DIC India Ltd.
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ABOUT
AI Sector View
AI GENERATEDChemicals
The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.
PROS
- Company is almost debt free
- Latest quarter profit grew 227.2% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 4.52x)
- Company generates healthy free cash flow
CONS
- Company has a low return on capital employed of 2.3%
- Company has a low return on equity of 1.1% over last 3 years
- A large part of profit comes from other income (25.7% of PBT)
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SOLARINDS | 20550.00 | 93.38 | 185957.06 | 0.05 | 666.37 | 88.98 | 3668.20 | 70.26 | 38.16 | 27.91 |
| PIDILITIND | 1636.40 | 62.88 | 166565.83 | 1.31 | 8835.10 | 1202.86 | 45515.50 | 1112.74 | 32.38 | 26.28 |
| SRF | 2597.00 | 35.61 | 76981.53 | 0.35 | 758.87 | 75.53 | 5033.26 | 34.63 | 14.21 | 24.57 |
| FLUOROCHEM | 4731.25 | 84.51 | 51972.78 | 0.06 | 219.00 | 19.02 | 1588.00 | 23.97 | 9.58 | 26.83 |
| NAVINFLUOR | 8538.25 | 55.47 | 43808.15 | 0.18 | 243.31 | 107.67 | 1045.08 | 44.07 | 21.39 | 34.17 |
| GODREJIND | 1138.55 | 32.62 | 38352.18 | 0.00 | 523.36 | -27.85 | 5448.09 | 22.16 | 10.64 | 12.82 |
| DEEPAKNTR | 1733.65 | 30.19 | 23645.78 | 0.43 | 345.01 | 207.36 | 2577.60 | 36.39 | 11.58 | 20.96 |
| AETHER | 1646.05 | 92.89 | 21847.67 | 0.00 | 62.75 | 33.45 | 326.56 | 27.49 | 11.65 | 31.47 |
| ATUL | 6484.40 | 24.00 | 19091.21 | 0.46 | 253.93 | 91.85 | 1847.95 | 25.03 | 15.05 | 21.41 |
| AARTIIND | 505.45 | 34.53 | 18334.02 | 0.20 | 155.00 | 260.47 | 2387.00 | 42.42 | 6.95 | 16.00 |
| DEEPAKFERT | 1417.10 | 18.24 | 17949.40 | 0.71 | 490.04 | 100.95 | 3256.26 | 22.47 | 12.12 | 25.96 |
| DICIND | 571.40 | 23.76 | 524.49 | 0.53 | 14.27 | 227.25 | 283.96 | 25.76 | 5.94 | 7.90 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 207 | 216 | 204 | 197 | 242 | 220 | 218 | 209 | 226 | 222 | 231 | 240 | 284 | |
| 206 | 212 | 205 | 190 | 231 | 214 | 210 | 203 | 217 | 211 | 220 | 232 | 266 | |
| Operating Profit | 2 | -31 | -12 | 8 | 12 | 7 | 11 | 7 | 9 | 12 | 7 | 9 | 22 |
| OPM % | 0.90% | -14.44% | -5.63% | 4.17% | 4.80% | 3.31% | 4.94% | 3.24% | 4.15% | 5.28% | 3.07% | 3.61% | 7.90% |
| Other Income | 1 | 1 | 2 | 1 | 2 | 2 | 5 | 1 | 1 | 1 | 2 | 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 |
| -3 | -18 | -8 | 4 | 8 | 4 | 9 | 4 | 6 | 8 | 6 | 6 | 19 | |
| Tax % | 18.21% | 24.01% | 12.33% | 6.46% | 25.72% | 46.65% | 23.28% | 26.42% | 27.21% | 25.98% | 26.45% | 26.82% | 25.58% |
| Net Profit | -3 | -14 | -7 | 4 | 6 | 2 | 7 | 3 | 4 | 6 | 5 | 4 | 14 |
| -3 | -15 | -8 | 5 | 7 | 2 | 8 | 3 | 5 | 6 | 5 | 5 | 2 | |
| Equity Capital | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Dec 2023 | Dec 2024 | Dec 2025 | TTM | |
|---|---|---|---|---|
| 829 | 882 | 892 | 977 | |
| 819 | 845 | 852 | 930 | |
| Operating Profit | 18 | 46 | 46 | — |
| OPM % | 2 | 5 | 5 | — |
| Other Income | 8 | 10 | 6 | 7 |
| Interest | 4 | 2 | 1 | 2 |
| Depreciation | 18 | 19 | 18 | 19 |
| -28 | 26 | 24 | 39 | |
| Tax % | 20 | 25 | 27 | 26 |
| Net Profit | -23 | 20 | 17 | 29 |
| EPS | -25 | 21 | 19 | — |
| Dividend Payout % | 0 | 19 | 16 | — |
| Minority Interest | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 |
| Adjusted EPS | -25 | 21 | 19 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 0%
- 5 Years:
- 6%
- 3 Years:
- 7%
- 1 Year:
- -2%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 1%
- Last Year:
- 4%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Dec 2023 | Dec 2024 | Dec 2025 | |
|---|---|---|---|
| LIABILITIES | - | - | - |
| Equity Capital | 9 | 9 | 9 |
| 387 | 406 | 419 | |
| 15 | 0 | 0 | |
| Trade Payables | 117 | 119 | 145 |
| 86 | 91 | 104 | |
| Total Liabilities | 614 | 626 | 677 |
| ASSETS | - | - | - |
| 143 | 141 | 138 | |
| Capital Work in Progress | 15 | 4 | 1 |
| 104 | 119 | 126 | |
| 220 | 241 | 263 | |
| Cash & Bank | 47 | 39 | 65 |
| 84 | 81 | 84 | |
| Total Assets | 614 | 626 | 677 |
| Total Debt | 15 | 0 | 0 |
| Net Working Capital | 218 | 258 | 277 |
| Contingent Liabilities | 16 | 10 | 16 |
| Book Value per Share | 431.77 | 452.39 | 466.99 |
| Face Value | 10.00 | 10.00 | 10.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Dec 2023 | Dec 2024 | Dec 2025 | |
|---|---|---|---|
| 5 | 16 | 43 | |
| Cash from Investing | -30 | -6 | -10 |
| Cash from Financing | 5 | -18 | -7 |
| -20 | -8 | 25 | |
| Free Cash Flow | 5 | 16 | 33 |
| OCF / Net Profit | -0.23 | 0.84 | 2.46 |
| Cumulative 5-Year FCF | 0 | 0 | 0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Dec 2023 | Dec 2024 | Dec 2025 | |
|---|---|---|---|
| PER SHARE | |||
| EPS (₹) | -24.70 | 21.29 | 18.93 |
| Book Value (₹) | 431.77 | 452.39 | 466.99 |
| Dividend per Share (₹) | 0.00 | 4.00 | 3.00 |
| Cash EPS (₹) | -4.86 | 42.08 | 38.94 |
| PROFITABILITY | |||
| Operating Margin % | 1.16% | 4.08% | 4.33% |
| Net Margin % | -2.70% | 2.19% | 1.90% |
| ROE % | -5.54% | 4.82% | 4.12% |
| ROCE % | -5.78% | 6.69% | 5.94% |
| -3.48% | 3.15% | 2.67% | |
| EFFICIENCY | |||
| Debtor Days | 102 | 94 | 100 |
| Inventory Days | 47 | 46 | 49 |
| Payable Days | 83 | 66 | 73 |
| 66 | 74 | 76 | |
| FINANCIAL HEALTH | |||
| Debt to Equity (x) | 0.04x | 0.00x | 0.00x |
| Interest Coverage (x) | -5.80x | 15.73x | 17.69x |
| 2.22x | 2.53x | 2.42x | |
| GROWTH | |||
| Revenue Growth % | -4.95% | 6.36% | 1.16% |
| Operating Profit Growth % | -37.02% | 156.84% | -0.44% |
| Net Profit Growth % | -155.33% | 186.17% | -11.07% |
| -155.33% | 186.17% | -11.07% | |
| VALUATION | |||
| P/E (x) | 0.00x | 31.29x | 25.32x |
| P/B (x) | 1.14x | 1.47x | 1.03x |
| Dividend Yield % | 0.00% | 0.60% | 0.63% |
| 23.54x | 12.44x | 8.19x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-01 - DIC India Limited has informed the Exchange about Copy of Newspaper Publication.
2026-09-01 - DIC India Limited has informed the Exchange about the commencement of tenure of Mr. Hayato Kashiwagi as Managing Driector w.e.f. September 01, 2026.
2026-08-31 - DIC India Limited has informed the Exchange regarding Notice of Postal Ballot
2026-08-29 - DIC India Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-08-29 - DIC India Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-08-29 - DIC India Limited has filed the detailed resignation received from Mr. Manish Bhatia and he ceases to be the Director, MD & CEO of the Company w.e.f close of business hours of August 29, 2026.
2026-08-14 - DIC India Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-12 - DIC India Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-15 - DIC India Limited has informed the Exchange regarding Appointment of Mr PRAVEEN KUMAR ASTHANA as additional Director in the category of Whole Time Director of the company w.e.f. July 15, 2026.
News
Recent coverage and analyst commentary for DICIND
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