DIC India Limited (DICIND.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-59.9%

₹222.73

vs ₹555.00 price

Levered DCF

₹1,329.76

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	25.63×	31.23×	-20.14×	8.66×	29.24×	4.43×	16.33×	-37.89×
P/B	1.04×	1.47×	1.15×	0.84×	0.94×	1×	1.01×	1.26×
P/S	0.5×	0.7×	0.55×	0.41×	0.49×	0.63×	0.38×	0.42×
EV / EBITDA	9.75×	12.44×	-67.67×	5.13×	9.15×	2.77×	9.66×	29.4×
Gross margin	15.9%	25.0%	12.6%	20.1%	24.0%	27.5%	24.3%	18.9%
Operating margin	2.4%	1.9%	-0.9%	0.9%	1.5%	1.8%	2.9%	0.0%
Net margin	1.9%	2.2%	-2.7%	4.7%	1.7%	14.2%	2.3%	-1.1%
Current ratio	2.42×	2.55×	2.22×	2.3×	2.31×	2.9×	2.23×	1.6×
Debt / equity	0.02×	0.01×	0.05×	0.06×	0.01×	0.02×	0.12×	0.18×
Interest coverage	22.19×	13.81×	-1.81×	2.2×	7.93×	5.72×	4.98×	0.01×
Dividend yield	0.8%	0.0%	0.4%	1.3%	1.5%	1.1%	0.0%	0.0%
Payout ratio	21.0%	0.2%	-8.2%	11.2%	44.4%	4.8%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.1%	4.7%	-5.7%	9.7%	3.2%	22.6%	6.2%	-3.3%
Return on invested capital	3.6%	3.0%	-1.4%	1.7%	2.0%	2.2%	6.9%	0.0%
Return on assets	2.8%	3.3%	-3.9%	6.3%	2.0%	16.2%	3.9%	-1.5%
Free cash flow yield	6.9%	1.3%	-6.1%	-9.2%	-8.4%	4.8%	1.0%	-17.0%
Earnings yield	3.9%	3.2%	-5.0%	11.5%	3.4%	22.6%	6.1%	-2.6%
Enterprise value	₹3.9B	₹5.7B	₹4.3B	₹3.1B	₹3B	₹3.5B	₹3.2B	₹3.9B
Net debt / EBITDA	-1.46×	-0.77×	4.3×	-0.71×	-2.09×	-0.21×	0.61×	2.71×
Cash conversion cycle (days)	98	100	91	88	89	102	88	106