NSE: DCMSRIND · BSE: 523369
DCM SHRIRAM IND LTD
Manufactures sugar (including distillery products) following a Composite Scheme of Arrangement effective December 17, 2025, which merged Lily Commercial Private Limited into the listed company and demerged the Chemical and Rayon undertakings with retrospective effect from April 1, 2023, leaving sugar as the sole operating segment. In the half-year ended September 30, 2025, under the pre-demerger structure, Sugar generated ₹613.58 crore of revenue (59.8% of segment revenue) with EBIT of ₹39.85 crore, Industrial Fibres and related products contributed ₹216.35 crore (21.1%, EBIT ₹13.99 crore), and Chemicals ₹195.51 crore (19.1%, EBIT ₹11.76 crore). FY26 total revenue was ₹1,160.12 crore with net profit of ₹41.61 crore, against total assets of ₹1,419 crore. Materials accounted for 72.5% of revenue, other operating expenses 11.8%, and employee costs 5.6%. The Board recommended a final dividend of ₹0.40 per share (20% on face value of ₹2) for FY26, and Sanjay Rastogi was appointed Director and COO (DSW) effective July 1, 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sugar (including distillery) (60%), Industrial Fibres and related products (21%), Chemicals (19%). Sugar manufacturing and distillery operations; commodity-linked agricultural processing, narrowed to a single segment after the December 2025 demerger.
Exhibit 1: Financial summary, FY21–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 1,943 | 2,123 | 2,351 | 2,083 | 2,052 |
| EBITDA (ex other income) | 150 | 142 | 142 | 224 | 199 |
| margin % | 7.7 | 6.7 | 6.1 | 10.8 | 9.7 |
| Owners' profit | 65 | 66 | 60 | 115 | 101 |
| EPS, as reported (₹) | 37.22 | 7.61 | 6.92 | 13.27 | 11.66 |
| ROE % · ROCE % | 10.5 · 17.4 | 9.9 · 15.2 | 8.4 · 13.5 | 14.2 · 20.6 | 11.3 · 17.1 |
| Debt / equity (x) | 0.67 | 0.82 | 0.69 | 0.63 | 0.58 |
| Cash from operations | 225 | 59 | 169 | 77 | 152 |
| Capex | (57) | (135) | (53) | (36) | (78) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 468 | 512 | 554 | 533 | 493 | 472 | 499 | 527 |
| Profit before tax | 44 | 55 | 48 | 35 | 36 | 36 | 26 | (3) |
| Net profit | 29 | 39 | 31 | 23 | 24 | 24 | 17 | (3) |
| EPS (₹) | 3.34 | 4.44 | 3.60 | 2.63 | 2.70 | 2.72 | 1.94 | (0.36) |
Exhibit 3: Segment revenue, FY25
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Sugar* | 768 | 37.4 |
| Industrial Fibres and related products | 412 | 20.1 |
| Chemicals | 429 | 20.9 |
| *Sugar | 281 | 13.7 |
| Industrial fibres and related products | 162 | 7.9 |
| Total, before eliminations | 2,052 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BALRAMPUR CHINI MILLS LTD | 14,565 | 37.6 | 3.52 | 22.8 | 9.1 | 9.7 | 5.4 | 7.9 |
| TRIVENI ENGG. & INDS. LTD | 5,262 | 18.7 | 1.57 | 12.1 | 8.0 | 9.4 | 10.1 | 3.3 |
| BAJAJ HINDUSTHAN SUGAR LT | 4,781 | 14.8 | 1.25 | 22.0 | 3.3 | 1.5 | (3.9) | (10.4) |
| SHREE RENUKA SUGARS LTD | 4,633 | — | — | 75.4 | 29.6 | (108.2) | 10.2 | (3.1) |
| BANNARI AMMAN SUGARS LTD | 4,138 | 34.0 | 2.16 | — | 7.7 | 8.7 | — | 0.5 |
| DALMIA BHARAT SUG IN LTD | 3,497 | 14.6 | 1.08 | 9.6 | 7.3 | 8.0 | 6.1 | 8.3 |
| DHAMPUR SUGAR MILLS LTD. | 1,180 | 16.8 | 0.98 | 10.4 | 5.5 | 5.8 | (7.9) | 4.7 |
| UTTAM SUGAR MILLS LTD. | 1,126 | 12.9 | 1.27 | 7.8 | 11.3 | 12.7 | — | 4.5 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.5 | 16.0 | 3 of 20 | 90% |
| P/B | 0.4 | 1.0 | 4 of 26 | 88% |
| ROCE | 2.0 | 3.0 | 15 of 27 | 46% |
| ROE | 1.5 | 3.5 | 18 of 26 | 32% |
| Debt / Equity | 0.3 | 0.6 | 9 of 26 | 68% |
| EBITDA margin | 2.8 | 4.6 | 17 of 26 | 36% |
| Revenue growth | (1.2) | 5.5 | 15 of 25 | 42% |
| Profit growth | (113.6) | (14.4) | 23 of 27 | 15% |
| Market cap | 333 | 286 | 13 of 28 | 56% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Demat compliance certificate submitted for July to September 2026 quarter | compliance | minimal | — | — |
| 6 Oct 2026 · Response to BSE and NSE volume movement queries | regulatory legal | low | — | — |
| 6 Oct 2026 · BSE seeks clarification on unusual volume movement | compliance | low | — | — |
| 5 Oct 2026 · NSE seeks clarification from company on unusual trading volume | regulatory legal | medium | — | — |
| 23 Sept 2026 · Trading Window Closed from Oct 1 for Q2 Results | compliance | minimal | — | — |
| 22 Sept 2026 · Registered office shifted within New Delhi effective 1 Oct 2026 | general | low | — | — |
| 14 Aug 2026 · DCM Shriram Industries Q1 FY26 results published in newspapers | compliance | minimal | — | — |
| 13 Aug 2026 · DCM Shriram Industries Q1 FY27 PAT dips to Rs 10.67 cr on restated base | results | high | — | — |
| 13 Aug 2026 · DCM Shriram Industries Q1 FY27 results: PAT drops 39% YoY | results | high | — | — |
| 7 Aug 2026 · Board meeting on 13 Aug 2026 to consider Q1 FY27 results | results | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.