New Risk • May 28
New major risk - Revenue and earnings growth Earnings have declined by 10% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 10% per year over the past 5 years. Revenue is less than US$1m (₹89m revenue, or US$923k). Market cap is less than US$10m (₹181.5m market cap, or US$1.89m). Announcement • May 20
Hemang Resources Limited to Report Q4, 2026 Results on May 27, 2026 Hemang Resources Limited announced that they will report Q4, 2026 results on May 27, 2026 Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ₹11.82, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 20x in the Trade Distributors industry in India. Total loss to shareholders of 74% over the past three years. Buy Or Sell Opportunity • Mar 30
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 44% to ₹9.05. The fair value is estimated to be ₹11.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 110% over the last 3 years, while earnings per share has been flat. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₹10.72, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 19x in the Trade Distributors industry in India. Total loss to shareholders of 78% over the past three years. New Risk • Mar 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.2% average weekly change). Revenue is less than US$1m (₹88m revenue, or US$951k). Market cap is less than US$10m (₹155.6m market cap, or US$1.69m). Minor Risk Profit margins are more than 30% lower than last year (10% net profit margin). Announcement • Feb 05
Hemang Resources Limited to Report Q3, 2026 Results on Feb 12, 2026 Hemang Resources Limited announced that they will report Q3, 2026 results on Feb 12, 2026 Reported Earnings • Nov 20
Second quarter 2026 earnings released: ₹0.17 loss per share (vs ₹0.24 loss in 2Q 2025) Second quarter 2026 results: ₹0.17 loss per share (improved from ₹0.24 loss in 2Q 2025). Net loss: ₹2.18m (loss narrowed 31% from 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Announcement • Nov 08
Hemang Resources Limited to Report Q2, 2026 Results on Nov 14, 2025 Hemang Resources Limited announced that they will report Q2, 2026 results on Nov 14, 2025 Announcement • Sep 04
Hemang Resources Limited, Annual General Meeting, Sep 29, 2025 Hemang Resources Limited, Annual General Meeting, Sep 29, 2025, at 12:00 Indian Standard Time. Reported Earnings • Aug 14
First quarter 2026 earnings released: EPS: ₹0.41 (vs ₹0.15 loss in 1Q 2025) First quarter 2026 results: EPS: ₹0.41 (up from ₹0.15 loss in 1Q 2025). Revenue: ₹20.1m (up ₹17.0m from 1Q 2025). Net income: ₹5.36m (up ₹7.38m from 1Q 2025). Profit margin: 27% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Announcement • Aug 05
Hemang Resources Limited to Report Q1, 2026 Results on Aug 12, 2025 Hemang Resources Limited announced that they will report Q1, 2026 results on Aug 12, 2025 Reported Earnings • May 31
Full year 2025 earnings released: EPS: ₹0.41 (vs ₹0.82 loss in FY 2024) Full year 2025 results: EPS: ₹0.41 (up from ₹0.82 loss in FY 2024). Revenue: ₹97.7m (down 74% from FY 2024). Net income: ₹5.40m (up ₹16.3m from FY 2024). Profit margin: 5.5% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Announcement • May 21
Hemang Resources Limited to Report Q4, 2025 Results on May 29, 2025 Hemang Resources Limited announced that they will report Q4, 2025 results at 9:15 AM, Indian Standard Time on May 29, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹22.77, the stock trades at a trailing P/E ratio of 2.5x. Average trailing P/E is 25x in the Trade Distributors industry in India. Total loss to shareholders of 41% over the past three years. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₹24.82, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 27x in the Trade Distributors industry in India. Total returns to shareholders of 9.0% over the past three years. Buy Or Sell Opportunity • Mar 19
Now 22% overvalued Over the last 90 days, the stock has fallen 30% to ₹21.15. The fair value is estimated to be ₹17.27, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 41% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Feb 20
Third quarter 2025 earnings released: EPS: ₹0.20 (vs ₹0.79 loss in 3Q 2024) Third quarter 2025 results: EPS: ₹0.20 (up from ₹0.79 loss in 3Q 2024). Net income: ₹2.88m (up ₹13.4m from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 40% per year, which means it is well ahead of earnings. New Risk • Feb 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (31% accrual ratio). Revenue is less than US$1m (₹86m revenue, or US$976k). Market cap is less than US$10m (₹318.3m market cap, or US$3.63m). Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). Announcement • Feb 06
Hemang Resources Limited to Report Q3, 2025 Results on Feb 14, 2025 Hemang Resources Limited announced that they will report Q3, 2025 results on Feb 14, 2025 Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹24.81, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 38x in the Trade Distributors industry in India. Total returns to shareholders of 301% over the past three years. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹30.89, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 39x in the Trade Distributors industry in India. Total returns to shareholders of 896% over the past three years. New Risk • Nov 15
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: ₹66m (US$786k) This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (31% accrual ratio). Revenue is less than US$1m (₹66m revenue, or US$786k). Market cap is less than US$10m (₹385.2m market cap, or US$4.56m). Reported Earnings • Nov 15
Second quarter 2025 earnings released: ₹0.24 loss per share (vs ₹0.55 loss in 2Q 2024) Second quarter 2025 results: ₹0.24 loss per share (improved from ₹0.55 loss in 2Q 2024). Net loss: ₹3.17m (loss narrowed 56% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 115% per year, which means it is well ahead of earnings. Announcement • Nov 09
Hemang Resources Limited to Report Q2, 2025 Results on Nov 14, 2024 Hemang Resources Limited announced that they will report Q2, 2025 results on Nov 14, 2024 Announcement • Sep 02
Hemang Resources Limited, Annual General Meeting, Sep 27, 2024 Hemang Resources Limited, Annual General Meeting, Sep 27, 2024, at 12:00 Indian Standard Time. Board Change • Sep 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. CEO & Executive Director Komal Thakker was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 14
First quarter 2025 earnings released: ₹0.15 loss per share (vs ₹8.83 loss in 1Q 2024) First quarter 2025 results: ₹0.15 loss per share (improved from ₹8.83 loss in 1Q 2024). Revenue: ₹3.10m (down 99% from 1Q 2024). Net loss: ₹2.01m (loss narrowed 98% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 85% per year, which means it is well ahead of earnings. Announcement • Aug 07
Hemang Resources Limited to Report Q1, 2025 Results on Aug 13, 2024 Hemang Resources Limited announced that they will report Q1, 2025 results on Aug 13, 2024 Announcement • May 18
Hemang Resources Limited to Report Q4, 2024 Results on May 24, 2024 Hemang Resources Limited announced that they will report Q4, 2024 results on May 24, 2024 Reported Earnings • Feb 15
Third quarter 2024 earnings released: ₹0.79 loss per share (vs ₹0.62 profit in 3Q 2023) Third quarter 2024 results: ₹0.79 loss per share (down from ₹0.62 profit in 3Q 2023). Revenue: ₹3.81m (down 97% from 3Q 2023). Net loss: ₹10.5m (down 228% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 101% per year, which means it is well ahead of earnings. Announcement • Feb 02
Hemang Resources Limited to Report Q3, 2024 Results on Feb 09, 2024 Hemang Resources Limited announced that they will report Q3, 2024 results on Feb 09, 2024 Reported Earnings • Nov 09
Second quarter 2024 earnings released: ₹0.55 loss per share (vs ₹2.36 profit in 2Q 2023) Second quarter 2024 results: ₹0.55 loss per share (down from ₹2.36 profit in 2Q 2023). Revenue: ₹72.0m (down 92% from 2Q 2023). Net loss: ₹7.30m (down 123% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 86% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 18
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Market cap is less than US$10m (₹480.5m market cap, or US$5.78m). Announcement • Aug 03
Hemang Resources Limited to Report Q1, 2024 Results on Aug 11, 2023 Hemang Resources Limited announced that they will report Q1, 2024 results on Aug 11, 2023 Reported Earnings • Jul 13
Full year 2023 earnings released: EPS: ₹5.59 (vs ₹14.79 in FY 2022) Full year 2023 results: EPS: ₹5.59 (down from ₹14.79 in FY 2022). Revenue: ₹2.05b (up 212% from FY 2022). Net income: ₹73.8m (down 62% from FY 2022). Profit margin: 3.6% (down from 30% in FY 2022). The decrease in margin was driven by higher expenses. Announcement • Jul 08
Hemang Resources Limited, Annual General Meeting, Aug 04, 2023 Hemang Resources Limited, Annual General Meeting, Aug 04, 2023, at 11:30 Indian Standard Time. Announcement • May 23
Hemang Resources Limited to Report Q4, 2023 Results on May 29, 2023 Hemang Resources Limited announced that they will report Q4, 2023 results on May 29, 2023 Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹49.62, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 21x in the Trade Distributors industry in India. Total returns to shareholders of 704% over the past three years. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹53.11, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 22x in the Trade Distributors industry in India. Total returns to shareholders of 761% over the past three years. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₹66.55, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 25x in the Trade Distributors industry in India. Total returns to shareholders of 1,032% over the past year. Buying Opportunity • Feb 09
Now 20% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be ₹87.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 137% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Jan 28
Hemang Resources Limited to Report Q3, 2023 Results on Feb 03, 2023 Hemang Resources Limited announced that they will report Q3, 2023 results on Feb 03, 2023 Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improved over the past week After last week's 28% share price gain to ₹106, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 28x in the Trade Distributors industry in India. Total returns to shareholders of 1,971% over the past year. Buying Opportunity • Jan 12
Now 20% undervalued Over the last 90 days, the stock is up 75%. The fair value is estimated to be ₹94.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 144% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improved over the past week After last week's 15% share price gain to ₹69.05, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 24x in the Trade Distributors industry in India. Total returns to shareholders of 1,019% over the past three years. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improved over the past week After last week's 25% share price gain to ₹66.80, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 25x in the Trade Distributors industry in India. Total returns to shareholders of 983% over the past three years. Announcement • Nov 03
Hemang Resources Limited to Report Q2, 2023 Results on Nov 11, 2022 Hemang Resources Limited announced that they will report Q2, 2023 results on Nov 11, 2022 Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improved over the past week After last week's 19% share price gain to ₹51.10, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 23x in the Trade Distributors industry in India. Total returns to shareholders of 1,497% over the past year. Announcement • Sep 02
Hemang Resources Limited, Annual General Meeting, Sep 23, 2022 Hemang Resources Limited, Annual General Meeting, Sep 23, 2022, at 11:00 Indian Standard Time. Agenda: To receive, consider and adopt the Standalone Audited Financial Statements of the Company for the Financial Year ended March 31, 2022 together with the Reports of the Board of Directors and the Auditors thereon; to appoint a director in place of Ms. Komal Jitendra Thakker, who retires by rotation and being eligible, offers herself for re-appointment; and to consider any other matter thereof. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improved over the past week After last week's 18% share price gain to ₹45.45, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 20x in the Trade Distributors industry in India. Total returns to shareholders of 637% over the past three years. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improved over the past week After last week's 27% share price gain to ₹47.30, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 20x in the Trade Distributors industry in India. Total returns to shareholders of 664% over the past three years. Announcement • May 21
Hemang Resources Limited to Report Q4, 2022 Final Results on May 27, 2022 Hemang Resources Limited announced that they will report Q4, 2022 final results on May 27, 2022 Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorated over the past week After last week's 23% share price decline to ₹48.05, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 22x in the Trade Distributors industry in India. Total returns to shareholders of 540% over the past three years. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improved over the past week After last week's 27% share price gain to ₹65.75, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 23x in the Trade Distributors industry in India. Total returns to shareholders of 732% over the past three years. Board Change • Apr 27
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Non-Executive Independent Woman Director Shikha Jain is the most experienced director on the board, commencing their role in 2018. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improved over the past week After last week's 27% share price gain to ₹12.12, the stock trades at a trailing P/E ratio of 2x. Average trailing P/E is 19x in the Trade Distributors industry in India. Total returns to shareholders of 53% over the past three years. Board Change • Nov 12
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Non-Executive Independent Woman Director Shikha Jain is the most experienced director on the board, commencing their role in 2018. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Executive Departure • Sep 01
Additional Non-Executive Director Surinder Bhatia has left the company On the 25th of August, Surinder Bhatia was replaced as CEO by Komal Thakker. Surinder still personally held 1.86m shares (₹8.9m worth) as of June 2021. This is 14% of the company. A total of 4 executives have left over the last 12 months. Reported Earnings • Jul 04
Full year 2021 earnings released: ₹3.82 loss per share (vs ₹3.65 loss in FY 2020) Full year 2021 results: Net loss: ₹50.4m (loss widened 4.7% from FY 2020). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Executive Departure • Apr 21
CFO, Company Secretary & Compliance Officer has left the company On the 19th of April, Dharmendra Soyal's tenure as CFO, Company Secretary & Compliance Officer ended after 1.7 years in the role. We don't have any record of a personal shareholding under Dharmendra's name. A total of 3 executives have left over the last 12 months. Is New 90 Day High Low • Mar 15
New 90-day low: ₹5.23 The company is down 5.0% from a price of ₹5.51 on 15 December 2020. Underperformed the Indian market, which is up 14% over the last 90 days. Lagged the Trade Distributors industry, which is up 79% over the same period. Executive Departure • Feb 19
Independent Non-Executive Director has left the company On the 13th of February, Shashikant Chaoji's tenure as Independent Non-Executive Director ended after 6.3 years in the role. We don't have any record of a personal shareholding under Shashikant's name. A total of 2 executives have left over the last 12 months. Reported Earnings • Feb 17
Third quarter 2021 earnings released: ₹4.14 loss per share (vs ₹1.97 loss in 3Q 2020) Third quarter 2021 results: Net loss: ₹54.7m (loss widened 111% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Announcement • Feb 14
Hemang Resources Limited Announces Board Changes Hemang Resources Limited announced that Mr. Surinder Singh Bhatia is appointed as additional non-executive director of the Company and Mr. Shashikant Vyakates Chaoji has tendered his resignation from the post of independent director of the Company with effect from closing of working hours of February 13, 2021. Announcement • Feb 06
Hemang Resources Limited to Report Q3, 2021 Results on Feb 13, 2021 Hemang Resources Limited announced that they will report Q3, 2021 results on Feb 13, 2021 Announcement • Oct 17
Hemang Resources Limited Appoints Dharmendra Soyal as Chief Financial Officer Hemang Resources Limited approved the appointment of Mr. Dharmendra Soyal as Chief Financial Officer(CFO)of the Company. 
