SME CapPharma stocks · SME cap · NSE
Dhansa Labs Limited (formerly Ambey Laboratories Limited) is an Indian agrochemical manufacturer diversifying into green energy sectors like Compressed Biogas (CBG) and biomass pellets through its subsidiaries.
Data qualityFresh enough for analysisQuote updated 27 Oct, 09:31 am ISTDetails
Quote27 Oct, 09:31 am IST
Base fundamentals16 Oct 2026 · screener
Latest result12 Sept, 01:04 am IST
Score27 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags12 Sept 2026
Coverage10/14 · 71%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.2 (n=187)
Technical timing lens
Trend score and candlestick chart
67BullishSMA20 +2.4% / mo · MACD − · sector +6.8pp vs Nifty 500 (3M)
Stock trend: 44
Sector RS: 100
Sector 3M: +0.6% vs Nifty 500 -6.2%
Pharma FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
DHANSAD candles · FIT view-24.0%Latest close ₹22.90 on 2026-10-26
Bar
-7.7%
RSI
34
MACD hist
-0.70
52W pos
22%
2026-10-26O ₹24.80H ₹24.80L ₹22.50C ₹22.90Vol 6,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
DHANSANifty PharmaNifty 500
- DHANSA
- +12.8%
- Nifty 500
- -6.7%
- Nifty Pharma
- -0.7%
- Vs Nifty 500
- +19.5 pp
Chart stats
26 Oct 2026- From 52W high
- -51.3%
- 52W range position
- 22%
- ATR (14)
- 5.7%
- Volume vs 20D
- 0.67x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹22.5 - ₹32.3
₹47
₹16.2 - ₹47
₹1.3
Latest completed session
20-session average
50.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED22
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bullish67
Price trend and sector-relative-strength timing.
Valuation
Legacy model-40.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence59
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹30.6 Cr | NDF | -24.6% |
| EBITDA | ₹2.7 Cr | NDF | +8.6% |
| Operating margin | 8.7% | NDF | +265 bps |
| PAT | ₹0.7 Cr | NDF | -63.5% |
| PAT margin | 2.4% | NDF | -254 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 12.20
- P/B
- 0.63
- EV/EBITDA
- 8.22
- Market Cap
- 66.90Cr
Profitability
- ROE
- 5.56%
- ROCE
- —
- ROA
- 3.97%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- —
- EPS 5Y
- —
- Revenue 3Y
- —
- EPS 3Y
- —
Balance Sheet
- Debt/Equity
- 0.40
- Interest Coverage
- 3.67×
- Altman Z
- 2.87
- Book Value
- 39.60
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -4.00 Cr
- EPS TTM
- 2.21
Shareholding
- Promoter Hold
- 65.05%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 28%
Financial History
Updated 27/10/2026
Revenue
₹ CrLatest: 142
Net Profit
₹ CrLatest: 6.0
Return on Equity
%Latest: 6.1
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 34.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~2.3% over last month) — short-term momentum positive.
- RSI(14) at 34 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 51% off 52W high · 41% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
38
RS percentile
Stage 3 Topping
1M return
-32.6%
3M return
-5.4%
6M return
+12.3%
1Y return
-44.1%
RS 1D
-2
RS 20D
-23
Sector rank
#1
Industry rank
#9
Stage evidence
- 49.2% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (-2.3% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
228 observations
26 Oct 2026Value 57.17-2.77%
RS vs Nifty 50057
Valuation & peers
U-Score 22 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 22 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation20/30
Growth1/25
Quality0/20
Balance Sheet8/15
Cash Flow0/10
Piotroski
4/9 (+1)
Penalties
-8
Raw sum
22
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
22/100 · legacy band OVERVALUED
Positive drivers
- Valuation contributes 20/30 to the score.
- Balance sheet contributes 8/15 to the score.
- Growth contributes 1/25 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Fair-value margin of safety is negative at -40.2%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
12.2
PB
0.6
EV/EBITDA
8.2
ROE
5.6%
ROCE
—
FCF Yield
—
Debt/Equity
0.4
MoS
-40.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 27 Oct 2026
v4.3-runtime-valuation
Final score
22
Previous: 22
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-40.2%
Previous: -44.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
27 Oct 2026
v4.3-runtime-valuation
22
22
22
22
22
22
22
22
22
22
22
22
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹44.37
+48.4% MoS
Growth-justified P/E
7.4
Growth-justified Value
₹16.33
-40.2% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ONYX
SME
Onyx Biotec Ltd.
Pharmaceuticals
match 163
15
—
-0.4%
—
OVERVALUED
ARISTO
SME
Aristo Bio-Tech and Lifescience Ltd.
Pharmaceuticals
match 163
77
8.5
17.6%
+82%
DEEP VALUE
ZENITHDRUG
SME
Zenith Drugs Ltd.
Pharmaceuticals
match 159
75
6.9
26.3%
+85%
DEEP VALUE
SOTAC
SME
Sotac Pharmaceuticals Ltd.
Pharmaceuticals
match 156
55
17.5
10.1%
+61%
FAIR VALUE
MONOPHARMA
SME
Mono Pharmacare Ltd.
Pharmaceuticals
match 156
18
21.6
2.3%
-385%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-10-24T14:41:27.055Z
Management commentary snapshot
FY26 revenue grew 10.82% YoY to Rs. 14,153.72 lakhs; EBITDA rose 6.31% to Rs. 1,221.80 lakhs, and PAT increased 15.47% to Rs. 552.26 lakhs.
The company's core agrochemical business is experiencing margin and cash flow pressure alongside a sharp increase in trade receivables due to export delays. Concurrently, management is aggressively pursuing capital-intensive green energy diversification (CBG and biomass pellets) funded via debt and warrants, raising capital allocation concerns.
Growth engines
Atrazine Capacity Expansion
ON_TRACKPlanned addition of Atrazine manufacturing capacity with an estimated investment of ~Rs. 30 crores, expected to contribute Rs. 120-140 crores in additional annual revenues upon stabilization.
Compressed Biogas (CBG) Subsidiary
ON_TRACKDeveloping a 15 TPD CBG project through Dhansa Green Energy Private Limited with an estimated cost exceeding Rs. 120 crores, backed by a Rs. 85 crores sanctioned bank loan.
Napier Grass Cultivation
ON_TRACKDeveloping one of India's largest integrated Napier Grass cultivation projects across more than 350 leased acres in Bundi, Rajasthan, to secure long-term feedstock and carbon credits.
Capacity and execution
Atrazine Brownfield Expansion
ON_TRACKBrownfield expansion at the current 5-acre facility (20,000 sq. meters) with an investment of Rs. 30 crores, targeted to start by August 2026 and stabilize by year-end.
CBG Plant and Land Acquisition
ON_TRACKAcquired 17 acres of land in Bundi, Rajasthan, for the 15 TPD CBG project, with commercial operations expected to commence by July 2027.
Tailwinds
Favorable Renewable Energy Policies
Increasing environmental awareness, favorable government policies, and growing need for sustainable energy solutions supporting the green energy pivot.
Strategic Location & Logistics
Projects located along the Delhi-Mumbai Expressway corridor in Bundi, Rajasthan, providing strong logistical connectivity to key industrial markets.
Headwinds
Global Trade and Port Delays
Export consignments and material deliveries delayed at port levels due to ongoing geopolitical conflicts, impacting working capital.
Finished Goods Price Volatility
Prices of finished chemical goods reduced globally over the period, constraining top-line growth despite volume efforts.
Risk radar
Rising Trade Receivables
ELEVATEDTrade receivables jumped by nearly Rs. 13 crores during the year due to delayed export shipments and payments at ports.
Capital Allocation to Unrelated Diversification
HIGHCommitting heavy capital (Rs. 120 crores each for CBG and BioFuels) into new capital-intensive green energy subsidiaries while the core agrochemical business generates thin margins and negative operating cash flows.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Annual audited results and full-year operational metrics are best analyzed year-on-year to evaluate annual financial performance and the progress of multi-year diversification initiatives.
Sector KPIs management disclosed
Domestic and Export Revenue Growth
POSITIVEDuring FY '26, revenue from operations increased by 10.82% year-on-year to Rs. 14,153.72 lakhs.
EBITDA and PAT Margins
NEUTRALThe company reported an EBITDA margin of 8.55% and a PAT margin of 3.87% for FY26.
Plant Utilization and Capacity
NEUTRALCurrent capacity utilization is about 71% and is expected to remain around 70-75% during the year.
Management forward view
Normalization of Receivables
Management expects debtors to return to normal positions within the first half of the current financial year as port-level bottlenecks ease.
Synergies Between Subsidiaries and Core
Bio-fertilizers and carbon credits generated from the CBG project will be supplied directly to the agrochemical business and existing customer network.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Atrazine Project Commercialization | Plant construction underway with Rs. 30 crores CAPEX | Initial start target of Rs. 40 crores revenue in FY27 and full stabilization by year-end |
| Trade Receivables and Working Capital | Elevated debtors with delayed realizations from exports | Normalization of debtor levels back to prior-year standards in H1 FY27 |
| CBG Project Funding and Execution | Rs. 85 crores debt finalized out of Rs. 120 crores CAPEX; balance from warrant proceeds | Adherence to the July 2027 commercial operation date |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
59Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 25th percentile of the scored universe and 17th percentile within Pharma. Main check: cash conversion is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
0 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
25th percentile
overall median 67 · Pharma: 17th pctile, median 70 · SME: 27th pctile, median 64
Evidence depth
Financial-only
0 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
40
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
45
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 65.9%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Operating cash flow is negative at ₹-34 Cr.
- ▸Promoter holding fell 4.2%.
- ▸ROCE trend is -6.7%.
- ▸Fewer than 2 quarterly result rows available.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Dhansa Labs Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Company Ir
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.