DLINK: Small Company with a Big Brand

What is the cost difference that they are getting thru local outsourcing than imports from Taiwan.

P.S- The company needs to improve their disclosures and investor services

I feel, we need to find a China Free Company, that even Chinese companies can’t come into. Might be compare Havells and Polycab. No Chinese companies can come into their way.

As it’s said:
Data is the New Oil.
If its true, then the companies which enter into this segment early, will benefit the most.
D-Link seems to be doing the same.
Prepared some notes, have a look.

D-Link India Ltd.docx (5.9 MB)


PnL Statement: (last 9 years)
· Low sales growth except for 2019/22/23
· Low OPM except for 2023/24
· Other income high from 2020
· Low NPM except for 2023/24
· High capex 2020/23
· Low growth of Net Fixed Assets
· Fluctuating receivable days
· Fluctuating Inventory Turnover
· Low RoE except for 2023/24
· Low RoCE except for 2023/24
· High Dividend payout

Highly Competitive Indian Market. Jio, Airtel & others providing their own router.

The revenue & profitability improvement in the year2023 is because of the below factor. Although when we see the year2024 revenue/profitability, there is not much further improvement or progress.

Looks like a highly commoditized market with low profitability margins.

D-Link (India) Limited is strongly focusing on local products as part of its ‘Make in India’ initiative. “Make in India,” and localization of products are two important initiatives of the Indian government that are closely linked. D-Link (India) has been granted exclusive rights/ license by the parent company to use the D-Link trademark for such
locally manufactured products. The Company had made strategic decisions on manufacturing certain products locally through third-party or contract manufacturing with its own brand names, under its own proprietary designs, quality control and supervision.
The Company has made noteworthy progress in this direction and has entered into arrangements with local manufacturers.


Great work. The notes were really helpful. Wanted to know does they able to gain some orders from data center companies in India?