Dharni Capital Services Ltd (DHARNI) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Dharni Capital Services Ltd ₹11.52, price ₹55.25, upside -79.2%, quality 42 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
44‑month range ₹19.75 – ₹65.80 · fair‑value band ₹10.56 – ₹12.95 · the ₹55.25 price screens above the ₹11.52 fair value. Dashed = 300-day average. As of Sep 27, 2026.
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Dharni Capital Services Ltd (DHARNI) currently trades at ₹55.25, while our model-based Fair Value estimate is ₹11.52, 79.2% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of ₹17.75 per share, and 0 of the 6 models we run sit above the ₹55.25 price.
Bear case: the Asset-Based group reads lowest at ₹8.49, and 6 of the 6 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹10.56 (bear) to ₹12.95 (bull), the price of ₹55.25 sits above 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 42/100 (below-average quality), in the Financials sector.
Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
Dharni Capital Services Ltd reported revenue of ₹55.6M in FY2026 versus ₹147M in FY2022, a compound −21.5%/yr. Reported net income was ₹28.6M in FY2026, compounding +31.2%/yr from FY2022.
Key figures
Market cap ₹1.1B (≈ $11.7M) · P/E ratio 24.1 · P/S ratio 12.4 · EPS (TTM) ₹2.29 · Net margin 51.5% · Return on equity 19.9% · Return on assets (EBIT) 19.3% · Operating margin 46.7%.
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 15% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Financials peers we cover trades at −14% fair-value upside, at −79%, DHARNI screens richer than that median.
Fair Value models
Bear ₹10.56Fair Value ₹11.52Bull ₹12.95
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 2026 figures (about 6 months old). Earnings retained since then (₹1.17 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.55/100
Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+24.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+24.3%
Dividend (yield on the price)0.0%
Profit margin 2022 to 2026 ⓘ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.9% → 50%
Compare Dharni Capital Services Ltd with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Financial Services” was too small, so the broader sector is used.)Financials · 3146 stocks
Beats the sector median on 5/11 measures
A mixed picture versus its sector peers.
Valuation
Quality Score41 · Bottom 25%
Fair Value upside−79.1% · Bottom 25%
Profitability
Return on equity (TTM)19.9% · Top 25%
Return on assets13.6% · Top 25%
Net margin (TTM)37.3% · Above median
Operating margin (TTM)46.7% · Above median
Growth and dividend
Revenue growth34.4% · Top 25%
Valuation Multiplesvs Financials median · lower = cheaper
P/E (TTM)24.1× · Priciest 25%
P/B4.36× · Priciest 25%
P/S (TTM)8.99× · Priciest 25%
EV/EBITDA18.2× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 25
FUTURE (revenue growth)100· sector 47
PAST (return on equity)79· sector 38
HEALTH (low debt)100· sector 87
DIVIDEND (yield)0· sector 59
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Dharni Capital Services Ltd Fair Value". https://www.fairvalue-calculator.com/stock/DHARNI
Frequently asked questions
Is Dharni Capital Services Ltd (DHARNI) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of ₹11.52 versus a price of ₹55.25, about −79% upside (overvalued).
What is the fair value of DHARNI?
Our model-based fair value for Dharni Capital Services Ltd is ₹11.52 (as of Sep 27, 2026), built from audited fundamentals. The current price: ₹55.25.
What is the quality score of DHARNI?
Dharni Capital Services Ltd has a Quality Score of 42/100. 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 Dharni Capital Services Ltd (DHARNI)?
Our model-based price target is the fair value of ₹11.52 (as of Sep 27, 2026) from 6 valuation models. Cautious scenario ₹10.56, optimistic scenario ₹12.95. It is a calculation from audited fundamentals, not an analyst target.
What is the Dharni Capital Services Ltd stock forecast for 2026?
Our models put fair value at ₹11.52, about −79% upside versus a price of ₹55.25 (overvalued). Cautious scenario ₹10.56, optimistic scenario ₹12.95. The calculation is refreshed regularly with new filings.
What is the revenue of Dharni Capital Services Ltd (DHARNI)?
Dharni Capital Services Ltd reported trailing-twelve-month revenue of about ₹125M (latest available figure, as of Sep 27, 2026).
What is the intrinsic value of Dharni Capital Services Ltd (DHARNI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Dharni Capital Services Ltd it is ₹11.52 per share (as of Sep 27, 2026), against a price of ₹55.25. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Dharni Capital Services Ltd stock overvalued or undervalued in 2026?
As of Sep 27, 2026, DHARNI trades above its calculated fair value: price ₹55.25, fair value ₹11.52, a gap of about −79% (overvalued). 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 DHARNI?
No. The price is what the market pays today (₹55.25); the fair value is what the company's own numbers justify (₹11.52). For Dharni Capital Services Ltd the two are ₹43.73 per share apart. That gap is exactly why we show both numbers side by side.
How much is Dharni Capital Services Ltd worth?
The market values Dharni Capital Services Ltd at about ₹1.1B (market capitalisation, as of Sep 27, 2026). Per share that is ₹55.25; our models calculate a fair value of ₹11.52 per share.
What do the bullish and bearish scenarios say about DHARNI?
Our models span a range for Dharni Capital Services Ltd: cautious scenario ₹10.56, base ₹11.52, optimistic ₹12.95 per share (as of Sep 27, 2026, price ₹55.25). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DHARNI?
Dharni Capital Services Ltd trades at a price-to-earnings ratio of 24.1 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹11.52 is built from several models across several years. Other multiples: P/B 4.4, P/S 9.0, EV/EBITDA 18.2.
How solid is the balance sheet of Dharni Capital Services Ltd (DHARNI)?
Balance-sheet figures for Dharni Capital Services Ltd (as of Sep 27, 2026): return on equity 19.9%. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is DHARNI from its 52-week high?
Dharni Capital Services Ltd trades at ₹55.25, about 15% below its 52-week high of ₹65.10 and at the low of ₹55.00 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹11.52 is for.
Which stocks are comparable to Dharni Capital Services Ltd?
From the same area (Financials) we also value ARYAMAN, CGFL, NCLRESE, 539679, 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 Dharni Capital Services Ltd stock attractive at the current price?
The data as of Sep 27, 2026: price ₹55.25, calculated fair value ₹11.52 (−79%), Quality Score 42/100, 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 DHARNI calculated?
We run Dharni Capital Services Ltd 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 ₹11.52, 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 14.5 % above its aggregate fair value. Dharni Capital Services Ltd itself currently trades above fair value. 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 Dharni Capital Services Ltd (DHARNI)?
The closing price on Oct 1, 2026 was ₹55.25. Our model-based fair value is ₹11.52, about −79% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Dharni Capital Services Ltd right now?
The price sits above even our optimistic bull case (₹12.95). The favourable scenario is already priced in. Weak quality (42/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Dharni Capital Services Ltd
How large is the market capitalisation of Dharni Capital Services Ltd (DHARNI)?
The market capitalisation of Dharni Capital Services Ltd is ₹1.1B (≈ $11.7M). 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 Dharni Capital Services Ltd (DHARNI)?
The price-to-sales ratio of Dharni Capital Services Ltd is 12.4 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Dharni Capital Services Ltd (DHARNI)?
Earnings per share at Dharni Capital Services Ltd are ₹2.29 (price ÷ EPS = P/E 24.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Dharni Capital Services Ltd (DHARNI)?
The net margin of Dharni Capital Services Ltd is 51.5% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Dharni Capital Services Ltd (DHARNI)?
The return on equity (ROE) of Dharni Capital Services Ltd is 19.9% (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 Dharni Capital Services Ltd (DHARNI)?
On an EBIT basis the return on assets of Dharni Capital Services Ltd is 19.3% (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 Dharni Capital Services Ltd (DHARNI)?
The operating margin of Dharni Capital Services Ltd is 46.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Dharni Capital Services Ltd (DHARNI)?
Revenue at Dharni Capital Services Ltd is growing +34.4% versus a year earlier (3y avg +5.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Dharni Capital Services Ltd (DHARNI)?
Earnings per share at Dharni Capital Services Ltd are growing +17.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Dharni Capital Services Ltd (DHARNI) generate?
The free cash flow of Dharni Capital Services Ltd is −₹23.4M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Dharni Capital Services Ltd (DHARNI) carry?
The net debt of Dharni Capital Services Ltd is ₹37.4M (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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