NSE: DCMSHRIRAM · BSE: 523367
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Chloro-Vinyl (32%), Sugar (31%), Shriram Farm Solutions (12%), Fertiliser (10%), Fenesta Building Systems (8%), Bioseed (5%), Others (2%). Diversified, asset-heavy chemicals-and-agriculture conglomerate spanning chloro-vinyl chemicals, sugar-ethanol, agri-inputs, fertilisers, building systems and seeds.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 9,849 | 12,080 | 11,431 | 12,741 | 14,264 |
| EBITDA (ex other income) | 1,796 | 1,606 | 991 | 1,330 | 1,474 |
| margin % | 18.2 | 13.3 | 8.7 | 10.4 | 10.3 |
| Owners' profit | 1,067 | 911 | 447 | 604 | 853 |
| EPS, as reported (₹) | 68.45 | 58.41 | 28.67 | 38.75 | 54.73 |
| ROE % · ROCE % | 19.4 · 23.5 | 14.7 · 17.9 | 6.9 · 8.9 | 8.6 · 11.2 | 11.1 · 11.2 |
| Debt / equity (x) | 0.27 | 0.26 | 0.32 | 0.34 | 0.36 |
| Cash from operations | 1,224 | 1,296 | 794 | 1,128 | 1,234 |
| Capex | (768) | (1,797) | (1,310) | (845) | (869) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,130 | 3,519 | 3,019 | 3,455 | 3,432 | 4,003 | 3,373 | 3,785 |
| Profit before tax | 96 | 386 | 270 | 170 | 246 | 322 | 254 | 274 |
| Net profit | 63 | 262 | 179 | 114 | 159 | 213 | 371 | 693 |
| EPS (₹) | 4.04 | 16.81 | 11.47 | 7.27 | 10.14 | 13.59 | 23.71 | 44.72 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Chloro-Vinyl | 1,307 | 9.1 |
| Sugar | 1,171 | 8.2 |
| Shriram Farm Solutions | 1,689 | 11.8 |
| Bioseed | 666 | 4.6 |
| Fertiliser | 1,445 | 10.1 |
| Fenesta Building Systems | 1,112 | 7.8 |
| Others | 286 | 2.0 |
| Chemicals and Vinyl | 3,344 | 23.3 |
| Sugar and Ethanol | 3,325 | 23.2 |
| Total, before eliminations | 14,345 | 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. % |
|---|---|---|---|---|---|---|---|---|
| 3M INDIA LIMITED | 32,491 | 53.1 | 15.13 | 37.5 | 27.2 | 35.7 | 6.8 | 21.7 |
| GODREJ INDUSTRIES LTD | 31,855 | 27.1 | 1.37 | 13.5 | 10.4 | 6.4 | 19.0 | 27.3 |
| DCM SHRIRAM LIMITED ◆ | 14,235 | 9.8 | 1.84 | 10.0 | 11.1 | 9.5 | 11.4 | 11.7 |
| KAMA HOLDINGS LTD. | 6,790 | 7.3 | 0.45 | — | 12.3 | — | 13.5 | 22.4 |
| BALMER LAWRIE & CO LTD | 2,647 | 9.5 | 1.27 | 6.8 | 13.0 | 11.2 | 12.2 | 14.8 |
| TTK HEALTHCARE LIMITED | 1,448 | 19.6 | 1.30 | — | 5.9 | 7.4 | — | 12.2 |
| EMPIRE INDUSTRIES LTD. | 563 | 10.9 | 1.60 | — | 14.7 | 10.5 | — | 19.5 |
| GILLANDERS ARBUTHNOT LTD | 203 | 11.6 | 0.79 | 10.0 | 3.7 | 3.5 | 0.0 | 9.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.8 | 11.5 | 6 of 15 | 64% |
| P/B | 1.8 | 1.1 | 13 of 14 | 8% |
| ROCE | 9.5 | 8.4 | 7 of 14 | 54% |
| ROE | 11.1 | 10.7 | 7 of 14 | 54% |
| Debt / Equity | 0.4 | 0.4 | 7 of 13 | 50% |
| EBITDA margin | 11.7 | 20.6 | 12 of 14 | 15% |
| Revenue growth | 9.5 | 11.9 | 9 of 14 | 39% |
| Profit growth | 509.2 | 100.4 | 2 of 13 | 92% |
| Market cap | 14235 | 203 | 3 of 15 | 86% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Audio recording of September 2026 earnings call now available | investor communications | low | — | — |
| 27 Oct 2026 · Newspaper publication of September 2026 quarterly and half-year results | compliance | minimal | — | — |
| 26 Oct 2026 · Q2 FY27: revenue up 22%, profit after tax down 33%; 200% interim dividend | investor communications | medium | — | — |
| 26 Oct 2026 · DCM Shriram Q2 revenue rises 22%, profit falls; 200% dividend declared | compliance | low | — | — |
| 26 Oct 2026 · Q2 FY27 revenue rises 21%; profit falls; ₹4 dividend declared | results | high | — | — |
| 26 Oct 2026 · LIC nominee change, Rs 4 interim dividend and September-quarter results | management changes | medium | — | — |
| 26 Oct 2026 · LIC nominee change and Q2 FY27 results approved | management changes | medium | — | — |
| 26 Oct 2026 · Q2 FY27 results, Rs 4 interim dividend and LIC nominee director change | management changes | medium | — | — |
| 26 Oct 2026 · September quarter revenue up 20%, profit down; up to ₹375 crore investments and dividend approved | results | high | — | — |
| 26 Oct 2026 · September quarter revenue up 21%, profit down 34%, ₹4 dividend declared | strategic transactions | high | — | — |
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.