DIC India Limited (DICIND)
₹598.90 +1.46% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, DIC India's revenue was ₹284 Cr (+25.4% year on year, +18.1% on the previous quarter), and net profit ₹14.3 Cr (+227.1% year on year); the operating margin was 7.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹284 | +25.4% | +18.1% |
| Operating profit | ₹22.4 | +139.8% | +158.8% |
| Net profit | ₹14.3 | +227.1% | +236.5% |
| EPS (₹) | 15.54 | +227.2% | +236.4% |
| Operating margin | 7.9% | — | — |
DICIND delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 87.64% of the DICIND shares traded on NSE were taken to delivery, against the stock's own 20-session average of 67.08%. That is higher than usual for this stock. Turnover was only ₹10 lakh, so a handful of trades can move this figure. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 63.1% · 53.9% · 88.3% · 48.4% · 87.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
The Income Tax Department conducted a survey at DIC India Limited's registered office on October 14, 2026, under Section 253 of the Income Tax Act. The inquiry pertains to the alleged non-filing of the Statement of Financial Transactions (SFT) return in Form 61A. The company reported that no documents or assets were impounded or inventoried, and no penalty or sanctions were imposed. DIC India has sought time to review the matter and clarified that operations remain entirely unaffected.
- Income Tax survey was conducted on October 14, 2026, at the registered office in Kolkata.
- Record of Survey Proceedings was officially received on October 15, 2026, at 10:52 am.
- Action was initiated over alleged non-filing of SFT return in Form 61A.
- No assets were impounded or inventorised, and zero financial penalty or restriction was imposed.
CRISIL Ratings has reaffirmed DIC India Limited's credit ratings across its bank loan facilities and short-term debt. The company's long-term bank facilities of ₹100 crore were reaffirmed at 'CRISIL A/Stable', while short-term bank facilities were affirmed at 'CRISIL A1'. Additionally, short-term debt of ₹50 crore was reaffirmed at 'CRISIL A1'. The reaffirmation indicates sustained credit quality against DIC India's low leverage profile, with existing debt standing at just ₹4 crore against a net worth of ₹428 crore.
- CRISIL reaffirmed long-term rating at CRISIL A/Stable for ₹100 crore bank loan facilities
- CRISIL reaffirmed short-term rating at CRISIL A1 for bank loan facilities
- Reaffirmed CRISIL A1 rating on ₹50 crore total short-term debt
- Bank-wise facilities include ₹35 crore CC/LC with Standard Chartered and ₹40 crore CC/LC with HDFC Bank
- Rating letters dated October 13, 2026, were received by the company on October 14, 2026
DIC India Limited has submitted its quarterly compliance certificate pursuant to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was provided by the company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited. It confirms that share certificates received for dematerialisation during the period were verified, mutilated, cancelled, and depositories were registered within mandated timelines. This is a standard procedural disclosure with no impact on business operations or financials.
- Compliance certificate filed under Regulation 74(5) for the quarter ended September 30, 2026
- Issued by Registrar and Share Transfer Agent, MUFG Intime India Private Limited
- Confirmation that dematerialised certificates were duly mutilated and depositories substituted in members' register
- Filing submitted to BSE, NSE, and CSE on October 07, 2026
DIC India received directions from Dispute Resolution Panel-2 (DRP) under Section 144C(5) of the Income-tax Act, 1961, regarding an upward transfer pricing adjustment of Rs 3,84,17,653 for AY 2023-24 (FY 2022-23). The DRP rejected most of the company's objections and instructed the Assessing Officer (AO) to incorporate its findings into the final assessment order. With DIC India generating TTM PAT of Rs 6 Cr, the adjustment of Rs 3.84 Cr represents ~64% of annual net profit, though the final tax demand and penalties will only be crystallized upon the AO's final order.
- Upward transfer pricing adjustment proposed is INR 3,84,17,653 (AY 2023-24)
- DRP directions dated September 30, 2026 did not accept most of the company's objections
- Final assessment order incorporating DRP findings is awaited from the Assessing Officer
- Company plans to evaluate legal remedies upon receipt of the final assessment order
DIC India Limited announced shareholder approval via postal ballot for the appointment of Mr. Hayato Kashiwagi as Managing Director for a 3-year term starting September 01, 2026, subject to Central Government approval. Mr. Kashiwagi has a 25-year tenure at parent DIC Corporation, Japan, and previously served as a Non-Executive Director on the company's board. Additionally, shareholders approved the appointment of Mr. Praveen Kumar Asthana as Whole Time Director for a 3-year term effective July 15, 2026. These leadership appointments align parent oversight directly with local manufacturing and operational execution for the ₹584 Cr market cap company.
- Hayato Kashiwagi appointed Managing Director for a 3-year term from September 01, 2026, subject to Central Government approval
- Praveen Kumar Asthana appointed Whole Time Director for a 3-year term effective July 15, 2026
- Both special resolutions passed via postal ballot e-voting concluding on September 30, 2026, at 5:00 P.M. IST
- Mr. Kashiwagi brings 25 years of experience at parent entity DIC Corporation, Japan, and DIC Asia Pacific Pte Ltd
DIC India Limited announced the results of its postal ballot e-voting concluded on September 30, 2026. Shareholders approved the appointment of Mr. Hayato Kashiwagi as Managing Director (subject to Central Government approval) with 99.9952% votes in favor. Additionally, the appointment of Mr. Praveen Kumar Asthana as Whole Time Director was approved with 99.9950% votes in favor. Overall voter turnout stood at 72.1198% of total outstanding shares, driven predominantly by promoter participation.
- Appointment of Mr. Hayato Kashiwagi as Managing Director approved with 99.9952% votes in favour (66,19,545 votes)
- Appointment of Mr. Praveen Kumar Asthana as Whole Time Director approved with 99.9950% votes in favour (66,19,528 votes)
- Total voter participation was 72.1198% across 66,19,861 polled votes out of 91,78,977 total shares
- Promoter group polled 100% of their 65,86,077 shares in favor of both resolutions
DIC India Limited announced the conclusion of remote e-voting for a postal ballot on September 30, 2026. The postal ballot sought shareholder approval for the appointment of Mr. Hayato Kashiwagi as Managing Director (subject to Central Government approval) and Mr. Praveen Kumar Asthana as Whole Time Director. The e-voting window was open from September 01, 2026 to September 30, 2026. The formal voting results and Scrutinizer Report will be submitted separately pursuant to SEBI regulations.
- Remote e-voting period commenced on September 01, 2026 at 09:00 AM IST and concluded on September 30, 2026 at 05:00 PM IST
- Approval sought for appointment of Mr. Hayato Kashiwagi (DIN: 10953592) as Managing Director
- Managing Director appointment remains subject to requisite approval from the Central Government
- Approval sought for appointment of Mr. Praveen Kumar Asthana (DIN: 06830096) as Whole Time Director
DIC India Limited announced that Mr. Hayato Kashiwagi has formally commenced his 3-year tenure as Managing Director effective September 01, 2026. Mr. Kashiwagi has a 25-year career with parent company DIC Corporation and previously served as a Non-Executive Director on DIC India's Board. The appointment remains subject to requisite approvals from shareholders and the Central Government. The leadership update comes as DIC India manages a TTM revenue base of ₹447 Cr and a market capitalization of ₹545 Cr.
- Hayato Kashiwagi commenced tenure as Managing Director effective September 01, 2026 (09:00 AM)
- Appointment has been approved for a term of 3 years
- Appointee brings over 25 years of experience across sales, marketing, and management at DIC Corporation
- Appointment is subject to shareholder and Central Government approvals
DIC India Limited has issued a Postal Ballot Notice seeking shareholder approval for key managerial appointments via remote e-voting. The proposals include appointing Mr. Hayato Kashiwagi as Managing Director for a 3-year term commencing September 01, 2026, with a monthly salary of INR 15,85,925, annual bonus of INR 22,80,319, and perquisite ceiling of INR 1.15 Cr per annum. The company is also seeking approval to appoint Mr. Praveen Kumar Asthana as Whole Time Director. The remote e-voting window is open from September 01, 2026, to September 30, 2026.
- Appointment of Mr. Hayato Kashiwagi as Managing Director for 3 consecutive years from September 01, 2026
- MD remuneration includes a monthly salary of INR 15,85,925 and an annual performance bonus of INR 22,80,319
- Annual perquisite ceiling for the Managing Director capped at INR 1,15,00,000
- Appointment of Mr. Praveen Kumar Asthana as Whole Time Director
- Remote e-voting opens on September 01, 2026 (09:00 AM) and closes on September 30, 2026 (05:00 PM)
DIC India Limited has confirmed that Mr. Manish Bhatia has ceased to hold office as Managing Director and CEO effective from the close of business hours on August 29, 2026. His resignation was initially tendered and accepted by the Board on June 02, 2026, with the notice period concluding today. The company (market cap Rs 556 Cr, TTM revenue Rs 447 Cr) had previously notified the exchanges on June 02, 2026, regarding the transition.
- Resignation of MD & CEO Manish Bhatia became effective at close of business on August 29, 2026.
- Resignation letter was originally tendered and accepted by the Board on June 02, 2026.
- Mr. Bhatia served out his notice period through August 29, 2026, to facilitate transition.
DIC India Limited announced that its Managing Director and CEO, Mr. Manish Bhatia, has officially ceased to hold office and was relieved of responsibilities effective close of business hours on August 29, 2026. Mr. Bhatia had originally tendered his resignation on June 02, 2026, which was accepted by the Board on the same date. The company generates TTM revenue of ₹447 Cr with a market cap of ₹556 Cr. Investors will now look for clarity on the appointment of a successor to lead operational and growth strategies.
- MD & CEO Manish Bhatia relieved from his role effective close of business hours on August 29, 2026
- Resignation was originally tendered and accepted by the Board on June 02, 2026
- Departure marks the completion of his transition notice period ending August 29, 2026
- Company is a small-cap specialty chemicals firm with TTM revenue of ₹447 Cr and net worth of ₹428 Cr
DIC India Limited has formally confirmed that Mr. Manish Bhatia ceases to hold the office of Director, Managing Director, and CEO effective from the close of business hours on August 29, 2026. This follows his resignation tendered and accepted by the Board on June 02, 2026, completing his notice period for an orderly transition. The company has submitted the detailed resignation letter pursuant to SEBI Listing Regulations. Investors will look forward to the appointment of a successor to steer the company's ₹447 Cr TTM revenue base.
- Mr. Manish Bhatia ceased to be MD, CEO, and Director w.e.f. close of business on August 29, 2026.
- Resignation was tendered and approved by the Board earlier on June 02, 2026.
- Company manages a ₹556 Cr market cap with TTM revenue of ₹447 Cr and TTM PAT of ₹6 Cr.
- Notice period served to ensure leadership transition and operational continuity.
DIC India reported a strong Q2 2026 with revenue growing 25.4% YoY to ₹283.95 Cr and Net Profit surging 227% to ₹14.26 Cr. The H1 2026 PAT of ₹18.50 Cr has already significantly exceeded the TTM PAT of ₹6 Cr, indicating a sharp turnaround in profitability. However, cash flow from operations turned negative at ₹(39.17) Cr for H1 2026, primarily due to a ₹74.83 Cr increase in trade receivables and a ₹73.54 Cr increase in inventories. The EPS for the quarter stands at ₹15.54, compared to ₹4.75 in the previous year's corresponding quarter.
- Net Profit for Q2 2026 surged to ₹14.26 Cr from ₹4.36 Cr in Q2 2025, a 227% increase.
- Revenue from operations grew 25.4% YoY to ₹283.95 Cr for the quarter ended June 30, 2026.
- H1 2026 EPS reached ₹20.16, already surpassing the full-year 2025 EPS of ₹18.93.
- Trade receivables increased by ₹74.83 Cr during the first six months of 2026, reaching ₹338.54 Cr.
- Inventories rose by ₹73.54 Cr in H1 2026, contributing to a negative operating cash flow of ₹39.17 Cr.
DIC India has announced a leadership transition, appointing Mr. Hayato Kashiwagi as Managing Director for a three-year term effective September 1, 2026. Mr. Kashiwagi, a 25-year veteran of the parent DIC Corporation, currently serves as a Non-Executive Director. Additionally, the company elevated its Chief Operating Officer, Mr. Praveen Kumar Asthana, to the board as a Whole Time Director effective July 15, 2026. These changes occur as the company manages a TTM revenue of ₹447 Cr with a relatively thin operating margin of 3.7%.
- Mr. Hayato Kashiwagi appointed as Managing Director for a 3-year term starting September 1, 2026
- Mr. Praveen Kumar Asthana appointed as Whole Time Director for a 3-year term starting July 15, 2026
- Mr. Kashiwagi brings 25 years of experience from the parent company, DIC Corporation, Japan
- Mr. Asthana, an IIT Kanpur alumnus, has over 30 years of industry experience
- Ms. Meghna Saini designated as Company Secretary (Compliance Officer) & Head Legal
DIC India has announced a significant leadership transition, appointing Mr. Hayato Kashiwagi as Managing Director for a 3-year term effective September 1, 2026. Simultaneously, the current Chief Operating Officer, Mr. Praveen Kumar Asthana, has been elevated to the board as a Whole Time Director for a 3-year term starting July 15, 2026. These changes come as the company, which reported TTM revenue of Rs 447 Cr, focuses on improving margins through its toluene-free ink portfolio. The appointments are subject to shareholder approval via an upcoming postal ballot.
- Mr. Hayato Kashiwagi appointed as Managing Director for a 3-year term starting September 01, 2026.
- Mr. Praveen Kumar Asthana appointed as Whole Time Director for a 3-year term effective July 15, 2026.
- Mr. Kashiwagi brings 25 years of experience from the parent company, DIC Corporation, Japan.
- Mr. Asthana, an IIT Kanpur alumnus, has over 30 years of experience and will also serve as Occupier of all factories.
- Ms. Meghna Saini designated as Head Legal in addition to her role as Company Secretary.
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.
