**NSE Emerge: DHARIWAL** Dhariwalcorp Limited is an Indian enterprise undergoing a strategic evolution from a specialized trader of industrial waxes and chemicals into an integrated industrial infrastructure developer and agro-processing powerhouse. With a robust presence across **21 states** and **3 Union Territories**, the company is leveraging government incentives and aggressive land acquisition to build a diversified portfolio spanning petrochemical derivatives, high-value spices, and industrial park management. --- ### Core Business Verticals & Product Portfolio The company operates through two primary divisions, catering to a diverse array of end-user industries including pharmaceuticals, cosmetics, textiles, and food processing. #### 1. Wax & Industrial Chemicals Dhariwalcorp sources, processes, and trades a comprehensive range of heavy and light chemicals and petrochemical derivatives. * **Specialized Waxes:** Includes **Beeswax**, **Hydrocarbon Wax**, **Montan Wax**, **Polyethylene (PE) Wax**, **Vegetable Wax**, **Residue Wax**, **Palm Wax**, **BN Micro Wax**, **Hydrogenated Palm Wax**, **Micro Slack Wax**, and **Soya Wax**. * **Industrial Chemicals:** Key products include **Rubber Process Oil**, **Light Liquid Paraffin (LLP)**, **Citric Acid Monohydrate**, **Refined Glycerin**, **Bitumen**, and **Stearic Acid**. * **Petroleum Jelly:** Manufacturing and supply of **Paraffin Petroleum Jelly** and **White Petroleum Jelly**. #### 2. Agro-Products & Spices Established as a high-growth vertical, this segment is managed through the dedicated subsidiary **Dhariwal House of Spices Limited** (incorporated **November 2025**). * **Product Range:** Processing and trading of **Cumin (Jeera)**, **Dhaniya (Coriander)**, **Chillies**, **Turmeric**, and various blended masalas. * **Infrastructure:** Operates a spices processing unit in Jodhpur with a capacity of **7,200 MT PA**. --- ### Strategic Pivot: Industrial Infrastructure & Agro-Clusters A defining element of the company’s current strategy is its transition into land development and industrial infrastructure, specifically targeting the **Barmer-Balotra industrial belt** in Rajasthan. * **Agro-Processing Clusters:** In **December 2025**, the company received approval under the **Pradhan Mantri Kisan Sampada Yojana (PMKSY)** to develop an integrated cluster in Balotra. This includes cold storage, food testing labs, and internal logistics roads. * **Industrial Parks:** Leveraging the **Rajasthan Investment Promotion Scheme (RIPS) 2024**, the company is developing parks for agro-food and petrochemical industries, benefiting from **75% exemptions** on stamp duty and land conversion charges. * **Government MoU:** The company has committed to a **₹100 Crore** investment for an Agro Processing Complex, expected to commence production in **2026** and generate approximately **400 direct jobs**. #### Land Bank & Project Pipeline The company has aggressively expanded its land holdings to support these infrastructure projects: | Acquisition Date | Location | Area (Hectares) | Primary Purpose | | :--- | :--- | :--- | :--- | | **March 2026** | Village Sarwadi, Balotra | **7.21** | Agro-Processing Cluster expansion | | **October 2025** | Village Sarvari, Balotra | **4.58** | Industrial Park (Agro/Petrochem) | | **June 2025** | Village Sarvari, Balotra | **6.31** | Strategic business expansion | | **May 2025** | Village Sarvadi, Balotra | **5.51** | Agro-based production | | **Proposed** | Boranada, Jodhpur | **RIICO Plot** | Future expansion via Direct Allotment | --- ### Operational Infrastructure & Supply Chain Dhariwalcorp utilizes a hybrid logistics model, combining owned assets with outsourced strategic hubs to optimize inventory cycles. | Facility Type | Location | Management Model | | :--- | :--- | :--- | | **Processing Unit & Central Warehouse** | Jodhpur, Rajasthan | Owned/Operated | | **Regional Warehouses (3)** | Jodhpur, Rajasthan | Owned/Operated | | **Regional Warehouse** | Bhiwandi, Maharashtra | **Outsourced (Leased)** | | **Regional Warehouse** | Ahmedabad, Gujarat | **Outsourced (Leased)** | | **Regional Warehouse** | Mundra, Gujarat | **Outsourced (Leased)** | * **Global Sourcing:** Raw materials are imported from **China, Egypt, Singapore, UAE, UK, and Hong Kong**. * **Export Footprint:** While primarily domestic, the company has initiated international supply to **Nepal** and is targeting wider global markets through its new spice processing capacity. --- ### Financial Performance & Capital Structure The company has seen a significant shift in its revenue mix following its entry into the agro-segment. #### Segmental Revenue Comparison | Segment | FY 2024 (₹ Cr) | FY 2025 (₹ Cr) | Growth/Trend | | :--- | :--- | :--- | :--- | | **Wax & Chemicals** | **228.80** | **193.55** | Contraction in core trading | | **Agro & Spices** | **NIL** | **39.96** | Rapid new-market entry | | **Total Net Profit** | **4.51** | **3.56** | Impacted by expansion costs | #### Capital Management & Corporate Actions To fund its **₹100 Crore** expansion roadmap, the company has executed several capital-raising initiatives: * **Stock Split (January 2026):** Sub-divided equity shares from a face value of **₹10** to **₹2** per share (1:5 ratio) to enhance market liquidity. * **Rights Issue (March 2026):** Issued **4,70,07,000** shares at **₹2.50** per share, raising **₹11.75 Crores**. * **Preferential Allotment (July 2025):** Allotted **4,50,000** convertible warrants at **₹153.49** per warrant, raising **₹6.91 Crores**. * **Post-Rights Paid-up Capital:** **9,40,14,000** shares (Face Value **₹2/-**). --- ### Risk Profile & Mitigation Factors Investors should note the following risks associated with the company’s transition and operational model: * **Concentration & Contracts:** The company lacks **long-term agreements** with major suppliers and customers, relying on spot orders. Revenue is also geographically concentrated in **Rajasthan, Gujarat, and Maharashtra**. * **Cash Flow Volatility:** The company has reported **negative operating cash flows** recently (**-₹1,045.22 Lakhs** for the period ending Sept 2025), primarily due to aggressive inventory building and infrastructure investment. * **Regulatory Compliance:** The company has faced past penalties from the **NSE** (March 2026) for non-compliance with **SEBI LODR Regulations** and has noted delays in statutory filings (GST and RoC). * **Infrastructure Dependency:** Key facilities are held under **lease agreements**. Non-renewal of these leases or failure to secure the **trademark registration** for the company logo (currently pending) poses operational risks. * **Macro Factors:** Exposure to **currency fluctuations** (INR/USD) and **climatic risks** affecting the agro-commodity supply chain. ### Governance Framework The Board of Directors consists of **6 members**, including **3 Independent Directors** and **2 Women Directors**, ensuring a balanced governance structure. Financial oversight is conducted through an **Audit Committee** with half-yearly **Limited Reviews** by statutory auditors in compliance with **Regulation 33 of SEBI Listing Regulations**.