📡 D-Link India: The Silent Backbone of India’s Digital Surge
Brokerage Free Team •June 9, 2025 | 4 min read • 860 views
Brokerage Free Team •June 9, 2025 | 4 min read • 860 views
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% |
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.
✅ Q4 FY24 Highlights:
Revenue: ₹336.9 Cr (YoY ↑ 15.4%)
Net Profit: ₹26.7 Cr (YoY ↑ 13.1%)
OPM: ~10%
Cash & Equivalents: ~₹165 Cr
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.
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 |
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 |
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.
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.
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
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.
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.
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