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 un...
bearish
medium
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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.
50%Questions answered3Evaded / deflected12Questions audited
Partial answer
High priority
Explain the nature of the accounting reversal and why it was done now.
Asked by Sakit Kapoor, Kapoor and Company
Management gave a lengthy explanation but did not quantify the reversal or provide a clear single reason.
no specific breakdown of reversal amountattributed to multiple vague policy changes
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Question
if you could just explain to us again the reversal part... what prompted us to do this exercise now in the quarter end of December?
Management (female voice, likely CFO or MD)
this reported loss is primarily due to change in accounting estimates... certain stages of completion have been changed... this adjustment is just a refinement of the estimate... no impact overall in the order book as such.
Partial answer
High priority
How is revenue recognized and what is the split between billed and unbilled?
Asked by Sakit Kapoor, Kapoor and Company
Explained revenue recognition but refused to give the actual split for this quarter.
declined to provide splitdeferred to Q4
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Question
whatever adjustment you're talking can you give us then the type of revenue booking we do... is it on an accrual basis?
Management
we recognize revenue in two types one is a direct GST based revenue... second is unbilled revenue... for the 9 months post reversal what is the billed part and unbilled... I will not be able to disclose the numbers but in Q4 there will be a detailed break up.
Evasive
High priority
If revenue reversed, how were expenses funded? Cash flow impact?
Asked by Sakit Kapoor, Kapoor and Company
Claimed no cash impact despite expenses being incurred; did not reconcile with P&L loss.
contradicted own earlier statementsno cash flow numbers provided
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Question
when we have prepared our PNL... we have given our revenue... and then reported a profitable loss... when you are reversing your last 9 months revenue you have already debited your account... so that has all flown out of our cash flow?
Management
the reversal has been done which is unbilled revenue... this is a margin adjustment... this is not a revenue adjustment... it has not hit the cash flow at all... the cash flow remains positive.
Partial answer
Medium priority
What should investors expect for year-end and international progress?
Asked by Sakit Kapoor, Kapoor and Company
Refused to provide any forward-looking numbers but gave qualitative update on international.
declined to give Q4 guidancevague on international revenue
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Question
how should this quarter shape up? And also on the international front... where are we?
Management
as far as Q4 numbers are concerned I'm really sorry but I will not be able to provide any numbers as SEBI regulations restrict me... projects are going on internationally... in Africa we are working currently in Mozambique and Ghana.
Answered
Medium priority
How well positioned is the company for upcoming highway and airport projects?
Asked by Sashi Shinde, SH Consultancy Limited
Provided specific bid amount and strike rate, directly addressing the question.
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Question
with a continue government focus on infrastructure development how well position are we to benefit from the upcoming highway and airport projects.
Management
we have submitted bids close to 350 cr for which results are awaited... our strike rate at present is 20 to 25%... we are also exploring opportunities overseas.
Answered
Medium priority
What is the timeline for the current order book of ~250 crores?
Asked by Mukesh Dwani, WK Securities
Gave a clear and specific timeline.
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Question
the order book we have around of 250 crores. So what would be the agreement timeline?
Management
we are expecting 2.5 to 3 years.
Partial answer
Medium priority
What is the composition of other current assets of 53 crores?
Asked by Mukesh Dwani, WK Securities
Listed some items but did not provide a clear composition of the 53 cr figure.
mixed up assets with liabilitiesdid not give clear breakup
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Question
the element of other current assets in our balance sheet... it is around 53 crores. So can you throw some light on it?
Management
this is actually a part of the unbilled revenue that was there earlier... in addition to that there has been certain debts... we have a 10 cr limit from HDFC... 4.5 cr limit from PNB... others are our debtors and our unbilled.
Partial answer
Medium priority
How will the aviation consultancy vertical contribute to revenue over 2-3 years?
Asked by Mahet, BY Capital
Gave a qualitative range but no concrete revenue projections.
vague percentage rangeno specific revenue contribution
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Question
with our entry into the aviation consultancy... how do you see this vertical contributing to revenue over next two to three years?
Management
at present we have one airport project... we have submitted bids of four such airports... in terms of revenue if you contribute still 10 to 20% because the reach that highways give any other sector will not be able to give.
Evasive
High priority
Are we on track for the 1000 crore order book target by 2030?
Asked by Krishna Kumar, Individual Investor
Did not confirm whether on track; gave conditional statements.
no clear yes/noconditional language
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Question
in the previous quarter we saw that the order book expected by 2030 was 1000 crores. So are we on track on that?
Management
there have been certain slowdown... we are confident of our vision 2030... company on a monthly basis is bidding orders close to 100 crores... if we improve our strike rate then yes by 2030 this is achievable.
Evasive
Medium priority
How much of the order book is from the Middle East?
Asked by Krishna Kumar, Individual Investor
Did not provide any quantitative split of order book by geography.
no number givendeflected to future plans
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Question
that order book we are having a 256 cr how much for the middle east?
Management
we are right now in the process of establishing there... I'm expecting until this year management is continuously traveling... we have formed a few associations with local partners.
Partial answer
High priority
What would revenue have been without the accounting change this quarter?
Asked by Vivek (Individual Investor)
Gave the reversal amount but not the hypothetical revenue figure; only said 'similar range'.
no exact numbervague 'similar range'
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Question
this accounting change... what will be the revenue this quarter if there was no accounting change?
Management
we have reported a total unbilled revenue reversal of 30 cr... we were confident of getting a similar Q1 Q2 numbers in Q3 also. So it would have been in a similar range.
Answered
High priority
Can there be further revisions to project cost estimates?
Asked by Ashwin (Individual Investor)
Clearly stated no further adjustments, directly answering the question.
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Question
can there be further revisions when it comes to like the change of scope for all the current projects or can there be like a cost reestimation?
Management
there will be no such further adjustments that will be there in the future. This is just a one time adjustment.