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DIC India Limited (500089) fair value: what the stock is really worth
We calculate from audited financials what DIC India Limited is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? Yes
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Broad data
Sep 13, 2026
DIC India Limited
500089 · BSENeutralThe stock looks roughly fairly valued with average quality.
·Fair value ₹594.42 · Fairly valued (−4%)
✓Quality 69/100
✓Healthy Growth (revenue 5y +8.0 %/yr)
!Thin margins · 1.9% net margin (FY2025)
✓generates free cash flow
What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.
How to read this chart
60‑month range ₹321.20 – ₹801.33 · fair‑value band ₹445.81 – ₹743.02 · the ₹616.35 price screens above the ₹594.42 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 13, 2026.
Company profile
DIC India Limited manufactures and sells printing inks and allied materials in India. The Company operates in two segments, Printing Inks and Lamination Adhesives.
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DIC India Limited manufactures and sells printing inks and allied materials in India. The Company operates in two segments, Printing Inks and Lamination Adhesives. It offers offset inks, such as sheet fed, news, heat set, and UV inks, as well as flexible packaging, screen, and tin printing inks; UV and water based varnishes; gravure and flexo inks, and coatings; lamination adhesives, including solvent based and solvent free adhesives; and chemical solutions, including high performance colorants and PPS compound. The company also provides package solutions that include barrier adhesive and functional barrier coatings, low migration and low odour inks, non-toluene and non-ketone inks, anti-counterfeit and brand protection products, and cold seal adhesives. It serves newspapers, magazines, and packaging and printing establishments. DIC India Limited also exports its products. The company was formerly known as Coates of India Limited and changed its name to DIC India Limited in August 2004. The company was founded in 1937 and is based in Noida, India. DIC India Limited is a subsidiary of DIC Asia Pacific Pte Limited.
Stock analysis
DIC India Limited (500089) currently trades at ₹616.35, while our model-based Fair Value estimate is ₹594.42, implying the stock looks roughly 3.7% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ₹745.22 per share, and 14 of the 24 models we run sit above the ₹616.35 price.
Bear case: the Dividend Discount group reads lowest at ₹86.91, and 10 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹445.81 (bear) to ₹743.02 (bull), the price of ₹616.35 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 69/100 (solid quality), in the Basic Materials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
DIC India Limited reported revenue of ₹8.9B in FY2025 versus ₹7.4B in FY2021, a compound +4.6%/yr. Reported net income was ₹174M in FY2025, compounding +8.8%/yr from FY2021.
Key figures
Market cap ₹5.7B (≈ $59.4M) · P/E ratio 20.2 · P/S ratio 0.39 · EPS (TTM) ₹16.49 · Net margin 1.9% · Return on assets (EBIT) 1.0% · Free cash flow ₹314M · Net debt ₹202M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 36% above its 52-week low.
For context, the median of 10 Basic Materials peers we cover trades at −47% fair-value upside, at −4%, 500089 screens cheaper than that median.
Fair Value models
Bear ₹445.81
Fair Value ₹594.42
Bull ₹743.02
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (₹11.61 per share) are deliberately not added.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF
₹677.78
₹897.53
₹1,244
79
Growth DCF
₹697.77
₹907.34
₹1,218
77
Residual Income
₹632.35
₹620.92
₹547.53
76
All 24 models by family
DCF Models
FCF DCF
₹677.78
₹897.53
₹1,244
79
Owner Earnings
₹539.22
₹709.74
₹978.30
75
5Y Revenue Exit
₹533.47
₹720.30
₹967.34
71
5Y EBITDA Exit
₹626.74
₹881.19
₹1,188
73
5Y P/E Exit
₹535.29
₹723.43
₹926.43
69
10Y Revenue Exit
₹574.26
₹745.22
₹941.03
66
10Y EBITDA Exit
₹641.55
₹849.86
₹1,089
67
10Y P/E Exit
₹586.31
₹747.26
₹913.56
63
Earnings-Based
Graham-Dodd
₹237.77
₹451.29
₹561.93
66
EPV
₹385.32
₹436.77
₹481.16
68
Dividend Discount
Gordon GGM
₹64.51
₹86.91
₹108.99
69
DDM Multi-Stage
₹64.51
₹88.02
₹114.74
67
Multiples
P/E Multiple
₹445.81
₹594.42
₹743.02
63
P/S Multiple
₹445.81
₹594.42
₹743.02
58
P/B Multiple
₹445.81
₹594.42
₹743.02
55
EV/EBIT
₹535.88
₹694.69
₹853.50
63
EV/EBITDA
₹676.93
₹882.76
₹1,089
64
EV/Revenue
₹472.36
₹649.32
₹826.27
51
Asset-Based
NCAV (Graham)
₹431.27
₹577.90
₹862.54
51
Growth DCF
Growth DCF
₹697.77
₹907.34
₹1,218
77
Rev-Margin DCF
₹533.47
₹731.56
₹961.14
71
Economic Profit
Residual Income
₹632.35
₹620.92
₹547.53
76
ROIC Compounder
₹385.32
₹436.77
₹481.16
70
Growth Earnings
Growth-Adj P/E
₹322.21
₹460.30
₹598.39
67
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Set up alert →Quality Score breakdown
Overall quality
69/100
Of which business quality 66 · Market factors (momentum, volatility) 43
Profitability
48
Margins and returns on capital today
Quality Growth
43
Are margins and returns improving?
Cashflow
55
Earnings quality: real cash, not paper profit
Fin. Strength
80
Balance sheet, leverage, solvency risk
Investment
99
Disciplined investing over empire-building
Low Volatility
33
Calm price path (market factor)
Momentum
43
Price trend over the last 3–12 months (market factor)
52W Momentum
56
Distance to the 52-week high (market factor)
Net Issuance
82
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
71/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+1.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.0%
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.8%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−1.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−1.2%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−1% vs −3%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.2% → 3%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+17.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
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Context: sector, industry, market
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Indian Stocks
- Valuation of the India market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
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Frequently asked questions
Is DIC India Limited (500089) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of ₹594.42 versus a price of ₹616.35, about −4% upside (fairly valued).
What is the fair value of 500089?
Our model-based fair value for DIC India Limited is ₹594.42 (as of Sep 13, 2026), built from audited fundamentals. The current price: ₹616.35.
What is the quality score of 500089?
DIC India Limited has a Quality Score of 69/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for DIC India Limited (500089)?
Our model-based price target is the fair value of ₹594.42 (as of Sep 13, 2026) from 24 valuation models. Cautious scenario ₹445.81, optimistic scenario ₹743.02. It is a calculation from audited fundamentals, not an analyst target.
What is the DIC India Limited stock forecast for 2026?
Our models put fair value at ₹594.42, about −4% upside versus a price of ₹616.35 (fairly valued). Cautious scenario ₹445.81, optimistic scenario ₹743.02. The calculation is refreshed regularly with new filings.
What growth is priced into DIC India Limited (500089)?
For today's price to be fair in a discounted-cash-flow model, DIC India Limited would have to grow free cash flow by +17.2 % per year for five years (discount rate 15.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.0 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of 500089 use?
Our models discount DIC India Limited at 15.4 %: a base by market capitalisation (micro), country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For DIC India Limited that is +17.2 % per year a year over ten years, using the same discount rate (15.4 %) and the same formula as our fair value.
How much growth has DIC India Limited (500089) delivered so far?
Over the past 5 years revenue at DIC India Limited grew +8.0 % a year. The price currently implies +17.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of DIC India Limited (500089) growing?
The median revenue growth in the sector is +3.2 % a year. That is the yardstick for the growth priced into DIC India Limited (+17.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of DIC India Limited (500089)?
The free-cash-flow yield on the price is 5.55 %: that much free cash flow DIC India Limited produces per unit of market value. When it exceeds the discount rate of our models (15.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of DIC India Limited (500089)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For DIC India Limited it is ₹594.42 per share (as of Sep 13, 2026), against a price of ₹616.35. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is DIC India Limited stock overvalued or undervalued in 2026?
As of Sep 13, 2026, 500089 trades above its calculated fair value: price ₹616.35, fair value ₹594.42, a gap of about −4% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 500089?
No. The price is what the market pays today (₹616.35); the fair value is what the company's own numbers justify (₹594.42). For DIC India Limited the two are ₹21.93 per share apart. That gap is exactly why we show both numbers side by side.
How much is DIC India Limited worth?
The market values DIC India Limited at about ₹5.7B (market capitalisation, as of Sep 13, 2026). Per share that is ₹616.35; our models calculate a fair value of ₹594.42 per share.
What do the bullish and bearish scenarios say about 500089?
Our models span a range for DIC India Limited: cautious scenario ₹445.81, base ₹594.42, optimistic ₹743.02 per share (as of Sep 13, 2026, price ₹616.35). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 500089 from its 52-week high?
DIC India Limited trades at ₹616.35, about 7% below its 52-week high of ₹663.61 and 36% above the low of ₹452.00 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of ₹594.42 is for.
Which stocks are comparable to DIC India Limited?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is DIC India Limited stock attractive at the current price?
The data as of Sep 13, 2026: price ₹616.35, calculated fair value ₹594.42 (−4%), Quality Score 69/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 500089 calculated?
We run DIC India Limited through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹594.42, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.8 % above its aggregate fair value. DIC India Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What should I pay attention to with DIC India Limited right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Key figures of DIC India Limited
How large is the market capitalisation of DIC India Limited (500089)?
The market capitalisation of DIC India Limited is ₹5.7B (≈ $59.4M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of DIC India Limited (500089)?
The price-to-earnings ratio of DIC India Limited is 20.2 (as of Jul 4, 2026). Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of DIC India Limited (500089)?
The price-to-sales ratio of DIC India Limited is 0.39 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of DIC India Limited (500089)?
Earnings per share at DIC India Limited are ₹16.49 (price ÷ EPS = P/E 20.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of DIC India Limited (500089)?
The net margin of DIC India Limited is 1.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the EBIT return on assets of DIC India Limited (500089)?
On an EBIT basis the return on assets of DIC India Limited is 1.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How much net debt does DIC India Limited (500089) carry?
The net debt of DIC India Limited is ₹202M (fiscal year 2019, ≈ 0.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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