{"id":174063,"date":"2026-01-22T10:54:19","date_gmt":"2026-01-22T15:54:19","guid":{"rendered":"https:\/\/alphastreet.com\/india\/dhruv-consultancy-services-ltd-dhruv-q3-2025-earnings-call-transcript\/"},"modified":"2026-01-22T10:54:19","modified_gmt":"2026-01-22T15:54:19","slug":"dhruv-consultancy-services-ltd-dhruv-q3-2025-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/dhruv-consultancy-services-ltd-dhruv-q3-2025-earnings-call-transcript\/","title":{"rendered":"Dhruv Consultancy Services Ltd (DHRUV) Q3 2025 Earnings Call Transcript"},"content":{"rendered":"

Dhruv Consultancy Services Ltd (NSE: DHRUV) Q3 2025 Earnings Call dated Feb. 06, 2025<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Jainam Savla<\/strong> \u2014 Investor Relations<\/em><\/p>\n

Tanvi T. Auti<\/strong> \u2014 Managing Director<\/em><\/p>\n

Pandurang Dandawate<\/strong> \u2014 Non Executive Director and Promoter<\/em><\/p>\n

Analysts:<\/h2>\n

Yashwanti Khedkar<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Shaurya Yadav<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to Throof Consultancy Services Limited Q3 and FY ’25 Earnings Conference Call, hosted by Kerin Advisors Private Limited.<\/p>\n

As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please email an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded.<\/p>\n

I now hand the conference over to Mr Savla from Advisors. Thank you and over to you, sir.<\/p>\n

Jainam Savla<\/strong> \u2014 Investor Relations<\/em><\/p>\n

Yeah, thank you. Good afternoon, everyone. On behalf of Kirint Advisors, I welcome you all to the conference call of Duru Consultancy Service Limited. From the management team, we have Mr Pandurang, Chairman; Ms Tanvia; Managing Director; Mr Rohit Markhal, General Account Manager.<\/p>\n

Now I hand over the call to Ms Sanjay Oti for opening remarks. Over to you, ma’am.<\/p>\n

Tanvi T. Auti<\/strong> \u2014 Managing Director<\/em><\/p>\n

Thank you. Good afternoon,, ladies and gentlemen. I extend a hearty warm welcome to each of you who has joined our investor call today, where we delve into the financial results of quarter three financial year ’24-’25. Your participation and interest in our company’s performance are highly valuable.<\/p>\n

During this session, we will offer a precise overview of our Q3 financial, providing insights into our achievements, the challenges we face and outlining our future strategies. But before we immerse ourselves in the numbers, let’s take a moment to reflect our journey so-far.<\/p>\n

Founded in 2003 and headquartered in Navy Mumbai Group Consultancy stands as a region of excellence in infrastructure consultancy. Our commitment to delivering comprehensive services, panning design, engineering procurement, construction and project management has positioned us as a trusted partner in the realm of infrastructure development. Our diverse portfolio includes separation of detailed project reports conducting feasibility studies, a project management consultancy, which includes construction supervision and techno advisory services carrying out technical and structural audits. We emerged as a strategic for investors navigating the intricacies of infrastructure projects.<\/p>\n

Our performance this quarter reflects our continued commitment to excellence in engineering consultancy, strategic collaborations and expansion into new geographies. We were recently awarded with an LOA for Authority engineer in association which maps Global Tech with a total contract value of INR23.46 crores from Maharashtra State Industry — from State Industrial Development Corporation. Had histori, our strong credentials in international markets were reinforced as we were shortlisted for a significant second project by the government of Bangladesh.<\/p>\n

Domestically, our capabilities in infrastructure consultancy have further been recognized. We have also secured an extension for an with the UP State Bridge Corporation for preparation of detailed project reports of major bridges and major bridges and flowers as well as bridge component designs. We are also shortlisted for the Assam Road and rural bridge project, which involves approximately 1184 bridges across 35 districts in Assam spanning four designated zones. Further strengthening our presence, we secured INR2.2 crore consultancy contract with and another from Ministry of Transport and Highways in Karnataka. We received a notice to proceed for consultancy services under Garkhal bid project in Himatri Pradesh where we will observe the construction of antilever bits. The contract value is INR11.05 crores, which will be executed over a period of 24 months. This engagement represents company’s first-ever generic uncertainty contract and its largest product in our railway sector to date.<\/p>\n

We are pleased to announce our first-ever dividend of INR0.1 per share. Sorry, it is not our first-ever dividend. We are pleased to announce our interim dividend of INR0.1 per share, reflecting our commitment to delivering shareholder value. Despite challenges this quarter, we remain focused on strengthening operations and improving our profitability. These achievements underscore our unwavering focus on delivering high-value infrastructure solutions, while expanding our footprint in both domestic and international markets. We remain committed to leveraging our technical capabilities, strategic partnerships and operational excellence to drive sustainable growth in the coming quarter.<\/p>\n

Now let’s take a closer look at the company’s financial performance. In Q3 FY ’25, Consultancy has recorded a total revenue of INR22.56 crores with EBITDA rising to INR4.47 crore, reflecting a healthy EBITDA margin of 20%. Profit-after-tax stood at INR2.15 crore, translating to a PAT margin of 9.52%, while the diluted EPS was 1.20. For Nine-Month FY ’25, the company delivered strong reporting total revenue of INR75.49 crores, a 31.5% year-over-year increase. EBITDA reached INR11.24 crores with an improved EBITDA margin of 14.89%. Profit-after-tax stood at INR4.91 crore, maintaining a PAT margin of 6.5% with diluted EPS at INR2.92.<\/p>\n

Before we begin the question-and-answer session, I would like to express my heartfelt appreciation to our esteemed stakeholders. Your unwavering support has been instrumental in our growth journey and we deeply value the essential role you play in our continued support.<\/p>\n

Now I warmly invite you to join us for a question-and-answer session. Your insights and inquiries are invaluable and we look-forward for a fruitful discussion. Thank you.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handsets only while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles we have our first question from the line of Yashwanthi Koj — Yashwanthi from Cogent Invest. Please go-ahead.<\/p>\n

Yashwanti Khedkar<\/strong><\/p>\n

Thank you. Ma’am just wanted to ask what were the challenges in reported quarter where we could not report much growth on the top-line as well as bottom-line and there is increase in the EBITDA margin also.<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

Yeah, there are two reasons for this. First is that due to the state government elections that were there which was followed by the state government elections in October. So that had a minor impact on the billing on the top-line as well as on the top-line. Bottom-line, have recent — as I said in my opening remarks, we were awarded with two major projects. One is in Mozambique, that is our first international project, which we are executing. And second is the INR23.46 crore project awarded to us by MSIDC. So the — it has 11 packages under it, 11 construction packages and contractors. It is a huge setup that was to be done and hence the initial mobilization expenses as has been the trend before is slightly on a higher side, but going ahead, these projects are with good profitability and going ahead it will help us improve our EBITDA margins also.<\/p>\n

Yashwanti Khedkar<\/strong><\/p>\n

Okay just want to understand what the so what kind of a job…<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

Your voice is racing, ma’am, I’m not able to hear you.<\/p>\n

Yashwanti Khedkar<\/strong><\/p>\n

Can you hear me now?<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

Yeah, now it’s better. Yeah.<\/p>\n

Yashwanti Khedkar<\/strong><\/p>\n

So when is the post for the railway segment, so firstly, the congratulation. And just want to understand what kind of a consistency we will be doing in the rail segment and as we are already for, what kind of future possibilities or the opportunity you see in this segment.<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

Yeah, in the railway sector, so this is a general — what we Call-IT as a GC, it is a general consultant. So there we will, we have received this from Kota Municipal Corporation. So under that municipal corporation, whatever projects are being executed, we have to monitor them, we have to scrutinize the tenders, we have do all the designing, we have to do all the checking, we have to carry-out surveys, then whether the construction is happening as per the plan quality assurance, everything. So as a general concern all the activities that comes under our service portfolio is there. Hence we are looking for more such assignments in the future and the recent budget provision also testifies that a lot of investments are now being done not just in the highway sector, but in the railway sector also.<\/p>\n

Yashwanti Khedkar<\/strong><\/p>\n

Yeah. And you just mentioned while explaining your railway opportunities, the design — so what designing we will be doing it for them?<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

So there is everything right from the track, the alignment design, then there is the — then there is the signaling, there is the structures that come on the railway track. So there are railway bridges that come on the structures. So not the exact detailed design we don’t do. Designs are already there. We just have to proof check those designs and certify them.<\/p>\n

Yashwanti Khedkar<\/strong><\/p>\n

Okay, and if you want wish. I just want to understand like while expanding your pressure on the net profit, you mentioned that there is a pressure — there is a higher hopealization expenses due to the good contract. Yes. Can we expand this down and we can see a remarkable growth in the top-line as well as bottom-line along with improvement in the EBITDA margin.<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

Yes. So now we were only working with NHI or more predominantly, if you have seen our past, we are widening our client base in India to larger ticket size projects, say minimum INR20 crores now and more such orders we are expecting in the future. So a same order, which we were getting for INR5 crores, now we are getting for INR20 crores. So there the expertise or the input that is required is the — is the same. But for the same input, we are getting a larger fee. Of course, the projects are of big kilometers. But since it’s a Solapur and Sangli area where we are already working, so for us, the costs are on a lower side. But any project that is where initial mobilization expenses are always higher.<\/p>\n

Yashwanti Khedkar<\/strong><\/p>\n

I’m asking, ma’am. So we can see the Q1 year comparatively getting a better results. We are lacking the overall margins.<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

Yes. And not just with this project, we are expecting more such orders in the future. Now the company in the highway sector, especially now that the company is among the top three, four consultants in India in the highway sector, we can now qualify for any large-size ticket projects on our own eligibility. So now instead of getting a INR5 crore or a INR6 crore project, our teams — our business development focus would be on INR20 crore-plus project where we will see a good improvement in the EBITDA.<\/p>\n

Yashwanti Khedkar<\/strong><\/p>\n

And when we get into such a big project like INR20 crores plus, do we need to get into the joint-venture because couple of projects are seeing it through a joint-venture. So is this a qualification of the size of that is calling for a joint-venture?<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

No, sometimes so for this project also, there is no joint-venture, there is an association that is there. So the associate is hardly 5% or 10% of 5% or 10% share is what they have. It is just to maintain good relations in the industry with your competitor. Otherwise the group is solely eligible to qualify for projects on their — on our own.<\/p>\n

Yashwanti Khedkar<\/strong><\/p>\n

Okay. Okay. Thank you so much and wish you the best for the coming quarter.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We have our next question from the line of Mahesh from a shareholder. Please go-ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello. Can you hear me?<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

Yes. Yes, sir. Yes, sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, thanks for the opportunity. Sir, my first question is that there has been a sequential dip in revenue from INR32.23 crore in Q2 to INR22.56 crore in Q3. So what are the key reasons behind this decline.<\/p>\n

Pandurang Dandawate<\/strong><\/p>\n

Okay, I will answer this question chairman. Am I audible?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, sir, you are audible.<\/p>\n

Pandurang Dandawate<\/strong><\/p>\n

Yeah. We have submitted few tenders for the state authorities, mainly Maharashtra government in July and we were expecting the tender to be opened and work to be started somewhere in October. But unfortunately, in October, there was code of conduct and even till that the scrutiny of the tenders is not completed. So the expected orders in Q3 we could not get is because of delay mainly because of the code of conduct and change of the change in the government from the lead side, right? So this is the main reason why our Q3 is on lower side than the Q2.<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

However, if you see the overall Nine-Month revenue compared to the last year, there is a significant 30% increase. So last year, the Nine-Month revenue was INR56 year and now it is 75 crores. So there is still a significant increase. However, quarter-on-quarter, as sir rightly said, we are waiting for a few orders, otherwise, this revenue definitely would have gone to a higher side.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Got it. As you said that there has been a delay from the government side. So how do you force this improvement in the coming quarters for the next three, four quarters?<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

Can you repeat your question?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, I was saying that.<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

Also, we are expecting a significant increase from FY ’24. We are not allowed to diverge any numbers as such, but March ’25 looks to be quite good with now new stable governments coming in the state as well as centre. So March ’25 looks quite good for us.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. And my next question, can you have a presence in?<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt, sir, your voice is quite breaking. Can you please use the head?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Can you hear me now?<\/p>\n

Operator<\/strong><\/p>\n

No, no, yet. Not we’ll request you to rejoint because we aren’t able to hear you.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Yadaf from Research. Please go-ahead.<\/p>\n

Shaurya Yadav<\/strong><\/p>\n

Hello, am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Mr. Shawyer, hi there?<\/p>\n

Shaurya Yadav<\/strong><\/p>\n

Hello, am I audible?<\/p>\n

Operator<\/strong><\/p>\n

MR., we request you to unmute yourself and ask questions. We have our next question from the line of Adity Rao from Advisors. Please go-ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Congratulations. And my question is, could you provide an update on capital allocation priorities and any potential fund requirements for upcoming projects?<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

Yes, thank you for your question, ma’am. So yes, capital allocation, as you can see in our quarter three also, our presidential money proceeds have been used to purchase two major equipments, one is the falling grid deflector metre which is the second one now and a mobile grid inspection unit is also a second one. So right now we were working for asset management or carrying out a detailed surveys with five such instruments and we were only doing it for the government. Now a company has a plan to use these in the private sector as well where there is much scope and there is very good profitability also. So companies trying to expand its service portfolio as well to private clients. If you can see in the quarter three FY ’25, we have been awarded with quite a few major projects from SCC, then VR Infra, mission. So we — our dependency on the government sector is slowly reducing, which is a very big positive impact.<\/p>\n

And secondly, the fund requirement, yes, there will be a fund requirement, there will be a non-fund based requirement. As and when we are being received projects, bank guarantees would be required and our banks — we are in talks with our bankers, our present bankers who are happy to assist us for the same.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, now and I have another question. What are the key strategic initiatives that will drive growth in the next fiscal year.<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

So the key strategies that we are doing first is highway sector. I will talk about that, that as I already mentioned that three to four — we are among the top three to four consultants in India as far as the highway sector is concerned. We are working right from Kashmir to Kanyakumari and Gujarat to Manipur in the east. So as far as India is concerned, we have captured almost all of the states barring two or three states in India. Now we are establishing ourselves in the highway sector in the international — in the global market where has been our first achievement and many such orders we are expecting in this FY ’26 major orders from the international market.<\/p>\n

Secondly, we plan to replicate this success story in other sectors of infrastructure. So then the national implementation plan says that infrastructure has 22 sectors. So we are going to identify five or — we have identified five or six sectors, namely the railways, metros, airports, public health engineering, energy and power. So wherein we plan to replicate our success that we have in the past 20 years in highways in these sectors as well. And the budget provisions being made by the central government are very higher as compared to previous years for these sectors also. Of course, highways would remain our core dominant sector as that provides livelihood and connectivity to any — to any nation and contributes to the GDP of the nation also. But going ahead, in the next five or 10 years, we plan to establish ourselves in other sectors and that would be our key strategy.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Rami, thank you,. That’s it from my side and congratulations once again.<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We have our next question from the line of Surat Singhania, an Individual investor. Please go-ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello, can I — hello?<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

Yes, you are audible.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, my question, the company has engaged in joint-ventures for certain projects. So what are the three reasons behind this approach and how do you this collaboration benefit the company in terms of project certification and financial impact?<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

Yeah. As far as joint-ventures are concerned, company previously, yes, in the past five or six years for eligibility purposes, we were required to make a joint-venture, especially in COVID — from the COVID era where traveling was becoming a major concern and we had to have joint-venture with local consultants in that particular state. Now that we have established ourselves in almost all the states of the country and we require very less joint-ventures. However, as an industry practice or to maintain good relations with our competitors as well. So for large ticket size, for very large ticket size project, we might require a JV where there is a special expertise required, but the extent of the JV is very less as compared to the previous year. So going ahead, the amount of JV or associations that we will be doing in our tendering will be almost…<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And my second question is, are there any international projects in the pipeline? So what strategies are in-place to expand beyond the domestic market?<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

Yes. So as we all know that Mozambique, we have already established ourselves and our team is right now sitting in Africa where not just in the government sector, but there are lot of opportunities in the private sector also in the international market in-roads as well as railway sector. We have a few projects in pipeline in the international market. One is in Tanzania, Ghana, in Zambia and there is a major project coming up in Philipines, which itself is a single INR200 crore project. So FY ’25 — FY ’25-’26 looks to be dominated by the international market for us and we are expecting a good success rate in these projects.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Thanks.<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

Yeah.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. A reminder to all participants, you may press star and want to ask a question. The next question is from the line of Hiral Dube, a shareholder. Please go-ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello. Can you hear me?<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

Yes.<\/p>\n

Operator<\/strong><\/p>\n

Please go-ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thanks for this opportunity. So I have a question. So there has been a sequential dip in the revenues from INR32.23 crore in Q2 to INR22.56 crore in Q3. So what are the key reasons behind the decline?<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

Maybe — I think this question was already asked, but I’ll repeat myself. The major reason for a dip in the quarter-to-quarter revenue was the elections that were there in the state. So we were expecting a few orders in the Q3 FY ’25, which will now be pushed to the Q4 FY ’25. They are major LOAs and those revenues were supposed to be a part of Q3 FY ’25. However, the scrutiny is taking a longer time and which will be done soon and it will be filled over to the Q4 FY ’25, that is one. Secondly, if you see the overall nine months revenue that is there, it has significantly increased from 56 to 75 we are. So as far as the full-year is concerned, I think we are in a good place and FY ’25 March looks to be quite good.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We have our next question from the line of Pratik Dedia, a shareholder. Please go-ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah hi, am I audible? Can you hear me.<\/p>\n

Operator<\/strong><\/p>\n

Mr Prati, do we request you to unmute yourself and ask questions. We have our next question from the line of Priya Jain from Green Capital. Please go-ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Am I audible?<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

Yes, yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

But I want to understand it how is positioning itself to capture new opportunities in the consultancy and infrastructure sector.<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

So in the highway sector, I would like to talk about first, in the past 21 years that the company is in existence now, we have become one of the top three — top three, four consultants in India and we are now eligible for any large-sized ticket project, six lane, eight-lane, greenfield, expressway project, iconic structure. And so we are looking at a ticket size of INR20 crore-plus in the domestic market. In the international market, when it comes to the highway sector, now that we can do any kind of — we have the setup for any kind of service we can do in the highway sector and we plan to take this to the global market as well where there are a lot of opportunities in the sub-Saharan African region, Southeast Asia, then there are a lot of outsourcing opportunities also from the developed economies like North-America, Europe, a few European countries also. Wherein we take their — wherein the service charges that they are paying right now is close to 5% and we can do those assignments at a much lower rate. So outsourcing business in the sector is also a very good opportunity. Then there is lenders engineering where are getting empanneled with quite a few banks and bankers are giving us the opportunity to carry-out lenders engineering services for their projects where they are funding. For the other sectors that is there railways we have established ourselves ports we already had a project since 2016 metros we have been awarded projects from. So we are slowly, slowly entering into other such sectors as well and we plan to replicate our success from — success that we have in the highway to these sectors in the private as well as the government sector in domestic as well as the international market.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. A remind to all participants, if you wish to ask a question, you may press star and one. We have our next question from the line of Pratik Dedia, an Individual Investor. Please go-ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Am I audible? Hello.<\/p>\n

Operator<\/strong><\/p>\n

MR. Pratik, we request you to unmute yourself and ask questions. Hello? Mr Pratik. We’ll move on to the next question from the line of Jaira Jain from Jain Capital. Please go-ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you. So tell me how many states do we currently have presence in and what are the plans for expanding our geographical footprint?<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

We’re not able to hear you properly. Can you repeat?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, sure. Am I audible now? Yeah, it’s much better, sir.<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

Yeah, it’s much better, sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. So tell me how many states do we currently have presence? And what are the plans for expanding our geographical footprint?<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

Yeah. So out-of-the 29 states that are there in India, we are already working in 25 states, barring a few that is Kipura and Jammu Kashmir. So small, small states in the far east that are there Nagaland so these are the states that are still there and as far as India is concerned, I would say that we have already expanded our base from north to South and east to West. Now our focus is on the international market where our target markets are the African region, namely the East African countries like Tanzania, Zambia, Mozambique we are already established there is Ghana there is Nigeria so all these countries in the African region, then in Southeast Asia there is Cambodia, Vietnam, there is Philipines, then Bangladesh and South Asia, there is Myanmar, Nepal, lots of infrastructure opportunities are there. Other than this, there is Gulf where there is lot of infrastructure development happening, especially in the real-estate sector then from the developed countries like America and few European countries we are getting lot of outsourcing opportunities where we carry-out services like design, engineering at a much lower rate than what they are paying in such countries. So that is a huge market and opportunities that lies ahead of us. So like we are now one of the top three consultants in India. We plan to establish ourselves in the highway sector in the global market also as well as going ahead in the future years, we plan to enter into the other sectors of infrastructure as well as reduce our dependency from the government sector and move towards the private sector, where there is improvement in profitability.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. So the next question I have is can you provide some insights into company’s foray into success? What opportunities do you see in this segment? And how does it be fit into your broader growth strategy?<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

So last year we did a project in — for the Tamil Nadu government where it was a project management consultancy, construction supervision for the railway lines that were there in the Salem area of Tamil Nadu. So we have successfully completed that project this year. And taking that eligibility ahead, we have recently awarded with a general consultancy project from the Kota Municipal Corporation where all the railways coming under this region, we would be the tenders, we would be preparing all the documentation required for it. We would be supervising these projects right from the name of the track, the alignment, the structure coming onto it, the signaling, whatever manpower planning is to be done, everything would be done by us and that’s a single INR11 crore assignment. And many more such projects in the railway sector are in pipeline as lot of emphasis has been given on the railway sector by the union budget that was announced recently and past two years we can see increase in investment in the railway sector.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you so much.<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

Yeah.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We have our last question from the line of from Finvest. Please go-ahead.<\/p>\n

Yashwanti Khedkar<\/strong><\/p>\n

Yeah, thank you for the opportunity manager again. Ma’am, I’m just wanted to understand that you just mentioned about a couple of countries who are expanding your business. So like India, we have a qualification matric. So for abroad, how does it work? Or because we are working as an outsourcing contractor, we don’t need to have such a qualification.<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

There are qualification requirements, but see, if you compare the Indian geography and the geography that is there in Africa, India is a much difficult terrain of — that is there. So the eligibility that the consultants in India are getting, we can qualify anywhere all over the world because the toughest area to work as far as terrain or geography is concerned is India. So eligibility-wise, we don’t have a problem. But yes, with what the international tender says that you need to have — you need to hire local manpower as well when it comes to providing manpower at the site. So we give a combination of international and local — local manpower. So for this, we form a JV or an association with local partners there. So our BD team, our business development team has prepared a network of such local consultants. And in each and every country we have one or two connections wherein they all the local activities or local or whatever political scenarios are there, so they take care of those things and we can concentrate on the project execution part of it.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And I’m sorry if you already mentioned, but what is the current order book you said?<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

Unexecuted order book is INR280 crores and total order book is around INR557 crores.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And then civic order is expected a weaker of accounting in the revenue by FY ’26.<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

So definitely, we plan to double this order book in the coming months. It’s in due to elections this year, lot of orders were delayed, but now there will be a good spillover in March FY ’25 as well as for the FY ’26. So we are expecting to double this order book in the coming months.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. But this current order book will get accounted in FY ’26. I mean the revenue will be booked in the FY ’26.<\/p>\n

Pandurang Dandawate<\/strong><\/p>\n

There will be three…<\/p>\n

Unidentified Participant<\/strong><\/p>\n

They will be in three years. And as we are talking about doubling the order book from here and we are expanding over reach 25. So what kind of a manpower addition you are projecting for the next two to three years?<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

So as far as the highway sector is concerned, if there is a supervision assignment, then yes, we need to hire people on-contract basis. Our HR and our recruitment team is well capable of doing that. And people are actually preferring coming to our company since in our domain, we are the only listed company. We are giving ESOPs to our employees. So we have an edge over our competitors when it comes to talent acquisition. Secondly, we are giving them opportunities in the international sector also, which is a big highlight point, especially for the younger generation. And going ahead, if there are other services like the design and there is asset management, we don’t need to hire any additional resources for it as our corporate office in Mumbai and we have over 100 employees here at the corporate office who are experts in these areas and we don’t need to do any new hiring for it. So which will in-turn give us greater profitability.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. So probably around 15% to 20% margin on the increase in the contractual level, you can say that.<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

Yes. It’s a construction supervision assignment, yes, we need to hire new manpower, but other kinds of services that we would be doing, we don’t need any new manpower for it. And of course, with artificial intelligence also coming in, our team is researching on how we can reduce the human dependency and use artificial intelligence in our infrastructure project also.<\/p>\n

Pandurang Dandawate<\/strong><\/p>\n

And once the project is — once the project is completed, that manpower which is deployed on the site is automatically demobilized and their services are concluded. So net of net, there is no increase in the manpower on the side.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. Okay. And sir, the last thing, three years down the line where you see the company’s top-line or the bottom-line growing to maybe in percentage term.<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

So we are actually not allowed to disclose any numbers as such, but as I’ve already mentioned that we expect a significant increase in March itself. And of course, in the coming years, where a lot of emphasis has been given on other infrastructure sectors in India, crores of — and crores of provisions are being done for not just the highway sector, but railways, metros, ports, airports, energy and power. So if you see we have an almost INR100 crore revenue in highway sector itself, we plan to take it to other sectors. So slowly, slowly we build our eligibility in other sectors and not just domestic market, but in the international marketers.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, thank you so much ma’am for explaining me in detail.<\/p>\n

Tanvi T. Auti<\/strong><\/p>\n

Thank you. Yeah. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, that was the last question for today. And I now hand the conference over to Mr Savla from Advisors. Over to you, sir.<\/p>\n

Jainam Savla<\/strong><\/p>\n

Thank you. Thanks, everyone. Thank you, everyone, for joining the conference call of Service Limited. If you have any queries, you can write us at research at. Once again, thank you everyone for joining the conference call. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. On behalf of Advisors Private Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Dhruv Consultancy Services Ltd (NSE: DHRUV) Q3 2025 Earnings Call dated Feb. 06, 2025 Corporate Participants: Jainam Savla \u2014 Investor Relations Tanvi T. Auti \u2014 Managing Director Pandurang Dandawate \u2014 Non Executive Director and Promoter Analysts: Yashwanti Khedkar \u2014 Analyst Unidentified Participant Shaurya Yadav \u2014 Analyst Presentation: Operator Ladies and gentlemen, good day and welcome […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,8874,10089],"class_list":["post-174063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-industrials","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":154220,"url":"https:\/\/alphastreet.com\/india\/dhruv-consultancy-services-ltd-q1fy24-98-rise-in-profits\/","url_meta":{"origin":174063,"position":0},"title":"Dhruv Consultancy Services Ltd Q1FY24; 98% rise in Profits","author":"Hardik Bhandare","date":"August 17, 2023","format":false,"excerpt":"Incorporated in 2003, Dhruv Consultancy Services is a project management consultancy firm in the field of infrastructure. 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Total Expenses for Q1FY24 of \u20b910.49 Crores down from\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-1171.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-1171.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-1171.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-1171.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-1171.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-1171.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":174061,"url":"https:\/\/alphastreet.com\/india\/dhruv-consultancy-services-ltd-dhruv-q1-2026-earnings-call-transcript\/","url_meta":{"origin":174063,"position":1},"title":"Dhruv Consultancy Services Ltd (DHRUV) Q1 2026 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Dhruv Consultancy Services Ltd (NSE: DHRUV) Q1 2026 Earnings Call dated Aug. 14, 2025 Corporate Participants: Unidentified Speaker Tanvi Auti \u2014 MD & Executive Director Pandurang Dandawate \u2014 Founder & Non-Executive Non-Independent Director Harshil Ghanshyani \u2014 Investor Relations Analysts: Unidentified Participant Thomas Jones \u2014 Analyst Abhinav Singh \u2014 Analyst Dhruv\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":136078,"url":"https:\/\/alphastreet.com\/india\/dhruv-consultancy-services-ltd-dhruv-q2-fy23-earnings-concall-transcript\/","url_meta":{"origin":174063,"position":2},"title":"Dhruv Consultancy Services Ltd (DHRUV) Q2 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"August 12, 2022","format":false,"excerpt":"Dhruv Consultancy Services Ltd (NSE:DHRUV) Q2 FY23 Earnings Concall dated Aug. 12 Corporate Participants: Unidentified Speaker -- Pandurang Dandawate -- Chairman and Non-Executive Director Tanvi Auti -- Managing Director Rajesh Sindhav -- General Manager, Finance and Accounts Analysts: Yashvanti Ketkar -- Individual Investor -- Analyst Unidentified Participant -- -- Analyst\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"stock earnings conference call transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":142094,"url":"https:\/\/alphastreet.com\/india\/dhruv-consultancy-services-ltd-dhruv-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":174063,"position":3},"title":"Dhruv Consultancy Services Ltd (DHRUV) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 17, 2023","format":false,"excerpt":"Dhruv Consultancy Services Ltd (NSE:DHRUV) Q3 FY23 Earnings Concall dated Feb. 16, 2023. 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