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Dollar Industries Limited

DOLLAR.BO
57
Apparel - Manufacturers · Consumer Cyclical
Price
₹273.90
+0.05 (+0.02%)
Market Cap
₹15.53B
Exchange
Bombay Stock Exchange
Winston Score
57
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Good
Cash Flow
Mixed
Stability
Strong
Valuation
Strong
Dividends
Good

Winston Score History

The full picture

Dollar Industries Limited is an Indian clothing company that makes and sells everyday undergarments, innerwear, and casual wear for men, women, and children. Its products are sold under brand names like Dollar, Big Boss, Missy, and Force NXT, targeting middle-income consumers across India. It is one of the largest innerwear brands in India, competing in a market dominated by a few major players.

The company earns money by selling its garments through a wide network of distributors, retailers, and increasingly through online channels across India. It operates primarily in the domestic Indian market and has built a distribution network spanning hundreds of thousands of retail outlets, which gives it a strong reach advantage over smaller rivals. The key growth driver is rising consumer spending on branded innerwear in India as shoppers shift away from unbranded products, though the company faces ongoing pressure from raw material costs, particularly cotton prices, which can squeeze its margins.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+13.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+11.5% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

₹0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

78.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹0 cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Dollar Industries Limited is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 56.7M (2022) → 56.7M (2026)

Score breakdown

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Quality

Profit per sale
Gross Margin
27.4%
Modest — 27.4% gross margin
Profit after running costs
Operating Margin
9.5%
Modest — 9.5% operating margin
Return on the money invested
ROCE
13.5%
Good — 13.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+6.2%
Slow sales growth (+6.2% YoY)
Profit growth
EPS YoY
+15.6%
Earnings growing fast (+15.6% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
42%
Weak — only 42% of profit becomes cash
Spare cash per sale
FCF Margin
1.8%
Thin free cash flow (1.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.29
Conservative — low debt load (0.29)
Covers its interest
Interest Cover
7.02x
Adequate interest coverage (7.0x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
13.9x
Attractive valuation — P/E 13.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+1.9
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
1.17%
Small dividend — 1.17% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+36.4%
Dividend growing fast (36.4% YoY)

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