DICIND - DIC India
📢 Recent Corporate Announcements
DIC India Limited's commercial recovery suit against Star Plastics has encountered a procedural delay following a District Court order on April 7, 2026. The court disposed of the suit, directing the company to first undergo mandatory pre-litigation mediation under Section 12A of the Commercial Courts Act, 2015. DIC India has formally stated its intention to challenge this order to proceed with the litigation. While the specific claim amount was not disclosed in this update, the development indicates a potential extension in the timeline for recovering outstanding dues.
- District Court disposed of the recovery suit against Star Plastics on April 7, 2026.
- Court mandated pre-litigation mediation under Section 12A of the Commercial Courts Act, 2015.
- DIC India intends to legally challenge the court's order regarding the mediation requirement.
- The disclosure follows a previous filing regarding the same commercial suit made on March 24, 2026.
DIC India Limited has received an order from the Joint Commissioner of Commercial Taxes (Appeals)-8, Bangalore, upholding a tax demand of ₹17.32 lakhs. The demand pertains to the period July 2017 to March 2018 and includes GST, interest, and penalties. The dispute arises from alleged mismatches in GSTR 2A and 3B, as well as issues regarding R&D expense recovery and Input Tax Credit. The company considers the order arbitrary and is currently reviewing legal options for further action.
- Total demand of ₹17,32,208 confirmed, including ₹8,14,112 in GST and ₹8,36,684 in interest.
- The order relates to the tax period from July 2017 to March 2018 (FY 2017-18).
- Specific allegations include a ₹2.72 lakh mismatch in GSTR filings and ₹4.42 lakh demand on R&D expense recovery.
- Company intends to perform a detailed review and decide on the next legal steps to challenge the order.
DIC India Limited has received a demand order from the Superintendent of GST, Ambattur Division, totaling ₹2,81,472. The demand includes a tax amount of ₹1,40,736 and an equivalent penalty of ₹1,40,736 for the period FY 2019-20 to 2021-22. The order is based on alleged duplicate generation of E-Way Bills during those financial years. The company is currently reviewing the order with consultants to determine the next course of action, though it expects no significant financial or operational impact.
- Total demand of ₹2,81,472 raised by the Superintendent of GST, Ambattur Division.
- Demand comprises ₹1,40,736 in tax and a matching penalty of ₹1,40,736.
- The issue pertains to alleged duplicate generation of E-Way Bills between FY 2019-20 and FY 2021-22.
- Company states there is no material impact on financial or operational activities due to this order.
DIC Asia Pacific Pte Ltd, the promoter of DIC India Limited, has submitted a mandatory disclosure under SEBI Takeover Regulations. The promoter confirmed holding 6,586,077 equity shares as of December 31, 2025, and March 31, 2026. Significantly, the filing declares that no direct or indirect encumbrances or pledges were created on these shares during the period. This routine disclosure provides transparency regarding the stability of the promoter's shareholding.
- Promoter DIC Asia Pacific Pte Ltd holds 6,586,077 equity shares in the company.
- Declaration submitted under Regulation 31(4) of SEBI (SAST) Regulations, 2011.
- Confirmed zero encumbrances or pledges on promoter shares for the period ending March 31, 2026.
- The disclosure covers the financial year ended December 31, 2025, and the subsequent quarter.
DIC India Limited has announced the closure of its trading window for all designated persons starting April 1, 2026. This closure is in accordance with SEBI Insider Trading regulations ahead of the financial results for the quarter ending March 31, 2026. The window will remain shut until 48 hours after the results are officially disclosed to the exchanges. This is a standard regulatory procedure and does not impact the company's fundamental operations.
- Trading window closure effective from April 1, 2026
- Closure pertains to the financial results for the quarter ended March 31, 2026
- Window to reopen 48 hours after the results become generally available
- Restriction applies to all designated employees and directors
DIC India Limited has initiated a fresh commercial suit against Star Plastics in the District Courts, New Delhi, following a breach of a previous settlement agreement. Star Plastics had originally agreed to pay ₹56.95 lakh after mediation, but failed to honor the commitment, paying only ₹2.5 lakh. The company is now seeking a total recovery of ₹60.62 lakh, which includes the outstanding principal, penalties, and interest. This legal action follows the closure of earlier arbitration proceedings that were terminated based on the failed settlement.
- Commercial suit filed for recovery of ₹60,62,333 including interest and penalties
- Star Plastics breached a prior settlement agreement of ₹56,94,833
- Only ₹2,50,000 was actually received by the company from the previous settlement
- Litigation initiated in District Courts, New Delhi after failed mediation and arbitration closure
DIC India Limited held its 78th Annual General Meeting on March 23, 2026, where shareholders approved a final dividend of ₹3 per equity share for the financial year ended December 31, 2025. The company confirmed the re-appointment of Mr. Hayato Kashiwagi as a Non-Executive Director and Mr. Adnan Wajhat Ahmad as an Independent Director for a second three-year term. Additionally, M/s. Chandra Wadhwa & Co. was appointed as the Cost Auditor for the 2026 financial year. These resolutions ensure leadership continuity and provide a direct cash return to shareholders.
- Approved a final dividend of ₹3 per equity share for the financial year ended December 31, 2025.
- Re-appointed Mr. Hayato Kashiwagi, a veteran with 25 years of experience at DIC Corporation, as a Non-Executive Director.
- Re-appointed Mr. Adnan Wajhat Ahmad as an Independent Director for a second term of 3 years starting April 1, 2026.
- Appointed M/s. Chandra Wadhwa & Co. as Cost Auditors for the financial year 2026.
- DIC Asia Pacific Pte Ltd, the promoter entity, was represented at the meeting holding 6,586,077 shares.
DIC India Limited held its 78th Annual General Meeting on March 23, 2026, where shareholders approved all five proposed resolutions with a near-unanimous majority. A key outcome for investors is the approval of a final dividend of ₹3.00 per equity share for the financial year ended December 31, 2025. The meeting also confirmed the re-appointment of Mr. Hayato Kashiwagi as Director and Mr. Adnan Wajhat Ahmad as an Independent Director. Total voter turnout stood at 71.77%, heavily driven by the promoter group which holds a 71.75% stake.
- Approved a final dividend of ₹3.00 per equity share for the financial year ended December 31, 2025.
- Total voting turnout was 71.77%, with 6,587,890 votes polled out of 9,178,977 total shares.
- Promoter group (6,586,077 shares) voted 100% in favor of all resolutions, ensuring management continuity.
- Special resolution for the re-appointment of Mr. Adnan Wajhat Ahmad as an Independent Director passed with 99.99% favor.
- Audited Financial Statements for the year ended December 31, 2025, were formally adopted by the shareholders.
DIC India Limited concluded its 78th Annual General Meeting on March 23, 2026, where shareholders approved a final dividend of ₹3 per equity share for the financial year ended December 31, 2025. Key management decisions included the re-appointment of Mr. Hayato Kashiwagi as a Non-Executive Director and Mr. Adnan Wajhat Ahmad as an Independent Director for a second three-year term. The company also appointed M/s. Chandra Wadhwa & Co. as the Cost Auditor for the 2026 financial year. The audited financial statements for the year ending December 2025 were officially adopted during the proceedings.
- Approved a final dividend of ₹3 per equity share for the financial year ended December 31, 2025
- Re-appointed Mr. Adnan Wajhat Ahmad as an Independent Director for a second 3-year term starting April 1, 2026
- Appointed M/s. Chandra Wadhwa & Co. as the Cost Auditor for the financial year 2026
- Adopted the Audited Financial Statements and Reports for the financial year ended December 31, 2025
- The meeting was attended by 51 shareholders via video conferencing
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
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.