Dhariwalcorp Ltd
Incorporated in 2020, Dhariwalcorp Limited trades in a wide range of waxes, industrial chemicals, and petroleum jelly.[1]
- Market Cap ₹ 422 Cr.
- Current Price ₹ 44.8
- High / Low ₹ 48.3 / 9.70
- Stock P/E 106
- Book Value ₹ 4.41
- Dividend Yield 0.00 %
- ROCE 18.5 %
- ROE 16.4 %
- Face Value ₹ 2.00
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 29.4%
Cons
- Stock is trading at 10.2 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 | 14.20 | 6.00 | 0.68 | 0.40 | 0.45 |
| 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: | 375% |
| 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 |
| Free Cash Flow | 1 | 1 | -4 | -18 |
| CFO/OP | 80% | 329% | 23% | -379% |
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% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Domestic Reach (States) Number |
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| Operational Warehouses Number |
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Documents
Announcements
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Press Release
26 March 2026 - Acquired 7.21 hectares on March 25, 2026 for Rs.4.35 crore for agro-processing clusters and industrial park.
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Trading Window
26 March 2026 - Trading window closed Apr 1, 2026 until 48 hours after audited results for half-year ended Mar 31, 2026.
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Updates
26 March 2026 - Listing of 47,007,000 rights shares on NSE effective March 25, 2026.
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Updates
24 March 2026 - NSE granted in-principle approval (Mar 23, 2026) to list 47,007,000 Rs.2 shares via rights issue.
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Copy of Newspaper Publication
22 March 2026 - Newspaper advertisement on basis of allotment for Dhariwalcorp rights issue published 22-Mar-2026.
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.