Past 10 year’s financial track record analysis by Moneyworks4me indicates that DIC India Ltd is a below average quality company.
The key valuation ratios of DIC India Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of DIC India Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Dec'14 | Dec'15 | Dec'16 | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -10.8% | 15.5% | 11.2% | -4.1% | -0% | 6.7% | 31.7% | 4.7% | 11.9% | -5.8% | - |
| Value Creation Index ⓘ | -1.8 | 0.1 | -0.2 | -1.3 | -1.0 | -0.5 | 1.3 | -0.7 | -0.2 | -1.4 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 722 | 750 | 707 | 738 | 838 | 791 | 608 | 745 | 872 | 829 | 863 |
| Sales YoY Gr. | - | 3.8% | -5.6% | 4.4% | 13.5% | -5.6% | -23.1% | 22.5% | 17.1% | -5% | - |
| Adj EPS ⓘ | -16.5 | 34 | 25.8 | -2.8 | -8.7 | 20.9 | 20.1 | 13.6 | 20.1 | -12.6 | 5.7 |
| YoY Gr. | - | NA | -24.1% | -110.8% | NA | NA | -3.6% | -32.7% | 48.6% | -162.7% | - |
| BVPS (₹) ⓘ | 283.8 | 309.1 | 329.2 | 315.7 | 304.9 | 324.3 | 413.1 | 420.5 | 460 | 431.8 | 445 |
| Adj Net Profit ⓘ | -15.2 | 31.2 | 23.7 | -2.6 | -8 | 19.2 | 18.5 | 12.4 | 18.5 | -11.6 | 5 |
| Cash Flow from Ops. ⓘ | 2.4 | 42.1 | 46.1 | -12.8 | -8.8 | 58.5 | 24.3 | -7.1 | 37 | 5.3 | - |
| Debt/CF from Ops. ⓘ | 14.9 | 0.1 | 0 | -2.7 | -5.8 | 0.6 | 0 | 0 | 0 | 2.9 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 1.5% | -0.2% | 10.9% | -5% | ||||
| Adj EPS ⓘ | NA | NA | -185.6% | -162.7% | ||||
| BVPSⓘ | 4.8% | 7.2% | 1.5% | -6.1% | ||||
| Share Price | 6.1% | 16.9% | 21% | 36.8% | ||||
Performance Ratio Colour Code Guide ⓘ
| Dec'14 | Dec'15 | Dec'16 | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -5.5 | 11.5 | 8.1 | -0.9 | -2.8 | 6.6 | 5.5 | 3.3 | 4.6 | -2.8 | 1.3 |
| Op. Profit Mgn % ⓘ | -0 | 8 | 6.1 | 1.8 | 0.1 | 2.7 | 3.9 | 3.1 | 2.5 | 1.3 | 3.2 |
| Net Profit Mgn % ⓘ | -2.1 | 4.2 | 3.4 | -0.4 | -1 | 2.4 | 3 | 1.7 | 2.1 | -1.4 | 0.6 |
| Debt to Equity ⓘ | 0.1 | 0 | 0 | 0.1 | 0.2 | 0.1 | 0 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 187 | 174 | 187 | 205 | 225 | 229 | 249 | 227 | 203 | 188 | 86 |
| Cash Conv. Cycle ⓘ | 90 | 84 | 94 | 95 | 86 | 80 | 105 | 86 | 75 | 84 | 46 |
Sales growth is growing at healthy rate in last 3 years 10.87%
Return on Equity has declined versus last 3 years average to 1.30%
Net Profit has been subdued in last 3 years -185.62%
Sales growth is not so good in last 4 quarters at 1.62%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 5.7 | 24.1 |
| TTM Sales (₹ Cr.) | 863 | 504 |
| BVPS (₹.) ⓘ | 445 | 0 |
| Reserves (₹ Cr.) ⓘ | 400 | 203 |
| P/BV ⓘ | 1.53 | 0.00 |
| PE ⓘ | 119.89 | 28.28 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 414.20 / 833.00 |
| All Time Low / High (₹) | 60.00 / 833.00 |
| Market Cap (₹ Cr.) | 624 |
| Equity (₹ Cr.) | 9.2 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 57.2 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Dec'14 | Dec'15 | Dec'16 | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 722 | 750 | 707 | 738 | 838 | 791 | 608 | 745 | 872 | 829 |
| Operating Expenses ⓘ | 724 | 692 | 666 | 726 | 839 | 771 | 586 | 722 | 852 | 819 |
| Manufacturing Costs | 42 | 45 | 44 | 43 | 48 | 43 | 33 | 38 | 39 | 48 |
| Material Costs | 560 | 526 | 486 | 550 | 656 | 579 | 427 | 549 | 678 | 627 |
| Employee Cost | 49 | 49 | 58 | 60 | 64 | 70 | 75 | 77 | 76 | 76 |
| Other Costs ⓘ | 73 | 72 | 78 | 73 | 70 | 80 | 51 | 58 | 58 | 67 |
| Operating Profit ⓘ | -2 | 58 | 42 | 12 | -1 | 20 | 23 | 23 | 20 | 10 |
| Operating Profit Margin (%) | -0.2% | 7.7% | 5.9% | 1.6% | -0.2% | 2.6% | 3.7% | 3.1% | 2.3% | 1.2% |
| Other Income ⓘ | 2 | 5 | 7 | 3 | 15 | 13 | 7 | 10 | 8 | 8 |
| Interest ⓘ | 6 | 5 | 2 | 3 | 6 | 5 | 2 | 1 | 4 | 4 |
| Depreciation ⓘ | 13 | 17 | 15 | 16 | 13 | 11 | 15 | 14 | 13 | 18 |
| Exceptional Items ⓘ | -21 | 0 | 0 | -12 | 0 | 0 | 98 | 0 | 33 | -24 |
| Profit Before Tax ⓘ | -39 | 40 | 31 | -16 | -6 | 17 | 111 | 17 | 44 | -28 |
| Tax ⓘ | -8 | 11 | 8 | -4 | 3 | -1 | 25 | 4 | 3 | -6 |
| Profit After Tax | -31 | 30 | 23 | -12 | -9 | 18 | 86 | 12 | 41 | -23 |
| PAT Margin (%) | -4.3% | 4.0% | 3.2% | -1.6% | -1.1% | 2.3% | 14.1% | 1.7% | 4.7% | -2.7% |
| Adjusted EPS (₹) | -33.7 | 32.4 | 24.9 | -12.9 | -10.2 | 20.1 | 93.6 | 13.5 | 44.7 | -24.7 |
| Dividend Payout Ratio (%) | 0% | 12% | 16% | 0% | 0% | 22% | 6% | 37% | 4% | 0% |
| PARTICULARS | Dec'14 | Dec'15 | Dec'16 | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 260 | 284 | 302 | 290 | 280 | 298 | 379 | 386 | 422 | 396 |
| Share Capital ⓘ | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| Reserves ⓘ | 251 | 275 | 293 | 281 | 271 | 289 | 370 | 377 | 413 | 387 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 35 | 2 | 0 | 35 | 51 | 35 | 0 | 0 | 0 | 15 |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short Term Debt | 35 | 2 | 0 | 35 | 51 | 35 | 0 | 0 | 0 | 15 |
| Trade Payables | 107 | 82 | 91 | 136 | 192 | 111 | 112 | 189 | 169 | 117 |
| Others Liabilities ⓘ | 93 | 98 | 117 | 92 | 144 | 69 | 96 | 104 | 98 | 86 |
| Total Liabilities ⓘ | 495 | 466 | 511 | 553 | 667 | 512 | 587 | 679 | 690 | 614 |
Fixed Assets | ||||||||||
| Gross Block | 186 | 186 | 197 | 81 | 97 | 109 | 143 | 154 | 178 | 250 |
| Accumulated Depreciation | 99 | 115 | 128 | 27 | 40 | 50 | 64 | 78 | 90 | 107 |
| Net Fixed Assetsⓘ | 87 | 71 | 69 | 54 | 57 | 59 | 79 | 76 | 88 | 143 |
| CWIP ⓘ | 2 | 2 | 4 | 7 | 3 | 1 | 1 | 9 | 77 | 15 |
| Investmentsⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventories | 112 | 101 | 116 | 122 | 139 | 98 | 103 | 149 | 110 | 104 |
| Trade Receivables | 201 | 206 | 196 | 220 | 245 | 201 | 182 | 233 | 251 | 220 |
| Cash Equivalents | 0 | 1 | 22 | 34 | 31 | 15 | 92 | 73 | 67 | 47 |
| Others Assetsⓘ | 93 | 85 | 104 | 116 | 191 | 137 | 130 | 138 | 96 | 84 |
| Total Assets ⓘ | 495 | 466 | 511 | 553 | 667 | 512 | 587 | 679 | 690 | 614 |
| PARTICULARS | Dec'14 | Dec'15 | Dec'16 | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 2 | 42 | 46 | -13 | -9 | 58 | 24 | -7 | 37 | 5 |
| PBT ⓘ | -39 | 40 | 31 | -16 | -6 | 17 | 111 | 17 | 44 | -28 |
| Adjustment ⓘ | 23 | 23 | 17 | 29 | 9 | 13 | -84 | 9 | -18 | 26 |
| Changes in Working Capital ⓘ | 17 | -11 | 11 | -26 | -13 | 31 | 19 | -24 | 15 | 9 |
| Tax Paid ⓘ | 2 | -10 | -12 | 0 | 1 | -2 | -21 | -10 | -4 | -2 |
| Cash Flow From Investing Activity ⓘ | -10 | -5 | -15 | -3 | -22 | -37 | 38 | 56 | -34 | -30 |
| Capex | -10 | -5 | -15 | -3 | -8 | -55 | 95 | -6 | -36 | -31 |
| Net Investments | 0 | 0 | 0 | 0 | -16 | 0 | 0 | 59 | -1 | 0 |
| Others ⓘ | 0 | 0 | 0 | 0 | 2 | 19 | -57 | 3 | 3 | 1 |
| Cash Flow From Financing Activityⓘ | 1 | -37 | -10 | 28 | 12 | -22 | -44 | -9 | -8 | 5 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Paid ⓘ | -6 | -4 | -3 | -2 | -4 | -6 | -2 | -1 | -1 | -3 |
| Dividend Paid ⓘ | -4 | 0 | -4 | -4 | 0 | 0 | -4 | -6 | -5 | -2 |
| Others ⓘ | 11 | -33 | -3 | 34 | 16 | -16 | -38 | -3 | -3 | 9 |
| Net Cash Flow ⓘ | -6 | 0 | 21 | 12 | -19 | 0 | 18 | 40 | -6 | -20 |
| PARTICULARS | Dec'14 | Dec'15 | Dec'16 | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -11.19 | 10.92 | 7.8 | -3.98 | -3.27 | 6.39 | 25.38 | 3.24 | 10.14 | -5.54 |
| ROCE (%) | -10.79 | 15.53 | 11.21 | -4.12 | -0.02 | 6.67 | 31.68 | 4.74 | 11.88 | -5.78 |
| Asset Turnover Ratio | 1.58 | 1.74 | 1.61 | 1.46 | 1.37 | 1.34 | 1.11 | 1.19 | 1.28 | 1.29 |
| PAT to CFO Conversion(x) | N/A | 1.4 | 2 | N/A | N/A | 3.22 | 0.28 | -0.58 | 0.9 | N/A | Working Capital Days |
| Receivable Days | 91 | 89 | 93 | 98 | 101 | 103 | 115 | 101 | 101 | 102 |
| Inventory Days | 50 | 47 | 50 | 56 | 57 | 55 | 60 | 61 | 54 | 47 |
| Payable Days | 64 | 66 | 65 | 75 | 91 | 96 | 95 | 100 | 96 | 83 |
DIC India was formally born on April 2, 1947; it had been precededsince 1937 by the lesser presence of its parent company in India.
DICIndia is part of Dainippon Ink & Chemicals Inc. of Japan (DIC). Thecompany, along with its subsidiaries, are the world leaders in printinginks with a global market share of nearly 40 per cent. DIC is not onlya leader in Graphic Arts but has a strong presence in printers’supplies, machinery, pigments and reprographic products.
It offerinks for all types of printing processes and methods. Its inks bothoffset and liquid are enabled for use in new-generation, upgradedprinting machines. Its latest brand of Offset process colourbrand-named 'XTRA SPEED' is specially user-friendly for high speedprinting jobs, it also produces a wide range of UV lacquersbrand-named 'Viocure' to enhance the print quality of high value-addedjobs done to exacting standards. It offers users a wide range ofinternational brands from DIC, Sun Chemical and Coates Screen to covervirtually all possible applications.
DIC India Limited has itsregistered and head offices at Kolkata and manufacturing facilities atKolkata, Delhi, Mumbai, Chennai, Noida and Ahmedabad. The industrialcoatings manufacturing facility of it’s wholly owned subsidiary DICCoatings India Limited is located at Bangalore. DIC India’s majorrevenues are generated from printing inks. In keeping with itsleadership status in its industry, DIC India is a truly all-Indiacompany.
Scientists at DIC have at their disposal all necessarytools, be it spectrophotometer and colour computer, UV rigs or FTIR.DIC Research & Development benefits from world wide experience andknowledge from DIC and its worldwide subsidiaries.
DIC India’sproduct range in inks is truly wide. Its six factories manufacture inksof diverse kinds including black inks, offset inks, liquid inks, screeninks and print finish inks. These cover virtually all printingprocesses in use in the country today.
DIC India has strictpolicies for the use of materials based on international codes ofpractice. The Company has taken voluntary measures to ensure highsafety, health and environment standards at its establishments. Theycover aspects such as waste disposal, occupational health hazardsminimisation, internal safety audits, safety training and providingadvice to customers and contractors on the safe handling, disposal andtransportation of the company’s products.
Various proactiveactions have been taken which include adoption of cleaner technology,conservation of resources through waste reduction, recycling and reuseof waste materials and ongoing training of employees. The Safety,Health and Environment Department of the company oversees and reviewsthe integrated environment, occupational health and safety audits whichensure comprehensive coverage of all Company locations.
Thecompany had two wholly owned subsidiary viz. DIC Coatings India Limitedand Rohit (Printing Inks and Paints) Industries Private Limited. In 2008 Rohit (Printing Inks & Paints) Industries Private Limited, had been amalgamated with the company.
In 2010, DIC India sold its entire stake in Coates Coating India Private Limited to Valspar, a North American manufacturer of paints and coatings.
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The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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