DHP India Limited has delivered a strong financial performance for the third quarter ended December 31, 2025, demonstrating resilient profitability despite challenging revenue conditions. The engineering goods manufacturer reported significant profit growth while maintaining its debt-free operational structure.

Financial Performance Overview

The company's quarterly and nine-month results showcase contrasting trends between profitability and revenue performance:

Revenue and Operational Metrics

For Q3FY26, DHP India's net revenue from operations declined to Rs 1,224.25 crore compared to Rs 1,394.25 crore in the corresponding quarter of the previous year. However, the nine-month performance showed robust growth with revenue reaching Rs 4,721.02 crore against Rs 3,809.99 crore in the previous year.

The company's revenue composition included sale of products worth Rs 1,032.25 crore and other operating income of Rs 224.82 crore for the quarter. Total expenses for Q3FY26 were Rs 1,187.38 crore, resulting in a profit before tax of Rs 162.18 crore.

Investment Portfolio Performance

A significant highlight of the quarter was the company's investment activities and portfolio performance. DHP India made substantial investments in Gold/Silver ETF funds worth Rs 1,172.27 crore during Q3FY26, while redeeming equity mutual funds worth Rs 1,498.04 crore, generating short-term capital gains of Rs 113.46 crore.

The investment portfolio valuation contributed to other comprehensive income:

Financial Strength and Ratios

DHP India maintained its strong financial position with a debt-free balance sheet. The company's net worth increased to Rs 25,118.63 crore as of December 31, 2025, compared to Rs 24,074.74 crore in the previous year. The interest service coverage ratio stood at 9.38 for the quarter, while the debt-equity ratio remained not applicable due to the absence of debt.

The total comprehensive income for Q3FY26, combining profit and other comprehensive income, reached Rs 820.24 crore. For the nine-month period, total comprehensive income was Rs 1,430.13 crore, reflecting the company's strong overall performance including investment gains.

Business Operations and Outlook

DHP India continues to focus on manufacturing engineering goods as its primary business segment. The company operates from its factory at Dhalagarh Industrial Park in West Bengal and maintains its registered office in Kolkata. The financial results were approved by the Board of Directors on February 13, 2026, following limited review by statutory auditors NKSJ & Associates.

Counter Cyclical Investments Private Limited has disclosed an increase in its shareholding in dhp india Limited, raising its stake from 8.27% to 8.44% through open market purchases. The Nagpur-based portfolio management company, along with its clients acting in concert, acquired 5,153 additional shares on January 19, 2026.

Shareholding Details

The acquisition has resulted in a marginal but notable increase in Counter Cyclical Investments' position in DHP India. The following table summarizes the key shareholding changes:

Transaction Specifics

The shares were acquired through open market transactions, representing a standard method for increasing equity positions. Counter Cyclical Investments Private Limited, incorporated in 2018 with CIN U65999PN2018PTC175591, operates as a Portfolio Manager and does not belong to the promoter or promoter group of DHP India.

Regulatory Compliance

The company has fulfilled its regulatory obligations by filing the mandatory disclosure under Regulation 29(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 2011. The disclosure was submitted to:

• DHP India Limited
• BSE Limited, where DHP India's shares are listed

The filing was signed by Parminder Pal Singh Bhatia, Director of Counter Cyclical Investments Private Limited (DIN: 07159378), and dated January 21, 2026.

Company Structure

DHP India Limited maintains its total equity share capital at 30,00,000 shares, with no changes to the overall capital structure following this transaction. The acquisition represents a strategic investment decision by Counter Cyclical Investments and its clients, demonstrating continued confidence in DHP India's prospects.

The transaction reflects typical portfolio management activities, where investment decisions are made on behalf of clients while maintaining transparency through proper regulatory disclosures as required under SEBI regulations.