---
title: "Dhariwalcorp Ltd (DHARIWAL) — Share Price, Financials & Analysis"
symbol: "DHARIWAL"
company: "Dhariwalcorp Ltd"
canonical: "https://tapetide.com/stocks/DHARIWAL"
isin: "INE0YRN01017"
nse_symbol: "DHARIWAL"
sector: "Commodities"
industry: "Chemicals & Petrochemicals"
market_cap_cr: 367.59
generated_at: "2026-09-13T18:59:04.978Z"
---

# Dhariwalcorp Ltd (DHARIWAL)

Canonical page: https://tapetide.com/stocks/DHARIWAL

## Company

- **NSE Symbol:** DHARIWAL
- **ISIN:** INE0YRN01017
- **Sector:** Commodities
- **Industry:** Chemicals & Petrochemicals
- **Macro Sector:** Commodities
- **Stock Type:** EQUITY
- **Listed Since:** 2024-08-08
- **Face Value:** ₹2
- **F&O Eligible:** No
- **Website:** dhariwalcorporation.com

## About

Incorporated in 2020, Dhariwalcorp Limited trades in a wide range of waxes, industrial chemicals, and petroleum jelly.[1]

## Latest Price

- **Price:** ₹27.75
- **Change:** -1.3 (-4.48%)
- **Open:** ₹29.5
- **Day High:** ₹29.6
- **Day Low:** ₹27.6
- **Previous Close:** ₹29.05
- **Volume:** 405000
- **As Of:** 2026-09-11T09:41:03+00:00

## Key Fundamentals

Observed at 2026-03-20T04:34:13.717071Z.

- **Market Cap:** ₹367.59 Cr
- **Classification:** SME
- **P/E (reported):** 108.3
- **Book Value:** ₹5.67
- **Price to Book:** 7.26
- **Dividend Yield:** 0%
- **ROE:** 10.27%
- **ROCE:** 15.73%
- **Debt to Equity:** 0.13
- **Revenue (yearly):** ₹332 Cr
- **Net Income:** ₹3.7 Cr
- **52-Week High:** ₹41.25
- **52-Week Low:** ₹15.54
- **RSI (14):** 35.68

## Tapetide Score

- **Score:** 40 / 100
- **Score date:** 2026-09-04
- **Archetype:** Losing Momentum
- **What it means:** A capable business whose price trend has turned while the multiple is still demanding. Often a re-rating in progress rather than a broken company — watch whether earnings stay resilient.
- **Pillar profile:** Quality: Good · Valuation: Expensive · Momentum: Falling
- **Percentile:** 14.5 (of 4473 scored stocks)
- **Confidence:** 86%
- **Data coverage:** 71%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 81.55 | 9% |
| growth | 36.66 | 9% |
| momentum | 1.1 | 12% |
| ownership | 51.55 | 24% |
| quality | 73.48 | 22% |
| valuation | 23.55 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company has reduced debt.

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding has decreased over last quarter: -10.2%
- Earnings include an other income of Rs.6.90 Cr.
- Working capital days have increased from 36.5 days to 61.7 days

## Growth Rates

| Metric | 1Y | 3Y |
| --- | --- | --- |
| net income growth | 141% | 143% |
| revenue growth | 56.24% | 7% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 118 | 111 | 120 | 113 | 119 | 118 |
| Expenses | 114 | 110 | 118 | 113 | 115 | 115 |
| Operating Profit | 3 | 1 | 3 | 1 | 4 | 3 |
| OPM % | 2.9 | 0.9 | 2.1 | 0.6 | 3 | 2.2 |
| Other Income | 1 | 2 | 1 | 1 | 2 | 5 |
| Interest | 0 | 0 | 0 | 0 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 4 | 2 | 4 | 1 | 4 | 7 |
| Tax % | 25 | 27 | 24 | 40 | 26 | 23 |
| Net Profit | 3 | 2 | 3 | 1 | 3 | 6 |
| EPS in Rs | 29.7 | 0.23 | 0.3 | 0.1 | 0.35 | 0.59 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Sales | 159 | 194 | 229 | 233 | 236 |
| Expenses | 157 | 194 | 224 | 230 | 230 |
| Operating Profit | 2 | 0 | 4 | 3 | 6 |
| OPM % | 1.1 | 0.2 | 1.9 | 1.4 | 2.6 |
| Other Income | 1 | 1 | 2 | 3 | 7 |
| Interest | 0 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 2 | 1 | 6 | 5 | 11 |
| Tax % | 24 | 31 | 25 | 29 | 24 |
| Net Profit | 1 | 1 | 5 | 4 | 9 |
| EPS in Rs | 14.2 | 6 | 0.68 | 0.4 | 0.91 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Equity Capital | 0.1 | 0.1 | 7 | 9 | 19 |
| Reserves | 2 | 2 | 2 | 26 | 43 |
| Borrowings | 6 | 6 | 9 | 11 | 8 |
| Other Liabilities | 6 | 11 | 4 | 22 | 10 |
| Total Liabilities | 14 | 20 | 21 | 68 | 79 |
| Fixed Assets | 2 | 2 | 2 | 6 | 15 |
| CWIP | 0 | 0 | 3 | 3 | 7 |
| Investments | 0 | 0 | 0 | 4 | 7 |
| Other Assets | 12 | 18 | 17 | 54 | 50 |
| Total Assets | 14 | 20 | 21 | 68 | 79 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 1 | 1 | 0 | -13 | -1 |
| Cash from Investing Activity | 0 | 0 | -3 | -11 | -10 |
| Cash from Financing Activity | -1 | -1 | 4 | 24 | 13 |
| Net Cash Flow | 0 | 0 | 0 | 0 | 1 |
| Free Cash Flow | 1 | 1 | -4 | -18 | -10 |
| CFO/OP | 80 | 329 | 23 | -379 | 30 |

### Ratios

| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Debtor Days | 20 | 21 | 12 | 26 | 17 |
| Inventory Days | 4 | 9 | 8 | 43 | 40 |
| Days Payable | 9 | 18 | 4 | 29 | 7 |
| Cash Conversion Cycle | 15 | 12 | 17 | 41 | 50 |
| Working Capital Days | 2 | 3 | 10 | 38 | 62 |
| ROCE % | — | 18 | 50 | 19 | 22 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2024 | Mar 2025 | Sep 2025 |
| --- | --- | --- | --- |
| Promoters | 73.49% | 73.67% | 73.67% |
| FIIs | 3.7% | 0% | 0% |
| DIIs | 0% | 0% | 0% |
| Government | 0% | 0% | 0% |
| Public | 15.59% | 16.84% | 23.6% |
| Others | 7.21% | 9.49% | 2.74% |
| No. of Shareholders | 512 | 462 | 700 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 3 / 5 / 11

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 5.29 | Sell |
| EMA (10) | 5.19 | Sell |
| SMA (20) | 5.5 | Sell |
| EMA (20) | 5.62 | Sell |
| SMA (50) | 6.96 | Sell |
| EMA (50) | 7.66 | Sell |
| SMA (100) | 11.82 | Sell |
| EMA (100) | 12.27 | Sell |
| SMA (200) | 23.03 | Sell |
| EMA (200) | 17.03 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 34.39 | Neutral |
| MACD (12,26,9) | -0.65 | Buy |
| Stochastic (14,3,3) | 13.01 | Buy |
| ADX (14) | 51.97 | Buy |
| Williams %R (14) | -72.6 | Neutral |
| ATR (14) | 0.4 | High Volatility |
| ROC (12) | -5.92 | Sell |
| Stoch RSI (14) | 48.01 | Neutral |
| UO (7,14,28) | 31.81 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 Aug - Newspaper advertisement published in Financial Express and Business Remedies for shareholder email registration. | [Copy of Newspaper Publication 9 Aug - Newspaper advertisement published in Financial Express and Business Remedies for shareholder email registration.](https://nsearchives.nseindia.com/corporate/DHARIWALCORP_09082026184637_REG_47_1.pdf) |
| 8 Aug - Board approved FY26 annual report, AGM on Sept 1, 2026, and noted independent director resignation. | [Resignation 8 Aug - Board approved FY26 annual report, AGM on Sept 1, 2026, and noted independent director resignation.](https://nsearchives.nseindia.com/corporate/DHARIWALCORP_08082026172252_REG_30_1.pdf) |
| 8 Aug - Board approved FY26 annual report, 6th AGM on Sept 1, 2026, and director changes including Amit Sankhla's resignation. | [Outcome of Board Meeting 8 Aug - Board approved FY26 annual report, 6th AGM on Sept 1, 2026, and director changes including Amit Sankhla's resignation.](https://nsearchives.nseindia.com/corporate/DHARIWALCORP_08082026171927_REG_30_1.pdf) |
| 7 March 2026 - Rights issue up to 47,007,000 shares at ₹2.50 (₹11,75,17,500); 1:1 ratio; record date Feb 27, 2026. | [Copy of Newspaper Publication 7 March 2026 - Rights issue up to 47,007,000 shares at ₹2.50 (₹11,75,17,500); 1:1 ratio; record date Feb 27, 2026.](https://nsearchives.nseindia.com/corporate/DHARIWALCORP_07032026133711_REG_47_1.pdf) |
| 5 Aug - Investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written … | [Price movement 5 Aug - Investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written …](https://www.nseindia.com/companies-listing/corporate-filings-announcements?symbol=DHARIWAL&tabIndex=sme) |
| 30 May 2026 - FY26 SDD compliance certificate filed; seven required UPSI events captured, no noncompliance observed. | [Structural Digital Database 30 May 2026 - FY26 SDD compliance certificate filed; seven required UPSI events captured, no noncompliance observed.](https://nsearchives.nseindia.com/corporate/DHARIWALCORP_30052026123651_SDD_CERTIFICATE_1.pdf) |
| 29 May 2026 - Board approved audited standalone and consolidated FY26 results on May 29, 2026; auditors issued unmodified opinion. | [Outcome of Board Meeting 29 May 2026 - Board approved audited standalone and consolidated FY26 results on May 29, 2026; auditors issued unmodified opinion.](https://nsearchives.nseindia.com/corporate/DHARIWALCORP_29052026191043_BM_OUTCOME_Dhariwal.pdf) |
| 29 Jun - Promoter group confirms no encumbrance or pledge on company shares as of March 31, 2026. | [Disclosure under SEBI Takeover Regulations 29 Jun - Promoter group confirms no encumbrance or pledge on company shares as of March 31, 2026.](https://nsearchives.nseindia.com/corporate/team_sandeshc_11052026121600_31.pdf) |
| 26 March 2026 - Trading window closed Apr 1, 2026 until 48 hours after audited results for half-year ended Mar 31, 2026. | [Trading Window 26 March 2026 - Trading window closed Apr 1, 2026 until 48 hours after audited results for half-year ended Mar 31, 2026.](https://nsearchives.nseindia.com/corporate/DHARIWALCORP_26032026154311_Intimation_of_Trading_window_closure_1.pdf) |
| 26 March 2026 - Listing of 47,007,000 rights shares on NSE effective March 25, 2026. | [Updates 26 March 2026 - Listing of 47,007,000 rights shares on NSE effective March 25, 2026.](https://nsearchives.nseindia.com/corporate/DHARIWALCORP_26032026120026_REG_30_1.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_30284_DHARIWAL_2025_2026_A_9279215_10082026191621.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_26915_DHARIWAL_2024_2025_A_14072025185159.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:59:04.978Z.