DJ Mediaprint & Logistics Limited

Industrials — Specialty Business Services · NSE

₹70.10−₹0.29 (−0.41%)

DalalBaazaar Score

67 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:07 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of DJ Mediaprint & Logistics Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

DJ Mediaprint & Logistics Limited provides integrated printing, logistics, and courier solutions in India and internationally. The company operates through three segments: Printing; Record Management Scanning and Logistics Services; and Other Business.

IndustrySpecialty Business Services

SectorIndustrials

Employees141

Annual revenue₹138 Cr

How does it make money?

Turns over ₹138 Cr a year. Of every ₹100 of sales, about ₹8 reaches shareholders as profit, with ₹19 left at the operating level before interest, tax and depreciation. Each of its 141 employees supports ₹97.8 lakh of revenue a year, the signature of a people-led business.

EBITDA margin18.5%

Net margin7.9%

Revenue / employee₹97.8 lakh

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

LARSEN & TOUBRO LTD.P/E 30.1x · ROE 15.2%

SIEMENS LTDP/E 88.8x · ROE 10.5%

ABB INDIA LIMITEDP/E 92.6x · ROE 19.1%

What is its competitive advantage?Some evidence

ROCE of 15.9% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE15.9%

ROE12.1%

Peer median ROE15.2%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +173% while net margin moved +20% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+173%

Margin effect+20%

DalalBaazaar Score

67/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of -0.13 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

69/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

77/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

20.3x

3Y Median

52.1x

40 monthly readings · mean 60.4x · range 22.0x–111.6x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 61% below its 3y median of 52.1x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 77% below the peer median of 88.8x.

vs. its own history

Cheap

52.1x median over 40 months · -61%

vs. sector peers

Cheap

88.8x median of 3 peers · -77%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

20.3x

P/B

2.67x

EV/EBITDA

11.4x

PEG

0.42

Dividend Yield

0.21%

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 16.3% to 18.5% over 3 years.
Valuation below its historical average
At 20.3x the stock trades 61% below its own median of 52.1x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention3

Debt is rising
Total debt is up 221% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Receivables growing faster than sales
Receivables are up 343% against revenue growth of 173% — customers are taking longer to pay.

Red Flags

4 items require attention · 4 high

🔴Debt has risen sharplyFinancial
Total debt is up 221% over 3 years, from ₹12 Cr to ₹39 Cr.
🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴Receivables growing faster than salesFinancial
Receivables up 343% against revenue up 173% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 16.3% to 18.5%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 61% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 77% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 343% against revenue up 173%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
4 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 30% a year✓ 39.7% CAGR
Latest reported year was 44.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 17%✓ 18.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹18 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.5x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 13%✓ 15.9%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 5 neutral · 1 weak

Market Cap

₹252 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

20.3x

Fair

Fairly valued against the generic band

P/B Ratio

2.67x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹3.46

Profitable

Profitable on a per-share basis

ROE

12.1%

Moderate

Moderate capital efficiency

ROCE

15.9%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.43x

Low

Conservative leverage

Revenue Growth (YoY)

44.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

14.3%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.21%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹18 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹70.1

Operating Margin

11.0%

Average

Average margins

Net Margin

7.6%

Average

Average bottom-line conversion

Current Ratio

3.96

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.13

Defensive

Steadier than the market

52W Range Position

25%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

72.9 / 82.4

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

41.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹51 Cr	₹57 Cr	₹82 Cr	₹138 Cr	+39.7%
EBITDA	₹8 Cr	₹14 Cr	₹18 Cr	₹26 Cr	+45.7%
EBITDA Margin	16.3%	24.3%	21.6%	18.5%	—
PAT (Net Profit)	₹3 Cr	₹5 Cr	₹7 Cr	₹11 Cr	+48.5%
EPS	₹1.02	₹1.55	₹2.07	₹3.17	+45.8%
ROE	11.6%	15.0%	10.5%	12.1%	—
ROCE	17.0%	20.6%	14.1%	15.9%	—
Total Debt	₹12 Cr	₹18 Cr	₹22 Cr	₹39 Cr	+47.4%
Free Cash Flow	₹3 Cr	-₹2 Cr	-₹18 Cr	-₹18 Cr	—

🟢 Revenue has grown at 39.7% a year over 3 years.

🟢 EBITDA has grown at 45.7% a year over 3 years.

🟢 EBITDA Margin has risen from 16.3% to 18.5% over 3 years (+2.2 pts).

🟢 PAT (Net Profit) has grown at 48.5% a year over 3 years.

🟢 EPS has grown at 45.8% a year over 3 years.

🟡 ROE has held roughly flat at 12.1% over 3 years.

🔴 ROCE has fallen from 17.0% to 15.9% over 3 years (-1.0 pts).

🔴 Total Debt has grown at 47.4% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹3 Cr to -₹18 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹140 Cr

Total Liabilities

₹48 Cr

Total Debt

₹39 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

-₹15 Cr

Capex

-₹3 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

64.2%

Corporate Actions

Dividend Rate

₹0.15

Ex-Dividend Date

06 Jul 2026

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

4 mixed2 general

DJ Mediaprint & Logistics Ltd leads losers in 'B' group

Business Standard, 24 Aug

Why Is DJ Mediaprint & Logistics (NSE: DJML) Stock Under Pressure After Latest Results?

Kalkine India, 24 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

DJ Mediaprint & Logistics Ltd. (DJML) Share Price Falls by 8.38%

Univest, 05 AugPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Does DJ Mediaprint & Logistics (NSE:DJML) Deserve A Spot On Your Watchlist?

Simply Wall Street, 03 Dec

DJ Mediaprint & Logistics Ltd. (DJML) Share Price Falls 9.25% Today

Univest, 25 AugPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

DJ Mediaprint & Logistics Schedules Board Meeting on May 20, 2026 to Approve FY26 Audited Financial Results

scanx.trade, 20 MayResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟡Business QualityAdequate11.8/20

🟢Financial HealthStrong13/20

🟢GrowthStrong18.5/20

🟡ProfitabilityModerate8.3/15

🟢ValuationAttractive10.7/15

🔴RiskHigh4.4/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 4 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 30% a year39.7% CAGR
✓EBITDA margin holds above 17%18.5%
✗Free cash flow remains positive-₹18 Cr
✓Debt / EBITDA stays below 2x1.5x
✓ROCE stays above 13%15.9%