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DIC India Limited
(DICIND)
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Rating:67Neutral
Price Target:
₹570.00
▼(-4.56% Downside)
Action:Reiterated
Date:08/23/26
Overall score is driven primarily by solid financial stability from a very low-debt balance sheet and improved recent cash generation, offset by thin/volatile profitability and recent margin pressure. Technicals are supportive with price above major moving averages and positive MACD, but near-overbought RSI reduces confidence. Valuation is only average, with a modest P/E and minimal dividend yield.
Positive Factors
Very Low Leverage
A conservatively financed balance sheet gives DIC India substantial resilience and financial flexibility. Minimal debt reduces solvency and refinancing pressure, while strong capitalization leaves greater capacity to withstand industry volatility or support future operating needs.
Negative Factors
Thin and Compressed Margins
Very thin profitability leaves limited protection against changes in costs or pricing and makes earnings more sensitive to operating setbacks. The sharp 2025 gross-margin compression suggests that the recent recovery does not yet demonstrate durable margin strength or strong earnings resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Very Low Leverage
A conservatively financed balance sheet gives DIC India substantial resilience and financial flexibility. Minimal debt reduces solvency and refinancing pressure, while strong capitalization leaves greater capacity to withstand industry volatility or support future operating needs.
Read all positive factors
DIC India Limited (DICIND) vs. iShares MSCI India ETF (INDA)
Market Cap
₹4.75B
Dividend Yield0.57%
Average Volume (3M)118.00
Price to Earnings (P/E)16.8
Beta (1Y)0.70
Revenue Growth11.71%
EPS Growth79.88%
CountryIN
Employees354
SectorGeneral
Sector StrengthN/A
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)25.12
Shares Outstanding9,178,977
10 Day Avg. Volume111
30 Day Avg. Volume118
Financial Highlights & Ratios
PEG Ratio-2.31
Price to Book (P/B)1.04
Price to Sales (P/S)0.50
P/FCF Ratio14.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
DIC India Limited Business Overview & Revenue Model
Company Description
DIC India Ltd. engages in the manufacture and sale of printing inks and allied materials. It operates through two segments: Printing Ink and Lamination Adhesive. The firm offers offset ink, flexible packaging ink, UV ink, lamination adhesive, prin...
How the Company Makes Money
DIC India Limited primarily makes money by manufacturing and selling printing inks and related printing/packaging consumables to business customers (B2B), such as commercial printers and packaging converters. Revenue is generated through (1) produ...
DIC India Limited Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
83
Very Positive
Cash Flow
56
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.56B | 8.92B | 8.78B | 8.26B | 8.68B | 7.42B |
| Gross Profit | 1.28B | 1.41B | 2.20B | 1.04B | 1.74B | 1.78B |
| EBITDA | 429.39M | 397.19M | 461.95M | -63.47M | 608.36M | 322.44M |
| Net Income | 230.61M | 173.77M | 195.39M | -226.76M | 409.84M | 123.89M |
Balance Sheet | ||||||
| Total Assets | 7.37B | 6.30B | 5.87B | 5.81B | 6.49B | 6.11B |
| Cash, Cash Equivalents and Short-Term Investments | 153.84M | 646.55M | 391.82M | 469.68M | 670.74M | 727.66M |
| Total Debt | 32.70M | 64.80M | 34.33M | 196.84M | 240.45M | 54.49M |
| Total Liabilities | 2.92B | 2.02B | 1.72B | 1.85B | 2.27B | 2.25B |
| Stockholders Equity | 4.44B | 4.29B | 4.15B | 3.96B | 4.22B | 3.86B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 305.14M | 81.00M | -280.62M | -325.34M | -306.10M |
| Operating Cash Flow | 0.00 | 418.74M | 163.83M | 52.57M | 369.69M | -71.15M |
| Investing Cash Flow | 0.00 | -111.79M | -59.73M | -300.05M | -341.65M | 563.07M |
| Financing Cash Flow | 0.00 | -52.77M | -182.46M | 46.37M | -84.96M | -94.90M |
DIC India Limited Technical Analysis
Negative
597.25
Price Trends
598.43
Negative
557.92
Negative
539.70
Negative
Market Momentum
-21.28
Positive
32.16
Neutral
6.01
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DICIND, the sentiment is Negative. The current price of 597.25 is above the 20-day moving average (MA) of 579.11, below the 50-day MA of 598.43, and above the 200-day MA of 539.70, indicating a bearish trend. The MACD of -21.28 indicates Positive momentum. The RSI at 32.16 is Neutral, neither overbought nor oversold. The STOCH value of 6.01 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:DICIND.
DIC India Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | ₹4.75B | 16.75 | ― | 0.57% | 11.71% | 79.88% | |
62 Neutral | ₹2.76B | 18.71 | ― | 1.54% | 3.55% | -21.35% | |
61 Neutral | ₹86.05B | 117.88 | ― | 0.88% | 90.13% | -6.80% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | ₹18.04B | 20.32 | ― | 1.53% | 9.68% | -51.94% | |
42 Neutral | ₹15.82B | 316.62 | ― | 0.47% | 8.40% | ― |
* General Sector Average
IN:DICIND
DIC India Limited
544.00
30.16
5.87%
IN:CAMLINFINE
Camlin Fine Sciences Limited
84.05
-111.65
-57.05%
IN:SUDARCOLOR
Heubach Colorants India Limited
370.95
-147.10
-28.39%
IN:PODDARMENT
Poddar Pigments Limited
262.80
-12.58
-4.57%
IN:SHK
S H Kelkar and Company Ltd
125.70
-94.09
-42.81%
IN:SUDARSCHEM
Sudarshan Chemical Industries Limited
992.15
-153.68
-13.41%
DIC India Limited Corporate Events
DIC India reports tax survey with no operational impact
Oct 15, 2026
DIC India Limited has disclosed that the Income Tax Department conducted a survey at its registered office on 14 October 2026 under the Income Tax Act. The survey, carried out in accordance with Indian securities disclosure rules, involved review ...
DIC India Receives Tax Panel Directions on Transfer Pricing Case
Oct 2, 2026
DIC India Limited has disclosed that it has received directions from the Dispute Resolution Panel-2 in New Delhi regarding transfer pricing proceedings for assessment year 2023-24. The matter relates to adjustments proposed on international transa...
DIC India Seeks Shareholder Nod for New Managing Director and Whole-Time Director
Aug 31, 2026
DIC India Limited operates in the printing inks and allied chemicals industry, supplying products that support packaging, publishing, and commercial printing applications. The company serves a broad base of industrial and institutional customers a...
DIC India formalizes exit of MD and CEO Manish Bhatia effective August 29, 2026
Aug 29, 2026
DIC India Limited has confirmed that Managing Director and CEO Manish Bhatia’s resignation has become effective at the close of business on August 29, 2026, following his earlier notice dated June 2, 2026. With his exit from all assigned res...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.