DCW

DCW share price & financials

Price
₹49.6
Market cap
₹1.3k Cr
Sector
Chemicals
Calls analysed
7
Latest concall · Q1 FY27 · call held 14 Aug 2026

DCW Limited Q1 FY27

Revenue from Operations ₹542 cr +14%EBITDA ₹41.4 cr −28%

What went well

  • Revenue from operations grew 14% year-on-year to ₹542 crores, despite challenging environment.
  • Specialty Chemicals segment demonstrated strong performance, with revenue growing 38% YoY to ₹177 crores and EBITDA growing 20% YoY.
  • CPVC volumes increased by 59%, and SIOP volumes by roughly 3%.

What to watch

  • EBITDA, including other income, stood at ₹41.4 crores, lower by 28% YoY and 41% sequentially.
  • Basic Chemicals segment reported a negative EBITDA of ₹14 crores, primarily due to losses in the PVC business.
Read the full call →

What DCW Limited does

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

Guidance record · Q1 FY27

what the last two calls moved 18 tracked 5 delivered 1 missed 12 open
  • CPVC Capacity Benefits delivered said Q4 FY26 Promised: Benefits of additional 10,000 tons CPVC capacity to start accruing from Q1 FY27 Q1 FY27: Achieved. Specialty Chemicals EBITDA grew 20% YoY and CPVC volumes grew 59% in Q1 FY27.
  • CPVC Capacity delivered said Q3 FY25 Promised: Commission the first phase (20,000 to 40,000 tons) by September 2025 Q1 FY27: Not mentioned, previously achieved.
  • EBITDA revised down said Q4 FY25 Promised: INR 400 crores of EBITDA looks quite likely for FY27 Q1 FY27: Revised steady-state EBITDA guidance down to ~INR 300 crores, from the original INR 400 crores, citing contraction in PVC/CPVC spreads.

All 18 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 13.9%, net profit up 218.2% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue489 474 538 476 539 +10%520 +10%609 +13%542 +14%
EBITDA35 57 56 54 58 +66%45 −21%65 +16%36 −33%
Net profit-1 13 11 11 14 +1500%5 −62%18 +64%35 +218%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −37.2% 1Y

₹40.0₹50.0₹60.0₹70.0Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 4 Nov 2025Q3 FY26 — 11 Feb 2026Q4 FY26 — 6 May 2026Q1 FY27 — 14 Aug 2026

1Y: ₹74.2 on 10 Sept 2025 → ₹46.63. High ₹74.74 (17 Sept 2025), low ₹37.49 (23 Mar 2026).

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.

Financials, as filed

Revenue fell 6.6% a year over 3 years, FY23 to FY26. Operating margin narrowed to 10.4%.

Year endingFY23FY24FY25FY26
Revenue₹2.6k Cr₹1.9k Cr₹2.0k Cr₹2.1k Cr
Operating profit₹429 Cr₹175 Cr₹193 Cr₹222 Cr
Operating margin16.3%9.3%9.6%10.4%
Interest₹127 Cr₹74 Cr₹67 Cr₹62 Cr
Depreciation₹91 Cr₹94 Cr₹100 Cr₹103 Cr
Net profit₹192 Cr₹16 Cr₹30 Cr₹48 Cr
Net margin7.3%0.9%1.5%2.2%
Cash from operations₹226 Cr₹252 Cr₹191 Cr₹278 Cr
Free cash flow₹140 Cr₹162 Cr₹117 Cr₹192 Cr
ROCE25.0%7.0%8.0%10.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹52 Cr₹52 Cr₹59 Cr₹59 Cr₹59 Cr₹59 Cr
Reserves₹635 Cr₹750 Cr₹966 Cr₹973 Cr₹999 Cr₹1.0k Cr
Borrowings₹624 Cr₹556 Cr₹508 Cr₹439 Cr₹380 Cr₹290 Cr
Other liabilities₹564 Cr₹546 Cr₹530 Cr₹618 Cr₹773 Cr₹724 Cr
Total liabilities₹1.9k Cr₹1.9k Cr₹2.1k Cr₹2.1k Cr₹2.2k Cr₹2.1k Cr
Fixed assets₹1.4k Cr₹1.4k Cr₹1.3k Cr₹1.3k Cr₹1.3k Cr₹1.3k Cr
Capital work in progress₹4 Cr₹8 Cr₹60 Cr₹41 Cr₹10 Cr₹22 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹20 Cr₹22 Cr₹20 Cr
Other assets₹464 Cr₹543 Cr₹708 Cr₹716 Cr₹846 Cr₹744 Cr
Total assets₹1.9k Cr₹1.9k Cr₹2.1k Cr₹2.1k Cr₹2.2k Cr₹2.1k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −3.94 pp while the public added +3.13 pp.

Promoters
45.6%
FIIs
6.1%
DIIs
0.1%
Public
48.3%

Since Jun 2025

  • FIIs −3.94 pp
  • Public +3.13 pp
  • Promoters +0.78 pp

How it drifted, 12 quarters

Over this window FIIs fell from 8.4% to 6.1% — −2.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 45.1%, FIIs 8.4%, DIIs 0.1%, Public 46.4%.Dec '23: Promoters 45.1%, FIIs 7.9%, DIIs 0.0%, Public 47.0%.Mar '24: Promoters 44.1%, FIIs 7.3%, DIIs 0.0%, Public 48.6%.Jun '24: Promoters 44.9%, FIIs 7.3%, DIIs 0.0%, Public 47.8%.Sep '24: Promoters 44.9%, FIIs 11.3%, DIIs 0.0%, Public 43.9%.Dec '24: Promoters 44.9%, FIIs 11.3%, DIIs 0.0%, Public 43.8%.Mar '25: Promoters 44.9%, FIIs 10.8%, DIIs 0.0%, Public 44.3%.Jun '25: Promoters 44.8%, FIIs 10.1%, DIIs 0.0%, Public 45.1%.Sep '25: Promoters 44.6%, FIIs 9.2%, DIIs 0.0%, Public 46.2%.Dec '25: Promoters 45.1%, FIIs 8.6%, DIIs 0.0%, Public 46.3%.Mar '26: Promoters 45.4%, FIIs 6.7%, DIIs 0.0%, Public 47.8%.Jun '26: Promoters 45.6%, FIIs 6.1%, DIIs 0.1%, Public 48.3%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

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

HolderStakeChange
Mr. Ashish Jain 10.97%unchanged
Vivek Shashichand Jain 7.99%unchanged
Mudit Jain 4.14%unchanged
Paulomi Bakul Jain 3.14%unchanged
Durgavati Jain 3.06%unchanged
Varsha Jain 2.92%unchanged
Eriska Investment Fund Ltd FPI fund2.77%unchanged
Bakul Premchand Jain 2.40%+0.15 pp
Four Dimensions Securities (India) Ltd 2.28%+0.47 pp
Namita Jain 2.27%unchanged
Meeta Jain 2.22%unchanged
Radhakrishna Ramnarain Pvt Ltd 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.

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse DCW Limited

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