DIC India Ltd

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DIC India Ltd

₹ 600 -1.57%
05 Oct 2:35 p.m.
dic.co.in BSE: 500089 NSE: DICIND
About

Incorporated in 1947, DIC India Ltd is in the business of manufacturing Printing Inks, and also provides Lamination Adhesive[1]

Key Points

Business Overview:[1]
DIC India Ltd (formerly, Coates of India Ltd) manufactures printing ink, including newsprint ink, offset ink, liquid ink, Flexographic inks, and lamination adhesives used in the newspaper, publishing, and packaging industries. Company also introduced flexi-packaging toluene free ink in FY23.

Website BSE NSE
  • Market Cap ₹ 551 Cr.
  • Current Price ₹ 600
  • High / Low ₹ 675 / 450
  • Stock P/E 18.0
  • Book Value ₹ 484
  • Dividend Yield 0.50 %
  • ROCE 6.42 %
  • ROE 4.51 %
  • Face Value ₹ 10.0
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Pros

  • Company is almost debt free.

Cons

  • The company has delivered a poor sales growth of 7.95% over past five years.
  • Company has a low return on equity of 2.93% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Commodities Chemicals Chemicals & Petrochemicals Printing Inks

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
208 217 205 199 243 221 219 210 226 223 232 241 284
206 212 205 190 231 214 210 203 217 211 220 232 262
Operating Profit 2 4 0 8 12 7 9 7 9 12 12 9 22
OPM % 0.9% 2.1% 0.2% 4.1% 4.8% 3.3% 4.3% 3.2% 4.1% 5% 5% 3.6% 8%
1 -17 -4 1 2 2 5 1 1 1 -0 2 2
Interest 1 1 1 0 0 0 1 0 0 0 0 0 0
Depreciation 5 5 5 5 5 5 5 4 4 5 5 5 5
Profit before tax -3 -18 -8 4 8 4 9 4 6 8 6 6 19
Tax % -18% -24% -12% 6% 26% 47% 23% 26% 27% 26% 26% 27% 26%
-3 -14 -7 4 6 2 7 3 4 6 5 4 14
EPS in Rs -2.80 -15.07 -7.82 4.58 6.77 2.16 7.79 2.82 4.75 6.40 4.97 4.62 15.55
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025 TTM
722 750 707 738 838 791 608 745 872 829 882 892 980
723 691 665 726 839 771 586 722 851 819 845 852 925
Operating Profit -1 59 42 12 -1 20 23 23 21 10 36 40 55
OPM % -0.1% 8% 6% 1.6% -0.2% 2.6% 3.7% 3.1% 2.4% 1.2% 4.1% 4.5% 6%
-20 4 6 -9 15 13 105 10 41 -16 10 4 5
Interest 6 5 2 3 6 5 2 1 4 4 2 1 2
Depreciation 13 17 15 16 13 11 15 14 13 18 19 18 19
Profit before tax -39 40 31 -16 -6 17 111 17 44 -28 26 24 39
Tax % -21% 26% 26% -25% 58% -6% 23% 26% 8% -20% 25% 27%
-31 30 23 -12 -9 18 86 12 41 -23 20 17 29
EPS in Rs -33.65 32.37 24.88 -12.84 -10.15 20.10 93.58 13.50 44.65 -24.71 21.29 18.93 31.54
Dividend Payout % 0% 12% 16% 0% 0% 22% 6% 37% 4% 0% 19% 16%
Compounded Sales Growth
10 Years: 2%
5 Years: 8%
3 Years: 1%
TTM: 12%
Compounded Profit Growth
10 Years: -6%
5 Years: 13%
3 Years: 22%
TTM: 97%
Stock Price CAGR
10 Years: 1%
5 Years: 6%
3 Years: 12%
1 Year: 14%
Return on Equity
10 Years: 3%
5 Years: 3%
3 Years: 3%
Last Year: 5%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025 Jun 2026
Equity Capital 9 9 9 9 9 9 9 9 9 9 9 9 9
Reserves 251 275 293 281 271 289 370 377 413 387 406 419 435
35 2 0 35 51 35 6 5 24 20 3 4 3
139 122 143 167 273 136 144 220 203 165 169 198 289
Total Liabilities 435 408 445 492 603 469 529 611 649 581 587 630 737
87 71 69 54 57 59 79 76 88 143 141 138 135
CWIP 2 2 4 7 3 1 1 9 77 15 4 1 2
Investments 0 0 0 0 0 0 0 0 0 0 0 0 0
346 335 372 431 543 408 449 526 484 423 442 491 599
Total Assets 435 408 445 492 603 469 529 611 649 581 587 630 737

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025
2 42 46 -13 -9 58 24 -7 37 5 16 43
-10 -5 -15 -3 -22 -37 38 56 -34 -30 -6 -10
1 -37 -10 28 12 -22 -44 -9 -8 5 -18 -7
Net Cash Flow -6 0 21 12 -19 0 18 40 -6 -20 -8 25
Free Cash Flow -8 37 31 -16 -16 3 18 -13 2 -26 10 32
CFO/OP -81% 88% 139% -102% 751% 298% 202% 12% 200% 73% 43% 124%

Ratios

Standalone / View Consolidated

Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025
Debtor Days 102 100 101 109 107 93 109 114 105 97 100 108
Inventory Days 73 70 87 81 78 62 88 99 59 61 66 70
Days Payable 70 57 68 90 107 70 96 126 82 68 66 81
Cash Conversion Cycle 105 114 120 99 77 85 101 88 82 90 99 97
Working Capital Days 87 101 105 89 68 87 106 103 82 75 90 87
ROCE % -4% 16% 11% -0% -0% 7% 4% 5% 4% -1% 6% 6%

Insights

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Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025
Installed Capacity
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Export Share of Revenue
%
Number of Permanent Employees
count
R&D Expenditure as % of Turnover
%
Specific CO2 Emissions
Kg/Ton
Specific Water Consumption
Ltr/Ton
Newsprint Ink Share of Revenue
%

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Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
28.25% 28.26% 28.25% 28.24% 28.23% 28.23% 28.24% 28.24% 28.24% 28.25% 28.25% 28.24%
No. of Shareholders 7,1557,0636,9186,9756,3816,4176,6526,3746,4736,4206,3376,260

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