Disha Resources (531553)

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

Key Financials

Strengths

• Deep discount to stated book value: P/B of 0.36, with price ₹17.83 versus book value ₹49.62.
• Market cap of ₹13 Cr versus implied book value of roughly ₹36 Cr creates a potential value gap if assets are real.
• Piotroski F-Score of 5/9 suggests moderate balance-sheet health, not an obviously distressed score.
• The small negative ROE and ROCE imply equity is not visibly eroding rapidly, giving time for a potential asset unlock.

Concerns

• Latest quarter has zero sales and zero net profit, so there is no demonstrated operating earning power.
• ROE at -0.30% and ROCE at -0.68% show capital is not being deployed productively.
• P/E of 0.00 and profit growth of 89.29% are meaningless due to the near-zero base.
• Key disclosures are missing: promoter holding, debt/equity, and FairStock score are insufficient, making asset quality unverifiable.

AI Analysis

At ₹17.83, Disha Resources sells for roughly 36 paise for every rupee of stated book value. Benjamin Graham taught me that buying below book can be a margin of safety, but only if the assets are real and management is trustworthy. This is not a wonderful business. The latest quarter shows sales of ₹0 Cr and net profit of ₹0 Cr. The reported profit growth of 89.29% is a mirage because it starts from a negligible base. ROE is -0.30% and ROCE is -0.68%, so capital inside the company is not earning its keep. With zero revenue and no demonstrated earning power, I cannot rely on the income statement. The bull case must rest on the balance sheet: book value is ₹49.62 per share while the market cap is only ₹13 Cr. That gap is huge, but I have to question whether the book value is realizable. The Piotroski F-Score is 5/9, passable but not compelling. Debt/equity is not available, promoter holding is not available, and the FairStock score says insufficient data. In Buffett's vocabulary, I avoid situations where the thesis depends on unknown numbers. There is also no dividend, so I receive no income while waiting. This looks like a potential asset play, a possible cigar butt, but not a compounder. I would need audited financials, a clear list of assets and liabilities, and an explanation for the 64% discount to book. The margin-of-safety arithmetic is interesting, but an asset whose value cannot be confirmed is not a real margin of safety. I prefer certainty or a clear catalyst. Without either, Disha Resources remains a trading situation, not an investment.

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