---
title: "Dhanada Corporation Ltd (531198) — Share Price, Financials & Analysis"
symbol: "531198"
company: "Dhanada Corporation Ltd"
canonical: "https://tapetide.com/stocks/531198"
isin: "INE041F01015"
bse_code: "531198"
sector: "Consumer Discretionary"
industry: "Leisure Services"
generated_at: "2026-09-13T18:58:58.072Z"
---

# Dhanada Corporation Ltd (531198)

Canonical page: https://tapetide.com/stocks/531198

## Company

- **BSE Code:** 531198
- **ISIN:** INE041F01015
- **Sector:** Consumer Discretionary
- **Industry:** Leisure Services
- **Macro Sector:** Consumer Discretionary
- **Stock Type:** EQUITY
- **Listed Since:** 2007-06-18
- **Face Value:** ₹1
- **F&O Eligible:** No
- **Website:** dhanadacorp.com

## About

Incorporated  in 1986, Dhanada Corporation Ltd (formerly known as Vedant Hotels Private Ltd) is primarily engaged in the business of Hospitality /Hotels.

## Latest Price

## Key Insights

### Weaknesses

- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -11.2% over past five years.
- Company has a low return on equity of -68.9% over last 3 years.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | 19% | — | — |
| revenue growth | 123% | -24% | -11% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 3.01 | 2.14 | 0.21 | 0.51 | 1.3 | 0.91 | 0.25 | 1.07 | 2 | 1.56 | 2.29 | 2.01 |
| Expenses | 2.21 | 2.49 | 0.76 | 0.68 | 0.96 | 1.7 | 0.8 | 1.5 | 1.54 | 2.04 | 2.13 | 1.71 |
| Operating Profit | 0.8 | -0.35 | -0.55 | -0.17 | 0.34 | -0.79 | -0.55 | -0.43 | 0.46 | -0.48 | 0.16 | 0.3 |
| OPM % | 26.58 | -16.36 | -261.9 | -33.33 | 26.15 | -86.81 | -220 | -40.19 | 23 | -30.77 | 6.99 | 14.93 |
| Other Income | 0.01 | 0.04 | 0.01 | 0.01 | 0.01 | 0.04 | 0.02 | 0.02 | 0.01 | 0.09 | 0.01 | 0.02 |
| Interest | 0.91 | 0.93 | 0.97 | 1.01 | 1.05 | 1.07 | 1.12 | 1.18 | 1.22 | 1.24 | 1.3 | 1.37 |
| Depreciation | 0.19 | 0.18 | 0.18 | 0.18 | 0.18 | 0.17 | 0.17 | 0.17 | 0.17 | 0.16 | 0.16 | 0.17 |
| Profit before tax | -0.29 | -1.42 | -1.69 | -1.35 | -0.88 | -1.99 | -1.82 | -1.76 | -0.92 | -1.79 | -1.29 | -1.22 |
| Tax % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Profit | -0.29 | -1.42 | -1.69 | -1.35 | -0.88 | -1.99 | -1.81 | -1.76 | -0.92 | -1.79 | -1.29 | -1.22 |
| EPS in Rs | -0.05 | -0.25 | -0.3 | -0.24 | -0.16 | -0.36 | -0.32 | -0.31 | -0.16 | -0.32 | -0.23 | -0.22 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 8.45 | 8.62 | 8.53 | 8.83 | 10.93 | 11.22 | 9.28 | 2.94 | 4.88 | 7.86 |
| Expenses | 6.04 | 6.57 | 6.42 | 7.51 | 9.01 | 8.96 | 8.35 | 4.11 | 5.83 | 7.42 |
| Operating Profit | 2.41 | 2.05 | 2.11 | 1.32 | 1.92 | 2.26 | 0.93 | -1.17 | -0.95 | 0.44 |
| OPM % | 28.52 | 23.78 | 24.74 | 14.95 | 17.57 | 20.14 | 10.02 | -39.8 | -19.47 | 5.6 |
| Other Income | 0.85 | -4.04 | -2.16 | -0.93 | -1.02 | 0.16 | 0.09 | 0.08 | 0.14 | 0.13 |
| Interest | 1.8 | 1.8 | 1.96 | 2.2 | 2.69 | 3.09 | 3.59 | 4.12 | 4.8 | 5.13 |
| Depreciation | 1.34 | 2.09 | 2.09 | 1.73 | 1.2 | 0.98 | 0.76 | 0.7 | 0.67 | 0.66 |
| Profit before tax | 0.12 | -5.88 | -4.1 | -3.54 | -2.99 | -1.65 | -3.33 | -5.91 | -6.28 | -5.22 |
| Tax % | 16.67 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Net Profit | 0.1 | -5.88 | -4.11 | -3.54 | -2.99 | -1.65 | -3.33 | -5.91 | -6.28 | -5.22 |
| EPS in Rs | 0.02 | -1.05 | -0.73 | -0.63 | -0.53 | -0.29 | -0.6 | -1.06 | -1.12 | -0.93 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Sep 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 5.59 | 5.59 | 5.59 | 5.59 | 5.59 | 5.59 | 5.59 | 5.59 | 5.59 | 5.59 |
| Reserves | 27.46 | 21.24 | 16.89 | 13.34 | 10.35 | 8.69 | 5.37 | -0.54 | -6.85 | -9.35 |
| Borrowings | 12.63 | 13.2 | 14.85 | 16.38 | 18.97 | 22.06 | 25.61 | 29.71 | 34.48 | 37.15 |
| Other Liabilities | 2.31 | 1.77 | 1.9 | 2.01 | 1.98 | 2 | 2.21 | 2.91 | 2.89 | 3.67 |
| Total Liabilities | 47.99 | 41.8 | 39.23 | 37.32 | 36.89 | 38.34 | 38.78 | 37.67 | 36.11 | 37.06 |
| Fixed Assets | 32.26 | 30.03 | 28 | 26.37 | 25.34 | 24.42 | 23.68 | 22.98 | 22.32 | 22.01 |
| CWIP | 0.63 | 0.9 | 1.68 | 1.81 | 1.81 | 1.81 | 1.81 | 1.81 | 1.88 | 1.88 |
| Investments | 5.24 | 4.42 | 2.21 | 1.11 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 9.86 | 6.45 | 7.34 | 8.03 | 9.74 | 12.11 | 13.29 | 12.88 | 11.91 | 13.17 |
| Total Assets | 47.99 | 41.8 | 39.23 | 37.32 | 36.89 | 38.34 | 38.78 | 37.67 | 36.11 | 37.06 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | -3.33 | 0.79 | 1.55 | 1.11 | 1.06 | 1.1 | 1.26 | -0.37 | 2.32 | -2.88 |
| Cash from Investing Activity | 0.02 | 0.27 | -0.29 | -0.83 | -0.19 | -0.12 | -0.01 | 0.03 | 0.55 | -0.03 |
| Cash from Financing Activity | 2.01 | -1.06 | -1.28 | -0.21 | -0.61 | -0.03 | 0.06 | 0 | 0 | -0.02 |
| Net Cash Flow | -1.3 | 0 | -0.02 | 0.07 | 0.26 | 0.95 | 1.31 | -0.33 | 2.86 | -2.92 |
| Free Cash Flow | -3.64 | 0.3 | 1.23 | 0.25 | 0.83 | 0.93 | 1.2 | -0.39 | 2.32 | -2.96 |
| CFO/OP | -107 | 34 | 76 | 53 | 80 | 57 | 56 | -40 | -198 | 303 |

### Ratios

| Item | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 32.04 | 27.21 | 28.37 | 43.22 | 37.62 | 28.05 | 52.38 | 62.14 | 114.22 | 74.05 |
| Inventory Days | 24.89 | 33.18 | 31.87 | 28.08 | 23.55 | 29.8 | — | — | — | — |
| Days Payable | 273.75 | 250.37 | 185.4 | 152.86 | 176.61 | 136.56 | — | — | — | — |
| Cash Conversion Cycle | -216.82 | -189.98 | -125.16 | -81.57 | -115.45 | -78.72 | 52.38 | 62.14 | 114.22 | 74.05 |
| Working Capital Days | -204.81 | -216.84 | -406.92 | -493.37 | -608.06 | -638.83 | -625.9 | -844.46 | -3682.28 | -2412.14 |
| ROCE % | 5.11 | 4.26 | 0.75 | 0.18 | -0.41 | 2.28 | 4.04 | 0.71 | -5.02 | -4.35 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Sep 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 65.69% | 65.7% | 64.4% | 58.58% | 53.7% | 54.75% | 51.67% |
| DIIs | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% |
| Public | 34.08% | 34.08% | 35.37% | 41.19% | 46.07% | 45.02% | 48.1% |
| No. of Shareholders | 3999 | 3992 | 4072 | 4100 | 4233 | 4374 | 4448 |

### Quarterly

| Category | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 59.78% | 58.58% | 57.78% | 55.8% | 55.73% | 53.7% | 53.7% | 54.26% | 54.7% | 54.75% | 51.85% | 51.67% |
| DIIs | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% |
| Public | 39.99% | 41.19% | 42% | 43.97% | 44.04% | 46.07% | 46.07% | 45.51% | 45.08% | 45.02% | 47.92% | 48.1% |
| No. of Shareholders | 4082 | 4100 | 4108 | 4182 | 4275 | 4233 | 4265 | 4243 | 4309 | 4374 | 4396 | 4448 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Sell
- **Buy / Neutral / Sell:** 6 / 5 / 8

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 2.31 | Sell |
| EMA (10) | 2.28 | Buy |
| SMA (20) | 2.01 | Buy |
| EMA (20) | 2.18 | Buy |
| SMA (50) | 2.4 | Sell |
| EMA (50) | 2.33 | Sell |
| SMA (100) | 2.69 | Sell |
| EMA (100) | 2.63 | Sell |
| SMA (200) | 3.09 | Sell |
| EMA (200) | 3.13 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 55.41 | Neutral |
| MACD (12,26,9) | 0.06 | Buy |
| Stochastic (14,3,3) | 85.98 | Sell |
| ADX (14) | 31.56 | Buy |
| Williams %R (14) | -28.57 | Neutral |
| ATR (14) | 0.1 | High Volatility |
| ROC (12) | 28.49 | Buy |
| Stoch RSI (14) | 65.34 | Neutral |
| UO (7,14,28) | 61.3 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 March 2026 - CFO Dhaval Mashru resigns effective close of business 09 April 2026; tendered 09 March 2026. | [Resignation 9 March 2026 - CFO Dhaval Mashru resigns effective close of business 09 April 2026; tendered 09 March 2026.](https://nsearchives.nseindia.com/corporate/IBLFL_09032026155937_Intimation_of_Resignation_of_CFO.pdf) |
| 9 March 2026 - Allotted 27 unlisted NCDs of Rs100,000 each totaling Rs27 lakh; 13% p.a.; maturity 09 June 2028. | [Allotment of Securities 9 March 2026 - Allotted 27 unlisted NCDs of Rs100,000 each totaling Rs27 lakh; 13% p.a.; maturity 09 June 2028.](https://nsearchives.nseindia.com/corporate/IBLFL_09032026170954_Intimation27NCD.pdf) |
| 6 March 2026 - Acuité assigned ACUITE BBB- (Stable) to IBLFL for Rs.50cr bank loan and Rs.50cr NCD on March 5, 2026. | [Credit Rating- New 6 March 2026 - Acuité assigned ACUITE BBB- (Stable) to IBLFL for Rs.50cr bank loan and Rs.50cr NCD on March 5, 2026.](https://nsearchives.nseindia.com/corporate/IBLFL_06032026103958_Credit_Ratings.pdf) |
| 31 January 2026 - Allotted 40 NCDs totalling ₹40 lakh on 31 Jan 2026; 13% p.a., 860-day maturity to 09 Jun 2028. | [Allotment of Securities 31 January 2026 - Allotted 40 NCDs totalling ₹40 lakh on 31 Jan 2026; 13% p.a., 860-day maturity to 09 Jun 2028.](https://nsearchives.nseindia.com/corporate/IBLFL_31012026171833_Intimation40NCD.pdf) |
| 24 January 2026 - Allotted 40 NCDs totaling Rs.10,00,000 at 13% p.a., 867-day maturity (allotment 24 Jan 2026). | [Allotment of Securities 24 January 2026 - Allotted 40 NCDs totaling Rs.10,00,000 at 13% p.a., 867-day maturity (allotment 24 Jan 2026).](https://nsearchives.nseindia.com/corporate/IBLFL_24012026171230_Intimation40NCD.pdf) |
| 21 Sep 2023 - Board approved extension for 37th AGM filing. | [Board Meeting Outcome for Outcome Of Board Meeting Dated 21St September 2023 21 Sep 2023 - Board approved extension for 37th AGM filing.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/3a922f99-9617-4273-abb4-0accbdb21405.pdf) |
| 21 January 2026 - Allotted 2 NCDs totaling Rs.2,00,000; 13% p.a.; maturity 09 Jun 2028. | [Allotment of Securities 21 January 2026 - Allotted 2 NCDs totaling Rs.2,00,000; 13% p.a.; maturity 09 Jun 2028.](https://nsearchives.nseindia.com/corporate/IBLFL_21012026171540_Intimation2UNCD.pdf) |
| 19 January 2026 - Allotment of 45 NCDs totalling Rs45,00,000 on 19-Jan-2026; 13% p.a., 628-day maturity, secured by receivables (1.05x). | [Allotment of Securities 19 January 2026 - Allotment of 45 NCDs totalling Rs45,00,000 on 19-Jan-2026; 13% p.a., 628-day maturity, secured by receivables (1.05x).](https://nsearchives.nseindia.com/corporate/IBLFL_19012026181037_Intimation45NCD.pdf) |
| 17 February 2026 - Allotment of 56 NCDs totaling ₹56,00,000 on 17-Feb-2026; 13% p.a., redeemable 09-Jun-2028. | [Allotment of Securities 17 February 2026 - Allotment of 56 NCDs totaling ₹56,00,000 on 17-Feb-2026; 13% p.a., redeemable 09-Jun-2028.](https://nsearchives.nseindia.com/corporate/IBLFL_17022026172208_Intimation56NCD.pdf) |
| 13 Sep 2023 - Notice of Board Meeting scheduled for September 21, 2023. | [Board Meeting Intimation for Board Meeting Scheduled On 21St September 2023. 13 Sep 2023 - Notice of Board Meeting scheduled for September 21, 2023.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/119d926c-337a-4ff1-98e1-9b0fb08885dd.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Financial Year 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_27171_IBLFL_2024_2025_A_29072025220335.pdf) |
| from nse | [Financial Year 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_24721_IBLFL_2023_2024_3007202417055.pdf) |
| from bse | [Annual Report 2022 from bse](https://www.bseindia.com/bseplus/AnnualReport/531198/77268531198.pdf) |
| from bse | [Annual Report 2021 from bse](https://www.bseindia.com/bseplus/AnnualReport/531198/71749531198.pdf) |
| from bse | [Annual Report 2020 from bse](https://www.bseindia.com/bseplus/AnnualReport/531198/68238531198_23_12_20.pdf) |
| from bse | [Annual Report 2019 from bse](https://www.bseindia.com/bseplus/AnnualReport/531198/5311980319.pdf) |
| from bse | [Annual Report 2018 from bse](https://www.bseindia.com/bseplus/AnnualReport/531198/5311980318.pdf) |
| from bse | [Annual Report 2017 from bse](https://www.bseindia.com/bseplus/AnnualReport/531198/5311980317.pdf) |
| from bse | [Annual Report 2016 from bse](https://www.bseindia.com/bseplus/AnnualReport/531198/5311980316.pdf) |
| from bse | [Annual Report 2015 from bse](https://www.bseindia.com/bseplus/AnnualReport/531198/5311980315.pdf) |

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2023-09-21 | [Board Meeting Outcome for Outcome Of Board Meeting Dated 21St September 2023](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3a922f99-9617-4273-abb4-0accbdb21405.pdf) |
| 2023-09-13 | [Board Meeting Intimation for Board Meeting Scheduled On 21St September 2023.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=119d926c-337a-4ff1-98e1-9b0fb08885dd.pdf) |
| 2023-02-14 | [Board Meeting Outcome for Board Meeting Outcome For Unaudited Standalone Financial Results For The Quarter And Nine Months Ended 31St December, 2022.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=fb3914ec-dc42-4504-997c-05d2cc7e8fc3.pdf) |
| 2023-02-07 | [Board Meeting Intimation for Meeting Of The Board Of Directors Of The Company Is Scheduled To Be Held On 14Th November 2022.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=eaaf3ace-3809-49b9-89b6-5a51f6ff1251.pdf) |
| 2023-02-07 | [Update on board meeting](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3444f805-73c1-4403-af47-62a50c165a3f.pdf) |
| 2022-12-31 | [Closure of Trading Window](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=6beff940-7c24-4191-a610-f0b9c5cac50f.pdf) |
| 2022-11-24 | [Disclosure Of Related Party Transactions Under Regulation 23(9) Of SEBI (LODR) Regulations, 2015.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c63d6f32-e00a-49ba-9fa5-3bd4a9ce91cf.pdf) |
| 2022-11-14 | [Board Meeting Outcome for Board Meeting Outcome For Outcome Of The Board Meeting Dated 14Th November 2022.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c15d070f-38e2-4395-8fbb-ed21aa191a5a.pdf) |
| 2022-11-14 | [Unaudited Financial Results For The Quarter And Half Year Ended On 30Th September 2022.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1a9de69c-4ef2-41b0-8e69-cd20af8371b9.pdf) |
| 2022-11-04 | [Board Meeting Intimation for Meeting Of The Board Of Directors Of The Company Is Scheduled To Be Held On 14Th November 2022.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=228b1295-5b40-4d87-b6a9-f0733829626c.pdf) |

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Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:58:58.072Z.