NSE: DCW · BSE: 500117
DCW LTD
Manufactures basic and specialty chemicals including caustic soda, soda ash, PVC, C-PVC, and synthetic iron oxide pigments. The Basic Chemicals segment accounted for 71.8% of segment revenue at Rs.1,538 crore in FY26 but generated Rs.0.42 crore of segment EBIT, while Speciality Chemicals contributed 27.6% at Rs.592 crore but delivered Rs.132 crore of segment EBIT, indicating specialty products carry the bulk of profitability. C-PVC capacity was expanded from 20,000 tons to 50,000 tons during FY26, commissioned on time and within budget, and the company reported record sales volumes in C-PVC, synthetic iron oxide pigment, and synthetic rutile. PVC manufacturing is exposed to VCM feedstock from the Middle East, where the West Asia conflict has disrupted supply chains and pushed up input costs temporarily. Raw materials accounted for 49.7% of revenue and other operating expenses 26.4%, making this a materials-intensive, asset-heavy business. Gross debt was reduced by Rs.150 crore to Rs.276 crore in FY26, with net debt at Rs.71 crore and management guiding to net debt-free status by FY27. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Basic Chemicals (72%), Speciality Chemicals (28%), Others (1%). Asset-heavy chemicals with commodity exposure to Chinese imports and a specialty segment that drives most of the profit.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,455 | 2,634 | 1,872 | 2,000 | 2,144 |
| EBITDA (ex other income) | 339 | 475 | 174 | 193 | 222 |
| margin % | 13.8 | 18.0 | 9.3 | 9.7 | 10.3 |
| Owners' profit | 108 | 192 | 16 | 30 | 48 |
| EPS, as reported (₹) | 4.12 | 6.50 | 0.53 | 1.03 | 1.63 |
| ROE % · ROCE % | 13.4 · 18.5 | 18.7 · 25.6 | 1.5 · 6.7 | 2.9 · 8.1 | 4.5 · 9.9 |
| Debt / equity (x) | 0.69 | 0.49 | 0.42 | 0.41 | 0.29 |
| Cash from operations | 178 | 226 | 252 | 191 | 278 |
| Capex | (38) | (86) | (94) | (76) | (93) |
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 | 489 | 474 | 538 | 475 | 539 | 520 | 609 | 542 |
| Profit before tax | (2) | 20 | 21 | 18 | 21 | 8 | 28 | 0 |
| Net profit | (1) | 13 | 11 | 11 | 14 | 5 | 18 | 35 |
| EPS (₹) | (0.04) | 0.45 | 0.39 | 0.39 | 0.47 | 0.17 | 0.61 | 1.17 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Basic Chemicals | 1,538 | 71.8 |
| Speciality Chemicals | 592 | 27.6 |
| Others | 9 | 0.4 |
| Other | 4 | 0.2 |
| Total, before eliminations | 2,144 | 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. % |
|---|---|---|---|---|---|---|---|---|
| SUPREME PETROCHEM LIMITED | 13,605 | 28.1 | 5.72 | 24.0 | 13.9 | 17.6 | — | 20.4 |
| SWAN CORP LIMITED | 7,539 | 36.2 | 0.82 | 15.8 | 3.0 | 3.3 | 68.6 | 3.0 |
| RAIN INDUSTRIES LIMITED | 7,052 | 13.1 | 0.85 | — | 6.0 | 4.3 | — | 19.3 |
| BHANSALI ENG. POLYMERS LT | 2,719 | 13.6 | 2.51 | 9.1 | 16.6 | 22.4 | (0.2) | 19.6 |
| DCW LTD ◆ | 1,283 | 18.0 | 1.19 | — | 4.5 | 5.4 | — | 7.6 |
| MANALI PETROCHEMICALS LT | 1,254 | 7.0 | 0.98 | 4.8 | 10.1 | 10.9 | 0.1 | 35.2 |
| TAMILNADU PETROPRODUCTS L | 1,009 | 7.1 | 0.99 | 7.3 | 9.6 | 10.2 | 5.1 | 16.3 |
| KOTHARI PETROCHEM LTD | 642 | 8.9 | 1.73 | — | 19.5 | 24.9 | — | 16.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.0 | 13.4 | 8 of 12 | 36% |
| P/B | 1.2 | 1.0 | 7 of 11 | 40% |
| ROCE | 5.4 | 6.1 | 8 of 14 | 46% |
| ROE | 4.5 | 6.3 | 8 of 11 | 30% |
| Debt / Equity | 0.3 | 0.2 | 8 of 11 | 30% |
| EBITDA margin | 7.6 | 12.0 | 7 of 12 | 46% |
| Revenue growth | 14.0 | 14.6 | 7 of 12 | 46% |
| Profit growth | 203.3 | 42.9 | 3 of 13 | 83% |
| Market cap | 1283 | 826 | 5 of 14 | 69% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · DCW schedules investor call for Q2 FY27 results | board shareholder meetings | low | — | — |
| 26 Oct 2026 · DCW to review Q2 results and consider share buyback on October 29 | results | low | — | — |
| 16 Oct 2026 · Inter-se gift transfer among DCW promoter group, aggregate stake unchanged | ownership changes | medium | — | — |
| 15 Oct 2026 · DCW promoter group inter-se gift transfer of 3.71% shares | ownership changes | medium | — | — |
| 8 Oct 2026 · Routine quarterly compliance certificate under SEBI Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closure for Q2 FY26 results period | compliance | minimal | — | — |
| 29 Sept 2026 · DCW 87th AGM: All 5 resolutions passed with over 99.93% approval | board shareholder meetings | medium | — | — |
| 26 Sept 2026 · DCW Ltd 87th AGM: Final dividend of Rs 0.20 per share approved | board shareholder meetings | medium | — | — |
| 23 Sept 2026 · DCW informs shareholders about special window for re-lodging physical share transfers | compliance | minimal | — | — |
| 6 Sept 2026 · DCW 87th AGM Notice Published in Newspapers; E-voting Facility Announced | compliance | minimal | — | — |
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.