Dhariwalcorp Limited (DHARIWAL)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Dhariwalcorp's revenue was ₹118 Cr (+4.4% year on year, -0.6% on the previous half-year), and net profit ₹6.0 Cr (+500.0% year on year); the operating margin was 2.5%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹118 | +4.4% | -0.6% |
| Operating profit | ₹3.0 | +200.0% | -11.5% |
| Net profit | ₹6.0 | +500.0% | +100.0% |
| EPS (₹) | 0.59 | +490.0% | — |
| Operating margin | 2.5% | — | — |
No EPS growth against H1 FY26: ₹10 to ₹2 split in Feb 2026.
DHARIWAL delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 80.0% of the DHARIWAL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 74.26%. That is close to its usual level. Turnover was only ₹4 lakh, so a handful of trades can move this figure. Volume was under a tenth of its average. It closed at a price band (circuit) on 9 sessions in about the last 20. 1 bulk or block deal was reported in DHARIWAL in the last 60 days: ₹1 Cr bought, none sold.
Delivery in the last 5 sessions: 40.0% · 40.0% · 95.0% · 78.6% · 80.0%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 23 Sep | Buy | Sailesh Musaddi | ₹1.19 Cr | ₹24.27 | 489,000 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Dhariwalcorp Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. Registrar and Share Transfer Agent Bigshare Services Private Limited confirmed that the entire shareholding of the company is held in dematerialized form. No requests for rematerialisation were received during the period.
- Compliance certificate submitted for the quarter ended September 30, 2026
- Entire holding of Dhariwalcorp Limited shares remains 100% in demat form
- Zero rematerialisation requests received during the three-month period
- Certificate received from Registrar Bigshare Services Pvt. Ltd. dated October 07, 2026
Dhariwalcorp Limited has issued a notice convening an Extraordinary General Meeting (EGM) on October 29, 2026, to seek shareholder approval for a preferential issue. The company plans to issue up to 33,00,000 equity shares of face value ₹2 each at ₹26.14 per share (including a premium of ₹24.14) to promoter Shakshi Dhariwal. The proposed fundraise totals up to ₹8.63 Cr, which represents approximately 13.9% of the company's net worth of ₹62 Cr. The relevant date for pricing determination was set as September 29, 2026.
- Preferential issuance of up to 33,00,000 equity shares of face value ₹2 each
- Issue price fixed at ₹26.14 per share, including a premium of ₹24.14 per share
- Total fundraising amount aggregates up to ₹8,62,62,000 (₹8.63 Cr)
- Entire proposed allotment is targeted to promoter Shakshi Dhariwal
- EGM scheduled for Thursday, October 29, 2026, with the pricing relevant date on September 29, 2026
Dhariwalcorp Limited's board has approved a preferential fundraise aggregating up to Rs 53.07 Cr. This includes issuing up to 33,00,000 equity shares to promoters at Rs 26.14 per share (raising Rs 8.63 Cr) and 1,70,01,000 convertible warrants at Rs 26.14 per warrant (raising up to Rs 44.44 Cr) to promoters and non-promoters. The total proposed fundraise represents approximately 85.6% of the company's net worth of Rs 62 Cr. An Extra-Ordinary General Meeting (EGM) to seek shareholder approval is scheduled for October 29, 2026.
- Preferential equity issue of up to 33,00,000 shares to promoters at Rs 26.14 per share, raising Rs 8.63 Cr
- Preferential issue of up to 1,70,01,000 convertible warrants at Rs 26.14 each, raising up to Rs 44.44 Cr
- Total capital planned to be raised stands at Rs 53.07 Cr across equity shares and warrants
- Promoter shareholding will rise from 63.38% to 65.95% on a fully diluted post-allotment basis
- EGM convened on October 29, 2026, with remote e-voting from October 26 to October 28, 2026
Dhariwalcorp Limited's board has approved a preferential fundraise aggregating up to Rs 53.07 Cr. This includes issuing up to 33,00,000 equity shares to promoters at Rs 26.14 per share (raising Rs 8.63 Cr) and 1,70,01,000 convertible warrants at Rs 26.14 per warrant (raising up to Rs 44.44 Cr) to promoters and non-promoters. The total proposed fundraise represents approximately 85.6% of the company's net worth of Rs 62 Cr. An Extra-Ordinary General Meeting (EGM) to seek shareholder approval is scheduled for October 29, 2026.
- Preferential equity issue of up to 33,00,000 shares to promoters at Rs 26.14 per share, raising Rs 8.63 Cr
- Preferential issue of up to 1,70,01,000 convertible warrants at Rs 26.14 each, raising up to Rs 44.44 Cr
- Total capital planned to be raised stands at Rs 53.07 Cr across equity shares and warrants
- Promoter shareholding will rise from 63.38% to 65.95% on a fully diluted post-allotment basis
- EGM convened on October 29, 2026, with remote e-voting from October 26 to October 28, 2026
Dhariwalcorp Limited has submitted the minutes of its 6th Annual General Meeting held on September 01, 2026. Shareholders unanimously approved an increase in authorized share capital from Rs 25.00 crore to Rs 40.00 crore. Additionally, members passed a resolution approving material related party transactions totaling up to Rs 27.00 crore to buy property from directors Manish Dhariwal and Shakshi Dhariwal. All 7 resolutions were approved with 100% of the 6,28,33,470 votes cast in favor.
- Authorized share capital increased from Rs 25.00 Cr to Rs 40.00 Cr divided into 20,00,00,000 equity shares of Rs 2 each
- Approved up to Rs 27.00 Cr in property acquisitions from directors Manish Dhariwal and Shakshi Dhariwal
- All resolutions passed with 100% approval across 6,28,33,470 votes cast
- Appointed Ms. Manshi Sharma as Non-Executive Independent Director for a 2-year term ending August 31, 2028
Dhariwalcorp Limited has entered into agreements to purchase three industrial land parcels admeasuring an aggregate 2,922.5 sq. mt. in Jodhpur from its promoters for ₹24.11 Cr plus stamp duties. The sellers are Managing Director Manish Dhariwal and Whole-Time Director Shakshi Dhariwal. The acquisition represents approximately 38.9% of the company's net worth (₹62 Cr) and nearly double its TTM PAT (₹13 Cr), making it a substantial cash outlay for a related party transaction. The deal was previously approved by shareholders on September 1, 2026.
- Agreed to acquire 3 industrial land parcels totaling 2,922.5 sq. mt. in Salawas, Jodhpur
- Aggregate consideration stands at ₹24.11 Cr plus stamp duties
- Transaction is with Promoters/Directors Manish Dhariwal and Shakshi Dhariwal
- Land purchases broken down into ₹7.00 Cr, ₹7.00 Cr, and ₹10.11 Cr agreements
- Transaction represents ~38.9% of reported net worth of ₹62 Cr
Dhariwalcorp Limited announced the completion of its 6th Annual General Meeting held on September 01, 2026. Shareholders approved all 7 ordinary and special resolutions with 100% of votes cast in favour. Key items passed include the adoption of FY26 financial statements, an increase in authorized share capital, related-party transactions, and the appointment of an Executive Director alongside two Non-Executive Independent Directors.
- All 7 resolutions passed with 100% of polled votes in favour (62,833,470 total votes polled on standard items)
- Approved increase in authorized share capital and alteration of the Capital clause of the Memorandum of Association
- Ratified related party transactions with directors Mr. Manish Dhariwal and Ms. Shakshi Dhariwal
- Approved appointments of Mr. Vidhan Dhariwal as Executive Director, and Ms. Nikita Jain and Ms. Manshi Sharma as Independent Directors
Dhariwalcorp Limited conducted its 6th Annual General Meeting on September 01, 2026, placing 7 ordinary and special resolutions before shareholders. Key agenda items included the adoption of FY26 financial statements, increasing authorized share capital, and approving related-party transactions with directors Manish Dhariwal and Shakshi Dhariwal. Additionally, shareholders voted on the appointment of Vidhan Dhariwal as Executive Director along with two Non-Executive Independent Directors. The formal e-voting results will be declared separately following the Scrutinizer's report.
- 6th Annual General Meeting held on September 01, 2026, at Jodhpur, Rajasthan
- Proposed increase in Authorised Share Capital and alteration of the Memorandum of Association
- Sought shareholder approval for Related Party Transactions with directors Manish Dhariwal and Shakshi Dhariwal
- Proposed appointments of Vidhan Dhariwal (Executive Director), Nikita Jain, and Manshi Sharma (Independent Directors)
- Remote e-voting took place from August 29, 2026 to August 31, 2026
Dhariwalcorp Limited has issued a notice for its 6th Annual General Meeting (AGM) scheduled for September 01, 2026. The company reported a strong financial performance for FY26, with revenue reaching ₹243.30 Cr and Profit After Tax (PAT) more than doubling to ₹8.59 Cr from ₹3.56 Cr in the previous year. This year marks the company's first consolidated financial reporting following the incorporation of its 51%-owned subsidiary, Dhariwal House of Spices Limited. Investors should note the e-voting window from August 29 to August 31, 2026, based on the August 25 cut-off date.
- FY26 Revenue reported at ₹243.30 Cr (24,330.16 lakh) as per the Chairman's message
- Profit After Tax (PAT) increased by 141% to ₹8.59 Cr from ₹3.56 Cr in the previous financial year
- Consolidated Net Assets stood at ₹63.66 Cr as of March 31, 2026
- Incorporated new subsidiary 'Dhariwal House of Spices Limited' on December 05, 2025, with 51% ownership
- E-voting period set for August 29, 2026 (9:00 AM) to August 31, 2026 (5:00 PM)
Dhariwalcorp Limited has received a resignation notice from Director Amit Sankhla (DIN: 07056661) effective August 8, 2026. The director requested immediate acceptance of the resignation and submission of necessary compliance filings with the Registrar of Companies. Dhariwalcorp operates in trading and agro-processing, posting TTM revenue of Rs 470 Cr and net profit of Rs 13 Cr.
- Director Amit Sankhla (DIN: 07056661) submitted resignation from the board
- Resignation is effective immediately from August 8, 2026
- Company requested to file necessary intimations with the Registrar of Companies
Dhariwalcorp Limited has announced the resignation of Mr. Amit Sankhla, a Non-Executive Independent Director, effective August 08, 2026, citing personal reasons. The Board has concurrently proposed the appointment of two new Independent Directors and one Executive Director to maintain board composition. Additionally, the company has scheduled its 6th Annual General Meeting (AGM) for September 01, 2026, where it will seek shareholder approval for an increase in authorized share capital and related party transactions. These administrative steps follow a year where the company generated Rs 470 Cr in TTM revenue with a 22% ROCE.
- Resignation of Independent Director Mr. Amit Sankhla effective August 08, 2026.
- 6th Annual General Meeting (AGM) scheduled for September 01, 2026, at 3:00 P.M.
- Proposed appointment of two new Independent Directors (Nikita Jain and Manshi Sharma) and one Executive Director (Vidhan Dhariwal).
- Remote e-voting period set from August 29, 2026 (9:00 AM) to August 31, 2026 (5:00 PM).
- Agenda includes increasing authorized share capital and approving related party transactions with directors Manish and Shakshi Dhariwal.
Dhariwalcorp Limited held a board meeting on August 08, 2026, to approve the FY26 Annual Report and schedule its 6th AGM for September 01, 2026. Key agenda items for the AGM include a proposal to increase the Authorized Share Capital and approval for Related Party Transactions with directors Manish and Shakshi Dhariwal. Independent Director Amit Sankhla resigned effective immediately on August 08, 2026, citing personal reasons. The board has proposed the appointment of three new directors, including one Executive and two Independent Directors, to fill vacancies and strengthen management.
- 6th Annual General Meeting scheduled for September 01, 2026, at Jodhpur
- Resignation of Independent Director Amit Sankhla effective August 08, 2026
- Proposal to increase Authorized Share Capital and alter the Memorandum of Association
- Approval sought for Related Party Transactions with directors Manish Dhariwal and Shakshi Dhariwal
- Remote e-voting period set from August 29, 2026, to August 31, 2026
Financial Performance
Revenue Growth by Segment
The company operates in two segments: Wax and Agro. Wax revenue decreased by 15.4% from INR 228.80 Cr in FY24 to INR 193.55 Cr in FY25. Agro revenue grew from zero in FY24 to INR 39.96 Cr in FY25, representing 17.1% of total revenue from operations.
Geographic Revenue Split
Not explicitly disclosed by percentage, but the company maintains operations and warehouses in Jodhpur (Rajasthan), Ahmedabad (Gujarat), Mundra (Gujarat), and Bhiwandi (Maharashtra), with a stated focus on expanding global export reach.
Profitability Margins
Operating Profit Margin declined from 2.88% to 2.53% YoY. Net Profit Margin decreased from 1.97% to 1.52% YoY. The compression is attributed to a 2.65% increase in total expenses (INR 230.37 Cr) outpacing the 2.03% growth in total revenue.
EBITDA Margin
EBITDA stood at INR 6.09 Cr in FY25, a decline of 8.14% compared to INR 6.68 Cr in FY24. This decline reflects higher operational costs associated with the launch of the new Agro processing unit.
Capital Expenditure
The company acquired 5.5118 hectares of agricultural land for agro-based production expansion and established a new Spices and Agro Processing Unit in Jodhpur. Authorized share capital was increased from INR 13 Cr to INR 25 Cr to support growth.
Credit Rating & Borrowing
Debt-Equity Ratio improved significantly from 1.00 to 0.33 YoY due to an increase in net worth from a public issue. Interest Coverage Ratio decreased from 11.48 to 6.45 times as finance costs rose 50.7% to INR 0.86 Cr.
Operational Drivers
Raw Materials
Specific raw materials include various types of waxes, chemicals, and agro-commodities/spices. While specific cost percentages per material are not listed, total expenses reached INR 230.37 Cr, primarily driven by procurement for the new agro-processing division.
Import Sources
Sourced from various states including Rajasthan, Gujarat, and Maharashtra. The company also notes exposure to global economic conditions, implying international sourcing for certain wax and chemical products.
Key Suppliers
Not disclosed in available documents; however, the company notes a heavy reliance on a few external suppliers without long-term agreements, creating vulnerability to supply disruptions.
Capacity Expansion
Established a new processing unit in Jodhpur for cleaning, grading, sorting, and grinding of spices. Acquired 5.5118 hectares of land to expand agro-based production capacity.
Raw Material Costs
Total expenses (largely raw material and procurement) rose to INR 230.37 Cr. The company faces risks from commodity price fluctuations which directly impact the cost of wax and agro products.
Manufacturing Efficiency
The company is transitioning toward a fully integrated agribusiness model via its new subsidiary, Dhariwal House of Spices Limited, to improve value addition and quality standards.
Logistics & Distribution
Distribution is managed through a network across Jodhpur, Ahmedabad, Bhiwandi, and Mundra to facilitate both domestic supply and international exports.
Strategic Growth
Expected Growth Rate
2.03%
Growth Strategy
Growth is targeted through the incorporation of 'Dhariwal House of Spices Limited' (51% ownership) to create a fully integrated agribusiness. The strategy includes sub-dividing shares (1:5 split) to improve liquidity, expanding into organic and traceable agro-exports, and utilizing the newly acquired 5.5 hectares of land for production.
Products & Services
Waxes, chemicals, processed spices (cleaned, graded, sorted, and ground), and various agro-based products.
Brand Portfolio
Dhariwalcorp, Dhariwal House of Spices.
New Products/Services
Launched a new project for cleaning, grading, sorting, and grinding of spices and agro products in FY25, which contributed INR 39.96 Cr in its first year.
Market Expansion
Targeting the organic and traceable agricultural produce market globally, supported by government 'Make in India' initiatives and modernization of agricultural infrastructure.
Strategic Alliances
Incorporated Dhariwal House of Spices Limited as a subsidiary with 51% stake. Other promoters include Novel Growth Partners India Private Limited and several individual investors.
External Factors
Industry Trends
The spice and agro sector is seeing a shift toward organic, traceable, and high-quality produce. The company is positioning itself to benefit from government schemes aimed at modernizing agricultural processing and promoting exports.
Competitive Landscape
Faces intense competition from both domestic and global players in the chemicals, waxes, and agro-product markets, leading to pricing pressures.
Competitive Moat
Moat is built on a multi-location warehousing and processing infrastructure and a shift toward an integrated 'farm-to-export' model. Sustainability depends on maintaining quality certifications and navigating commodity cycles.
Macro Economic Sensitivity
Highly sensitive to Indian economic growth and global economic conditions, particularly in geographies catered to by the export business.
Consumer Behavior
Increasing consumer preference for certified organic and fair-trade products is driving the company's investment in quality assurance and traceable supply chains.
Geopolitical Risks
Vulnerable to international sanctions, tariffs, and trade barriers that could slow down export volumes.
Regulatory & Governance
Industry Regulations
Subject to agricultural policies, export-import regulations, and quality standards for food processing. Changes in corporate or tax laws are cited as potential risks to prospects.
Environmental Compliance
Not specifically disclosed in INR, but the company notes risks related to non-compliance with statutory requirements and changing environmental/regulatory laws.
Taxation Policy Impact
The effective tax rate for FY25 was approximately 28.7%, with a total tax expense of INR 1.43 Cr on a profit before tax of INR 4.98 Cr.
Legal Contingencies
The company notes risks from potential legal issues or penalties due to regulatory lapses, but no specific pending high-value court cases are detailed in the provided text.
Risk Analysis
Key Uncertainties
Commodity price volatility and global competition are primary risks. The shift in Return on Net Worth from 51.5% to 10.27% highlights the impact of equity dilution from the public issue.
Geographic Concentration Risk
Operations are concentrated in Rajasthan and Gujarat, making the company vulnerable to regional economic or political disruptions in these states.
Third Party Dependencies
Significant dependency on external suppliers and a few major customers without long-term contractual protections.
Technology Obsolescence Risk
Risks related to the inability to adapt to new technology in processing and inventory mismanagement.
Credit & Counterparty Risk
Exposure to counterparty credit risk and unsecured loans; Debtors Turnover Ratio declined from 24.33 to 18.93 times, indicating a slight slowdown in collections.
