• The company is engaged in the manufacturing of welding consumables and enjoys leadership in the segment.
• It posted growth n its top and bottom lines for the reported periods.
• Off-late the counter has marked highly volatile trades.
• The RI is reasonably priced and is at a discount of around 21.47%.
• Well-informed investors may park moderate funds for long term.
ABOUT COMPANY:
D & H India Ltd., (DHIL) is one of the top welding consumable manufacturer companies in India to have received ISO 9001-2015 certification for quality standards for all its manufacturing plants. All of them under one single certification is the indicative of consistency of manufacturing processes and quality assurance procedures. Most of the company’s products have approvals from reputed engineering consultants and are certified by leading national/international inspection agencies.
D & H India’s Research and Development strategy is to continually improve its products. The company seeks to develop new, high-quality product with the primary focus on long-term benefits. The constant development of products is an important part of this work and goes a long way in realizing the key objective of customer satisfaction.
The Company deals in manufacturing and sale of the welding consumable, i.e., Welding Electrodes, SAW Wire and FLUX, Flus Cored Wire, Co2 wires, MIG and TIG Wires which are mainly used in various sector of industries including infrastructure projects, Thermal Power Plants, Steel Plant, Cement Plant, etc. As on the closing of the financial year, the Company has 1 (one) Wholly Owned Subsidiary in the name of V & H Fabricators Private Limited which is not a material subsidiary. As of March 31, 2025, it had 115 employees on its payroll.
ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 2047000 equity shares of Rs. 10 each at a fixed price of Rs. 120 per share to mobilize Rs. 24.56 cr. The RI has opened for subscription on February 09, 2026, and will close on February 17, 2026. The company is offering RI in the ratio of 1 for 4 to its eligible stakeholders as of the record date of January 31, 2026. The company is asking for full payment on application for the number of shares applied. Post allotment, RI shares will be listed on BSE SME. The company is spending Rs. 0.24 cr. for this RI process, and from the net proceeds, it will utilize Rs. 18.56 cr. for repayment/prepayment of certain borrowings, and Rs. 5.76 cr. for general corporate purposes.
The RI is solely lead managed by the company itself., and Ankit Consultancy Pvt. Ltd. is the registrar to the issue.
Post-RI, company’s current paid-up equity capital of Rs. 8.19 cr. will stand enhanced to Rs. 10.24 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 122.82 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has (on a consolidated basis) posted total income / net profit, of Rs. 157.82 cr. / Rs. 2.70 cr. (FY24), Rs. 209.13 cr. / Rs. 5.15 cr. (FY25). For 3Qs of Y26 ended on December 31, 2025, it earned a net profit of Rs. 5.35 cr. on a total income of Rs. 180.47 cr. The company marked steady growth in its top and bottom lines for the reported periods. Its NAV stood at Rs. 63.61 as of December 31, 2025.
DIVIDEND POLICY:
The company has not paid any dividends for the reported periods. It will adopt a prudent dividend policy, based on its financial performance and future prospects. The offer document is silent on its dividend policy.
SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 512169 (FV Rs. 10).
The scrip last closed on cum-right basis at Rs. 185.35 on January 29, 2026, and opened on an ex-right basis at Rs. 165.10 on January 30, 2026. Since then, it has marked a high/low of Rs. 172.40 / Rs. 134.10. The scrip last closed at Rs. 152.80 as of February 09, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 251.29 / Rs. 112.87.
The promoters’ holding has been at 52.26% for the last three quarters ended December 31, 2025. The counter is currently trading above the RI price.
Conclusion / Investment Strategy
DHIL is engaged in the manufacturing of welding consumables and enjoys leadership in the segment. It posted growth in its top and bottom lines for the reported periods. Off-late the counter has marked highly volatile trades. The RI is reasonably priced and is at a discount of around 21.47%. Well-informed investors may park moderate funds for long term
