Dhariwalcorp Ltd
Incorporated in 2020, Dhariwalcorp Limited trades in a wide range of waxes, industrial chemicals, and petroleum jelly.[1]
- Market Cap ₹ 350 Cr.
- Current Price ₹ 392
- High / Low ₹ 396 / 90.5
- Stock P/E 88.5
- Book Value ₹ 44.0
- Dividend Yield 0.00 %
- ROCE 18.5 %
- ROE 16.4 %
- Face Value ₹ 10.0
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 29.4%
Cons
- Stock is trading at 8.89 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Earnings include an other income of Rs.3.04 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Commodities Chemicals Chemicals & Petrochemicals Trading - Chemicals
Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|
| 159 | 194 | 229 | 233 | 232 | |
| 157 | 194 | 224 | 230 | 228 | |
| Operating Profit | 2 | 0 | 4 | 3 | 4 |
| OPM % | 1% | 0% | 2% | 1% | 2% |
| 1 | 1 | 2 | 3 | 3 | |
| Interest | 0 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 2 | 1 | 6 | 5 | 6 |
| Tax % | 24% | 31% | 25% | 29% | |
| 1 | 1 | 5 | 4 | 4 | |
| EPS in Rs | 142.00 | 60.00 | 6.86 | 3.98 | 4.42 |
| Dividend Payout % | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 14% |
| TTM: | 0% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 36% |
| TTM: | -5% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 238% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 29% |
| Last Year: | 16% |
Balance Sheet
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 0.10 | 0.10 | 7 | 9 | 9 |
| Reserves | 2 | 2 | 2 | 26 | 30 |
| 6 | 6 | 9 | 11 | 15 | |
| 6 | 11 | 4 | 22 | 11 | |
| Total Liabilities | 14 | 20 | 21 | 68 | 65 |
| 2 | 2 | 2 | 6 | 7 | |
| CWIP | 0 | 0 | 3 | 3 | 3 |
| Investments | 0 | 0 | 0 | 4 | 1 |
| 12 | 18 | 17 | 54 | 54 | |
| Total Assets | 14 | 20 | 21 | 68 | 65 |
Cash Flows
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| 1 | 1 | -0 | -13 | |
| -0 | 0 | -3 | -11 | |
| -1 | -1 | 4 | 24 | |
| Net Cash Flow | 0 | 0 | 0 | -0 |
Ratios
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Debtor Days | 20 | 21 | 12 | 26 |
| Inventory Days | 4 | 9 | 8 | 43 |
| Days Payable | 9 | 18 | 4 | 29 |
| Cash Conversion Cycle | 15 | 12 | 17 | 41 |
| Working Capital Days | 2 | 3 | 10 | 38 |
| ROCE % | 18% | 50% | 19% |
Documents
Announcements
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Clarification - Financial Results
19 January 2026 - Exchange has sought clarification from Dhariwalcorp Limited for the quarter ended 30-Sep-2025 with respect to Regulation 33 of the SEBI (LODR) Regulations, 2015. On basis …
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Updates
17 January 2026 - NSE in-principle approval to list 450,000 equity shares (₹10 each) after preferential warrant conversion.
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Shareholders meeting
16 January 2026 - Approved authorised capital to Rs25 crore and 1:5 share split; resolutions passed Jan 12, 2026.
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Certificate under SEBI (Depositories and Participants) Regulations, 2018
14 January 2026 - Certificate (06 Jan 2026): Reg 74(5) not applicable; all shares demat; no rematerialisation requests, quarter ended 31 Dec 2025.
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Shareholders meeting
14 January 2026 - Jan 12, 2026: Postal ballot approved increase in authorised capital, share split, and alteration of MOA.
Business Profile[1] The company processes, purchases, sells, imports, and trades various types of wax, including Paraffin Wax, Micro Wax, Slack Wax, Carnauba Wax, Microcrystalline Waxes, Semi-Refined Paraffin Wax, Yellow Beeswax, Hydrocarbon Wax, montan wax, Polyethylene Wax, Vegetable Wax, Residue Wax, Palm Wax, BN Micro Wax, Hydrogenated Palm Wax, Micro Slack Wax, PE Wax, and Soya Wax.