Halder Venture Limited

Consumer Defensive — Farm Products · NSE

₹244.00−₹6.29 (−2.51%)

DalalBaazaar Score

65 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

Driven by high debt relative to equity, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Halder Venture Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Halder Venture Limited, together with its subsidiaries, manufactures and sells edible oil products in India and internationally. It operates through Rice and Edible Oil segments.

IndustryFarm Products

SectorConsumer Defensive

Employees231

Annual revenue₹645 Cr

How does it make money?

Turns over ₹645 Cr a year. Of every ₹100 of sales, about ₹4 reaches shareholders as profit, with ₹12 left at the operating level before interest, tax and depreciation. Each of its 231 employees supports ₹2.79 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin12.1%

Net margin4.5%

Revenue / employee₹2.79 Cr

Who are its competitors?

The closest listed comparisons in its industry are HINDUSTAN UNILEVER LTD., ITC LTD, NESTLE INDIA LIMITED, BRITANNIA INDUSTRIES LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

HINDUSTAN UNILEVER LTD.P/E 42.5x · ROE 21.5%

ITC LTDP/E 16.6x · ROE 27.4%

NESTLE INDIA LIMITEDP/E 59.8x · ROE 79.9%

BRITANNIA INDUSTRIES LTDP/E 44.1x · ROE 51.0%

What is its competitive advantage?Some evidence

ROCE of 27.0% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE27.0%

ROE16.1%

Peer median ROE51.0%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +80% while net margin moved +170% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+80%

Margin effect+170%

DalalBaazaar Score

65/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of -0.17 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ High leverage magnifies any downturn in earnings
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

66/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

79/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

9.4x

Sector Median

43.3x

median of 4 sector peers

🟢Against its sector it trades 78% below the peer median of 43.3x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

43.3x median of 4 peers · -78%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

9.4x

P/B

1.70x

EV/EBITDA

8.4x

PEG

0.14

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 5.4% to 12.1% over 3 years.
Return on equity is rising
ROE has improved from 11.3% to 16.1%.
Return on capital is rising
ROCE has improved from 11.2% to 27.0%.
High return on capital employed
ROCE of 27.0% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Debt is rising
Total debt is up 88% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.

Red Flags

5 items require attention · 4 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 88% over 3 years, from ₹193 Cr to ₹362 Cr.
🔴High leverageFinancial
Debt/Equity of 1.97x — earnings must service borrowings before shareholders see anything.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 294% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 27.0% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 5.4% to 12.1%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 78% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 4.7x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
4 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 16% a year✓ 21.6% CAGR
Latest reported year was 81.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 10%✓ 12.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 4.7x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✗ -₹27 Cr
Profit that never becomes cash eventually stops being profit.
5Interest cover stays above 3x✗ 2.7x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

7 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 3 neutral · 2 weak

Market Cap

₹303 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

9.4x

Cheap

Cheap against the generic band

P/B Ratio

1.70x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹25.93

Profitable

Profitable on a per-share basis

ROE

16.1%

Strong

Strong capital efficiency

ROCE

27.0%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

1.97x

High

High leverage

Revenue Growth (YoY)

81.3%

Healthy

Healthy top-line growth

Profit Growth (YoY)

95.2%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹27 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹244

Operating Margin

6.9%

Average

Average margins

Net Margin

4.4%

Average

Average bottom-line conversion

Current Ratio

1.20

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.17

Defensive

Steadier than the market

52W Range Position

31%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

254.1 / 273.4

Bearish alignment (short < long)

RSI (14)

51.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹359 Cr	₹643 Cr	₹844 Cr	₹645 Cr	+21.6%
EBITDA	₹20 Cr	₹40 Cr	₹72 Cr	₹78 Cr	+58.5%
EBITDA Margin	5.4%	6.2%	8.6%	12.1%	—
PAT (Net Profit)	₹6 Cr	₹12 Cr	₹21 Cr	₹29 Cr	+69.3%
EPS	₹6.25	₹12.3	₹20.94	₹25.65	+60.1%
ROE	11.3%	8.6%	13.8%	16.1%	—
ROCE	11.2%	23.5%	32.9%	27.0%	—
Total Debt	₹193 Cr	₹241 Cr	₹298 Cr	₹362 Cr	+23.4%
Free Cash Flow	-₹81 Cr	-₹12 Cr	-₹43 Cr	-₹27 Cr	—

🟢 Revenue has grown at 21.6% a year over 3 years.

🟢 EBITDA has grown at 58.5% a year over 3 years.

🟢 EBITDA Margin has risen from 5.4% to 12.1% over 3 years (+6.6 pts).

🟢 PAT (Net Profit) has grown at 69.3% a year over 3 years.

🟢 EPS has grown at 60.1% a year over 3 years.

🟢 ROE has risen from 11.3% to 16.1% over 3 years (+4.8 pts).

🟢 ROCE has risen from 11.2% to 27.0% over 3 years (+15.8 pts).

🔴 Total Debt has grown at 23.4% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹608 Cr

Total Liabilities

₹425 Cr

Total Debt

₹362 Cr

Cash & Equivalents

₹16 Cr

Operating Cash Flow

₹15 Cr

Capex

-₹42 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

91.7%

Peer Comparison

Company	P/E	ROE
HINDUSTAN UNILEVER LTD.	42.5x	21.5%
ITC LTD	16.6x	27.4%
NESTLE INDIA LIMITED	59.8x	79.9%
BRITANNIA INDUSTRIES LTD	44.1x	51.0%

Recent News

2 mixed4 general

Halder Venture Share Price rises 9.85%: valuation check

Univest, 16 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Halder Venture allots 7.93 lakh warrants to non-promoter group

scanx.trade, 27 Jul

Halder Venture Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 31 Aug

Compare with

Equitymaster, 21 Sept

Halder Venture Share Price Target 2027 to 2030: Analyst Outlook

Univest, 17 AugAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Halder Venture makes NSE debut via direct listing

The Economic Times, 20 Jan

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong13.9/20

🔴Financial HealthStretched7.7/20

🟢GrowthStrong18.5/20

🟢ProfitabilityStrong9.8/15

🟢ValuationAttractive11/15

🔴RiskHigh3.7/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 4 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 16% a year21.6% CAGR
✓EBITDA margin holds above 10%12.1%
✗Debt / EBITDA falls below 3x4.7x
✗Free cash flow remains positive-₹27 Cr
✗Interest cover stays above 3x2.7x