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10 Yrs X-Ray 
Valuation 
Analyst Note 
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About
D-Link (India) Ltd (DLINKINDIA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 533146 NSE: DLINKINDIA IT - Networking | Small Cap | D-Link (India) Share Price
₹419.15 -1.95 (-0.46%)
As on 28-Sep'26 13:19
D-Link (India) Ltd (DLINKINDIA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 533146 NSE: DLINKINDIA IT - Networking | Small Cap | D-Link (India) Share Price
₹419.15 -1.95 (-0.46%)
As on 28-Sep'26 13:19
Key Metrics
Valuation Multiples
Market Cap
₹1,495 Cr.
Current Price
₹419.2
52-Week Low / High
₹366 / 549
TTM EPS
₹30.2
TTM Sales
₹1,673 Cr.
Book Value per Share
₹150.2
P/E Ratio
13.94
In line with its 5-year historical median
Industry PE
13.8
Price to Book (P/B)
2.80
Lower than its 5-year historical median
Price to Sales (P/S)
0.89
Lower than its 5-year historical median
EV/EBITDA
9.33
In line with its 5-year historical median
Dividend Yield
7.99%
Profitability Efficiency
Return on Equity (ROE)
21.21%
Outperforms industry median
Return on Capital Employed (ROCE)
28.82%
Outperforms industry median
Return on Assets (ROA)
10.89%
Operating Profit Margin
8.5%
Net Profit Margin
6.65%
Gross Profit Margin
9.4%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
13.21%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
3.87%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-0.19%
Asset Quality
Promoter Holding
51.02%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹526 Cr.
Equity
₹7.1 Cr.
Face Value
₹2
All Time Low / High
₹15.15 / 728.00
Check Before You Invest
Quality
Very GoodValuation
Somewhat OvervaluedCheck Valuation charts
Price Trend
Semi Strong
Is D-Link (India) Ltd a good quality company?
D-Link (India) Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does D-Link (India) Ltd performance compare with that of its Peers?
Revenue growth of D-Link (India) Ltd vs industry peers?
D-Link (India) Ltd revenue CAGR is 16.60%, compared to the industry median CAGR of 0.00%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of D-Link (India) Ltd?
Promoters hold 51.02% of the D-Link (India) Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of D-Link (India) Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 16.8% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
D-Link (India) Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 14.3% | 9.3% | 19.9% | 22.7% | 16.8% | 20.3% | 35.3% | 31.6% | 31.9% | 29.8% | - |
| Value Creation Index ⓘ | 0.0 | -0.3 | 0.4 | 0.6 | 0.2 | 0.5 | 1.5 | 1.3 | 1.3 | 1.1 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 687 | 626 | 700 | 726 | 711 | 904 | 1,171 | 1,227 | 1,377 | 1,559 | 1,666 |
| Sales YoY Gr. | - | -8.9% | 11.7% | 3.7% | -2.1% | 27.2% | 29.6% | 4.8% | 12.2% | 13.2% | - |
| Adj EPS ⓘ | 4.1 | 2.5 | 7.7 | 8.3 | 7.5 | 10.8 | 22.9 | 23.9 | 26.6 | 26.7 | 30 |
| YoY Gr. | - | -37.8% | 202.4% | 8.4% | -9.2% | 42.8% | 113% | 4.5% | 11.1% | 0.3% | - |
| BVPS (₹) ⓘ | 47.6 | 50.1 | 56.1 | 63.9 | 71.2 | 80.8 | 101.6 | 117 | 128 | 136.2 | 143.9 |
| Adj Net Profit ⓘ | 14.5 | 9 | 27.2 | 29.4 | 26.7 | 38.2 | 81.3 | 85 | 94.4 | 94.7 | 106 |
| Cash Flow from Ops. ⓘ | -19.1 | 30.7 | -0.6 | 27.9 | 70.8 | 29.8 | 3.9 | 119 | 89.4 | 17.2 | - |
| Debt/CF from Ops. ⓘ | -0.6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 9.5% | 17% | 10% | 13.2% | ||||
| Adj EPS ⓘ | 23.2% | 28.8% | 5.2% | 0.3% | ||||
| BVPSⓘ | 12.4% | 13.9% | 10.3% | 6.4% | ||||
| Share Price | 16.7% | 23.6% | 9.2% | -11.2% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 9 | 5.2 | 14.4 | 13.8 | 11.1 | 14.2 | 25.1 | 21.9 | 21.7 | 20.2 | 21.4 |
| Op. Profit Mgn % ⓘ | 3.4 | 2.5 | 6.2 | 5.6 | 5.4 | 5.9 | 9.6 | 9.4 | 9.2 | 8.5 | 8.2 |
| Net Profit Mgn % ⓘ | 2.1 | 1.4 | 3.9 | 4.1 | 3.8 | 4.2 | 6.9 | 6.9 | 6.9 | 6.1 | 6.4 |
| Debt to Equity ⓘ | 0.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 138 | 150 | 151 | 160 | 169 | 148 | 148 | 164 | 156 | 161 | 80 |
| Cash Conv. Cycle ⓘ | 57 | 71 | 65 | 71 | 62 | 45 | 48 | 45 | 41 | 48 | 47 |
Valuation of D-Link (India) - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 707 | 644 | 716 | 740 | 727 | 918 | 1,181 | 1,236 | 1,384 | 1,566 |
| Operating Expenses > ⓘ + | 681 | 625 | 670 | 698 | 685 | 862 | 1,066 | 1,118 | 1,257 | 1,434 |
| Operating Profit > ⓘ | 25 | 18 | 46 | 42 | 42 | 56 | 115 | 117 | 127 | 132 |
| Operating Profit Margin (%) | 3.6% | 2.8% | 6.4% | 5.7% | 5.8% | 6.1% | 9.7% | 9.5% | 9.2% | 8.4% |
| Other Income > ⓘ + | 2 | 3 | 2 | 9 | 7 | 7 | 7 | 14 | 20 | 17 |
| Interest > ⓘ | 1 | 1 | 0 | 1 | 1 | 0 | 1 | 1 | 1 | 1 |
| Depreciation > ⓘ | 2 | 1 | 1 | 6 | 5 | 5 | 5 | 6 | 7 | 7 |
| Profit Before Tax > ⓘ | 25 | 19 | 41 | 50 | 42 | 57 | 116 | 124 | 140 | 140 |
| Tax > ⓘ | 9 | 6 | 15 | 14 | 11 | 15 | 30 | 32 | 35 | 36 |
| Profit After Tax | 17 | 13 | 26 | 35 | 31 | 42 | 86 | 93 | 104 | 104 |
| PAT Margin (%) | 2.4% | 2.0% | 3.7% | 4.8% | 4.3% | 4.6% | 7.3% | 7.5% | 7.5% | 6.7% |
| Adjusted EPS (₹) | 4.7 | 3.6 | 7.5 | 9.9 | 8.8 | 11.9 | 24.3 | 26.1 | 29.4 | 29.3 |
| Dividend Payout Ratio (%) | 10.70% | 14% | 13.40% | 15.10% | 20.40% | 25.20% | 41.10% | 49.80% | 68.10% | 114.30% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 174 | 186 | 210 | 239 | 266 | 303 | 378 | 435 | 475 | 506 | |
| Debt + | 11 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 75 | 119 | 120 | 123 | 150 | 199 | 231 | 242 | 257 | 272 | |
| Others Liabilities ⓘ | 23 | 29 | 39 | 56 | 62 | 75 | 112 | 141 | 174 | 226 | |
| Total Liabilities ⓘ | 283 | 334 | 368 | 417 | 479 | 576 | 721 | 818 | 906 | 1,004 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 34 | 33 | 32 | 42 | 38 | 34 | 40 | 38 | 34 | 45 | |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Investments ⓘ | 0 | 4 | 7 | 22 | 49 | 83 | 93 | 158 | 168 | 136 | |
| Inventories | 65 | 64 | 83 | 99 | 91 | 98 | 140 | 82 | 77 | 104 | |
| Trade Receivables | 147 | 172 | 185 | 175 | 178 | 231 | 305 | 339 | 366 | 443 | |
| Cash Equivalents | 4 | 19 | 17 | 20 | 62 | 53 | 37 | 62 | 81 | 66 | |
| Others Assets ⓘ | 34 | 41 | 44 | 60 | 62 | 78 | 106 | 139 | 180 | 209 | |
| Total Assets ⓘ | 283 | 334 | 368 | 417 | 479 | 576 | 721 | 818 | 906 | 1,004 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | -18 | 34 | 3 | 28 | 75 | 33 | 6 | 121 | 90 | 15 |
| Cash Flow From Investing Activity ⓘ + | 4 | -6 | -6 | -19 | -58 | -19 | -5 | -67 | -6 | 66 |
| Cash Flow From Financing Activity ⓘ + | -4 | -3 | -2 | -11 | -8 | -11 | -15 | -41 | -71 | -81 |
| Net Cash Flow ⓘ | -18 | 25 | -5 | -2 | 8 | 4 | -15 | 12 | 13 | -1 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 10.09 | 7.06 | 13.38 | 15.71 | 12.42 | 14.87 | 25.36 | 22.77 | 22.9 | 21.21 |
| ROCE (%) | 15.17 | 10.65 | 20.96 | 22.4 | 17.14 | 20.18 | 34.41 | 30.77 | 30.84 | 28.82 |
| Asset Turnover Ratio | 2.31 | 2.09 | 2.04 | 1.88 | 1.62 | 1.74 | 1.82 | 1.61 | 1.6 | 1.64 |
| PAT to CFO Conversion(x) | -1.06 | 2.62 | 0.12 | 0.8 | 2.42 | 0.79 | 0.07 | 1.3 | 0.87 | 0.14 |
| Working Capital Days | ||||||||||
| Receivable Days | 82.30 | 90.40 | 91.10 | 88.80 | 88.50 | 81.30 | 82.90 | 95.10 | 93 | 94.30 |
| Inventory Days | 42.50 | 36.70 | 37.60 | 45 | 47.80 | 37.50 | 36.80 | 32.80 | 21 | 21.10 |
| Payable Days | 74.40 | 65 | 74.80 | 74.30 | 83.70 | 80.80 | 79.80 | 83.60 | 78.10 | 72.60 |
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D-Link (India) Ltd FAQs
The current trading price of D-Link (India) on 28-Sep-2026 13:19 is ₹419.1.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 27-Sep-2026 the market cap of D-Link (India) stood at ₹1,495.1 Cr
The latest P/E ratio of D-Link (India) as of 27-Sep-2026 is 14.06.
The latest P/B ratio of D-Link (India) as of 27-Sep-2026 is 2.93.
The 52-week high of D-Link (India) is ₹549.0 and the 52-week low is ₹365.7.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of D-Link (India) is ₹1,666 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that D-Link (India) Ltd is a good quality company.
The key valuation ratios of D-Link (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 Semi Strong which suggest that the price of D-Link (India) Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About D-Link (India) Ltd
-Link (India) was incorporated in the year 1986. It is a global leader in the design, manufacture and marketing of advanced networking, broadband, digital, voice and data communications solutions. Following the company motto, 'Building Networks for People', D-Link continually meets the global networking and connectivity needs of digital home consumers, small office professionals, small- to medium-sized businesses, and enterprise environments.
D-Link India deals with a complete range of co-branded products from Foundry Networks Inc of US in India. It deals with the design, manufacture and marketing of networking, broadband, digital, voice, and data communications solutions. It offers its products through distributors, dealers and resellers in India and internationally. It is working on emerging technologies such as embedded systems, protocol programming, digital signal processing based systems, etc. The company is focusing on projects including development of IP phones, IPBX, Wireless LAN and Network security. D-Link (India) Ltd. is a part of the multinational D-Link Corporation, which has a presence in over 100 countries. D-Link India's (Group) revenue was Rs 342 crore in FY'06. Its core business is in the area of networking and communications
D-Link (India) has a strong infrastructural presence with ISO 9001:2000 and ISO 14001:1996 certified state-of-the-art manufacturing plants in Goa; software and R&D centres in Goa and Bangalore; and a global tech support call centre in Mumbai. It has a nationwide network of 17 offices, 21 territory distributors, 400+ dealers and 4000+ resellers and four overseas distributors in SAARC countries providing active sales and service support.
Products & services offered:
- Switches
- Routers
- LL Modem & Interface Converters
- Security
- Wireless
- VOIP
- Surveillance
- Print Servers
- Broadband
- Digital Home
- Network Storage
- Ethernet Cards
- Network Management
- Structured Cabling
Awards & Achievements:-
- CRN-Channel Champions 2007 Award (networking)
- DQ channel-channel choice Award (Networking WLAN)
- PC World-D-link Wireless Access Point DWL-2100Ap won India’s best Product Award
- NASSCOM-D-Link featured among India’s Top IT Innovators.
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