Counter Cyclical Investments Private Limited increased its stake in DHP India to 9.94% following an open market purchase of 6,173 shares on August 27, 2026. The acquisition brings the portfolio manager’s total holding to 298,095 equity shares.

The transaction was disclosed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Counter Cyclical Investments, acting as a portfolio manager along with its clients as persons acting in concert (PAC), reported the change in shareholding to DHP India Limited and the Bombay Stock Exchange.

Acquisition Details

The acquirer purchased the additional shares through the open market. Prior to this transaction, the entity held 291,922 shares, representing 9.73% of the total voting capital. The total equity share capital of DHP India remains unchanged at 3,000,000 shares.

Parminder Pal Singh Bhatia, Director at Counter Cyclical Investments Private Limited, signed the disclosure letter dated August 28, 2026. The filing confirms that the acquirer does not belong to the promoter or promoter group of the target company.

DHP India Limited has released its annual report and notice for the 35th Annual General Meeting (AGM), scheduled for September 21, 2026. The manufacturing firm reported a net profit after tax (PAT) of ₹110.6 crore for the fiscal year ended March 31, 2026, marking a significant decline from ₹665.3 crore in FY25.

Despite the drop in profitability, revenue from operations expanded by 25% to ₹723.8 crore, up from ₹577.7 crore in the prior year. The divergence between top-line growth and bottom-line contraction highlights a heavy reliance on non-operational income in the previous fiscal period. Other income plummeted to ₹35.6 crore from an exceptional ₹740.8 crore in FY25, primarily due to reduced profits on mutual fund redemptions.

Financial Performance Overview

The company’s EBITDA stood at ₹194.9 crore in FY26, down significantly from ₹827.1 crore in FY25. This resulted in an EBITDA margin of 25.66%, compared to 62.72% in the previous year. Finance costs increased to ₹52.2 lakh from ₹23.1 lakh, while depreciation remained stable at ₹373.0 lakh.

What the Numbers Show

A critical observation from the filing is the volatility driven by investment activities rather than core operations. In FY25, other income constituted over 95% of total revenue, largely fueled by a ₹712.4 crore profit on mutual fund redemptions. In FY26, this figure dropped to just ₹12.0 crore. While operational revenue grew steadily, the absence of large-scale investment exits led to a normalized but significantly lower profit profile. The company also recorded an unrealized loss of ₹144.5 crore on current investments, which was recognized through other comprehensive income (OCI), resulting in a total comprehensive loss of ₹0.9 crore for the year.

Dividend and Corporate Actions

The Board of Directors recommended a final equity dividend of ₹4 per share (40% of face value), consistent with the previous year’s payout. If approved by shareholders at the AGM, the dividend will entail an outflow of ₹12.0 crore. The record date for determining eligibility is set for September 14, 2026.

Executive Director Janak Bhardwaj retires by rotation at the upcoming meeting and is seeking re-appointment. The company remains debt-free with substantial liquidity, holding working capital of ₹2,068.5 lakh as of March 31, 2026. The statutory auditors, NKSJ & Associates, issued an unmodified opinion on the standalone Ind AS financial statements.