| Total Fund Raise | ₹53.07 CrEquity & Warrants |
|---|---|
| Market Cap | ₹267 CrMicro Cap |
| Revenue Annual | ₹236.4 CrFY26 Operating |
| Day RSI | 57.96Neutral Zone |
Key highlights
- Preferential issuance of up to 33,00,000 fully paid-up equity shares at ₹26.14 per share
- Issuance of up to 1,70,01,000 warrants convertible into equity shares at ₹26.14 each
- Total combined fund raise aggregates to approximately ₹53.06 crore
- Warrants require 25% upfront payment with the balance payable within 18 months
- Extra-Ordinary General Meeting scheduled for October 29, 2026, to seek shareholder approval
Details of the Fund Raise
Dhariwalcorp is set to issue two distinct financial instruments to raise capital. The first component involves the allotment of 33 lakh equity shares of face value ₹2 each at an issue price of ₹26.14 per share, including a premium of ₹24.14. The second component comprises 1.7 crore convertible warrants issued at the same price of ₹26.14.
These warrants are convertible into equivalent equity shares within 18 months from the date of allotment. Investors participating in the warrant issue must pay 25% of the total consideration at the time of subscription, with the remaining 75% due upon the exercise of the conversion option.
Investor Participation and Allocation
- Promoters Manish Dhariwal and Shakshi Dhariwal are leading the subscription in the equity and warrant segments
- Public category investors including Niji Corporation and Vinit Jeevanlal Dalal are slated to receive warrant allotments
- The post-allotment promoter holding is projected to adjust to 65.95% on a fully diluted basis
- Non-promoter public category is expected to hold 3.94% of the post-issue capital following warrant conversions
- Allotments are subject to necessary approvals from members and in-principle approval from the stock exchange
Business and Financial Context
Headquartered in Jodhpur, Dhariwalcorp Limited operates as a merchant trader and importer within the petrochemicals sector, specializing in various grades of wax and industrial oils. The company serves diverse industries including plastics, rubber, and pharmaceuticals. Financially, the company reported an annual net profit of ₹8.59 crore on an operating revenue of ₹236.4 crore.
The current capital raise of over ₹53 crore represents a substantial liquidity injection compared to its current market capitalization of ₹267 crore. The stock is currently trading at a P/E of 31.1x, which compares to an industry average P/E of 24.89x.
Strategic Rationale
The infusion of capital is designed to strengthen the company's balance sheet and provide the necessary dry powder for expanding its trading operations and market reach. By involving both promoters and external public investors, the company signals a balanced approach to internal commitment and external capital validation. The structured nature of the warrants ensures a phased entry of capital over an 18-month horizon, aligning with long-term working capital requirements in the petrochemical distribution cycle.
This move follows a period of significant momentum for the stock, which has seen a 44.16% change in price over the last month.
| Share price | ₹28.4 |
|---|---|
| Market capitalisation | ₹267.00 |
| Revenue (annual) | ₹236.40 |
| Net profit (annual) | ₹8.59 |
| P/E (TTM) | 31.1×Sector 36.28× |
| Promoter holding | 63.65% |
| FII holding | 0%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Dhariwalcorp Limited announcing the outcome of the Board Meeting held on September 30, 2026. Market figures from a third-party data provider.
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