Dhruv Consultancy Services Ltd — Q3 FY26

Dhruv Consultancy reported a 9-month revenue of ₹35.36 crore, impacted by a ₹30 crore non-cash accounting adjustment due to conservative revisions in project margin estimates under Ind AS. The adjustment stems from NHI policy changes, manpower deployment thresholds, and time overruns, but management asserts no cash flow impact and project-level profitability remains positive. The unexecuted order book stands at ₹256 crore, providing 2.5-3 years visibility. The company is diversifying into aviation, with one airport project won and four bids submitted, and exploring Middle East opportunities. However, governance concerns persist after a CARE rating downgrade and past debarment issues. Risk: Further margin erosion if NHI policies tighten or order conversion slows.