DIC India Limited (DICIND) AI Stock Analysis

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DIC India Limited

(NSE:DICIND)

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Rating:65Neutral

Price Target:INR 511.00▲(7.58% Upside)

Action:reiterated

Date:08/23/26

The overall score of 65 reflects a company with a rock-solid balance sheet and improving cash generation, which provides a strong foundation. However, these strengths are offset by significant pressure on revenue growth and profit margins, as highlighted in the income statement. The stock's positive technical momentum adds support, while the valuation is fair but not a major catalyst.

Positive Factors

Very low leverageThe company’s minimal debt burden and strong capitalization provide meaningful financial flexibility. Low leverage reduces solvency and refinancing risk, helping DIC India absorb operating volatility while preserving capacity to support investment and ongoing business needs.

Negative Factors

Thin and pressured profitabilityVery thin margins leave limited room to absorb cost increases, pricing pressure, or weaker operating conditions. The sharp 2025 gross-margin compression also raises concern that the recent earnings recovery may not translate into durable, high-quality profitability.

DIC India Limited (DICIND) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 4.45B
Dividend Yield: 0.62%
Average Volume (3M): 1,455
Price to Earnings (P/E): 17.4
Beta (1Y): 0.31
Revenue Growth: 17.22%
EPS Growth: 25.44%
Country: India
Employees: 354
Sector: General
Sector Strength: 55
Industry: Chemicals - Specialty

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, printin...

DIC India Limited Financial Statement Overview

Summary

Financial performance is mixed. The balance sheet is exceptionally strong (Score 85) with minimal debt, and cash flow has turned positive and reached a six-year high (Score 70). However, the income statement is a concern (Score 45) due to declining revenue and compressed margins. The overall financial health is stable but profitability is under pressure.

Income Statement

45Neutral

Balance Sheet

85Very Positive

Cash Flow

70Positive

Financial statement breakdown
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	305.14M	81.00M	-280.62M	-325.34M	-306.10M
Operating Cash Flow	0	418.74M	163.83M	52.57M	369.69M	-71.15M
Investing Cash Flow	0	-111.79M	-59.73M	-300.05M	-341.65M	563.07M
Financing Cash Flow	0	-52.77M	-182.46M	46.37M	-84.96M	-94.90M

DIC India Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price475.00

Price Trends

50DMA580.16Negative

100DMA557.25Negative

200DMA540.94Negative

Market Momentum

MACD-31.41Positive

RSI32.66Neutral

STOCH4.49Positive

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 475.00 is below the 20-day moving average (MA) of 527.96, below the 50-day MA of 580.16, and below the 200-day MA of 540.94, indicating a bearish trend. The MACD of -31.41 indicates Positive momentum. The RSI at 32.66 is Neutral, neither overbought nor oversold. The STOCH value of 4.49 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

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:DICIND against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:DICIND	65Neutral	INR 4.36B	17.43	―	0.62%	17.22%	25.44%
IN:SUDARSCHEM	62Neutral	INR 94.14B	103.64	―	0.82%	48.73%	59.17%
IN:PODDARMENT	57Neutral	INR 2.71B	18.22	―	1.57%	4.50%	-17.13%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:SHK	51Neutral	INR 18.29B	19.03	―	1.54%	12.79%	-39.00%
IN:CAMLINFINE	42Neutral	INR 15.39B	-183.02	―	―	7.92%	73.43%

* General Sector Average

Performance Comparison

IN:DICIND and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:DICIND	DIC India Limited	475.00	-38.49	-7.50%
IN:CAMLINFINE	Camlin Fine Sciences Limited	76.90	-93.05	-54.75%
IN:SUDARCOLOR	Heubach Colorants India Limited	377.25	-99.40	-20.85%
IN:PODDARMENT	Poddar Pigments Limited	255.60	-4.09	-1.58%
IN:SHK	S H Kelkar and Company Ltd	129.90	-45.79	-26.06%
IN:SUDARSCHEM	Sudarshan Chemical Industries Limited	1158.55	126.06	12.21%

DIC India Limited Corporate Events

DIC India Publishes Results, Opens Physical-Share Transfer Window

Nov 5, 2026

DIC India published newspaper advertisements on November 5, 2026, covering its unaudited financial results for the quarter and nine months ended September 30, 2026. The company reported total income of Rs. 2,740.16 million and profit after tax of Rs....

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 of...

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 transacti...

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 acro...

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 responsibili...

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.

Date of analysis: Aug 23, 2026

DIC India Limited AI Stock Analysis