Dhruv Consultancy Services Ltd(DHRUV)

NSE: DHRUVBSE: 541302

₹ 20.5+7.33%refreshed 26 Oct, 01:55 pm ISTMarket cap: ₹ 39 crWebsite: www.dhruvconsultancy.inUpdated: 24 Oct 2026

About

Dhruv Consultancy Services is an Indian infrastructure consultancy established in 2003 that has grown from roads and highways consulting into a multidisciplinary infrastructure partner, offering services from feasibility studies and DPRs to construction supervision and O&M. It reported FY26 revenue of 42.9 (Rs crore). It has more than 200 completed projects and 81 ongoing as of FY26, and has a market presence in 27 states. It was ranked 9th among more than 70 consultancy organisations in NHAI's latest Authority Engineer and Independent Engineer performance evaluation.^[1][2]

Service lines

In Q2 FY26, PMC projects (construction supervision plus O&M) made up 80% of revenue: about 40% from supervision/O&M and 40% from construction supervision. DPR work made up the other 20%.^[3]
As of FY26, its end-to-end services cover feasibility studies, DPR preparation, design and engineering, project management, construction supervision, O&M, asset management and technical advisory.^[1]
As of FY26, it works across roads and highways, expressways, bridges, tunnels, railways, metro, airports, buildings, ports, PHE and urban infrastructure.^[1]
In Q1 FY27, it started a Wayside Amenities business through Verul Drivehub, an SPV in which it holds 55%. The first site agreement was signed on 4 August 2026.^[4]

Order book and operating measures

The unexecuted order book was INR300 crores in Q1 FY27, against INR256 crores in Q3 FY26 and about INR200 crores in Q2 FY26. The total order book was INR600 crores in Q1 FY27.^[4][5][3]
The order book stood at ₹224.39 crore as of 31 March 2026.^[1]
Order inflow was about INR90-100 crores in Q1 FY27, roughly equal to the full-year FY26 inflow. By the time of the call, a further INR60-65 crores had been secured in Q2 FY27.^[4]
The company had 65-70 assignments running at the same time in Q1 FY27. Management said the order book converts to revenue at 15-20% per year.^[4]
Its domestic bid strike rate was 20-25% in Q3 FY26. In Q2 FY26, its international bid win rate was 1%.^[5][3]
In 9M FY26, revised project cost and margin estimates under Ind AS 8/115 led to an accounting adjustment of about INR30 crores.^[5]

People and execution

In Q2 FY26, the company had about 450 professionals and attrition of 3-4%.^[3]
In FY26, HR staffed 14 newly awarded projects, with about 98% of staff deployed on time.^[1]
In Q1 FY27, employee and project management costs of about INR15 crores were slightly higher than operating revenue of INR15.55 crores.^[4]
About 60-70% of revenue has typically come in Q3 and Q4, because the monsoon delays survey work. Management said this pattern has held for 22 years (Q1 FY26 call).^[6]

Clients and market position

NHAI accounted for about 90% of the order book in Q2 FY26.^[3]
As of FY26, it ranked 9th in NHAI's AE/IE performance evaluation. This rating carries 40% weightage in upcoming AE/IE bids for NHAI and MoRTH projects.^[1]
Private-sector clients include IRB, GR Infra and HCC (Q1 FY26).^[6]
In Q1 FY27, it was empanelled by BMC for municipal infrastructure PMC work for 5 years, and by India Exim Bank for DPR, technical advisory and lenders' independent engineer work.^[4]
As of FY26, it has executed 10 expressway projects, including Mumbai Pune, Delhi Vadodara and Ganga Expressway.^[1]

International presence

In FY26, it completed its first international assignment, a World Bank-funded project in Mozambique, and received project revenue in US dollars for the first time.^[1]
In FY26, it was named Most Responsive Bidder on a project in Ghana and continued to pursue work in Saudi Arabia.^[1]
In Q1 FY26, it won a road design consultancy contract from Core Axis Company, Saudi Arabia, worth ₹18.70 Cr. This was its first international private-sector project.^[6]
It set up a wholly owned UK subsidiary, Dhruv International Private Limited, in 2024. As of FY26, opening its bank account and other formalities were still in progress.^[1]
As of Q1 FY27, management is targeting 10-15% of the order book from international markets.^[4]

Expansion plans

Management expects the first Wayside Amenities site to start earning revenue in February 2027. It expects LOAs for three more sites (Nanded, Latur, Solapur) by September 2026.^[4]
An AI dashboard is planned to raise the number of assignments it can run at once from about 65-70 to about 120 (Q1 FY27).^[4]
It plans to upgrade its BIM capability from 3D to 6D and add digital twin capability so it can bid on projects globally (Q1 FY27).^[4]
Its Vision 2030 target is an order book of INR1,000 crores (Q3 FY26).^[5]

Recent developments

On 23 Sep 2026, it won a Rs 3,79,08,000/- contract from the Government of Maharashtra (PWD Panvel) for a DPR cum feasibility study for road widening in Nanded/Latur/Parbhani. The contract runs for 365 days.^[7]
In Q1 FY27, it received an INR40.92 crores order from OBCC (Odisha). This is the largest single order it has won.^[4]
In Q1 FY27, it won its first large railway authority-engineer assignment, worth INR19.34 crores, for the 140-km Rowghat-Jagdalpur project. The assignment needs 108 staff.^[4]
In October 2025, it entered aviation when MADC appointed it for link taxiway consultancy at MIHAN, Nagpur. The contract is worth INR1.63 crores over 20 months.^[3]
A court stayed an NHAI debarment order, and the company resumed bidding from 4 July 2025 (Q2 FY26).^[3]

Market Cap

₹39 Cr

High / Low

₹58 / 19

Stock P/E

-1.0

Price / Book

0.5

Book Value

₹38

EPS

₹-15.0

No. of Shares

1.9 Cr

ROCE

-34.0%

ROE

-32.4%

OPM

-82.6%

Debt / Equity

0.27

Sales

₹43 Cr

Net Profit

₹-28 Cr

Promoter holding

49.4%

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Dhruv Consultancy Services Ltd(DHRUV)

About

Service lines

Order book and operating measures

People and execution

Clients and market position

International presence

Expansion plans

Recent developments

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