DICIND - DIC India
📢 Recent Corporate Announcements
DIC India Limited has scheduled its 78th Annual General Meeting (AGM) for March 23, 2026, to be conducted via video conferencing. The meeting will address the adoption of audited financial statements for the fiscal year ended December 31, 2025. Key proposals include the re-appointment of Mr. Adnan Wajhat Ahmad as an Independent Director for a five-year term and the appointment of Cost Auditors for 2026 with a remuneration of ₹2,00,000. Shareholders as of the cut-off date of March 16, 2026, are eligible to participate in the electronic voting process.
- 78th Annual General Meeting scheduled for March 23, 2026, at 11:00 AM IST.
- Proposal to re-appoint Mr. Adnan Wajhat Ahmad as Independent Director for a 5-year term starting April 1, 2026.
- Proposed remuneration for Cost Auditor M/s Chandra Wadhwa & Co. set at ₹2,00,000 for FY 2026.
- Remote e-voting period runs from March 19, 2026, to March 22, 2026.
- Cut-off date for determining shareholder voting eligibility is March 16, 2026.
DIC India's board met on February 24, 2026, to approve the audited financial results for the year ended December 31, 2025, which received a clean, unmodified audit opinion from Price Waterhouse. The board recommended a final dividend of Rs 3 per equity share, representing a 30% payout on the face value of Rs 10. Additionally, the company proposed the reappointment of Mr. Adnan Wajhat Ahmad as an Independent Director for a second three-year term starting April 2026. The 78th Annual General Meeting is scheduled for March 23, 2026, to seek shareholder approval for these items.
- Recommended a final dividend of Rs 3 per equity share for the financial year ended December 31, 2025.
- Set March 16, 2026, as the record date to determine shareholder eligibility for the dividend.
- Statutory auditors Price Waterhouse Chartered Accountants LLP issued an unmodified audit report for FY25.
- Proposed reappointment of Mr. Adnan Wajhat Ahmad as an Independent Director for a 3-year term.
- Appointed M/s. Chandra Wadhwa & Co. as the Cost Auditor subject to shareholder approval.
DIC India Limited has recommended a final dividend of ₹3 per equity share for the financial year ended December 31, 2025. The company has fixed March 16, 2026, as the record date to determine shareholder eligibility for this payout. Additionally, the board has approved the reappointment of Mr. Adnan Wajhat Ahmad as an Independent Director for a second three-year term starting April 1, 2026. The statutory auditors have issued an unmodified opinion on the company's audited financial statements for the year.
- Recommended a final dividend of ₹3 per equity share of ₹10 face value for FY2025
- Fixed March 16, 2026, as the record date for dividend entitlement
- Reappointed Mr. Adnan Wajhat Ahmad as Independent Director for a 3-year term effective April 1, 2026
- Scheduled the 78th Annual General Meeting (AGM) for March 23, 2026
- Statutory auditors Price Waterhouse Chartered Accountants LLP issued an unmodified audit report
DIC India Limited has announced March 16, 2026, as the record date to determine shareholder eligibility for the final dividend for the financial year ended December 31, 2025. The company's 78th Annual General Meeting (AGM) is scheduled for March 23, 2026, where the dividend will be put forward for shareholder approval. The register of members and share transfer books will remain closed from March 17 to March 23, 2026. Eligible shareholders will receive the dividend payment within statutory timelines following AGM approval.
- Record date for final dividend entitlement is fixed as March 16, 2026
- The 78th Annual General Meeting (AGM) is scheduled for March 23, 2026
- Dividend pertains to the financial year ended December 31, 2025
- Book closure period set from March 17, 2026, to March 23, 2026
- Dividend payment is subject to shareholder approval at the upcoming AGM
DIC India Limited has recommended a final dividend of Rs. 3 per equity share for the financial year ended December 31, 2025. The company has fixed March 16, 2026, as the record date to determine shareholder eligibility for the payout. This recommendation follows the approval of audited financial results for the year, which received an unmodified opinion from statutory auditors. The dividend is subject to final approval by shareholders at the 78th Annual General Meeting scheduled for March 23, 2026.
- Recommended final dividend of Rs. 3 per equity share with a nominal value of Rs. 10 each.
- Record date for dividend entitlement is set for Monday, March 16, 2026.
- 78th Annual General Meeting (AGM) to be held on March 23, 2026, via video conferencing.
- Statutory auditors Price Waterhouse Chartered Accountants LLP issued an unmodified audit report for FY2025.
- Proposed reappointment of Mr. Adnan Wajhat Ahmad as Independent Director for a second 3-year term.
DIC India's Board has recommended a final dividend of Rs 3 per share for the financial year ended December 31, 2025. The company has fixed March 16, 2026, as the record date for dividend eligibility, subject to shareholder approval at the upcoming AGM on March 23, 2026. The Board also approved the audited financial results for the year, which received an unmodified opinion from statutory auditors Price Waterhouse Chartered Accountants LLP. Furthermore, the company has proposed the reappointment of Mr. Adnan Wajhat Ahmad as an Independent Director for a second three-year term.
- Recommended a final dividend of Rs 3 per equity share of Rs 10 face value
- Fixed March 16, 2026, as the record date for dividend entitlement
- Statutory auditors issued an unmodified audit report for the FY ended Dec 31, 2025
- Proposed reappointment of Mr. Adnan Wajhat Ahmad as Independent Director for a 3-year term
- 78th Annual General Meeting scheduled for March 23, 2026
DIC India Limited has completed the postal ballot process conducted via electronic voting through NSDL. The primary objective of the ballot was to seek shareholder approval for the appointment of Mr. Avijit Mukerji (DIN: 03534116) as an Independent Director. The company has submitted the proceedings in compliance with SEBI Listing Regulations, with the formal voting results and scrutinizer's report to be disclosed separately. This move is part of the company's regular corporate governance and board composition updates.
- Postal ballot process initiated on January 12, 2026, conducted entirely through electronic mode.
- Resolution proposed for the appointment of Mr. Avijit Mukerji (DIN: 03534116) as an Independent Director.
- Voting facility provided by National Securities Depository Limited (NSDL) to all eligible members.
- Compliance maintained with Regulation 30 and 44 of SEBI (LODR) Regulations, 2015.
- Final voting results and the Scrutinizer's report will be shared in a subsequent filing.
DIC India Limited has confirmed the appointment of Mr. Avijit Mukerji as an Independent Director for a three-year term effective December 10, 2025. The appointment was finalized following the approval of shareholders via a special resolution passed through a postal ballot. Mr. Mukerji is a veteran Chartered Accountant and former Partner at Price Waterhouse, bringing extensive expertise in finance, equity research, and corporate advisory. His current board positions at Bandhan Bank and Balaji Telefilms highlight his high-caliber professional standing.
- Appointment of Mr. Avijit Mukerji as Independent Director for a 3-year term starting December 10, 2025.
- Shareholder approval secured via special resolution through a postal ballot process.
- Appointee is an FCA and former Partner at Price Waterhouse with national ranks in ICAI exams (AIR 12 and 21).
- Mr. Mukerji currently serves on the boards of Bandhan Bank Limited and Balaji Telefilms Limited.
DIC India Limited has concluded its postal ballot process regarding the appointment of Mr. Avijit Mukerji as an Independent Director. The process was conducted entirely through electronic voting as per the notice issued on January 12, 2026. The company has submitted the proceedings in compliance with SEBI Listing Regulations. Detailed voting results and the scrutinizer's report are expected to be filed separately following this announcement.
- Appointment of Mr. Avijit Mukerji (DIN: 03534116) as an Independent Director of the company.
- Postal ballot conducted via remote e-voting through NSDL platform.
- Compliance with Regulation 30 and 44 of SEBI (LODR) Regulations, 2015.
- The voting process followed the initial notice issued to members on January 12, 2026.
DIC India Limited has concluded its postal ballot process conducted via electronic voting through NSDL. The primary agenda was the appointment of Mr. Avijit Mukerji (DIN: 03534116) as an Independent Director of the company. The voting period followed the notice issued on January 12, 2026, and was conducted in compliance with SEBI and MCA regulations. The company will disclose the final voting results and the scrutinizer's report separately as per Regulation 44(3).
- Postal ballot notice was originally issued on January 12, 2026, to all registered members.
- The resolution involves the appointment of Mr. Avijit Mukerji as an Independent Director.
- Voting was conducted exclusively through remote e-voting provided by NSDL.
- Final voting results and the scrutinizer's report are pending separate disclosure.
DIC India Limited has announced a leadership change in its sales and marketing division effective February 02, 2026. Mr. Kuldeep Sharma has resigned from his position as Head of Sales & Marketing due to personal health reasons and will be relieved by March 07, 2026. The company has immediately appointed Ms. Manjusha Singh, a veteran with over 25 years of B2B sales experience, to fill the role. This transition appears well-planned as the successor is already in place to ensure business continuity.
- Mr. Kuldeep Sharma resigned as Head of Sales & Marketing effective February 02, 2026, for health reasons.
- Ms. Manjusha Singh appointed as the new Head of Sales & Marketing and Senior Managerial Person on the same day.
- Ms. Singh brings over 25 years of experience in B2B sales and industrial manufacturing/packaging sectors.
- Mr. Sharma will serve a notice period until March 07, 2026, to facilitate a smooth transition.
DIC India Limited has announced a leadership change in its sales and marketing division. Ms. Manjusha Singh has been appointed as the Head of Sales & Marketing effective February 02, 2026, bringing over 25 years of experience in B2B sales and industrial packaging. She succeeds Mr. Kuldeep Sharma, who resigned due to health reasons and will be relieved from his duties on March 07, 2026. The appointment has been approved by the Board and the Nomination & Remuneration Committee to ensure a smooth transition of responsibilities.
- Ms. Manjusha Singh appointed as Head of Sales & Marketing effective February 02, 2026.
- The new appointee brings over 25 years of experience in B2B sales, marketing, and strategy within the packaging sector.
- Outgoing Head, Mr. Kuldeep Sharma, resigned for health reasons and will serve a notice period until March 07, 2026.
- The appointment was formally approved by the Board and the Nomination & Remuneration Committee on February 02, 2026.
DIC India Limited has announced a transition in its senior management team with the resignation of Mr. Kuldeep Sharma, Head of Sales and Marketing, effective February 02, 2026. The company has immediately appointed Ms. Manjusha Singh as his successor to ensure business continuity. Ms. Singh brings over 25 years of experience in B2B sales and industrial manufacturing sectors to the role. Mr. Sharma will continue to serve his notice period until March 07, 2026, to facilitate a smooth handover of responsibilities.
- Mr. Kuldeep Sharma resigned from the position of Head of Sales and Marketing due to personal health reasons.
- Ms. Manjusha Singh appointed as the new Head of Sales & Marketing and Senior Managerial Person effective February 02, 2026.
- The incoming executive, Ms. Singh, possesses over 25 years of cross-functional experience in B2B sales and packaging sectors.
- Mr. Sharma will be relieved from his duties on March 07, 2026, after completing his notice period.
- The Board and Nomination & Remuneration Committee approved the changes in a meeting held on February 02, 2026.
DIC India Limited has issued a Postal Ballot notice to seek shareholder approval for the appointment of Mr. Avijit Mukerji as an Independent Director for a three-year term. Mr. Mukerji was originally appointed as an Additional Director on December 10, 2025, and this resolution seeks to formalize his role. The e-voting period is set to run from January 15, 2026, to February 13, 2026, with results expected by February 14, 2026. Only shareholders registered as of the cut-off date of January 02, 2026, are eligible to participate in the voting process.
- Proposed appointment of Mr. Avijit Mukerji (DIN: 03534116) as an Independent Director for a 3-year term.
- The term of appointment is effective from December 10, 2025, pending shareholder approval via special resolution.
- Remote e-voting period scheduled from January 15, 2026 (09:00 AM) to February 13, 2026 (05:00 PM).
- Cut-off date for determining shareholder eligibility for voting was January 02, 2026.
- Final results of the postal ballot will be declared on or before February 14, 2026.
DIC India Limited has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the quarter ended December 31, 2025. The certificate, issued by C.B. Management Services Private Limited, confirms that all share certificates received for dematerialization were processed within the prescribed timelines. It validates that physical certificates were mutilated and cancelled, and the depositories' names were updated in the register of members. This is a standard procedural filing ensuring the integrity of the company's shareholding records.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Registrar C.B. Management Services confirmed processing of dematerialization requests within regulatory timelines.
- Physical share certificates were mutilated and cancelled after due verification by the registrar.
- Securities are confirmed to be listed on BSE (500089), NSE (DICIND), and Calcutta Stock Exchange.
Financial Performance
Revenue Growth by Segment
Overall revenue grew 6% to INR 887 Cr in 2024 from INR 833 Cr in 2023. Growth was primarily driven by the packaging segment and the toluene-free ink segment, which saw increased demand. H1 2024 revenue specifically grew 9% to INR 441 Cr compared to H1 2023.
Geographic Revenue Split
Not disclosed in available documents, though an 'export revival' is cited as a key driver for the 6% revenue growth in 2024.
Profitability Margins
Operating margin improved significantly to 4.8% in 2024 from 1.7% in 2023. This was driven by a shift toward higher-margin toluene-free inks and the closure of the loss-making Kolkata plant. PAT margin turned positive at 2.2% in 2024 (INR 20 Cr profit) compared to -2.7% in 2023 (INR 23 Cr loss).
EBITDA Margin
Operating profitability moderated to 3.7% in H1 2025 from 4.5% in H1 2024, primarily due to a one-time forex loss of INR 2 Cr. Medium-term operating margins are expected to stabilize between 4-5% as operating leverage improves.
Capital Expenditure
Planned annual capital expenditure is INR 10-15 Cr over the medium term, primarily for maintenance purposes. This will be fully funded through internal cash accruals of INR 40-45 Cr per annum.
Credit Rating & Borrowing
The company maintains a 'Stable' outlook with nil debt as of June 30, 2025. Interest coverage ratio is exceptionally healthy at over 25 times in H1 2025, up from 4.34 times in 2023.
Operational Drivers
Raw Materials
The company uses a variety of raw materials for ink manufacturing, including chemicals and solvents. Toluene is a specific material being phased out in favor of 'toluene-free' formulations which now contribute to higher margins. Raw material price softening led to a 2% decline in realizations in 2024.
Import Sources
Sourced both locally and globally with support from the parent group, DIC Corporation Japan, to manage commodity price risks.
Capacity Expansion
Current capacity is not specified in MT, but the company recently closed its loss-making Kolkata plant to consolidate operations and improve efficiency. Future capex of INR 10-15 Cr is earmarked for maintenance rather than major greenfield expansion.
Raw Material Costs
Raw material costs are a significant portion of the cost structure; realizations fell 2% in 2024 due to the softening of these input prices. The company uses commercial negotiation and parent-group global information to manage these costs.
Manufacturing Efficiency
Efficiency improved following the closure of the loss-making Kolkata plant, which reduced 'other expenses' and helped lift operating margins from 1.7% to 4.8%.
Strategic Growth
Expected Growth Rate
6-9%
Growth Strategy
Growth will be achieved through increasing market share in the domestic ink segment by improving the product mix, specifically expanding the toluene-free ink portfolio which started in 2023. The company is also focusing on export revival and leveraging the packaging segment demand. Cost optimization via Kaizen and the closure of inefficient plants (Kolkata) are central to margin expansion.
Products & Services
Printing inks, specifically packaging inks, toluene-free inks, and traded finished products for the printing industry.
Brand Portfolio
DIC India, DIC Corporation (Parent).
New Products/Services
Toluene-free ink segment, launched in 2023, which is a higher-margin product contributing to the improvement of operating margins to 4.8%.
Market Expansion
Focusing on the domestic printing ink market and reviving export channels to drive revenue beyond the current INR 887 Cr level.
Market Share & Ranking
The company holds a 'strong position' in the domestic printing inks market, though specific percentage ranking is not provided.
Strategic Alliances
Strong support from parent DIC Corporation, Japan, which provides global information for raw material procurement and financial backing in case of distress.
External Factors
Industry Trends
The industry is shifting toward sustainable and safer chemistries, evidenced by DIC's move into toluene-free inks. The packaging segment remains a primary growth driver for the ink industry.
Competitive Landscape
Competes in the domestic printing ink market; key sensitivity for upward rating is increasing market share through better product mix.
Competitive Moat
Moat is built on technical support and brand equity from the parent, DIC Corporation Japan (a JPY 1,071 billion entity), and a shift toward specialized, higher-margin products like toluene-free inks which are harder to replicate than standard inks.
Macro Economic Sensitivity
Highly sensitive to demand from the packaging industry and global commodity price cycles for chemicals.
Consumer Behavior
Increasing consumer and regulatory preference for toluene-free and safer packaging materials is shifting demand toward DIC's new product lines.
Geopolitical Risks
Exposure to global supply chains for raw materials and export markets, making it susceptible to trade barriers or international price volatility.
Regulatory & Governance
Industry Regulations
Compliance with Ind AS 115 for revenue recognition and SEBI (Listing Obligations and Disclosure Requirements) Regulations. The company also monitors commodity price risks and maintains a Risk Management Committee.
Environmental Compliance
The company has adopted a Whistle Blower Policy and a Risk Management Policy to ensure governance. It complies with SEBI Listing Regulations 2015.
Legal Contingencies
The company reported no instances of significant fraud or involvement of management in illegal activities. Auditors issued an unmodified opinion on the financial statements for the year ended December 31, 2024.
Risk Analysis
Key Uncertainties
Fluctuations in raw material prices remain the primary risk, potentially impacting margins if cost increases cannot be passed on. Forex volatility also poses a risk, as evidenced by the INR 2 Cr loss in 2025.
Third Party Dependencies
Dependency on the parent group, DIC Japan, for operational performance monitoring and financial support in case of distress.
Technology Obsolescence Risk
The company is mitigating technology risks by transitioning from traditional inks to toluene-free segments to meet modern safety standards.
Credit & Counterparty Risk
Receivables quality is supported by a healthy financial risk profile and a cash surplus of INR 42 Cr, with unutilized bank lines of INR 151 Cr providing a liquidity cushion.