NSE: DLINKINDIA · BSE: 533146
D-LINK INDIA LTD
Sells networking hardware and solutions in India, focused on enterprise solutions and AI-driven Wi-Fi products, with a Make in India push for local sourcing. Operates alongside a subsidiary called TeamF1 Networks. In FY26, consolidated revenue stood at Rs 1,565.7 crore, up 12.68% year-on-year, while profit after tax was Rs 104.06 crore, roughly flat versus the prior year. Q1 FY27 revenue rose 30.5% year-on-year to Rs 456.96 crore, with PAT of Rs 27.61 crore. Employee cost is 3.2% of revenue and other operating expenses are 3.4%, with depreciation at 0.5% and capex at 0.1% of revenue, indicating a light-asset cost profile. The Indian arm is part of the D-Link Corporation Taiwan group, with promoter D-Link Holding Mauritius Inc holding 51.02% of paid-up capital, and faces a contested customs demand of Rs 611.49 lakh over royalty payments to the Taiwanese parent. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Networking hardware and enterprise solutions, TeamF1 Networks subsidiary operations. Asset-light distribution of IT networking hardware, with a software/networking subsidiary
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 918 | 1,181 | 1,236 | 1,384 | 1,566 |
| EBITDA (ex other income) | 56 | 115 | 117 | 127 | 132 |
| margin % | 6.1 | 9.7 | 9.5 | 9.2 | 8.4 |
| Owners' profit | 42 | 86 | 93 | 104 | 104 |
| EPS, as reported (₹) | 11.91 | 24.32 | 26.09 | 29.37 | 29.31 |
| ROE % · ROCE % | 14.0 · 18.9 | 22.8 · 30.4 | 21.3 · 18.4 | 21.9 · 29.4 | 20.6 · 27.4 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 33 | 6 | 121 | 90 | 15 |
| Capex | (1) | (1) | (1) | (0) | (2) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 337 | 331 | 370 | 350 | 377 | 395 | 444 | 457 |
| Profit before tax | 35 | 36 | 37 | 33 | 34 | 36 | 37 | 37 |
| Net profit | 27 | 27 | 27 | 24 | 25 | 27 | 28 | 28 |
| EPS (₹) | 7.53 | 7.47 | 7.73 | 6.87 | 7.15 | 7.52 | 7.77 | 7.78 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| GNG ELECTRONICS LIMITED | 8,254 | 58.6 | 10.87 | 42.9 | 17.4 | 18.7 | — | 12.8 |
| RASHI PERIPHERALS LIMITED | 5,299 | 16.6 | 2.60 | 12.4 | 13.9 | 18.0 | — | 3.4 |
| MOSCHIP TECHNOLOGIES LTD | 3,351 | 123.2 | 8.20 | 56.6 | 8.6 | 7.4 | 40.9 | 10.1 |
| NELCO LTD | 1,642 | 425.7 | 12.74 | 57.8 | 2.6 | 3.1 | 6.3 | 11.9 |
| D-LINK INDIA LTD ◆ | 1,475 | 13.7 | 2.92 | 9.7 | 20.6 | 27.2 | 16.6 | 8.6 |
| IVALUE INFOSOLUTIONS LTD | 1,167 | 11.2 | 2.06 | 7.4 | 17.3 | 21.9 | — | 13.4 |
| CONTROL PRINT LIMITED | 944 | 24.2 | 2.09 | 9.8 | 9.7 | 15.5 | 18.8 | 13.4 |
| BHARAT GLOBAL DEVELOPERS LIMIT | 791 | 289.4 | 4.16 | — | (0.1) | (0.1) | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.7 | 25.1 | 5 of 16 | 73% |
| P/B | 2.9 | 2.8 | 9 of 16 | 47% |
| ROCE | 27.2 | 14.9 | 2 of 19 | 94% |
| ROE | 20.6 | 9.1 | 2 of 16 | 93% |
| Debt / Equity | 0.0 | 0.1 | 1 of 16 | 73% |
| EBITDA margin | 8.6 | 8.8 | 8 of 13 | 42% |
| Revenue growth | 30.5 | 7.0 | 5 of 15 | 71% |
| Profit growth | 13.3 | 30.0 | 9 of 15 | 43% |
| Market cap | 1475 | 575 | 5 of 19 | 78% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Newspaper notice of postal ballot for Independent Director appointment | compliance | minimal | — | — |
| 13 Oct 2026 · Postal Ballot for Appointment of Independent Director D-Link India | management changes | medium | — | — |
| 6 Oct 2026 · Reg.74(5) Compliance Certificate Submitted for QSE Sept 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · Board meeting on Oct 31 2026 to consider Q2 FY27 results | results | low | — | — |
| 29 Sept 2026 · Trading window closed from October 1 for Q2 results | compliance | minimal | — | — |
| 27 Aug 2026 · Independent Director Madhu Gadodia completes second term | management changes | medium | — | — |
| 27 Aug 2026 · Independent Director Madhu Gadodia completes second term, exits board | management changes | medium | — | — |
| 24 Aug 2026 · D-Link India appoints new Independent Director, committees reconstituted | management changes | medium | — | — |
| 24 Aug 2026 · D-Link India appoints Vaishali Koparkar as Independent Director | management changes | medium | — | — |
| 11 Aug 2026 · D-Link India AGM results: dividend of Rs 27.50 per share approved, all 4 resolutions passed | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.