Dic India Limited (DICIND)

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Dic India Limited (DICIND) · mywealthgrid

About

Dic India manufactures printing inks for packaging, labels, and commercial printing within the Chemicals & Petrochemicals sector. With ₹544.59 Cr market cap and recent quarterly revenue of ₹283.95 Cr (Jun 2026), it is a small-cap player whose profitability remains volatile despite growing revenue.

Face value: ₹10

Market cap

₹565 Cr

P/E

19.5×

P/B

1.3×

Dividend yield

1.1%

ROE

4.1%

ROCE

6.4%

Debt / equity

OPM

4.5%

EPS (TTM)

₹31.5

Book value

₹466.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme profit volatility: OPM ranged 3.23%–7.9% over eight recent quarters while revenue stayed relatively flat (₹210–284 Cr), suggesting raw-material cost swings or operational sensitivity.

Low capital efficiency: ROE of 4.12% is very weak; verify working-capital drag, excess capacity, or structural margin constraints.

High valuation for uncertain durability: PE of 18.82 prices in margin expansion, but three of eight recent quarters fell below 3.5% OPM—verify Jun-2026's 7.9% is sustainable.

Sector cyclicality and competition: printing-inks demand hinges on packaging volumes and print-media activity; verify industry growth outlook and competitive positioning.

Generated analysis · source review pending

Growth drivers

Revenue grew 28% from Sep 2024 (₹221 Cr) to Jun 2026 (₹283.95 Cr); verify if driven by volume, pricing, or product mix.

Operating margin expanded to 7.9% in Jun 2026 versus 4.46% average; verify if this reflects cost control or input easing and whether it will sustain.

Zero debt (D/E = 0) provides balance-sheet capacity for capex or working-capital investment; verify if management plans such deployment.

Printing-inks sector growth in India is tied to packaging and label expansion; verify sector demand outlook and the company's ability to capture incremental volume.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹613.7-1%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 19.3×
+High promoter holding of 71.8% with no pledge

Cons

−Low return on equity of 1.1% (3-yr avg)
−Thin operating margin of 4.5%
−Profit declined 27.4% a year over the last 5 years
−Modest revenue growth of 8% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

56/100

Business quality: 41
Growth: 51

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Solar Industries India LimitedSOLARINDSSOLARINDS	₹1,75,570 Cr	₹1,77,038 Cr	₹11,351 Cr	₹3,102 Cr	26.7%	₹1,991 Cr	17.7%	34.2%	31.5%	152
Linde India LimitedLINDEINDIALINDEINDIA	₹53,291 Cr	₹53,291 Cr	₹2,654 Cr	₹913 Cr	35.9%	₹546 Cr	21.7%	15.9%	13.6%	-217
Gujarat Fluorochemicals LimitedFLUOROCHEMFLUOROCHEM	₹47,713 Cr	₹49,912 Cr	₹5,303 Cr	₹1,375 Cr	25.8%	₹615 Cr	11.5%	11.1%	7.6%	401
Navin Fluorine International LimitedNAVINFLUORNAVINFLUOR	₹41,740 Cr	₹42,967 Cr	₹3,634 Cr	₹1,232 Cr	32.6%	₹790 Cr	20%	21.6%	20.1%	61
Himadri Speciality Chemical LimitedHSCLHSCL	₹33,557 Cr	₹34,323 Cr	₹4,974 Cr	₹1,005 Cr	20.6%	₹799 Cr	16.2%	23.4%	17.8%	103
Aether Industries LimitedAETHERAETHER	₹22,161 Cr	₹22,603 Cr	₹1,224 Cr	₹384 Cr	31.3%	₹235 Cr	19.8%	13.2%	9.4%	330
Atul LimitedATULATUL	₹17,231 Cr	₹17,411 Cr	₹6,643 Cr	₹1,189 Cr	16.4%	₹704 Cr	11%	14.1%	11.5%	70
Aarti Industries LimitedAARTIINDAARTIIND	₹16,869 Cr	₹21,790 Cr	₹9,012 Cr	₹1,337 Cr	14.1%	₹531 Cr	5.1%	8.8%	7.3%	54
Deepak Fertilizers And Petrochemicals Corporation LimitedDEEPAKFERTDEEPAKFERT	₹16,417 Cr	₹21,903 Cr	₹12,104 Cr	₹2,016 Cr	14.6%	₹984 Cr	6.4%	12.6%	11.3%	55
Fine Organic Industries LimitedFINEORGFINEORG	₹15,752 Cr	₹15,797 Cr	₹2,472 Cr	₹535 Cr	20.4%	₹438 Cr	17.6%	21.6%	16.8%	113
Tata Chemicals LimitedTATACHEMTATACHEM	₹15,487 Cr	₹23,488 Cr	₹15,120 Cr	₹1,711 Cr	12.4%	₹-2,165 Cr	-11.8%	2.9%	-8.9%	113
Basf India LimitedBASFBASF	₹14,796 Cr	₹14,796 Cr	₹16,177 Cr	₹952 Cr	4.4%	₹643 Cr	2.8%	14%	11.1%	40

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
	706	764	838	791	608	745	872	829	882	892
COGS	-376	-284	656	579	427	549	678	627	658	657
Gross profit	—	—	182	212	181	196	194	202	224	235
	1,042	1,041	183	192	159	173	173	192	187	195
	41	7	-1	20	23	23	20	10	36	40
OPM %	5.8%	0.9%	-0.2%	2.6%	3.7%	3.1%	2.4%	1.2%	4.1%	4.5%
Depreciation	15	15	13	11	15	14	13	18	19	18
Interest	2	4	6	5	2	1	4	4	2	1
	7	6	15	13	105	10	41	-16	10	4
Profit before tax	31	-17	-6	17	111	17	44	-28	26	24
Tax	8	-4	3	-1	25	4	3	-6	6	6
Tax %	25.9%	-21.6%	58.2%	-5.6%	22.5%	26.1%	7.5%	-19.7%	24.6%	26.5%
	23	-13	-9	18	86	12	41	-23	20	17
PAT margin %	3.2%	-1.8%	-1.1%	2.3%	14.1%	1.7%	4.7%	-2.7%	2.2%	2%
EPS (₹)	—	-14.9	-20.3	20.1	93.6	13.5	44.7	-24.7	21.3	18.9
EPS adjusted (₹)	—	—	—	—	93.6	13.5	44.6	-24.7	21.3	18.9
	—	—	—	22.4%	6.4%	37%	4.5%	—	18.8%	15.8%
Annual report	Annual report for Dec 2016	Annual report for Dec 2017	Annual report for Dec 2018	Annual report for Dec 2019	Annual report for Dec 2020	Annual report for Dec 2021	Annual report for Dec 2022	Annual report for Dec 2023	Annual report for Dec 2024	Annual report for Dec 2025

₹ Cr	Mar 2016	Mar 2017	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Equity capital	9	9	9	9	9	9	9	9
Reserves	275	293	—	377	413	387	406	419
	0	0	—	0	24	20	1	0
	161	189	—	225	203	165	171	202
Total equity & liabilities	445	492	—	611	649	581	587	630
	69	55	79	76	49	121	141	138
CWIP	2	4	—	9	77	15	4	1
Investments	—	—	—	0	0	0	1	0
	374	433	—	526	523	445	442	491
Total assets	445	492	—	611	649	581	587	630

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
	46	-13	-9	59	118	-7	40	5	16	43
	-15	-3	-22	-37	-55	56	-34	-30	-6	-10
	-10	28	12	-22	-16	-9	9	5	-18	-7
Net cash flow	—	12	—	—	47	40	15	-20	-8	25
Free cash flow	—	-30	—	—	115	-31	-29	-28	8	31
CFO / Operating profit %	—	—	—	—	522.4%	-31%	197.7%	54.2%	45%	107.7%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Dec 2021 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Inks	687.67	17.25	—	154.9
Lamination Adhesive	57.16	2.46	—	18.08

SegmentFigure

Inks · revenue

₹ crore by fiscal year

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Margins
Gross margin %	21.7%	26.8%	29.8%	26.3%	22.2%	24.4%	25.4%	26.3%
EBITDA margin %	-0.2%	2.6%	3.7%	3.1%	2.4%	1.2%	4.1%	4.5%
EBIT margin %	-1.7%	1.2%	1.3%	1.2%	0.8%	-1%	2%	2.4%
PAT margin %	-1.1%	2.3%	14.1%	1.7%	4.7%	-2.7%	2.2%	2%
Working capital
Receivable days	—	—	—	114	105	97	100	108
Inventory days	—	—	—	99	59	61	66	70
Payable days	—	—	—	126	91	68	66	81
NWC days	—	—	—	88	73	90	99	97
Leverage
Current ratio	—	—	—	2.31	2.3	2.22	2.55	2.42
Debt to EBITDA	—	—	—	0	1.17	2.03	0.03	0
Debt to equity	—	—	—	0	0.06	0.05	0	0
Interest coverage	-0	4.7	8	13.2	4.1	-0.1	15.3	19.3
Asset turnover	—	—	—	1.22	1.34	1.43	1.5	1.41
Return ratios
Return on assets %	—	—	—	2%	6.3%	-3.9%	3.3%	2.8%
Return on capital employed %	—	—	—	4.6%	3.6%	-0.1%	6.5%	6.4%
Return on equity %	—	—	—	3.2%	9.7%	-5.7%	4.7%	4.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	71.75%	71.75%	71.75%	71.75%	71.75%	71.75%	71.75%	71.75%	71.75%	71.75%	71.75%	71.75%
FII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
DII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	28.25%	28.25%	28.25%	28.25%	28.25%	28.25%	28.25%	28.25%	28.25%	28.25%	28.25%	28.25%
No. of shareholders	—	—	—	—	—	—	—	—	6,473	6,420	6,337	6,260

Promoter holding up 0 percentage points since Sep 2023.

2 deals · 6 Aug 2024 – 6 Aug 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
6 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	50,264	₹687.00	₹3.45 Cr
6 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	50,264	₹686.38	₹3.45 Cr

1–2 of 2

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. RAJEEV ANANDNon-Executive - Independent Director-Chairperson
Ms. PRITHA DUTTNon-Executive - Independent Director
Timir Baran ChaterjeeSr. Exec. Vice President (Corporate Affairs & Legal) & Chief Corporate Officer
Mr. ADNAN WAJHAT AHMADNon-Executive - Independent Director
Mr. PRABAL KUMAR SARKARNon-Executive - Independent Director
Mr. JI XIANG JASON LEENon-Executive - Non Independent Director
Mr. HAYATO KASHIWAGINon-Executive - Non Independent Director
Mr. MANISH BHATIAExecutive Director-CEO-MD
Mr. NAVAPOL CHUENSIRINon-Executive - Non Independent Director
Mr. AVIJIT MUKERJINon-Executive - Independent Director
Mr. Praveen Kumar Asthana

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Dic India Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

85 announcementsExport CSV

30 Sept 2026, 7:11 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management

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Ratio	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Margins
Gross margin %	21.7%	26.8%	29.8%	26.3%	22.2%	24.4%	25.4%	26.3%
EBITDA margin %	-0.2%	2.6%	3.7%	3.1%	2.4%	1.2%	4.1%	4.5%
EBIT margin %	-1.7%	1.2%	1.3%	1.2%	0.8%	-1%	2%	2.4%
PAT margin %	-1.1%	2.3%	14.1%	1.7%	4.7%	-2.7%	2.2%	2%
Working capital
Receivable days	—	—	—	114	105	97	100	108
Inventory days	—	—	—	99	59	61	66	70
Payable days	—	—	—	126	91	68	66	81
NWC days	—	—	—	88	73	90	99	97
Leverage
Current ratio	—	—	—	2.31	2.3	2.22	2.55	2.42
Debt to EBITDA	—	—	—	0	1.17	2.03	0.03	0
Debt to equity	—	—	—	0	0.06	0.05	0	0
Interest coverage	-0	4.7	8	13.2	4.1	-0.1	15.3	19.3
Asset turnover	—	—	—	1.22	1.34	1.43	1.5	1.41
Return ratios
Return on assets %	—	—	—	2%	6.3%	-3.9%	3.3%	2.8%
Return on capital employed %	—	—	—	4.6%	3.6%	-0.1%	6.5%	6.4%
Return on equity %	—	—	—	3.2%	9.7%	-5.7%	4.7%	4.1%

Date	Category	Subject	Filing
30 Sept 2026, 7:11 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
30 Sept 2026, 6:45 pm	AGM/EGM Postal Ballot	DIC India Ltd - 500089 - Shareholder Meeting / Postal Ballot-Scrutinizer"s Report	PDF
30 Sept 2026, 5:39 pm	AGM/EGM Postal Ballot	Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot	PDF
1 Sept 2026, 1:34 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
1 Sept 2026, 10:51 am	Company Update General	Commencement Of Tenure Of Mr. Hayato Kashiwagi As Managing Director W.E.F. September 01, 2026	PDF
31 Aug 2026, 12:36 pm	AGM/EGM Postal Ballot	Shareholder Meeting / Postal Ballot-Notice of Postal Ballot	PDF
29 Aug 2026, 7:18 pm	Company Update Resignation of Chief Executive Officer (CEO)	Announcement under Regulation 30 (LODR)-Resignation of Chief Executive Officer (CEO)	PDF
29 Aug 2026, 7:00 pm	Company Update Resignation of Managing Director	Announcement under Regulation 30 (LODR)-Resignation of Managing Director	PDF

Dic India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Inks · revenue

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

17

1

Segment results

Inks · revenue

Compounded sales growth

Compounded profit growth

Return on equity

Dic India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Segment results

Inks · revenue

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Dividends17

Board meetings1

Profit & loss

Balance sheet

Cash flow

Segment results

Inks · revenue

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

17

1