DIC India has accepted the resignation of Manish Bhatia from the positions of Managing Director and Chief Executive Officer. The departure becomes effective from the close of business on August 29, 2026.

The company disclosed the development in a filing with stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This follows an earlier disclosure dated June 2, 2026, regarding the tendering of his resignation.

Resignation Details

Mr Bhatia submitted his resignation letter on June 2, 2026. The Board of Directors accepted the resignation during a meeting held on the same date. Consequently, he ceases to hold the office and is relieved from all assigned responsibilities as of August 29, 2026.

In his resignation letter addressed to the Board, Mr Bhatia described his tenure as professionally fulfilling. He noted that he had led the company during a phase of revival, growth, and transformation.

Transition Plan

Mr Bhatia stated that he would continue to discharge his duties until his last working day to ensure a smooth transition. He offered full support in facilitating leadership continuity during this period.

The company confirmed that it is complying with the requirements stipulated under Regulation 30 read with Para A (7C) of Part A of Schedule III of the SEBI Listing Regulations. The detailed resignation letter has been enclosed with the exchange filings for record purposes.

DIC India reported a sharp improvement in profitability for the first quarter of FY27, with net profit rising 227% year-on-year to ₹14.3 crore. The company’s revenue from operations expanded 25% to ₹284.0 crore, reflecting robust demand for its printing ink products. Statutory auditors Price Waterhouse Chartered Accountants LLP issued an unmodified opinion on the unaudited financial results.

The Board of Directors approved the financial results for the quarter and half-year ended June 30, 2026, during its meeting held on August 12, 2026. The Board also revised the postal ballot schedule previously approved in July.

Financial Performance

Revenue from the sale of goods increased 25.2% year-on-year to ₹282.7 crore, up from ₹225.8 crore in Q1FY26. Other operating income rose to ₹1.2 crore from ₹0.6 crore. Total income for the quarter stood at ₹285.6 crore.

Profit before tax surged to ₹19.2 crore from ₹6.0 crore in the prior-year period. Income tax expense was ₹49.0 crore, comprising current tax of ₹81.3 crore and deferred tax credit of ₹32.3 crore. Earnings per share rose to ₹15.54 from ₹4.75.

Balance Sheet & Cash Flow Signals

Cash and cash equivalents declined significantly to ₹15.3 crore as of June 30, 2026, down from ₹64.5 crore at the end of FY26. This reduction coincided with a substantial increase in working capital requirements. Trade receivables rose to ₹338.5 crore from ₹263.4 crore, while inventories increased to ₹199.2 crore from ₹125.6 crore.

Operating cash flow turned negative at -₹39.2 crore for the half-year, compared to positive ₹42.8 crore in the full year ended December 31, 2025. The company generated ₹33.9 crore in operating profit before working capital changes but consumed ₹15.9 crore on receivables and ₹73.5 crore on inventory buildup.

What the Numbers Show

The divergence between accounting profit and cash flow highlights significant working capital pressure. While net profit more than tripled year-on-year, the company burned through approximately ₹49.3 crore in cash equivalents over six months. Trade payables increased by ₹86.9 crore, partially offsetting the receivable buildup, but the net impact strained liquidity. Deferred tax assets also grew to ₹119.3 crore from ₹91.4 crore, indicating potential future tax benefits against current taxable income.