Dhanashree Electronics Limited (DEL) share price

₹118.05 on BSE as of 2026-10-08. -8.42% on the day. market cap ₹164 Cr. P/E 48.8. 52-week range ₹100.40 to ₹429.60. Capital Goods.

www.rashmilighting.com

Dhanashree Electronics FY26: ₹112 Crore in Sales, and a Profit That Never Touched the Factory Floor

At a glance

Dhanashree Electronics sells lighting. The range runs to LED lamps, tube lights, street lights and solar lamps. It also makes lights for other brands, trades in them, and bids for government tenders.

Revenue for the year to March 2026 was ₹111.69 crore, the highest the company has recorded. Profit after tax came to ₹3.69 crore.

Inside that profit sits other income of ₹12.51 crore. Other income is money earned away from the main trade, such as interest on cash lent out. Set it aside and the lighting operation produced an operating result of about zero, slightly below it. On that arithmetic the factory contributed nothing to the year's profit.

The market pays ₹47 for every ₹1 of yearly profit. Across the 59 companies in the industry, the middle figure is ₹31.

Two credit-rating agencies list the company's bank facilities as 'issuer not cooperating'. An agency uses that label when a borrower stops supplying the information it asks for. CRISIL, one of those credit-rating agencies, holds the grade at D. D is the grade CRISIL reserves for default.

Operating cash flow has been negative for four years running. That line measures the cash the trade itself brings in, before any borrowing or investment. Interest received during the year was ₹12.16 crore.

Introduction

Dhanashree Electronics was incorporated in 1987 and sells lighting under the Rashmi brand. The range covers LED lamps, tube lights, street lights and solar lamps, with flood lights beside them. Manufacturing and trading both run out of a facility at Salt Lake in Kolkata.

The company also builds lighting for other names on an OEM basis. OEM work means making a product that another company then sells under its own brand. Three further lines sit alongside the lighting. It deals in professional audio, rents out space, and bids for government electronics tenders in several states.

The year to March 2026 was a busy one for corporate actions. In November 2025 the board ran a preferential warrant issue in tranches, totalling crores of warrants. A preferential issue is sold to named parties rather than offered to the market. A warrant is a right to buy a share later, paid for partly now. The issue collected ₹24.83 crore in warrant application money.

The company also left the Calcutta Stock Exchange of its own accord and stayed listed on BSE. A voluntary delisting means the company asked to come off that exchange rather than being removed.

An independent director resigned in November 2025. An independent director sits on the board without working for the company or owning a controlling stake. The chief financial officer's seat had already changed hands in March 2025.

The board approved the results for the year on 30 May 2026. The auditor gave an unmodified opinion, meaning it found nothing in the accounts it needed to qualify. The board declared a dividend of Re 0.10 a share.

Business model

On paper this is a lighting company, and that description fits what leaves the building. It manufactures LED products under its own Rashmi brand. It makes lights for Panasonic, Khaitan and others as an original equipment maker, to be sold under the buyer's name. Distribution runs through a group entity's network of about 2,000 dealers. Government tenders are the fourth route to a sale.

The customer list names SAIL, ITC, Tata and Indian Railways. Various steel plants appear on it as well. A tender sale is won by submitting a price against a published specification.

The income statement describes the year differently from the brochure. The manufacturing and trading engine, the part every 'About' paragraph describes, earned an operating profit of essentially nil in the year to March 2026. Operating profit is what the trade makes before interest, tax and anything earned elsewhere. The same figure was negative in the year to March 2025.

The line that carried the year was other income, at ₹12.51 crore. The cash-flow statement shows ₹12.16 crore of that as interest received. Interest received is cash collected on money the company has lent or deposited. The balance sheet carries ₹14.5 crore of loans given out.

So the company runs two earning activities rather than one. It sells and makes lights, and it lends money and collects interest on it. The second produced ₹12.16 crore of cash in the year to March 2026.

The spending side follows the lighting trade. The Salt Lake facility has to be run and stocked. Branded goods, OEM runs and tender orders all have to be built before they are paid for. Dealer sales reach the market through a group entity's network rather than a sales force of its own.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Dhanashree Electronics Limited.

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