DCW Limited has informed the Exchange about Transcript
DCW · price
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DCW Limited reported Q1 FY26 revenue of ₹475 crores, down 4.8% year-on-year and 11.5% sequentially, mainly due to lower PVC sales volumes (diverted for captive C-PVC production) and softer PVC/C-PVC realisations. Despite the top-line decline, PAT jumped 70% YoY to ₹11.4 crores, aided by a 12% rise in EBITDA to ₹58 crores and a 10.6% drop in finance costs to ₹15 crores, the lowest in 32 quarters. EBITDA margin (ex-other income) expanded to 11.3% from 9% a year ago, driven by a sharp recovery in Basic Chemicals EBITDA (₹11 cr vs ₹1 cr) thanks to higher caustic soda prices and lower energy costs from the newly commissioned 44.5 MW solar project. The 20,000-ton C-PVC expansion was commissioned ahead of schedule, with the balance 10,000 tons on track. Management is targeting a net debt-to-EBITDA of less than 0.5x by FY26 end and flagged the possibility of an anti-dumping duty on PVC by September–October.
Positive for shareholders: improving profitability, falling finance costs, and deleveraging signal a strengthening balance sheet, though near-term revenue remains soft due to lower external PVC sales and price headwinds from cheap Chinese imports. The stock may react positively to the margin expansion and debt-reduction roadmap, but guidance on the FY27 ₹400 crore EBITDA target was not directly confirmed.