Company Overview

DCW Limited was incorporated in 1939 as Dhrangadhra Chemical Works at Dhrangadhra, Gujarat, as India's first Soda Ash plant. The company has two state-of-the-art integrated manufacturing units located in Dhrangadhra, Gujarat and Sahupuram, Tamil Nadu. DCW has over 8 decades of experience in chemicals manufacturing and is a pioneer in India for Soda Ash, C-PVC, Synthetic Rutile & SIOP production.

The company employs 1,800 people and has 58 MW of captive power capacity. It owns approximately 2,900 acres of land available for expansion. DCW has an extensive distribution network spanning over 14 countries including USA, Europe, Japan, Malaysia and Netherlands, catering to over 100+ customers.

Product Portfolio

  • Specialty Chemicals: Synthetic Iron Oxide Pigments (SIOP) and Chlorinated Poly Vinyl Chloride (C-PVC)
  • Basic Chemicals: Soda Ash, Caustic Soda, Poly Vinyl Chloride (PVC)
  • Intermediate Chemicals: Synthetic Rutile (SR), Liquid Chlorine, Hydrochloric Acid, Trichloroethylene, Utox, Ferric Chloride, Sodium Hypochlorite, Sodium Bicarbonate and Ammonium Bicarbonate

Financial Performance - Q1-FY27

| Particulars (INR Mn) | Q1-FY27 | Q1-FY26 | Y-o-Y Change | Q4-FY26 | Q-o-Q Change |

| Revenue from Operations | 5,419 | 4,755 | 14.0% | 6,091 | (11.0)% |

| Total Expenses | 5,061 | 4,218 | 20.0% | 5,445 | (7.1)% |

| EBITDA | 358 | 537 | (33.3)% | 646 | (44.6)% |

| EBITDA Margins (%) | 6.61% | 11.29% | (468) bps | 10.61% | (400) Bps |

| Other Income | 57 | 41 | 39.0% | 56 | 1.8% |

| Depreciation | 263 | 250 | 5.2% | 264 | (0.4)% |

| Interest | 148 | 151 | (2.0)% | 154 | (3.9)% |

| Profit before Exceptional Items | 4 | 177 | (97.7)% | 284 | (98.6)% |

| PBT | 4 | 177 | (97.7)% | 284 | (98.6)% |

| Tax | (341) | 63 | NA | 103 | NA |

| Profit After tax | 345 | 114 | 202.6% | 181 | 90.6% |

| PAT Margins (%) | 6.37% | 2.40% | 397 bps | 2.97% | 340 bps |

| Diluted EPS (INR) | 1.17 | 0.39 | 200.0% | 0.61 | 91.8% |

Operational Highlights - Q1-FY27

  • Revenue from Operations registered 14% year-on-year growth, driven by 38% growth in the Specialty Chemicals segment and 5% growth in Basic Chemicals
  • Sequentially, revenue declined by 11% due to higher captive PVC consumption for CPVC, lower PVC production, and inventory liquidation in the Synthetic Rutile business during Q4 FY26
  • Specialty Chemicals EBITDA grew 19.2% YoY, supported by higher CPVC volumes following the successful commissioning of the recent capacity expansion
  • CPVC operations witnessed a strong ramp-up during the quarter with commercial production from newly commissioned capacity
  • The Company continued to benefit from renewable power investments, with nearly 20% of total power consumption during the quarter being met through solar energy
  • Profitability was impacted by non-availability of VCM due to West Asia crisis, elevated VCM prices, and temporary suspension of PVC import duties
  • Net leverage continued to improve during the quarter

Historical Financial Performance

| Particulars (INR Mn) | FY24 | FY25 | FY26 | Q1-FY27 |

| Operational Income | 18,716 | 20,003 | 21,436 | 5,419 |

| EBITDA | 1,755 | 1,932 | 2,216 | 358 |

| EBITDA Margins (%) | 9.38% | 9.66% | 10.34% | 6.61% |

| Profit After tax | 157 | 301 | 482 | 345 |

| PAT Margins (%) | 0.84% | 1.50% | 2.25% | 6.37% |

| Diluted EPS (INR) | 0.53 | 1.02 | 1.63 | 1.17 |

Balance Sheet Position (as of FY26)

| Particulars (INR Mn) | FY26 |

| Total Assets | 20,893 |

| Property, Plant & Equipment | 12,824 |

| Inventories | 3,094 |

| Trade Receivables | 1,420 |

| Cash and Cash Equivalents | 49 |

| Other Bank Balances | 1,994 |

| Total Equity | 10,748 |

| Share Capital | 590 |

| Other Equity | 10,158 |

| Total Borrowings | 2,758 |

| Trade Payables | 3,910 |

Capital Expenditure Plans

The company has announced a planned capital expenditure of ₹250 Cr over the next 2-3 years:

  • SIOP Phase I Expansion: 7,000 MT capacity addition with planned capitalization in Q4-FY28
  • SIOP Phase II Expansion: Additional 8,000 MT capacity to be undertaken post Phase I completion
  • Power Plant Efficiency Capex: Improvement project at Sahupuram facility for power cost reduction, planned for Q4-FY28
  • Value-added products in the pigment category will enter the market during FY28

Market Data (As on June 30, 2026)

  • Face Value: ₹2.00
  • CMP: ₹47.43
  • 52 Week High/Low: ₹85.67/₹37.15
  • Market Capitalization: ₹13,999.20 Mn
  • Number of Shares Outstanding: 295.16 Mn
  • Average Trading Volume: 1,532.26 ('000)
  • Average Net Turnover: ₹87.46 Mn