DCW share price & results

DCW Limited· Chemicals· Commodities

Results to: Jun 2026
Latest analysed call: Q1 FY27
Ownership as of: Sept 2026

Gujarat-origin integrated chemicals maker of Soda Ash, Caustic Soda, PVC and specialty SIOP & C-PVC.

Company research is public. Sign in to keep your own companies, notes and cases.

Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

Metric	Value	Change	Basis	Period	Note
Revenue	542 ₹ crore	+13.9% YoY	Quarterly, as filed	Quarter to Jun 2026	Revenue from operations as filed.
Operating margin	7.0 %	−4.0 pts YoY	Operating profit / revenue	Quarter to Jun 2026	For the quarter; a change is in percentage points.
Net profit	35.0 ₹ crore	+218.2% YoY	Quarterly, as filed	Quarter to Jun 2026	Profit after tax as filed.
Return on equity	Unavailable	−7.7 ptsFY Mar 2015 vs FY Mar 2014	Trailing twelve months	TTM · period unavailable	Not in the analysed materials. No older figure is substituted.
Free cash flow margin	Unavailable	−0.1 ptsFY Mar 2015 vs FY Mar 2014	Fiscal year	FY · period unavailable	Not in the analysed materials. No older figure is substituted.
Revenue growth (YoY)	Unavailable	−5.1 ptsFY Mar 2015 vs FY Mar 2014	Trailing twelve months	TTM · period unavailable	Not in the analysed materials. No older figure is substituted.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Jun 2026

Guidance

What management said, and what became of it

5 of 6 judged targets kept · 12 open · verdicts reflect calls analysed to Q1 FY27.

DCW Limited management guidance track record on Inve: 18 targets tracked across analysed earnings calls (5 achieved, 1 missed, 12 open).

Target	Original wording	Said	Latest call	Verdict
CPVC Capacity Benefits	Benefits of additional 10,000 tons CPVC capacity to start accruing from Q1 FY27 Call transcript, Q4 FY26 · 6 May 2026	Q4 FY26	Q1 FY27:Achieved. Specialty Chemicals EBITDA grew 20% YoY and CPVC volumes grew 59% in Q1 FY27. Call transcript, Q1 FY27 · 14 Aug 2026	Achieved
CPVC Capacity	Commission the first phase (20,000 to 40,000 tons) by September 2025 Call transcript, Q3 FY25 · 17 Feb 2025	Q3 FY25	Q1 FY27:Not mentioned, previously achieved. Call transcript, Q1 FY27 · 14 Aug 2026	Achieved
EBITDA	INR 400 crores of EBITDA looks quite likely for FY27 Call transcript, Q4 FY25 · 13 May 2025	Q4 FY25	Q1 FY27:Revised steady-state EBITDA guidance down to ~INR 300 crores, from the original INR 400 crores, citing contraction in PVC/CPVC spreads. Call transcript, Q1 FY27 · 14 Aug 2026	Revised Down

Source: Inve Guidance Tracker for DCW Limited · to Q1 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

1 of DCW Limited's 18 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 15 more targets are in the full ledger.

Free account: 5 full ledgers a month and one Inve Case. Pro opens 100 a month, ₹499.

See the full record

Price

₹42.08 +5.46% · +₹2.18

Last close 27 Oct 2026 · NSE · INR · Source: Inve

Performance −34.0% 1Y

1Y: ₹63.74 on 24 Oct 2025 → ₹42.08. High ₹71.23 (13 Nov 2025), low ₹37.49 (23 Mar 2026).

Previous close: ₹39.9
Market cap: ₹1.2k Cr
52-week range: ₹37.49 – ₹71.23
One year: −33.56%

Overview

Symbol: NSE:DCW
Sector: Chemicals
Industry: Commodities
Exchange: NSE
Currency: INR

What DCW Limited does

Based on the company's own presentations, annual report and earnings calls.

DCW Limited manufactures basic, intermediate and specialty chemicals: Soda Ash, Caustic Soda and PVC form its Basic Chemicals vertical, while Synthetic Iron Oxide Pigments (SIOP) and Chlorinated Polyvinyl Chloride (C-PVC) form its Specialty Chemicals vertical, alongside intermediate chemicals such as Synthetic Rutile, Liquid Chlorine and Hydrochloric Acid. It runs two integrated manufacturing complexes, at Dhrangadhra (Gujarat) and Sahupuram (Tamil Nadu), backed by captive co-generation power and technology tie-ups with Arkema (France) and Rockwood Pigments for its specialty products. Output is sold to domestic customers and exported to over a dozen countries, serving industries such as PVC pipes, paints, coatings and construction. The company has been shifting its product mix toward higher-value specialty chemicals (SIOP and C-PVC) away from its legacy commodity chemicals base.

Segments

Basic Chemicals
Specialty Chemicals
Others

Market position: Pioneer of Soda Ash, C-PVC, Synthetic Rutile and SIOP in India; largest and only commercial-scale SIOP manufacturer in Asia
Manufacturing facilities: 2 integrated plants — Dhrangadhra (Gujarat) and Sahupuram (Tamil Nadu)
CPVC installed capacity: 40,000 TPA, being expanded to 50,000 TPA under Phase III
SIOP installed capacity: 28,000 TPA (debottlenecked from 18,000 TPA)
Captive power capacity: 58 MW co-generation power plant
Land bank: ~2,900 acres available across facilities, including a 2,500-acre bank at Sahupuram for scale-up without added land capex

Founded 1939Headquarters Mumbai, Maharashtra (Head Office); Registered Office: Dhrangadhra, GujaratEmployees 1,800 (FY25) Company website

How the price took the results

close before → close after

Q1 FY27: −4.5%; 14 Aug
Q4 FY26: +1.0%; 6 May
Q3 FY26: −0.0%; 11 Feb
Q2 FY26: −5.4%; 5 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Guidance

What management said, and what became of it

5 of 6 judged targets kept · 12 open · verdicts reflect calls analysed to Q1 FY27.

DCW Limited management guidance track record on Inve: 18 targets tracked across analysed earnings calls (5 achieved, 1 missed, 12 open).

Target	Original wording	Said	Latest call	Verdict
CPVC Capacity Benefits	Benefits of additional 10,000 tons CPVC capacity to start accruing from Q1 FY27 Call transcript, Q4 FY26 · 6 May 2026	Q4 FY26	Q1 FY27:Achieved. Specialty Chemicals EBITDA grew 20% YoY and CPVC volumes grew 59% in Q1 FY27. Call transcript, Q1 FY27 · 14 Aug 2026	Achieved
CPVC Capacity	Commission the first phase (20,000 to 40,000 tons) by September 2025 Call transcript, Q3 FY25 · 17 Feb 2025	Q3 FY25	Q1 FY27:Not mentioned, previously achieved. Call transcript, Q1 FY27 · 14 Aug 2026	Achieved
EBITDA	INR 400 crores of EBITDA looks quite likely for FY27 Call transcript, Q4 FY25 · 13 May 2025	Q4 FY25	Q1 FY27:Revised steady-state EBITDA guidance down to ~INR 300 crores, from the original INR 400 crores, citing contraction in PVC/CPVC spreads. Call transcript, Q1 FY27 · 14 Aug 2026	Revised Down

Source: Inve Guidance Tracker for DCW Limited · to Q1 FY27

The full ledger

Open DCW Limited’s full ledger

A free account opens 5 company ledgers a month. All 18 tracked commitments, with each call’s wording and source.

Browse the register

Latest analysed call: Q1 FY27, 14 Aug 2026. 7 calls analysed.

Call summaries

Q1 FY27 — 14 Aug 2026

DCW Limited Q1 FY27

DCW Limited reported a mixed Q1 FY27, with overall revenue growing 14% YoY to ₹542 crores, primarily driven by a robust 38% growth in Specialty Chemicals. However, the Basic Chemicals segment faced significant headwinds, resulting in a negative EBITDA of ₹14 crores, largely due to external disruptions impacting PVC. The company is focused on strengthening its balance sheet, aiming for net debt-free status by FY27, and has announced a ₹250 crores investment for SIOP expansion and captive power to drive future growth.

Read the full call

Q4 FY26 — 6 May 2026

DCW Q4 FY26

DCW delivered a robust financial performance in FY26, with significant growth in EBITDA and PAT, driven by higher volumes and operational efficiencies despite a volatile global chemical market. The company successfully expanded C-PVC capacity and achieved record sales volumes across key products, while also undertaking substantial debt deleveraging. However, pricing pressures, particularly in C-PVC, and geopolitical disruptions affecting raw material costs, pose near-term challenges and have led to a revision of future EBITDA expectations.

Read the full call

Q3 FY26 — 11 Feb 2026

DCW Q3 FY26

DCW delivered a resilient operating performance in Q3 FY26 amidst a challenging global chemical industry marked by pricing pressure and uneven demand. The company achieved approximately 9.6% YoY revenue growth, primarily driven by strong volume momentum in Specialty Chemicals, which saw a 27% revenue increase. While Basic Chemicals faced significant margin pressure due to price erosion, the Specialty segment's strong performance and strategic portfolio rebalancing helped offset the weakness, leading to a 14% YoY improvement in 9-month EBITDA.

Read the full call

Summaries of each call, in Inve’s own words; the transcript is not reproduced. Not investment advice.

Every analysed call

DCW Limited earnings calls (DCW)

Fundamentals

Ratios, each with its period

Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2010 to Mar 2015).

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015
36.00 days 32.00 days 23.00 days 26.00 days 26.00 days 28.00 days

How it is calculated. Reported receivable days from the annual accounts.
Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015
100.00 days 65.00 days 98.00 days 147.00 days 110.00 days 87.00 days

How it is calculated. Reported inventory days, using material cost / cost of goods sold.
Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015
149.00 days 117.00 days 130.00 days 136.00 days 204.00 days 155.00 days

How it is calculated. Reported payable days, using material cost / cost of goods sold.
Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015
-12.00 days -19.00 days -9.00 days 37.00 days -68.00 days -40.00 days

How it is calculated. Reported debtor days plus inventory days less payable days.
Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015
13.00 days 1.00 days -42.00 days -27.00 days -39.00 days -70.00 days

How it is calculated. Reported net working capital days from the annual accounts.
Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015
10.00% 24.00% 24.00% 7.00% 20.00% 0.00%

How it is calculated. Reported dividend payout as a percentage of annual profit.
Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015
— — — — — —

How it is calculated. Market capitalisation from the current stock record.

Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015
36.00 days	32.00 days	23.00 days	26.00 days	26.00 days	28.00 days

Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015
100.00 days	65.00 days	98.00 days	147.00 days	110.00 days	87.00 days

Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015
149.00 days	117.00 days	130.00 days	136.00 days	204.00 days	155.00 days

Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015
-12.00 days	-19.00 days	-9.00 days	37.00 days	-68.00 days	-40.00 days

Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015
13.00 days	1.00 days	-42.00 days	-27.00 days	-39.00 days	-70.00 days

Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015
10.00%	24.00%	24.00%	7.00%	20.00%	0.00%

Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015
—	—	—	—	—	—

A dash means inputs are missing or too old, the ratio does not apply, or the value is outside the supported range. FY uses the reported fiscal period; TTM the latest twelve months; valuations use the current market cap with the chosen earnings period. Screen Indian stocks on these ratios →

Financials

What the filings say

Net profit, year on year: +218% (quarter to jun 2026 against jun 2025).

In ₹ crore. Oldest period first.

Line item	Sept 2024	Dec 2024	Mar 2025	Jun 2025	Sept 2025	Dec 2025	Mar 2026	Jun 2026
Sales	489	474	538	476	539	520	609	542
Expenses	453	417	482	422	481	475	544	506
Operating profit	35	57	56	54	58	45	65	36
Operating margin	7.0%	12.0%	10.0%	11.0%	11.0%	9.0%	11.0%	7.0%
Other income	6	5	6	4	5	5	6	6
Interest	18	16	16	15	16	16	15	15
Depreciation	25	25	25	25	26	26	26	26
Profit before tax	-2	20	21	18	21	8	28	0
Tax rate	−30.0%	34.0%	45.0%	36.0%	34.0%	35.0%	36.0%	−9497.0%
Net profit	-1	13	11	11	14	5	18	35
EPS (₹ per share)	-0.04	0.45	0.38	0.39	0.47	0.17	0.61	1.17

Source: Inve data · income statement, quarterly · to Jun 2026

In ₹ crore. Oldest period first.

Line item	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Sales	2,634	1,872	2,001	2,144
Expenses	2,206	1,696	1,806	1,922
Operating profit	429	175	193	222
Other income	61	17	23	20
Interest	127	74	67	62
Depreciation	91	94	100	103
Profit before tax	275	25	49	75
Net profit	192	16	30	48

Source: Inve data · income statement, annual · to Mar 2026

In ₹ crore. Oldest period first.

Line item	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sept 2025	Mar 2026
Equity capital	52	59	59	59	59	59
Reserves	750	966	973	974	999	1,016
Borrowings	556	508	439	427	380	290
Other liabilities	546	530	618	718	773	724
Total liabilities	1,903	2,063	2,089	2,178	2,211	2,089
Fixed assets	1,352	1,296	1,312	1,270	1,332	1,304
Capital work in progress	8	60	41	56	10	22
Investments	0	0	20	27	22	20
Other assets	543	708	716	825	846	744
Total assets	1,903	2,063	2,089	2,178	2,211	2,089

Source: Inve data · balance sheet · to Mar 2026

In ₹ crore. Oldest period first.

Line item	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operations	218	178	226	252	191	278
Cash from investing	-78	52	-165	-99	-112	-63
Cash from financing	-99	-192	-139	-153	-78	-221
Net cash flow	41	38	-78	1	1	-7
Free cash flow	200	141	140	162	116	187

Source: Inve data · cash flow · to Mar 2026

In days and %. Oldest period first.

Line item	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor days	24	17	18	22	18	24
Inventory days	82	63	97	139	143	96
Days payable	144	76	78	125	129	122
Cash conversion cycle	-38	5	38	37	32	-1
Working capital days	-63	-15	3	-18	-30	-34
Return on capital employed	10.0%	18.0%	25.0%	7.0%	8.0%	10.0%
Dividend payout	0.0%	10.0%	8.0%	0.0%	10.0%	0.0%

Source: Inve data · annual ratios · to Mar 2026

Where revenue comes from

The businesses behind the company’s reported revenue.

Reporting basis Reporting period

Basic Chemicals contributes 66.6% of reported segment revenue.

Quarter ended 30 Jun 2026 · Standalone

Basic Chemicals 66.6%

₹360.92 crore
Speciality Chemicals 32.7%

₹176.99 crore
Others 0.7%

₹4.00 crore

Reported business segments for quarter ended 30 Jun 2026
Business segment	Revenue · ₹ crore	Share
Basic Chemicals	360.92	66.6%
Speciality Chemicals	176.99	32.7%
Others	4.00	0.7%

Share = segment revenue ÷ total segment revenue, before intersegment adjustments.

How these numbers add up

Total segment revenue: ₹541.91 crore
Intersegment adjustment: ₹0.00 crore
Net segment revenue: ₹541.91 crore

Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.

Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.

Ownership

Who owns it

Public hold 48.87% as of Sept 2026; institutions cut 0.62 pts since Jun 2026.

Promoters 0.00 pts 45.59%
Foreign institutions −0.77 pts 5.34%
Domestic institutions +0.15 pts 0.20%
Public +0.62 pts 48.87%

1,09,719 shareholders on the register.

Source: Exchange shareholding filings · to Sept 2026 · 8 filings held

Who was buying across the market this quarter

Who is on the register

Named in the Sep 2026 filing

Every holder of DCW Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.

Holder	Stake	Change
	10.97%	unchanged
	7.99%	unchanged
	4.14%	unchanged
	3.14%	unchanged
	3.06%	unchanged
	2.92%	unchanged
	2.40%	unchanged
	2.28%	unchanged
	2.27%	unchanged
	2.22%	unchanged
FPI fund	2.21%	−0.56 pp
	1.95%	unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Your own record

Start an Inve Case for DCW Limited

Free account: one company. Everything above stays public.

Write why you follow DCW Limited and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.

What an account adds

Keep reading

Other Chemicals companies

All Chemicals companies → · Chemicals earnings growth →

Learn to analyse DCW Limited

Guides on how to read this kind of business and the numbers that matter.