Transcript of Investors'' Earnings Call for Q4 FY26
DCMSHRIRAM · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
DCM Shriram reported Q4 FY26 net revenues of INR 3,193 crore (+11% YoY) with PBDIT of INR 400 crore vs INR 426 crore in Q4 FY25. FY26 full-year net revenues grew 12% to INR 13,538 crore with PBDIT up 15% to INR 1,694 crore. Key highlights include: Chemicals revenue rose 32% YoY with ECH plant fully commissioned in April 2026 running at 60-70% utilization; Board approved INR 101 crore capex to expand epoxy formulated resins capacity from 14 KTPA to 50 KTPA by Q2 FY28; Fenesta crossed INR 1,000 crore revenue milestone at INR 1,112 crore (+28% YoY) with order book up 15%; Vinyl segment PBDIT surged 68% YoY to INR 39 crore driven by higher prices and lower energy costs, though the sector continues to seek government intervention via MIP and anti-dumping duties against Chinese PVC dumping; Sugar & ethanol PBDIT fell 18% due to 8% higher cane costs and lower ethanol selling prices. FY27 capex is guided at INR 1,000-1,200 crore. Net debt stood at INR 1,767 crore. A joint venture with Teknor Apex B.V. was announced by selling 50% stake in Shriram Polytech Limited. The company flagged uncertainty in caustic and PVC pricing due to geopolitical volatility.
DCM Shriram delivered strong top-line growth but margin pressure in sugar/ethanol and Chemicals offset gains. The new ECH plant and Fenesta expansion provide future growth levers, while PVC remains dependent on government trade protection measures. The stock may see limited upside near-term given EPS pressure from elevated input costs.