DCW Limited submitted its investor presentation for the quarter ended September 30, 2026, pursuant to Regulation 30 and Para A of Part A of Schedule Ill of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Q2 FY27 Financial Performance

  • Revenue from Operations: ₹6,629 million, representing 22.9% YoY growth and 22.3% QoQ growth
  • EBITDA: ₹475 million, declining 18.1% YoY but growing 32.7% QoQ
  • EBITDA Margins: 7.17%, down 359 basis points YoY but up 56 basis points QoQ
  • PAT: ₹104 million, declining 24.6% YoY and 69.9% QoQ
  • PAT Margins: 1.57%, down 99 basis points YoY
  • Diluted EPS: ₹0.35, declining 25.5% YoY

H1 FY27 Financial Performance

  • Revenue from Operations: ₹12,048 million, representing 18.7% YoY growth
  • EBITDA: ₹832 million, declining 25.6% YoY
  • EBITDA Margins: 6.91%, down 411 basis points YoY
  • PAT: ₹449 million, increasing 78.2% YoY
  • PAT Margins: 3.73%, up 125 basis points YoY
  • Diluted EPS: ₹1.52, increasing 78.8% YoY

Operational Highlights

Revenue Drivers:

  • Specialty Chemicals grew 31.5% YoY in Q2, driven by higher CPVC volumes following capacity expansion
  • Basic Chemicals grew 19.9% YoY in Q2, supported by increased Caustic Soda and Synthetic Rutile volumes and improved PVC realisations
  • Sequential Q2 growth of 22.3% QoQ with Specialty Chemicals up 4.2% and Basic Chemicals up 31.1%

EBITDA Performance:

  • Basic Chemicals EBITDA grew 37.0% YoY in Q2, benefiting from higher volumes and realisations (except Soda Ash)
  • Specialty Chemicals EBITDA declined 33.2% YoY due to contracting PVC-CPVC spreads and elevated ocean freight costs for North American exports
  • Basic Chemicals turned profitable sequentially at ₹128 million against Q1 loss of ₹188 million
  • Specialty Chemicals EBITDA declined 41.5% QoQ

Company Overview

DCW Limited, incorporated in 1939, operates two state-of-the-art manufacturing facilities in Dhrangadhra, Gujarat and Sahupuram, Tamil Nadu. The company has:

  • 8+ decades of experience in chemicals manufacturing
  • 1,800 employees
  • 58 MW captive power capacity
  • ~2,900 acres of land available
  • Zero effluent and waste process

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, Liquid Chlorine, Hydrochloric Acid, and others

Capital Expenditure Plans

The company announced a ₹250 crore capital expenditure plan over the next 2-3 years:

  • SIOP Phase I: 7,000 MT capacity addition with planned capitalization in Q4 FY28
  • SIOP Phase II: 8,000 MT capacity addition to be undertaken post Phase I completion
  • Power Plant Efficiency Capex: Improvement project at Sahupuram facilities with planned capitalization in Q4 FY28
  • Value-added pigment products expected to enter market during FY28

Historical Financial Performance

Income Statement (INR Mn):

| Period | Operational Income | EBITDA | PAT |

| FY24 | 18,716 | 1,755 | 157 |

| FY25 | 20,003 | 1,932 | 301 |

| FY26 | 21,436 | 2,216 | 482 |

| H1-FY27 | 12,048 | 832 | 449 |

Balance Sheet Highlights (INR Mn as of H1-FY27):

  • Total Assets: ₹22,119 million
  • Property, Plant & Equipment: ₹12,642 million
  • Inventories: ₹2,737 million
  • Trade Receivables: ₹1,948 million
  • Total Equity: ₹11,197 million
  • Total Borrowings: ₹3,229 million (Non-current: ₹1,829 million, Current: ₹1,400 million)

Market Data (As on September 30, 2026)

  • Face Value: ₹2.00
  • CMP: ₹45.68
  • 52 Week High/Low: ₹72.40/₹37.15
  • Market Capitalization: ₹13,482.68 million
  • Shares Outstanding: 295.16 million
  • Average Trading Volume: 1,626.58 thousand shares
  • Average Net Turnover: ₹82.80 million

Investor Relations Contacts

  • Mr. Anuj Sonpal, Valorem Advisors: +91-22-3507 5100, dcw@valoremadvisors.com
  • Mr. Dilip Darji, Sr. General Manager (Legal) & Company Secretary: dilip.darji@dcwltd.com