DCM Shriram

DCM Shriram reported Q4 FY26 net revenues of INR 3,193 crore, marking an 11% year-on-year increase, while PBDIT for the quarter stood at INR 400 crore, a decrease from INR 426 crore in Q4 FY25. For the full fiscal year 2026, the company achieved net revenues of INR 13,538 crore, growing 12% year-on-year, and PBDIT increased 15% to INR 1,694 crore. Net debt as of March 31, 2026, was INR 1,767 crore, up from INR 1,395 crore last year, and Return on Capital Employed was 13%.

The Chemicals segment demonstrated strong performance with a 32% year-on-year revenue increase in Q4 FY26, although PBDIT remained flat at INR 163 crore, supported by a one-time^📎 incentive of INR 19 crore. Caustic soda volumes grew by 2%, while ECUs saw a 4% decline. The ECH plant was fully commissioned in April 2026, currently operating at 60-70% capacity and expected to ramp up. The Board approved INR 48 crore for additional renewable power supply at the Bharuch plant, aiming to increase total RE provision to 98.4 MW by Q1 FY28, and INR 101 crore for expanding epoxy-led formulated resins capacity by 36 kilotons per year to a total of 50 KTPA by Q2 FY28.

The Vinyl business saw a 19% year-on-year revenue increase and a 68% improvement in Q4 PBDIT to INR 39 crore, driven by 23% growth in PVC volumes. However, the PVC market continues to face significant price volatility due to aggressive dumping from China and geopolitical uncertainties. Management is actively engaging with the government to advocate for the reintroduction of the 11% import duty, which was waived until June 2026, and for a more realistic Minimum Import Price (MIP) to safeguard the domestic industry.

The Sugar and Ethanol business experienced a 3% year-on-year revenue decline to INR 991 crore in Q4 FY26, with PBDIT falling 18% to INR 207 crore. This decline was primarily attributed to higher sugar production costs, despite flat ethanol volumes and a 15% drop in ethanol prices. Sugar inventory decreased to 32.2 lakh quintals from 39.9 lakh quintals last year. The company emphasized the critical need for calibrated policy interventions to align sugar and ethanol selling prices with sugarcane costs and to expand targets beyond E20 blending to ensure the sector's long-term viability.

Fenesta Building Systems achieved a significant milestone, surpassing INR 1,000 crore in revenue for FY26 with a 28% growth, and recorded a 34% YoY revenue increase in Q4 FY26. Q4 PBDIT grew 6% to INR 37 crore, supported by higher volumes and a 15% increase in its order book. The aluminium extrusion project at Kota is progressing on schedule, which is expected to meaningfully enhance the company's capabilities in the rapidly growing aluminium fenestration and building material segment, reinforcing its strategic evolution towards a comprehensive building material solution provider.

Shriram Farm Solutions (SFS) delivered robust double-digit growth in FY26, with Q4 revenue up 32% YoY, driven by a 22% growth in the research wheat segment. SFS launched 13 new products across crop protection and specialty plant nutrition verticals, including four from its own R&D. The Fertilizer business saw an 11% revenue decline in Q4 but PBDIT improved to INR 28 crore, boosted by a one-time^📎 gain of INR 33 crore from retention price revision. Bioseed, however, reported a negative PBDIT of INR 8 crore in Q4, facing challenges in the cotton seed market, though it maintains a strong pipeline of new product launches.

DCM Shriram is committed to achieving a 40% reduction in Scope 1 and Scope 2 emissions by 2040, actively pivoting towards renewable power and agri-based fuels. In March 2026, the company raised funds through sustainability-linked non-convertible debentures from the International Finance Corporation (IFC), which management views as a global validation of its ESG roadmap. This transaction marks a significant step in integrating sustainability into the capital structure and aligning financial outcomes with measurable sustainability targets, reinforcing the company's role as an environmental steward.