The term can be divided in two words : Daedh means Half (aadha in Hindi/Daedh bajna-1.30 p.m) and Bhangi means to poor road side beggar.
Usually used between buddies who keeps on fighting for no reason.
Kshitiz : Yarr thak gaya tha...soo Raha tha..!! (I was sleeping as i was tired)
Dipen : Aabey Daedh Bhangi Kabhi toh aaya kar practice ke lieah. (Aabey Daedh Bhangi -- come some time for practice!)