DCM SHRIRAM LIMITED

Operates an integrated chloro-vinyl chemicals complex at Bharuch producing caustic soda, PVC, epichlorohydrin (ECH) and epoxy resins, alongside sugar and ethanol, agri-inputs and seeds, and a building systems business. The Chloro-Vinyl segment was the largest contributor at INR 4,650.99 crore (32.4% of segment revenue) with EBIT of INR 559.76 crore; new products like ECH and epoxy have lifted to 34-35% of chemicals revenue. Sugar contributed INR 4,496.17 crore (31.3%) with EBIT of INR 309.01 crore. Shriram Farm Solutions (agri-inputs, INR 1,689.08 crore, 11.8%), Fertiliser (INR 1,444.8 crore, 10.1%), Fenesta Building Systems (windows and doors, INR 1,112.2 crore, 7.8%) and Bioseed (seeds, INR 665.8 crore, 4.6%) round out the portfolio. The ECH plant at Bharuch was fully commissioned in April 2026 and is ramping up, with epoxy break-even targeted for FY27 and a planned expansion of formulated resins from 14 KTPA to 50 KTPA by Q2 FY28. The group approved INR 217 crore to raise Bharuch's renewable power from 50.4 MW to 98.4 MW by Q1 FY28 and signed a 58 MW renewable supply agreement with Serentica Renewables. Fenesta crossed INR 1,000 crore in annual revenue in FY26 with order book up 15%. Cost shape: materials at 41.1% of revenue, other operating expenses at 31.6%, employees at 8.8%, depreciation at 3.5% and capex at 6.1% of revenue. FY26 total revenue was INR 14,263.91 crore with net profit of INR 855.98 crore; net debt stood at INR 1,767 crore and ROCE at 13%.