Dachepalli Publishers Ltd — Q3 FY26
Dachepalli Publishers reported Q3 FY26 total income of ₹14.78 crore and net profit of ₹1.44 crore, with a PAT margin of 9.78%.
bullish
medium
Financial stats pending filing verification
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
79%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Revenue contribution of Q4 and Q1 vs full year
Asked by Disha, Sapphire Capital
Management gave a clear percentage range for Q4+Q1 contribution.
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Question
So what sort of revenue contribution do we see from Q4 and Q1 as compared to the full year?
Management (unidentified)
90% of the business comes from Q4 and Q1 because if you understand we are selling school textbooks so Q4 is usually where CBSE and IC schools place order and Q1 is usually where state board schools place orders across different states so 90-95% of the business comes from Q4 and Q1 only.
Answered
High priority
Steady state margin level going ahead
Asked by Disha, Sapphire Capital
Management provided a specific PAT margin range of 18-20%.
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Question
So for the in case of margins because you said that this quarter we do higher spends for the coming quarter. So what is the steady state margin level you see going ahead?
Management (unidentified)
Usually we will in the past experience we have noticed a PAT of around 18 to 20% PAT but in Q3 PAT is reasonably less because most of our money is spent on sales and marketing... on an overall consolidated basis we can see 18 to 20% PAT going ahead.
Partial answer
Medium priority
Capacity utilization and revenue potential at peak
Asked by Disha, Sapphire Capital
Management explained utilization in shifts but did not quantify revenue potential.
no revenue potential givenreframed to shift utilization
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Question
Our current capacity utilization is around 40%. So what sort of ramp up plan do we have for this and what's the revenue potential from the existing capacity at peak utilization?
Management (unidentified)
In printing industry capacity is measured at a 22-hour shift... in our case at a 22-hour shift our machines are at 40% capacity but at an 8 hour shift we are at 80% capacity.
Answered
High priority
Sustainable margin range over medium term
Asked by Rohan Kamas, LNPR Capital
Management reiterated the 18-20% PAT range as sustainable.
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Question
Margin remains strong at the 9 months level but decline in quarter 3. What margin range should be considered sustainable over the medium term?
Management (unidentified)
Annually if you see margin will be on a PAT of 18 to 20% in Q3 PAT will be lesser because we don't have revenue coming in Q3 but more expenditure is going out.
Answered
Medium priority
Normalization of operating expenses in coming quarter
Asked by Rohan Kamas, LNPR Capital
Management confirmed normalization in Q4.
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Question
Operating and selling expenses are increasing during quarter three where this primary preparatory expenses for the peak academic season and should we expect normalizing in the coming quarter?
Management (unidentified)
Operating expenditures will come down in Q4 because it's usually revenue generated and most of the production is already been done... by Q4 and Q1 when the major revenue kicks in automatically operating cost will come down.
Partial answer
Medium priority
Confidence in inventory liquidation and inventory cycle
Asked by Rohan Kamas, LNPR Capital
Management expressed confidence but did not quantify inventory cycle.
no specific inventory cycle given
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Question
The inventory levels have increased as of 9 months after how confident is management about the liquidation during the peak textbook season and what is the accepted inventory cycle?
Management (unidentified)
We are very sure that this will be finished in the next two quarters.
Answered
Medium priority
Working capital requirement and cash flow movement
Asked by Rohan Kamas, LNPR Capital
Management gave a specific working capital cycle duration.
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Question
How should you as working capital requirement and cash flow movement across the academic year and given the signal of the business?
Management (unidentified)
Usually the working capital cycle is around 4 to 5 months.
Evasive
Medium priority
Number of schools added and average revenue per school
Asked by Rohan Kamas, LNPR Capital
Management avoided providing the requested metrics.
declined to give averageno school addition number
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Question
How many schools were added during 9 months after 26 and what is the average revenue per school?
Management (unidentified)
Right now our presence is in around 10,000 schools. So we can't give an average just like that because you know some school might be just using one product... measuring average value per school gets very not reasonably correct.
Answered
High priority
IPO fund utilization and clearing dues
Asked by Harini, Lorett Consultancy Services
Management confirmed clearing loan and using funds for raw material.
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Question
Can you give us a clear update on IPO fund utilization? Have we cleared the dues of six crore gone and we are using that as 25 crores per working capital?
Management (unidentified)
We have cleared 6 crores loan with SDFC bank where we had a term loan with them and out of the 25 crores we bought raw material bulk raw material where we get good cash discounts and bulk discounts.
Answered
High priority
Reason for high receivables and normalized receivable days
Asked by Harini, Lorett Consultancy Services
Management provided a specific range for receivable days.
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Question
Why are receivables so high and what sort of normal trajectory do we expect for the receivable day?
Management (unidentified)
It will be around 180 to 200 days.
Answered
High priority
Growth target for next year
Asked by Harini, Lorett Consultancy Services
Management gave a specific revenue target of 150 crores.
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Question
What sort of growth are we targeting for the next year?
Management (unidentified)
Next year with the e-commerce vertical also kicking in we'll be we are planning to do around 150 crores of turnover.
Partial answer
Medium priority
Customer concentration risk from top 10 customers
Asked by Jes Securities
Management argued low risk but did not quantify concentration.
no specific percentage of top 10 revenue
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Question
The top 10 customers have contributed significantly in FY25. So how should investors view customer concentration risk going forward?
Management (unidentified)
The top 10 customers came from multiple group schools... this particular top 10 customers from the similar revenue will definitely stick for the next four years and then we'll also be adding newer new schools... the concentration risk is very less in that way.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Full year turnover projection of 90 crores | ₹90 cr | ₹14.78 cr | Overstated vs filing |
| Next year turnover target of 150 crores | ₹150 cr | ₹14.78 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.