Haria Exports (512604)

Score breakdown: P/E: 0/3 · ROCE: 0/2 · Growth: 0/2 · Dividend: 0/1

Key Financials

Strengths

• Price ₹5.50 is only 0.49 times book value of ₹11.29, offering a margin of safety on stated net assets.
• Market cap of ₹6 Cr against implied book value of roughly ₹12 Cr suggests tangible asset backing.
• Latest quarter shows zero net loss as well as zero profit, so no visible operating cash burn from the given figures.
• Small capital base could produce outsized moves if any asset sale, restructuring, or revival plan is announced.

Concerns

• Latest quarter has ₹0 Cr sales and ₹0 Cr net profit; profit growth of -100% shows no earnings power.
• ROE of 0.93% and ROCE of 0.78% mean the equity is earning far below a risk-free rate, with no evidence of a moat.
• Piotroski F-Score of 3/9 is weak and the P/E of 62.23 is meaningless on negligible trailing earnings.
• No dividend, no sales growth, promoter holding N/A, and debt/equity N/A leave key governance and leverage risks undisclosed.

AI Analysis

At first glance, this looks like a classic asset situation: I pay ₹5.50 for a share that owns ₹11.29 of book value. That is a 51% discount. But Benjamin Graham taught me that a low price-to-book is only the starting point; I must know what the assets can earn. Here, Haria Exports earns almost nothing. The latest quarter shows zero sales and zero profit, profit growth is -100%, and ROE is just 0.93%. A fixed deposit in India would put that money to better work. With ROCE at 0.78%, the company is not deploying capital productively. The P/E of 62.23 is meaningless when the E is negligible. There is no dividend, no sales growth, and the Piotroski F-score of 3 out of 9 warns me to be cautious about the underlying financial health. This is not a great compounding machine. In gems and jewellery, where inventory and receivables are often the biggest assets, a discount to book can be a trap if those assets are stale, illiquid, or overstated. The market cap is only ₹6 crore, and the implied book value is roughly ₹12 crore; if management can realize that value through liquidation or a revival of actual sales, there is potential. But without debt information, without promoter holding data, and without any visible operating engine, I cannot call this a business I would confidently own. It is a cigar butt: one puff left, perhaps. I need independent audit of assets, a clear plan for operations or capital return, and proof that the zero-profit situation is temporary. Only a wide margin of safety, perhaps well below half of book, would make me act.

Data from BSE/NSE filings. AI analysis is for educational purposes only — not investment advice. Scoring methodology · Disclaimer