Dharan Infra-EPC Limited (DHARAN) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Dharan Infra-EPC Limited ₹0.28, price ₹0.13, upside +112.5%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 4, 2026.
How to read this chart
60‑month range ₹0.1100 – ₹23.10 · fair‑value band ₹0.2669 – ₹0.2925 · the ₹0.1300 price screens below the ₹0.2763 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 4, 2026.
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Dharan Infra-EPC Limited engages in the engineering, procurement, and construction business in India. Its projects include railways, roads, bridges, hydro dams, solar farming, waste to energy, housing, and various ports. The company was formerly known as KBC Global Limited and changed its name to Dharan Infra-EPC Limited in June 2025.
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Dharan Infra-EPC Limited engages in the engineering, procurement, and construction business in India. Its projects include railways, roads, bridges, hydro dams, solar farming, waste to energy, housing, and various ports. The company was formerly known as KBC Global Limited and changed its name to Dharan Infra-EPC Limited in June 2025. The company was founded in 1994 and is based in Nashik, India.
Stock analysis
Dharan Infra-EPC Limited (DHARAN) currently trades at ₹0.1300, while our model-based Fair Value estimate is ₹0.2763, implying the stock looks roughly 53.0% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of ₹1.66 per share, and 6 of the 6 models we run sit above the ₹0.1300 price.
Bear case: the Asset-Based group reads lowest at ₹1.13, and 0 of the 6 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹0.2669 (bear) to ₹0.2925 (bull), the price of ₹0.1300 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 48/100 (below-average quality), in the Real Estate sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Dharan Infra-EPC Limited reported revenue of ₹180M in FY2025 versus ₹1.0B in FY2021, a compound −35.1%/yr. Reported net income was −₹383M in FY2025.
Key figures
Market cap ₹680M (≈ $7.1M) · P/E ratio 6.5 · P/S ratio 10.7 · EPS (TTM) ₹0.0200 · Return on equity −3.8% · Return on assets (EBIT) −0.4% · Operating margin −42.6% · Revenue (TTM) ₹63.5M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 77% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 10% fair-value upside, at 113%, DHARAN screens cheaper than that median.
Fair Value models
Bear ₹0.2669Fair Value ₹0.2763Bull ₹0.2925
Price ₹0.1300 · Upside +112.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (₹0.0200 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.29/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+0.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−45.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−32.5%
Start year 2020 (pandemic). Over 10 years: −8.8% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−6.9%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
27.1% (2020) → −220.8% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Little optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
less than -40 %
Yearly growth needed for the next five years to justify today's price.
Compare Dharan Infra-EPC Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Real Estate - Development · 583 stocks
Beats the industry median on 5/8 measures
Overall it ranks above its industry peers.
Valuation
Quality Score48 · Above median
Fair Value upside+112.5% · Above median
Profitability
Return on assets−1.9% · Bottom 25%
Operating margin (TTM)−42.6% · Bottom 25%
Growth and dividend
Revenue growth−55.7% · Bottom 25%
Balance sheet
Debt / equity0.05× · Lowest 25%
Valuation Multiplesvs Real Estate - Development median · lower = cheaper
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Is Dharan Infra-EPC Limited (DHARAN) overvalued or undervalued?
As of Oct 4, 2026, our model estimates a fair value of ₹0.2763 versus a price of ₹0.1300, about +113% upside (undervalued).
What is the fair value of DHARAN?
Our model-based fair value for Dharan Infra-EPC Limited is ₹0.2763 (as of Oct 4, 2026), built from audited fundamentals. The current price: ₹0.1300.
What is the quality score of DHARAN?
Dharan Infra-EPC Limited has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Dharan Infra-EPC Limited (DHARAN)?
Our model-based price target is the fair value of ₹0.2763 (as of Oct 4, 2026) from 6 valuation models. Cautious scenario ₹0.2669, optimistic scenario ₹0.2925. It is a calculation from audited fundamentals, not an analyst target.
What is the Dharan Infra-EPC Limited stock forecast for 2026?
Our models put fair value at ₹0.2763, about +113% upside versus a price of ₹0.1300 (undervalued). Cautious scenario ₹0.2669, optimistic scenario ₹0.2925. The calculation is refreshed regularly with new filings.
What is the revenue of Dharan Infra-EPC Limited (DHARAN)?
Dharan Infra-EPC Limited reported trailing-twelve-month revenue of about ₹63.5M (latest available figure, as of Oct 4, 2026).
What growth is priced into Dharan Infra-EPC Limited (DHARAN)?
For today's price to be fair in a discounted-cash-flow model, Dharan Infra-EPC Limited would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 13.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -32.5 % per year. As of Oct 4, 2026.
What discount rate (WACC) does the fair value of DHARAN use?
Our models discount Dharan Infra-EPC Limited at 13.0 %: a base by market capitalisation (nano), damped by beta 1.20, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Dharan Infra-EPC Limited that is less than minus 40 % per year a year over ten years, using the same discount rate (13.0 %) and the same formula as our fair value.
How much growth has Dharan Infra-EPC Limited (DHARAN) delivered so far?
Over the past 5 years revenue at Dharan Infra-EPC Limited grew -32.5 % a year. The price currently implies less than minus 40 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Dharan Infra-EPC Limited (DHARAN) growing?
The median revenue growth in the sector is +2.2 % a year. That is the yardstick for the growth priced into Dharan Infra-EPC Limited (less than minus 40 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Dharan Infra-EPC Limited (DHARAN)?
The free-cash-flow yield on the price is 19.68 %: that much free cash flow Dharan Infra-EPC Limited produces per unit of market value. When it exceeds the discount rate of our models (13.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Dharan Infra-EPC Limited (DHARAN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Dharan Infra-EPC Limited it is ₹0.2763 per share (as of Oct 4, 2026), against a price of ₹0.1300. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Dharan Infra-EPC Limited stock overvalued or undervalued in 2026?
As of Oct 4, 2026, DHARAN trades below its calculated fair value: price ₹0.1300, fair value ₹0.2763, a gap of about +113% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DHARAN?
No. The price is what the market pays today (₹0.1300); the fair value is what the company's own numbers justify (₹0.2763). For Dharan Infra-EPC Limited the two are ₹0.1463 per share apart. That gap is exactly why we show both numbers side by side.
How much is Dharan Infra-EPC Limited worth?
The market values Dharan Infra-EPC Limited at about ₹680M (market capitalisation, as of Oct 4, 2026). Per share that is ₹0.1300; our models calculate a fair value of ₹0.2763 per share.
What do the bullish and bearish scenarios say about DHARAN?
Our models span a range for Dharan Infra-EPC Limited: cautious scenario ₹0.2669, base ₹0.2763, optimistic ₹0.2925 per share (as of Oct 4, 2026, price ₹0.1300). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DHARAN?
Dharan Infra-EPC Limited trades at a price-to-earnings ratio of 6.5 (as of Oct 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹0.2763 is built from several models across several years. Other multiples: P/S 0.1.
How solid is the balance sheet of Dharan Infra-EPC Limited (DHARAN)?
Balance-sheet figures for Dharan Infra-EPC Limited (as of Oct 4, 2026): return on equity −3.8%, debt of 0.05 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is DHARAN from its 52-week high?
Dharan Infra-EPC Limited trades at ₹0.1300, about 77% below its 52-week high of ₹0.5700 and 18% above the low of ₹0.1100 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹0.2763 is for.
Which stocks are comparable to Dharan Infra-EPC Limited?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, Vinhomes Joint Stock Company, CK Asset Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Dharan Infra-EPC Limited stock attractive at the current price?
The data as of Oct 4, 2026: price ₹0.1300, calculated fair value ₹0.2763 (+113%), Quality Score 48/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DHARAN calculated?
We run Dharan Infra-EPC Limited through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹0.2763, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.0 % above its aggregate fair value. Dharan Infra-EPC Limited currently trades 53 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Dharan Infra-EPC Limited (DHARAN)?
The closing price on Oct 1, 2026 was ₹0.1300. Our model-based fair value is ₹0.2763, about +113% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Dharan Infra-EPC Limited right now?
The price is below even our cautious bear case (₹0.2669). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality. The models converge in a tight band (₹0.2669 to ₹0.2925), unusually little disagreement for a valuation.
Key figures of Dharan Infra-EPC Limited
How large is the market capitalisation of Dharan Infra-EPC Limited (DHARAN)?
The market capitalisation of Dharan Infra-EPC Limited is ₹680M (≈ $7.1M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Dharan Infra-EPC Limited (DHARAN)?
The price-to-sales ratio of Dharan Infra-EPC Limited is 10.7 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Dharan Infra-EPC Limited (DHARAN)?
Earnings per share at Dharan Infra-EPC Limited are ₹0.0200 (price ÷ EPS = P/E 6.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Dharan Infra-EPC Limited (DHARAN)?
The return on equity (ROE) of Dharan Infra-EPC Limited is −3.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Dharan Infra-EPC Limited (DHARAN)?
On an EBIT basis the return on assets of Dharan Infra-EPC Limited is −0.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Dharan Infra-EPC Limited (DHARAN)?
The operating margin of Dharan Infra-EPC Limited is −42.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Dharan Infra-EPC Limited (DHARAN)?
Revenue at Dharan Infra-EPC Limited is growing −55.7% versus a year earlier (3y avg −45.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net cash does Dharan Infra-EPC Limited (DHARAN) hold?
Dharan Infra-EPC Limited holds more cash than debt, ₹6.4B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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