Dollar Industries Limited

DOLLAR.NS

Apparel - Manufacturers · Consumer Cyclical

Price

₹273.20

+1.05 (+0.39%)

Market Cap

₹15.49B

Exchange

National Stock Exchange of India

Winston Score

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

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Winston Score History

The full picture

Dollar Industries Limited is an Indian clothing company that makes and sells everyday innerwear and casual wear. Its products include underwear, vests, T-shirts, socks, and thermal wear, sold under brand names like Dollar Bigboss, Dollar Missy, and Force NXT. The company sells to ordinary consumers across India, making it one of the larger branded innerwear manufacturers in the country.

Dollar Industries earns money by selling its garments through a wide network of distributors, retailers, and increasingly through online channels across India. The company operates mainly in the domestic Indian market and competes with larger rivals like Page Industries and Rupa & Company. Its competitive edge comes from strong regional brand recognition and an extensive distribution network built over decades. The key growth driver is rising demand for branded innerwear as Indian consumers shift away from unbranded products, though the main risk is intense price competition and the dominance of well-funded rivals with stronger marketing budgets.

Growth Profile

For growth stock investors

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

Every number that matters to educated investors.

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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)

13.8x

Attractive valuation — P/E 13.8

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

1.16%

Small dividend — 1.16% 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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