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Last Updated: March 31, 2026, 4:30 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 542013 | NSE: DOLFIN

Dolfin Rubbers Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹150.45Overvalued by 11.50%vs CMP ₹170.00

P/E (31.3) × ROE (16.5%) × BV (₹35.70) × DY (2.00%)

₹83.68Overvalued by 50.78%vs CMP ₹170.00
MoS: -103.2% (Negative)Confidence: 66/100 (Moderate)Models: 1 Fair, 9 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹171.8820%Fair (+1.1%)
Graham NumberEarnings₹66.1614%Over (-61.1%)
Earnings PowerEarnings₹21.7612%Over (-87.2%)
DCFCash Flow₹80.8612%Over (-52.4%)
Net Asset ValueAssets₹35.796%Over (-78.9%)
EV/EBITDAEnterprise₹92.468%Over (-45.6%)
Dividend DiscountDividends₹66.008%Over (-61.2%)
Earnings YieldEarnings₹54.506%Over (-67.9%)
ROCE CapitalReturns₹69.648%Over (-59%)
Revenue MultipleRevenue₹71.585%Over (-57.9%)
Consensus (10 models)₹83.68100%Overvalued
Key Drivers: Wide model spread (₹22–₹172) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 14.2%

*Investments are subject to market risks

Investment Snapshot

64
Dolfin Rubbers Ltd scores 64/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health73/100 · Strong
ROCE 17.1% GoodROE 16.5% GoodD/E 0.53 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
Promoter holding at 37.4% Stable
Earnings Quality50/100 · Moderate
OPM stable around 7% Steady
Quarterly Momentum68/100 · Strong
Revenue (4Q): +16% YoY GrowingProfit (4Q): +7% YoY Positive
Industry Rank75/100 · Strong
P/E 31.3 vs industry 30.7 In-lineROCE 17.1% vs industry 8.2% Above peersROE 16.5% vs industry 9.1% Above peers3Y sales CAGR: 20% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: March 31, 2026, 4:30 am

Market Cap 171 Cr.
Current Price 170
Intrinsic Value₹83.68
High / Low 224/161
Stock P/E31.3
Book Value 35.7
Dividend Yield0.00 %
ROCE17.1 %
ROE16.5 %
Face Value 10.0
PEG Ratio2.20

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Dolfin Rubbers Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Dolfin Rubbers Ltd 171 Cr. 170 224/16131.3 35.70.00 %17.1 %16.5 % 10.0
Elgi Rubber Company Ltd 194 Cr. 38.8 90.5/32.7 33.30.00 %0.47 %12.2 % 1.00
Vikas Ecotech Ltd 200 Cr. 1.13 2.78/0.9562.3 2.220.00 %2.75 %1.37 % 1.00
Indag Rubber Ltd 246 Cr. 93.6 153/84.628.6 87.82.56 %2.93 %2.86 % 2.00
Modi Rubber Ltd 287 Cr. 115 168/87.218.3 2760.00 %3.28 %2.89 % 10.0
Industry Average528.25 Cr317.7330.71111.340.58%8.24%9.09%6.22

All Competitor Stocks of Dolfin Rubbers Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 22.6031.3927.6336.6627.0434.6138.6433.7031.8439.4140.2339.9041.02
Expenses 21.0029.4925.8633.9925.2032.1635.6831.7330.1436.6237.5638.0739.04
Operating Profit 1.601.901.772.671.842.452.961.971.702.792.671.831.98
OPM % 7.08%6.05%6.41%7.28%6.80%7.08%7.66%5.85%5.34%7.08%6.64%4.59%4.83%
Other Income 0.010.050.12-0.000.080.260.090.010.220.110.070.100.51
Interest 0.210.320.270.290.260.230.270.150.240.290.310.260.30
Depreciation 0.320.330.360.370.380.400.360.500.430.430.440.450.47
Profit before tax 1.081.301.262.011.282.082.421.331.252.181.991.221.72
Tax % 58.33%23.08%30.95%26.87%27.34%28.37%24.38%21.05%43.20%28.90%35.18%11.48%11.05%
Net Profit 0.450.990.871.460.921.491.841.040.711.541.291.081.54
EPS in Rs 0.450.990.871.460.921.491.831.040.711.541.291.081.54

Last Updated: March 3, 2026, 10:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 4:00 am

MetricMar 2010Mar 2011Mar 2012Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1719225470778284102126144161
Expenses 161821526773787895117134151
Operating Profit 111334567999
OPM % 5%5%5%5%5%5%6%7%6%7%7%6%
Other Income -000000000001
Interest 000000011111
Depreciation 000111111222
Profit before tax 011233445777
Tax % 22%17%30%27%36%26%30%27%27%28%28%
Net Profit 000123333555
EPS in Rs 2.332.592.501.771.872.562.842.803.304.745.105.45
Dividend Payout % 0%0%0%0%0%29%32%0%36%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)100.00%50.00%0.00%0.00%0.00%66.67%0.00%
Change in YoY Net Profit Growth (%)0.00%-50.00%-50.00%0.00%0.00%66.67%-66.67%

Dolfin Rubbers Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 7 years from 2018-2019 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:%
5 Years:13%
3 Years:20%
TTM:6%
Compounded Profit Growth
10 Years:%
5 Years:15%
3 Years:22%
TTM:-15%
Stock Price CAGR
10 Years:%
5 Years:43%
3 Years:21%
1 Year:-18%
Return on Equity
10 Years:%
5 Years:16%
3 Years:16%
Last Year:16%

Last Updated: September 5, 2025, 3:16 pm

Balance Sheet

Last Updated: March 3, 2026, 2:51 am

MonthMar 2010Mar 2011Mar 2012Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 1116888810101010
Reserves 1222810121415182326
Borrowings 334424111013151817
Other Liabilities 444889101520202224
Total Liabilities 91012202531404758637377
Fixed Assets 3339911181920252627
CWIP 00-0024-012-000
Investments -0-0-0-0-0-0-0-0-0-0-0-0
Other Assets 679111416232736384749
Total Assets 91012202531404758637377

Reserves and Borrowings Chart

Cash Flow

MonthMar 2010Mar 2011Mar 2012Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 0002-2222254
Cash from Investing Activity + 000-1-3-4-2-3-4-4-4
Cash from Financing Activity + 000-052112-2-1
Net Cash Flow 0000-0000100
Free Cash Flow 0001-5-2-2-1-211
CFO/OP 0%0%0%105%-43%80%50%49%44%78%67%

Free Cash Flow

MonthMar 2010Mar 2011Mar 2012Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-2.00-2.00-3.00-1.001.000.00-6.00-4.00-6.00-6.00-9.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2010Mar 2011Mar 2012Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 5643595449545451544545
Inventory Days 71969015242452929490102
Days Payable 6971614519262129392113
Cash Conversion Cycle 59688824545286114109114135
Working Capital Days 526527329313345494648
ROCE %15%14%21%18%16%15%16%19%17%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 36.10%36.10%36.10%36.10%36.10%36.22%36.22%36.68%36.78%36.78%37.06%37.40%
Public 63.90%63.90%63.90%63.90%63.90%63.78%63.78%63.33%63.23%63.22%62.95%62.60%
No. of Shareholders 7607959801,1431,5782,3983,2743,2703,1813,0592,9332,913

Shareholding Pattern Chart

No. of Shareholders

Dolfin Rubbers Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 5.114.733.303.683.77
Diluted EPS (Rs.) 5.114.733.303.683.77
Cash EPS (Rs.) 6.836.244.605.214.88
Book Value[Excl.RevalReserv]/Share (Rs.) 33.2928.1924.6028.6626.18
Book Value[Incl.RevalReserv]/Share (Rs.) 33.2928.1924.6028.6626.18
Dividend / Share (Rs.) 0.000.000.000.001.20
Revenue From Operations / Share (Rs.) 143.16125.57101.34111.00109.67
PBDIT / Share (Rs.) 9.829.166.677.616.62
PBIT / Share (Rs.) 8.107.665.386.095.51
PBT / Share (Rs.) 7.156.604.505.075.35
Net Profit / Share (Rs.) 5.114.733.303.683.77
PBDIT Margin (%) 6.857.296.586.866.03
PBIT Margin (%) 5.656.095.305.485.02
PBT Margin (%) 4.995.254.444.574.87
Net Profit Margin (%) 3.563.763.263.313.43
Return on Networth / Equity (%) 15.3416.7813.4312.8314.40
Return on Capital Employeed (%) 16.9318.0614.2214.5715.86
Return On Assets (%) 6.977.555.725.927.04
Long Term Debt / Equity (X) 0.030.090.080.070.13
Total Debt / Equity (X) 0.530.510.520.480.53
Asset Turnover Ratio (%) 2.112.091.941.922.32
Current Ratio (X) 1.771.821.731.691.54
Quick Ratio (X) 0.770.840.900.840.99
Inventory Turnover Ratio (X) 6.354.414.505.219.94
Dividend Payout Ratio (NP) (%) 0.0025.3575.6632.6126.50
Dividend Payout Ratio (CP) (%) 0.0019.2354.3723.0420.50
Earning Retention Ratio (%) 0.0074.6524.3467.3973.50
Cash Earning Retention Ratio (%) 0.0080.7745.6376.9679.50
Interest Coverage Ratio (X) 10.408.707.587.5140.74
Interest Coverage Ratio (Post Tax) (X) 6.415.494.754.6324.23
Enterprise Value (Cr.) 221.24161.36137.4499.6345.16
EV / Net Operating Revenue (X) 1.541.281.351.190.54
EV / EBITDA (X) 22.4717.5520.5317.399.07
MarketCap / Net Operating Revenue (X) 1.421.171.231.070.42
Retention Ratios (%) 0.0074.6424.3367.3873.49
Price / BV (X) 6.125.225.074.151.77
Price / Net Operating Revenue (X) 1.421.171.231.070.42
EarningsYield 0.020.030.020.030.08

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Dolfin Rubbers Ltd. is a Public Limited Listed company incorporated on 12/10/1995 and has its registered office in the State of Punjab, India. Company's Corporate Identification Number(CIN) is L25112PB1995PLC017160 and registration number is 017160. Currently Company is involved in the business activities of Manufacture of rubber tyres and tubes for motor vehicles, motorcycles, scooters, three-wheelers, tractors and aircraft. Company's Total Operating Revenue is Rs. 143.59 Cr. and Equity Capital is Rs. 10.03 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Rubber Processing/Rubber Products26-A, Bhai Randhir Singh Nagar, Ludhiana Punjab 141012Contact not found
Management
NamePosition Held
Mr. Kawaljit SinghChairman & Managing Director
Mr. Surinder Pal SinghJoint Managing Director
Mrs. Ratinder KaurWhole Time Director
Mr. Kanwaljit SinghWhole Time Director
Mr. Yashul GoyalIndependent Director
Ms. Jaspreet KaurIndependent Director
Ms. Amandeep KaurIndependent Director
Ms. Gurpreet KaurIndependent Director

FAQ

What is the intrinsic value of Dolfin Rubbers Ltd and is it undervalued?

As of 15 April 2026, Dolfin Rubbers Ltd's intrinsic value is ₹83.68, which is 50.78% lower than the current market price of ₹170.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (16.5 %), book value (₹35.7), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Dolfin Rubbers Ltd?

Dolfin Rubbers Ltd is trading at ₹170.00 as of 15 April 2026, with a FY2026-2027 high of ₹224 and low of ₹161. The stock is currently near its 52-week low. Market cap stands at ₹171 Cr..

How does Dolfin Rubbers Ltd's P/E ratio compare to its industry?

Dolfin Rubbers Ltd has a P/E ratio of 31.3, which is above the industry average of 30.71. The premium over industry average may reflect growth expectations or speculative interest.

Is Dolfin Rubbers Ltd financially healthy?

Key indicators for Dolfin Rubbers Ltd: ROCE of 17.1 % indicates efficient capital utilization; ROE of 16.5 % shows strong shareholder returns. Dividend yield is 0.00 %.

Is Dolfin Rubbers Ltd profitable and how is the profit trend?

Dolfin Rubbers Ltd reported a net profit of ₹5 Cr in Mar 2025 on revenue of ₹144 Cr. Compared to ₹3 Cr in Mar 2022, the net profit shows an improving trend.

Does Dolfin Rubbers Ltd pay dividends?

Dolfin Rubbers Ltd has a dividend yield of 0.00 % at the current price of ₹170.00. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Dolfin Rubbers Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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