Haria Exports Limited

Basic Materials — Paper & Paper Products · BSE

₹8.62₹0.00 (0.00%)

DalalBaazaar Score

42 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: The business is earning a fairly low return on the money invested in it. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:00 pm

Understanding the Business

Company site ↗

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

What does this company do?

Haria Exports Limited engages in trading of textiles and fabrics in India.

IndustryPaper & Paper Products

SectorBasic Materials

Who are its competitors?

The closest listed comparisons in its industry are TATA STEEL LIMITED, JSW STEEL LIMITED, ULTRATECH CEMENT LIMITED, ASIAN PAINTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of -2.0% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE22.3%

DalalBaazaar Score

42/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROE of 0.7% is weak

Quality vs. Valuation

Company Quality

42/ 100

Weak

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

Valuation

31/ 100

Expensive

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

Weak on business quality and not cheap enough to compensate.

Historical Valuation

Current P/E

287.3x

2Y Median

76.7x

28 monthly readings · mean 83.6x · range 52.7x–121.2x

Sector Median

28.7x

median of 4 sector peers

⚠️Current valuation is approximately 274% above its 2y median of 76.7x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

⚠️Against its sector it trades 901% above the peer median of 28.7x.

vs. its own history

Expensive

76.7x median over 28 months · +274%

vs. sector peers

Expensive

28.7x median of 4 peers · +901%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

—

PEG

—

Red Flags

1 item require attention · 1 high

🔴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.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

The price already assumes success
The stock trades 274% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
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.

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

1Free cash flow remains positive✗ -₹0 Cr
Profit that never becomes cash eventually stops being profit.
2ROCE stays above 8%✗ -2.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
3Valuation vs its own median of 76.7x✗ 287.3x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

3 / 9 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ 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

2 good · 4 neutral · 5 weak

Market Cap

₹10 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

287.3x

Expensive

Expensive — verify against sector peers

P/B Ratio

0.89x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.03

Profitable

Profitable on a per-share basis

ROE

0.7%

Weak

Weak capital efficiency

ROCE

-2.0%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

Not available

No data

Source didn't return this field

Profit Growth (YoY)

-16.8%

Falling

Profits are shrinking

Dividend Yield

None

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

Free Cash Flow

-₹0 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

0.0%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

6.08

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.06

Defensive

Steadier than the market

52W Range Position

73%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

9.2 / 8.7

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

34.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
EBITDA	-₹0 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—
PAT (Net Profit)	-₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	—
EPS	₹-0.05	₹0.08	₹0.1	₹0.08	—
ROE	-0.4%	0.6%	0.8%	0.7%	—
ROCE	-2.6%	-1.8%	-1.6%	-2.0%	—
Free Cash Flow	-₹0 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—

🟢 PAT (Net Profit) has turned positive, from -₹0 Cr to ₹0 Cr.

🟢 EPS has turned positive, from ₹-0.05 to ₹0.08.

🟢 ROE has risen from -0.4% to 0.7% over 3 years (+1.1 pts).

🟡 ROCE has held roughly flat at -2.0% over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹14 Cr

Total Liabilities

₹0 Cr

Total Debt

—

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

60.8%

Corporate Actions

Ex-Dividend Date

23 Sept 2003

Peer Comparison

Company	P/E	ROE
TATA STEEL LIMITED	19.8x	10.8%
JSW STEEL LIMITED	12.0x	24.7%
ULTRATECH CEMENT LIMITED	37.6x	11.1%
ASIAN PAINTS LIMITED	46.9x	22.3%

Recent News

1 mixed5 general

Haria Exports Ltd. Peer Comparison – Compare with Others

Value Research, 29 Aug

Haria Exports (BSE: 512604): No Sales, 56th AGM and Key Questions

Kalkine India, 06 Oct

Compare VINTRON INFORM with HARIA EXPORT

Equitymaster, 12 Oct

Haria Exports schedules 56th AGM for Sep 30 to adopt FY26 results

scanx.trade, 05 SeptResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Haria Exports Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 30 Aug

Compare HARIA EXPORT with VINTRON INFORM

Equitymaster, 09 Oct

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
2 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

MiddlingFinancial Health · Growth

WeakBusiness Quality · Profitability · Valuation · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 1 high-severity red flag sits above this conclusion and should be read first.

3 of 3 tripwires tripped — Free cash flow remains positive; ROCE stays above 8%; Valuation vs its own median of 76.7x · see Key things to watch ↑