🏢 Company Snapshot
Founded: 1993 | Chairman: K. R. Naik
Headquarters: Mumbai | Manufacturing: Goa
Listed On: NSE & BSE | Parent: D-Link Corporation (Taiwan)
D-Link India has long operated at the intersection of hardware, connectivity, and digital transformation. From routers in homes to high-capacity enterprise switches, the company has built a wide moat in the Indian networking hardware industry. Its reach spans across consumer, enterprise, surveillance, and public infrastructure.
| Time |
D-Link |
Nifty50 Returns |
Sensex Returns |
Industry Returns |
Sector Returns |
| 1 Day |
9.27% |
0.43% |
0.34% |
3.79% |
2.78% |
| 1 Week |
12.8% |
1.46% |
1.25% |
5.98% |
2.89% |
| 1 Month |
15.48% |
3.45% |
2.65% |
14.42% |
0.4% |
| 3 Months |
33.75% |
11.35% |
10.94% |
18.76% |
-5.1% |
| 6 Months |
-11.76% |
1.76% |
0.93% |
-20.22% |
47.64% |
| 1 Year |
23.25% |
7.82% |
7.53% |
21.3% |
435.01% |
| 3 Year |
314.54% |
53.53% |
50.23% |
205.14% |
6,337.24% |
| 5 Years |
522.51% |
146.97% |
139.93% |
492.9% |
5,739.25% |
| 10 Years |
212.69% |
212.17% |
210.92% |
789.39% |
6,926.95% |
💼 Product & Segment Mix
| Segment |
Products |
Revenue Contribution (Est.) |
| Consumer Networking |
Wi-Fi routers, repeaters, range extenders |
~40% |
| Enterprise Networking |
Switches, access points |
~35% |
| IP Surveillance |
Cameras, NVRs |
~15% |
| Projects (B2B + Govt.) |
Smart Cities, Railways, BharatNet |
~10% |
D-Link is increasingly moving beyond retail into high-margin enterprise and government tech infra.
📊 Financial Performance (FY20–FY24)
✅ Q4 FY24 Highlights:
-
Revenue: ₹336.9 Cr (YoY ↑ 15.4%)
-
Net Profit: ₹26.7 Cr (YoY ↑ 13.1%)
-
OPM: ~10%
-
Cash & Equivalents: ~₹165 Cr
⚙️ Operational Strengths
-
Distribution Network: 22 RMA centers, 200+ partners, presence in 1,500+ cities.
-
Brand Legacy: Over 30 years in India; often the first router in Indian homes.
-
Strategic Partnerships: Redington, Ingram Micro, T1 system integrators.
-
Product Evolution: Launch of Wi-Fi 6/6E and enterprise-grade PoE switches.
📶 Competitive Edge vs Peers
| Company |
FY24 Revenue (₹ Cr) |
FY24 Net Profit (₹ Cr) |
FY25 Revenue (₹ Cr) |
FY25 Net Profit (₹ Cr) |
| D-Link India |
1249.8 |
90.7 |
1383.9 |
104.3 |
| E2E Networks |
53.7 |
13.3 |
58.9 |
13.6 |
| Control Print |
363 |
74.7 |
431.4 |
100 |
| HCL Infosystems |
32.2 |
-38.8 |
9.18 |
-3.9 |
| TVS Electronics |
366 |
0.27 |
114.9 |
0.57 |
| Rashi Peripherals |
11094.7 |
1438.6 |
13772.7 |
2097 |
| NELCO |
313.4 |
15.7 |
310.1 |
-4.08 |
| Bharat Global Developers |
N/A |
N/A |
N/A |
16 |
🔍 Insights:
-
D-Link India and Control Print continue to demonstrate healthy profitability relative to revenue.
-
Rashi Peripherals shows massive revenue scale but relatively moderate margins.
-
HCL Infosystems and NELCO face profitability challenges in FY25.
-
E2E Networks continues stable growth as a lean tech player.
-
Bharat Global Developers reported net profit but lacks consistent revenue data in public filings.
💡 SWOT Analysis
| 🟩 Strengths |
🟥 Weaknesses |
🌱 Opportunities |
⚠️ Threats |
| Strong brand recall in Indian SOHO/SMB networking space |
High import dependency (Taiwan/China) for key components |
Rising demand in Tier 2/3 cities and smart homes |
Intense competition from TP-Link, Netgear, and Cisco SMB |
| Debt-free with high ROCE and strong cash flows |
Minimal in-house R&D and innovation; reliant on parent |
"Make in India" & PLI schemes support localization |
Geopolitical risks (Taiwan-China tensions) affecting supply |
| Pan-India distribution in 200+ cities |
Limited product diversification beyond traditional hardware |
Surge in Wi-Fi 6/6E, smart surveillance, IoT devices |
Technological disruption: cloud-managed networks gaining ground |
| Backed by D-Link Corporation (Taiwan) for tech & R&D |
Small enterprise/government presence vs larger players |
Digital India, BharatNet, Smart Cities driving infrastructure demand |
E-commerce price wars and grey market discounting margins |
| Loyal retail and channel partner network |
Vulnerability to forex and tariff fluctuations |
Potential in cloud-managed services & enterprise switches |
Regulatory tightening and chip shortages impacting timelines |
🌿 ESG & Sustainability Insight
-
Energy-Efficient Products: Integration of green chipset technology in Wi-Fi routers and switches.
-
Atmanirbhar Play: Goa factory supports local sourcing and assembly, aligning with ‘Make in India’ vision.
📈 Valuation Metrics (as of March 2025)
| Metric |
FY24 |
FY25 |
| P/E (Price to Earnings) |
10.41× |
15.30× |
| P/B (Price to Book) |
2.22× |
3.54× |
| EV / EBITDA |
7.33× |
11.10× |
| EV / Revenue |
0.67× |
1.00× |
| ROE |
22.80% |
24.20% |
| ROCE |
25.40% |
27.90% |
| Net Profit Margin |
7.48% |
7.53% |
| EBITDA Margin |
10.60% |
10.90% |
Though valuations have expanded recently, high capital efficiency and consistent growth justify premiums in the long run.
📉 Technical Outlook
-
Price Range: ₹630–₹710 (as of Q1 FY25)
-
Near-Term Trend: Sideways consolidation after 143% surge in FY24
-
Support Levels: ₹560 / ₹490
-
Resistance: ₹725 / ₹770
🚀 Strategic Outlook
-
Digital India, Smart Cities, and BharatNet are structural long-term tailwinds.
-
Shift towards enterprise-grade networking improves ASPs and margins.
-
Building resilience through Indian R&D, local sourcing, and public contracts.
📬 Final Word: Plugged In for the Long Term
D-Link India isn’t just a router maker—it’s a digital enabler for India’s connectivity revolution. With financial discipline, high return ratios, solid market share, and policy tailwinds, it offers a rare combination of value, stability, and future-readiness. While short-term valuations may create volatility, the fundamentals remain robust.
Discalimer!
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