DICIND
DIC India financials
- Market cap
- ₹553 Cr
- Sector
- Chemicals
What DIC India does
DIC India Limited manufactures inks, coatings and adhesives used in printing and packaging — gravure, flexo, offset, UV, LED and publication inks for flexible packaging, corrugated boxes, newspapers, magazines and textbooks, plus lamination and barrier adhesives (including specialised solar-cell adhesives) and barrier coatings for food-safe and sustainable packaging films. The company began in 1947 as Coates of India Private Limited and came under the umbrella of DIC Corporation, Japan through a global acquisition in the early 2000s. It runs its own R&D/technical centers to develop new ink and adhesive formulations for converters and printers.
Segments
- Packaging Inks & Coatings
- Publication Inks
- Adhesives
- Manufacturing plants
- 4 (Saykha, Noida, Ahmedabad, Bengaluru)
- R&D / Technical centers
- 2 (Noida, Bengaluru)
- Employees
- 354
- Locations of presence
- 8 cities (Noida, Ahmedabad, Ankleshwar, Saykha, Kolkata, Mumbai, Bengaluru, Chennai) across corporate, sales, manufacturing, blend-centre and warehouse sites
- ISO certifications at manufacturing units
- ISO 45001, ISO 14001, ISO 9001
- Safety track record
- 5 consecutive incident-free years (zero reportable incidents in 2025)
Quarterly results
Q1 FY27: revenue up 25.7%, net profit up 250.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 221 | 219 | 210 | 226 | 223 +1% | 232 +6% | 241 +15% | 284 +26% |
| EBITDA | 7 | 9 | 7 | 9 | 12 +71% | 12 +33% | 9 +29% | 22 +144% |
| Net profit | 2 | 7 | 3 | 4 | 6 +200% | 5 −29% | 4 +33% | 14 +250% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +4.4% 1Y
1Y: ₹576.85 on 10 Sept 2025 → ₹602.1. High ₹625.35 (7 Sept 2026), low ₹461.5 (14 Jan 2026).
Financials, as filed
Revenue grew 3.6% a year over 2 years, FY23 to FY25. Operating margin widened to 4.5%.
| Year ending | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | ₹829 Cr | ₹882 Cr | ₹891 Cr |
| Operating profit | ₹9 Cr | ₹36 Cr | ₹40 Cr |
| Operating margin | 1.1% | 4.1% | 4.5% |
| Interest | ₹4 Cr | ₹1 Cr | ₹0 Cr |
| Depreciation | ₹19 Cr | ₹20 Cr | ₹18 Cr |
| Net profit | ₹-23 Cr | ₹19 Cr | ₹18 Cr |
| Net margin | -2.8% | 2.2% | 2.0% |
| Cash from operations | ₹5 Cr | ₹16 Cr | ₹43 Cr |
| Free cash flow | ₹-26 Cr | ₹10 Cr | ₹32 Cr |
| ROCE | -1.0% | 6.0% | 6.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr |
| Reserves | ₹377 Cr | ₹413 Cr | ₹387 Cr | ₹406 Cr | ₹419 Cr | ₹435 Cr |
| Borrowings | ₹5 Cr | ₹24 Cr | ₹20 Cr | ₹3 Cr | ₹4 Cr | ₹3 Cr |
| Other liabilities | ₹220 Cr | ₹203 Cr | ₹165 Cr | ₹169 Cr | ₹198 Cr | ₹289 Cr |
| Total liabilities | ₹611 Cr | ₹649 Cr | ₹581 Cr | ₹587 Cr | ₹630 Cr | ₹737 Cr |
| Fixed assets | ₹76 Cr | ₹88 Cr | ₹143 Cr | ₹141 Cr | ₹138 Cr | ₹135 Cr |
| Capital work in progress | ₹9 Cr | ₹77 Cr | ₹15 Cr | ₹4 Cr | ₹1 Cr | ₹2 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹526 Cr | ₹484 Cr | ₹423 Cr | ₹442 Cr | ₹491 Cr | ₹599 Cr |
| Total assets | ₹611 Cr | ₹649 Cr | ₹581 Cr | ₹587 Cr | ₹630 Cr | ₹737 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
The ownership split has held steady since Jun 2025. The shareholder count shrank 2% to 6,260.
- Promoters
- 71.8%
- Public
- 28.2%
Since Jun 2025
- Promoters 0.00 pp
- Public 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 71.8%, Public 28.3%.Dec '23: Promoters 71.8%, Public 28.3%.Mar '24: Promoters 71.8%, Public 28.3%.Jun '24: Promoters 71.8%, Public 28.2%.Sep '24: Promoters 71.8%, Public 28.2%.Dec '24: Promoters 71.8%, Public 28.2%.Mar '25: Promoters 71.8%, Public 28.2%.Jun '25: Promoters 71.8%, Public 28.2%.Sep '25: Promoters 71.8%, Public 28.2%.Dec '25: Promoters 71.8%, Public 28.3%.Mar '26: Promoters 71.8%, Public 28.3%.Jun '26: Promoters 71.8%, Public 28.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Hitesh Ramji Javeri +0.07 pp 4.60% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of DIC India above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Dic Asia Pacific Pte Ltd | 71.75% | unchanged |
| Hitesh Ramji Javeri | 4.60% | +0.07 pp |
| Harsha Hitesh Javeri | 3.06% | unchanged |
| Popatlal Punamchand Shah | 1.09% | unchanged |
| Gaurav Naresh Lodha | 1.07% | unchanged |
| DIC Fine Chemicals Private Limited | 0.00% | unchanged |
| DIC Trading (HK) Ltd | 0.00% | unchanged |
| DIC New Zealand Ltd | 0.00% | unchanged |
| DIC Australia Pty Ltd | 0.00% | unchanged |
| DIC (Vietnam) Co Ltd | 0.00% | unchanged |
| PT DIC Trading | 0.00% | unchanged |
| DIC South Asia Private Limited | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse DIC India
Guides on how to read this kind of business and the numbers that matter.