DMCC
DMCC Speciality Chemicals financials
- Market cap
- ₹721 Cr
- Sector
- Chemicals
- Calls analysed
- 3
DMCC Speciality Q4 FY26
What went well
- Revenue grew by 18% QoQ to INR 177 crores in Q4 FY26.
- Achieved INR 582 crores in revenue for FY26, a company high.
- Maintained absolute margins despite turbulent supply chain and raw material price increases.
What to watch
- Roha plant operated at 60% capacity for about 15 days in March due to sulfur availability challenges.
- Working capital requirements expanded substantially, leading to increased short-term borrowings.
What DMCC Speciality Chemicals Limited does
DMCC Speciality Chemicals (formerly The Dharamsi Morarji Chemical Company), incorporated in 1919 as India's first sulphuric acid and phosphate-fertiliser producer, has since exited fertilisers almost entirely and become a fully integrated specialty-chemicals player in sulphur, boron and ethanol chemistry. It runs two backward-integrated manufacturing sites — Dahej (Gujarat) and Roha (Maharashtra) — making bulk chemicals (sulphuric acid, oleum, chloro-sulphonic acid), specialty sulfonates/sulfones (feedstock for agrochemicals, pharma, pigments and cosmetics) and boron chemicals (boric acid, borax, zinc borate) for detergent, dye, fertiliser, ceramics, electroplating and steel customers. Roughly half of bulk-chemical output is sold within a limited radius of the plants with the rest consumed captively, while specialty chemicals are largely exported (65-70%) under long-term, price-pass-through contracts.
Segments
- Bulk Chemicals
- Specialty Chemicals
- Boron Chemistry
- Manufacturing plants
- 2 (Dahej, Gujarat & Roha, Maharashtra)
- Manufacturing site area
- 88,355 sq.m (Roha) + 1,03,327 sq.m (Dahej)
- Plant units
- 10 dedicated + 3 multi-purpose (Roha); 8 dedicated + 2 multi-purpose (Dahej)
- Sulphuric acid capacity (Roha)
- 350 MT/day
- Products manufactured
- 38
- Team strength
- 400+ (238 Roha, 168 Dahej)
Guidance record · Q4 FY26
what the last two calls moved 7 tracked 2 delivered 2 missed 3 open- Margin Recovery / Cost Pass-Through delivered said Q4 FY25 Promised: Unusual jump in sulfur price... will get reflected in the contract pricing in Q1 of this financial year. So we will be able to pass it on. Q4 FY26: Q4 revenue growth was 'largely attributed to the ability to pass on higher raw material prices to customers', confirming this capability remains intact amidst further price hikes.
- Annual CAPEX Spend went quiet said Q4 FY25 Promised: Plan of about INR 10 crores to INR 15 crores, but nothing major. Q4 FY26: The FY26 reporting period has concluded. No mention was made of the final capex figure for the year, despite the prior guidance.
- Specialty Chemicals Revenue Capacity on track said Q4 FY25 Promised: We are available sufficient to double our current sales of Specialty Chemicals (from ~INR 210 cr to ~INR 420 cr). Q4 FY26: Management confirms they have 'been able to replace most of the European business with business in Latin America' and are expanding into Japan, Korea, and China. This significantly de-risks the specialty segment.
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 99.2%, net profit up 150.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 103 | 118 | 125 | 127 | 126 +22% | 151 +28% | 178 +42% | 253 +99% |
| EBITDA | 15 | 18 | 15 | 17 | 14 −7% | 15 −17% | 18 +20% | 34 +100% |
| Net profit | 6 | 8 | 6 | 8 | 6 +0% | 6 −25% | 8 +33% | 20 +150% |
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 −6.0% 1Y
1Y: ₹306 on 10 Sept 2025 → ₹287.55. High ₹322.7 (14 May 2026), low ₹197.56 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −3.9%
- 19 May
- Q2 FY26
- −1.3%
- 12 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 grew 14.6% a year over 3 years, FY23 to FY26. Operating margin widened to 11.0%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹387 Cr | ₹328 Cr | ₹431 Cr | ₹582 Cr |
| Operating profit | ₹36 Cr | ₹34 Cr | ₹57 Cr | ₹64 Cr |
| Operating margin | 9.3% | 10.4% | 13.2% | 11.0% |
| Interest | ₹11 Cr | ₹14 Cr | ₹11 Cr | ₹9 Cr |
| Depreciation | ₹18 Cr | ₹16 Cr | ₹16 Cr | ₹16 Cr |
| Net profit | ₹7 Cr | ₹11 Cr | ₹21 Cr | ₹28 Cr |
| Net margin | 1.8% | 3.4% | 4.9% | 4.8% |
| Cash from operations | ₹30 Cr | ₹38 Cr | ₹38 Cr | ₹-18 Cr |
| Free cash flow | ₹8 Cr | ₹19 Cr | ₹31 Cr | ₹-24 Cr |
| ROCE | 7.0% | 8.0% | 14.0% | 15.0% |
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 ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹25 Cr | ₹25 Cr | ₹25 Cr | ₹25 Cr | ₹25 Cr | ₹25 Cr |
| Reserves | ₹148 Cr | ₹169 Cr | ₹173 Cr | ₹185 Cr | ₹209 Cr | ₹223 Cr |
| Borrowings | ₹35 Cr | ₹93 Cr | ₹101 Cr | ₹88 Cr | ₹40 Cr | ₹110 Cr |
| Other liabilities | ₹55 Cr | ₹97 Cr | ₹102 Cr | ₹80 Cr | ₹101 Cr | ₹87 Cr |
| Total liabilities | ₹264 Cr | ₹384 Cr | ₹401 Cr | ₹377 Cr | ₹374 Cr | ₹446 Cr |
| Fixed assets | ₹108 Cr | ₹174 Cr | ₹230 Cr | ₹238 Cr | ₹226 Cr | ₹220 Cr |
| Capital work in progress | ₹38 Cr | ₹63 Cr | ₹11 Cr | ₹6 Cr | ₹0 Cr | ₹5 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹1 Cr |
| Other assets | ₹117 Cr | ₹147 Cr | ₹160 Cr | ₹133 Cr | ₹147 Cr | ₹220 Cr |
| Total assets | ₹264 Cr | ₹384 Cr | ₹401 Cr | ₹377 Cr | ₹374 Cr | ₹446 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 −1.01 pp while the public added +0.82 pp. The shareholder count shrank 15% to 18,906.
- Promoters
- 53.8%
- FIIs
- 0.1%
- DIIs
- 1.5%
- Public
- 44.5%
Since Jun 2025
- FIIs −1.01 pp
- Public +0.82 pp
- DIIs +0.19 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 53.8%, DIIs 1.2%, Public 44.9%.Dec '23: Promoters 53.8%, DIIs 1.3%, Public 44.9%.Mar '24: Promoters 53.8%, DIIs 1.2%, Public 44.9%.Jun '24: Promoters 53.8%, FIIs 0.1%, DIIs 1.2%, Public 44.9%.Sep '24: Promoters 53.8%, FIIs 0.3%, DIIs 1.2%, Public 44.7%.Dec '24: Promoters 53.8%, FIIs 0.4%, DIIs 1.2%, Public 44.5%.Mar '25: Promoters 53.8%, FIIs 0.3%, DIIs 1.2%, Public 44.6%.Jun '25: Promoters 53.8%, FIIs 1.2%, DIIs 1.3%, Public 43.7%.Sep '25: Promoters 53.8%, FIIs 0.4%, DIIs 1.3%, Public 44.5%.Dec '25: Promoters 53.8%, FIIs 0.1%, DIIs 1.3%, Public 44.8%.Mar '26: Promoters 53.8%, FIIs 0.1%, DIIs 1.3%, Public 44.8%.Jun '26: Promoters 53.8%, FIIs 0.1%, DIIs 1.5%, Public 44.5%.
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.
- Gaurav Naresh Lodha +0.06 pp 2.00% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of DMCC Speciality Chemicals Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Laxmikumar Narottam Goculdas | 36.27% | unchanged |
| Phoenix Distributors Pvt Ltd | 4.78% | unchanged |
| The Natural Gas Co Pvt Ltd | 4.33% | unchanged |
| Jasraj Trading Company | 4.21% | unchanged |
| Girish Gulati Huf | 2.28% | unchanged |
| Gaurav Naresh Lodha | 2.00% | +0.06 pp |
| Chetan Jayantilal Shah | 1.92% | unchanged |
| L P Gas Equipment Private Ltd | 1.83% | unchanged |
| Bharti Laxmikumar Goculdas | 1.82% | unchanged |
| Jayantilal Premji Shah | 1.66% | unchanged |
| Investor Education And Protection Fund Authority Ministry Of Corporate Affairs | 1.34% | unchanged |
| Nareshmal Chandmal Lodha | 1.32% | 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 (3)
Read the Q4 FY26 call →Learn to analyse DMCC Speciality Chemicals Limited
Guides on how to read this kind of business and the numbers that matter.