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DCW Ltd Allots 5.37 Crore Equity Shares Following Merger with DTCPL and SBPL
DCW Limited has completed the allotment of 5,37,40,360 equity shares of face value INR 2 each as part of its Scheme of Amalgamation with Dhrangadhara Trading Company Private Limited and Sahu Brothers Private Limited. This action follows the approval from the NCLT Ahmedabad Bench received in January 2026. The total paid-up equity share capital of the company has now increased to INR 59.03 crore, represented by 29.51 crore shares. These new shares will rank pari-passu with existing shares and are set to be listed on both the BSE and NSE.
Key Highlights
Allotted 5,37,40,360 new equity shares to shareholders of the merging entities
Issued 12,80,500 shares to DTCPL shareholders and 5,24,59,860 shares to SBPL shareholders
Total paid-up equity capital increased to INR 59,03,10,034 divided into 29,51,55,017 shares
Allotment finalized via circular resolution on February 19, 2026, following NCLT approval
New shares will be listed and traded on BSE and NSE alongside existing equity
💼 Action for Investors
Investors should assess the potential dilution of Earnings Per Share (EPS) due to the increased share capital and monitor for operational synergies from the merger. The stock may experience short-term volatility as the new shares are listed and become available for trading.
DCW Ltd Q3 FY26 Revenue Up 9.6% to ₹520 Cr; CPVC Volumes Surge 80% Amid Margin Pressure
DCW Limited reported a 9.6% YoY revenue growth to INR 520 crores in Q3 FY26, primarily driven by a 27% surge in the Specialty Chemicals segment. While EBITDA for the quarter declined 19% to INR 50 crores due to severe price erosion in PVC and CPVC, the company's 9-month PBT rose significantly by 61% to INR 46.2 crores. Management is focusing on a portfolio shift toward specialty chemicals to mitigate volatility in basic commodities. The company is also on track to complete its CPVC capacity expansion to 50,000 tonnes by March 2026.
Key Highlights
Revenue grew 9.6% YoY to INR 520 crores, supported by an 80% surge in CPVC sales volumes.
Specialty Chemicals revenue increased 27% YoY to INR 156 crores, offsetting a breakeven performance in Basic Chemicals.
9-month PBT rose 61% YoY to INR 46.2 crores, reflecting improved operational efficiencies and a 9% reduction in finance costs.
CPVC capacity expansion to 50,000 tonnes per annum is scheduled for completion in March 2026.
Company continues deleveraging with long-term legacy loans expected to reduce to INR 225 crores by year-end.
💼 Action for Investors
Investors should monitor the successful commissioning and ramp-up of the additional 10,000-tonne CPVC capacity next month. While commodity pricing remains volatile, the increasing contribution from high-margin specialty segments and debt reduction are positive long-term indicators.
DCW Q3 FY26: Revenue Grows 9.6% to ₹5,198 Mn; PAT Drops 63% on Basic Chemical Margin Pressure
DCW Limited reported a mixed performance for Q3 FY26, with revenue increasing 9.6% YoY to ₹5,198 Mn, driven by strong volume growth in the Specialty Chemicals segment. However, PAT declined significantly by 63.4% YoY to ₹49 Mn as the Basic Chemicals segment faced severe price erosion and high input costs, resulting in negative EBITDA for that division. The company's strategic shift toward Specialty Chemicals (C-PVC and SIOP) is providing a cushion, with CPVC volumes growing 80% YoY following recent capacity expansions. Management expects the final phase of CPVC expansion to 50,000 TPA to be completed by March 2026.
Key Highlights
Revenue from operations rose 9.6% YoY to ₹5,198 Mn, while 9M-FY26 PAT grew 59.3% to ₹301 Mn.
Specialty Chemicals segment EBITDA stood at ₹491 Mn, offsetting losses in the Basic Chemicals segment.
CPVC volumes grew by 80% and SIOP volumes by 19% YoY, despite a 26% price correction in CPVC realizations.
Basic Chemicals segment EBITDA margin turned negative at -1.2% due to a 17% drop in PVC prices and stagnant input costs.
Healthy balance sheet maintained with a Net Debt to Equity ratio of 0.20x and Net Debt to EBITDA of 1.09x.
💼 Action for Investors
Investors should focus on the company's transition toward a specialty-led model, as the basic chemicals division remains volatile due to commodity price cycles. Monitor the commissioning of the additional 10KT CPVC capacity in March 2026, which is expected to further improve the margin profile.
DCW Ltd Q3 Profit Drops 63% to ₹4.9 Cr; Declares ₹0.10 Interim Dividend
DCW Limited reported a sharp decline in net profit for Q3 FY26, falling to ₹4.9 crore from ₹13.4 crore in the previous year's corresponding quarter. While revenue grew 9.6% YoY to ₹519.8 crore, the bottom line was severely impacted by a loss of ₹13.7 crore in the Basic Chemicals segment. On a positive note, the 9-month net profit for FY26 stands at ₹30.1 crore, showing growth over the ₹18.9 crore recorded in 9M FY25. The company has declared an interim dividend of ₹0.10 per share with a record date of February 20, 2026.
Key Highlights
Net Profit for Q3 FY26 fell 63.5% YoY to ₹489.54 lakhs.
Revenue from operations increased to ₹51,981.38 lakhs, up from ₹47,417.46 lakhs in Q3 FY25.
Specialty Chemicals segment remains strong with an EBIT of ₹3,809.12 lakhs.
Basic Chemicals segment reported a significant loss of ₹1,374.14 lakhs during the quarter.
Contingent liabilities including electricity tax and customs demands exceed ₹9,000 lakhs.
💼 Action for Investors
Investors should monitor the margin pressure in the Basic Chemicals segment and the resolution of significant legal and tax disputes highlighted by auditors. The dividend is a minor positive, but operational recovery in the core chemical business is the key metric to watch.
DCW Declares ₹0.10 Interim Dividend; Q3 Net Profit Drops 63% YoY to ₹4.90 Crore
DCW Limited has declared an interim dividend of ₹0.10 per equity share for FY 2025-26, with the record date set for February 20, 2026. While Q3 FY26 revenue grew 9.6% YoY to ₹519.81 crore, net profit for the quarter fell sharply to ₹4.90 crore from ₹13.42 crore in the previous year. However, the nine-month performance remains stronger, with net profit rising to ₹30.09 crore compared to ₹18.91 crore in the same period last year. Investors should remain aware of significant ongoing legal contingencies regarding electricity tax and customs duties totaling over ₹67 crore.
Key Highlights
Declared interim dividend of ₹0.10 per share on a face value of ₹2.00.
Q3 FY26 revenue from operations increased to ₹51,981.38 lakhs from ₹47,417.46 lakhs YoY.
Net profit for Q3 FY26 declined significantly to ₹489.54 lakhs due to higher operational costs.
Nine-month net profit for FY26 improved to ₹3,009.16 lakhs versus ₹1,890.50 lakhs in 9M FY25.
Ongoing legal disputes include a ₹5,491.45 lakh electricity tax demand and a ₹1,243.77 lakh customs duty demand.
💼 Action for Investors
Investors should weigh the modest dividend against the sharp decline in quarterly profitability and persistent legal overhangs. The stock remains a watch given the volatility in the basic chemicals segment and the potential impact of pending tax litigations.
DCW Q3 Net Profit Drops 63% YoY to ₹4.89 Cr; Declares ₹0.10 Interim Dividend
DCW Limited reported a sharp 63.5% year-on-year decline in net profit to ₹4.89 crore for the quarter ended December 31, 2025, despite a 9.6% increase in revenue to ₹519.81 crore. The bottom line was severely impacted by a loss of ₹13.74 crore in the Basic Chemicals segment, though Speciality Chemicals remained profitable at ₹38.09 crore. The company declared an interim dividend of ₹0.10 per share. Significant legal contingencies regarding electricity tax and MAT credits totaling over ₹80 crore remain unresolved.
Key Highlights
Net Profit for Q3 FY26 fell to ₹4.89 crore from ₹13.42 crore in Q3 FY25.
Revenue from operations grew 9.6% YoY to ₹519.81 crore from ₹474.17 crore.
Basic Chemicals segment reported a loss of ₹13.74 crore compared to a marginal loss of ₹0.16 crore YoY.
Speciality Chemicals segment profit stood at ₹38.09 crore, up from ₹36.80 crore YoY.
Interim dividend of ₹0.10 per share (5% of face value) declared with a record date of February 20, 2026.
💼 Action for Investors
Investors should be cautious as the core Basic Chemicals business is currently loss-making, dragging down overall performance despite growth in speciality chemicals. Monitor the resolution of significant tax and legal disputes which could impact future cash flows.
NCLT Approves Amalgamation of Promoter Entities with DCW Ltd; 5.37 Cr Shares to be Allotted
DCW Limited has received approval from the NCLT Ahmedabad Bench for the amalgamation of two promoter-owned entities, Dhrangadhara Trading Company and Sahu Brothers, into the company. To facilitate this merger, DCW will issue a total of 5,37,40,360 new equity shares of face value INR 2 each to the shareholders of the transferor companies. The restructuring is designed to streamline the promoter group's holding by removing intermediate tiers and simplifying the shareholding structure. The management confirmed that the overall promoter group shareholding percentage will remain unchanged post-merger, and all costs will be borne by the promoters.
Key Highlights
NCLT Ahmedabad Bench approved the merger scheme on January 22, 2026, with a retrospective appointed date of July 1, 2024.
DCW will allot 12,80,500 shares to DTCPL shareholders and 5,24,59,860 shares to SBPL shareholders.
Total issuance involves 5,37,40,360 equity shares of face value INR 2 each.
The merger aims to rationalize the promoter group's direct commitment and engagement with DCW Limited.
No impact on the company's financial position as all scheme-related costs are borne by the transferor companies or promoters.
💼 Action for Investors
Investors should view this as a routine administrative cleanup of the promoter's holding structure. As the total promoter percentage remains unchanged and no financial burden falls on the company, the impact on minority shareholders is minimal.