D-Link India Ltd

NSE: DLINKINDIA BSE: 533146

D-Link (India) Ltd is primarily engaged in marketing and distribution of networking products. It operates through a distribution network with a wide range of product portfolio and solutions with a nationwide reach across India.[1]

₹470

52W: ₹366 — ₹590

PE 16.2 · Book ₹136 · +246% vs book

Market Cap₹1,668 Cr

Stock P/E16.2Price to Earnings

ROCE29.3%Return on Capital

ROE21.9%Return on Equity

Div. Yield4.28%Face Value ₹2

Strengths

+Company is almost debt free.

Weaknesses

−Working capital days have increased from 63.5 days to 92.3 days

Shareholding Pattern

Promoters51.02%

FIIs1.26%

DIIs0.01%

Public47.71%

Category	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	51.02%	51.02%	51.02%	51.02%	51.02%	51.02%	51.02%	51.02%
FIIs	1.07%	0.5%▼0.6	0.84%▲0.3	1.2%▲0.4	1.21%▲0.0	1.11%▼0.1	1.13%▲0.0	1.26%▲0.1
DIIs	0.54%	0.72%▲0.2	0.12%▼0.6	0%▼0.1	0.01%▲0.0	0.01%	0.01%	0.01%
Public	47.37%	47.76%▲0.4	48.01%▲0.3	47.77%▼0.2	47.75%▼0.0	47.87%▲0.1	47.84%▼0.0	47.71%▼0.1

Financial Statements

Metric	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	292	332	344	335	330	368	348	375	394	442
Expenses	263	301	316	303	296	336	319	342	359	407
Operating Profit	28	31	28	33	33	32	29	33	34	35
OPM %	10%	9%	8%	10%	10%	9%	8%	9%	9%	8%
Net Profit	22	25	23	26	26	27	24	25	27	27
EPS ₹	6.28	6.93	6.57	7.43	7.38	7.64	6.77	7.07	7.48	7.68

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,559Cr, up 13.2% YoY. OPM at 8%.

Debt Position

Borrowings at ₹14Cr. Debt-to-equity ratio: 0.03x. Healthy balance sheet.

Institutional Flow

DIIs: 0.01% (-0.04pp change). FIIs: 1.26% (+1.13pp change). Promoters hold 51.02%.

Margin & Efficiency

ROCE improving from 27% (Mar 2015) to 29% (Mar 2026). Working capital days: 92.

Valuation

PE 16.2x with 29.3% ROCE. Price is 246% above book value of ₹136. Dividend yield: 4.28%.