DCW Limited has informed the Exchange about Transcript
DCW · price
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DCW Limited held an analyst call to discuss FY25 results. Full-year revenue grew 7% to INR 2,000 crores, driven by the specialty chemicals segment whose revenue jumped 43% to INR 526 crores, while basic chemicals revenue slipped 2% to INR 1,463 crores. FY25 EBITDA rose 12% to INR 217 crores and PAT doubled to INR 30 crores, helped by an 8.5% drop in finance costs. The specialty chemicals EBITDA grew 41% to INR 189 crores, but basic chemicals EBITDA collapsed 59% to INR 19 crores due to severe pricing pressure on Soda Ash and Synthetic Rutile from cheap Chinese imports. Net debt-to-EBITDA fell below 1x (0.97x) for the first time in years. Management reiterated its FY27 EBITDA guidance of around INR 400 crores, confirmed that 20,000 tons of new C-PVC capacity will commission ahead of September 2025, and said about 70% of FY26 Synthetic Rutile volumes are already contracted with Japanese customers.
Positive for shareholders over the medium term, given the doubling of PAT, stronger balance sheet, visible specialty chemicals growth, and reaffirmed FY27 EBITDA target of INR 400 crores. However, near-term pricing pressure in basic chemicals and uncertainty around US tariffs and PVC antidumping duty remain risks that could keep the stock volatile.