DJ Mediaprint & Logistics Ltd Q2FY26 – Printing Profits, Posting Progress & Playing Postal Monopoly
1. At a Glance
Ladies and gentlemen, presenting DJ Mediaprint & Logistics Ltd (DJML) — the only company in India that prints, posts, scans, stores, and somehow still manages to make money doing all that. With a market cap of ₹186 crore, the stock currently trades at ₹54.2, which is basically where optimism goes to stretch its legs after a 70% fall in one year.
Despite being down -69.6% YoY and -45% over the last 3 months, the company still reports a stock P/E of 24.8, a ROCE of 16%, and an ROE of 13.5%. That’s like saying the printer’s ink is still premium even when the cartridge is half-empty.
In Q2FY26 (Sep 2025), DJML clocked sales of ₹25.9 crore and PAT of ₹1.77 crore, marking a YoY growth of 36.8% in sales and a profit jump of 41.6%. The OPM at 16.74% looks decent for a company juggling printers, postmen, and logistics trucks in one hand.
But wait — there’s drama too. The firm has been raising ₹99.5 crore through convertible equity warrants, converting them faster than your WhatsApp forwards, and even acquired 51% in Sai Links, a mobility services company. In short: DJML is expanding from printers to movers, from toner to traffic.
2. Introduction
If you ever wondered who prints your bank statements, your courier labels, your exam admit cards, and those annoying SMS campaigns — meet DJ Mediaprint & Logistics Ltd. This Mumbai-based company is like the unsung hero of the paperwork world: they don’t make headlines, they print them.
Founded in 2009, DJML has quietly turned into a one-stop shop for printing, logistics, record management, and content creation — basically everything you wish your office admin did efficiently. Serving across BFSI, healthcare, airlines, government, and education sectors, the company is what happens when an old-school printer gets a startup brain.
Now, before you start imagining dusty warehouses filled with files, note this — DJML operates over 4 lakh sq. ft. of record storage space, manages 97+ countries’ courier routes, and boasts a fleet of 15 vehicles. Think of them as the Indian version of Iron Mountain, but with added desi chaos and SMS campaigns.
And if that’s not enough, in 2025, they decided to acquire Sai Links, a Mumbai-based mobility firm, proving once again that no business is too unrelated when diversification fever hits.
The company’s return metrics are solid (ROE 13.5%, ROCE 16%), margins are stable (19.8% OPM), and their financials are showing growth even in a post-pandemic slowdown. But the stock price? That’s currently taking a chai break.
3. Business Model – WTF Do They Even Do?
Imagine an ecosystem where every form you fill, every courier you send, every certificate you print, and every ad you see in the newspaper could trace back to one company. That’s DJML.
Their operations are spread across:
Printing & Security Printing: They’re an IBA-approved security printer, which means they print MICR cheque books, ID cards, OMR sheets, and other documents so sensitive they could cause a government audit if misplaced.
Content & Design: Because every dull report deserves a jazzy cover page.
Logistics & Document Delivery: Handling India Post’s bulk mails, DJML ships stuff to over 97 countries, proving the only thing faster than JioFiber might be their postal tracking.
Records Management: 4,00,000 sq. ft. of storage — large enough to hide a few Bollywood secrets and government files.
Bulk Digital Marketing: Because after printing, they’ll also spam you online — via email, WhatsApp, and SMS.
Newspaper Ads & Manpower Services: From financial result ads to valet parking boys — diversification is life.
If printing is the backbone, logistics is the heart, and records management is the nervous system. Together, DJML is basically an all-in-one B2B operations enabler that prints money — literally and figuratively.
4. Financials Overview
Here’s a quick snapshot of the company’s quarterly performance (₹ crore):
Metric
Q2FY26 (Sep’25)
Q2FY25 (YoY)
Q1FY26 (QoQ)
YoY %
QoQ %
Revenue
25.93
18.95
21.52
36.8%
20.5%
EBITDA
4.34
3.45
4.13
25.7%
5.1%
PAT
1.77
1.25
1.66
41.6%
6.6%
EPS (₹)
0.54
0.38
0.50
42.1%
8.0%
Annualised EPS = 0.54 × 4 = ₹2.16 At CMP ₹54.2, P/E ≈ 25x — consistent with screener’s 24.8x.
Commentary: The company’s profit margins look as neat as their printed invoices. Revenues are climbing faster than office paper bills, while OPM of ~17% shows that efficiency isn’t just a buzzword. PAT growth of 41% proves that even with rising costs, DJML knows how to keep the ink black and not red.
5. Valuation Discussion – Fair Value Range
Let’s play with numbers, auditor style:
EPS (Annualised): ₹2.16
Industry P/E (median): ~25x
EV/EBITDA: 11x
1️⃣ P/E Method: Fair Value Range = ₹2.16 × (20–28) = ₹43 – ₹60
2️⃣ EV/EBITDA Method: EBITDA (FY25 TTM) = ₹18.1 crore EV = ₹201 crore EV/EBITDA = 11x → fairly priced; lower band 9x → ₹165 cr EV → ₹45/share
3️⃣ DCF Style (simplified): Assuming 10% CAGR in PAT, discount rate 12%, 5-year horizon — implied fair value = ₹48–₹58
📊 Fair Value Range (Educational Only): ₹45 – ₹60/share (This fair value range is for educational purposes only and is not investment advice.)
6. What’s Cooking – News, Triggers, Drama
2025 has been busy for DJML:
Fundraise of ₹99.5 crore via convertible warrants at ₹112/share — that’s almost double
