Den Networks trades over 85% below its all-time high, testing critical ₹38 support ahead of Q1 earnings. Analyst Rohit Mehta notes early base signs but heavy resistance remains. While Den is debt-free with strong 5-year profit CAGR, weak growth, low ROE, and cash flow concerns weigh on sentiment. Stock is down 11.8% YTD; Q1 may prove pivotal.