DCM Shriram Limited (DCMSHRIRAM)
₹1,014.20 +0.13% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, DCM Shriram's revenue was ₹3,564 Cr (+9.3% year on year, +11.6% on the previous quarter), and net profit ₹693 Cr (+508.3% year on year); the operating margin was 9.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹3,564 | +9.3% | +11.6% |
| Operating profit | ₹337 | +10.7% | -4.7% |
| Net profit | ₹693 | +508.3% | +86.9% |
| EPS (₹) | 44.42 | +511.0% | +87.3% |
| Operating margin | 9.4% | — | — |
DCMSHRIRAM delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 35.84% of the DCMSHRIRAM shares traded on NSE were taken to delivery, against the stock's own 20-session average of 49.93%. That is lower than usual for this stock. Volume was 0.3 times its average, well below normal. It closed at a price band (circuit) on 2 sessions in about the last 20.
Delivery in the last 5 sessions: 37.4% · 40.4% · 30.9% · 31.0% · 35.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
DCM Shriram has commissioned two chemical plants at Jhagadia near its Bharuch Caustic Soda facilities on September 30, 2026. A 100 TPD Aluminium Chloride plant has been commissioned, raising the company's total capacity in this product to 250 TPD. Additionally, Line 1 of a Calcium Chloride plant with 133 TPD capacity has commenced operations, with a matching 133 TPD Line 2 targeted for commissioning in October 2026. These downstream additions consume chlorine and hydrochloric acid internally, improving chemical segment integration.
- Commissioned a 100 TPD Aluminium Chloride plant on 30th September 2026
- Total Aluminium Chloride capacity increases to 250 TPD
- Commissioned Line 1 of Calcium Chloride plant with 133 TPD capacity
- Line 2 of Calcium Chloride (133 TPD) expected to be commissioned in October 2026
DCM Shriram Limited has announced the successful commissioning of its Main Aluminium Extrusion Plant at its Kota Unit on September 1, 2026. This project stems from the Board approval originally granted on October 30, 2024. In addition, the company noted that the adjacent Surface Finish Plants are currently in the process of installation and commissioning. This commissioning supports the company's Fenesta building systems division in expanding its aluminium windows and facade offerings.
- Commissioned Main Aluminium Extrusion Plant at Kota Unit on 1st September 2026 at 10:30 a.m.
- Project stems from Board approval originally granted on 30th October 2024
- Associated Surface Finish Plants are in the process of installation and commissioning
- Specific capex and production capacity were not disclosed in the filing
DCM Shriram Limited announced that ICRA has reaffirmed its long-term credit rating at [ICRA]AA+ with a Stable outlook and short-term rating at [ICRA]A1+. The rating covers Rs 1,019.82 crore in term loans, enhanced cash credit limits of Rs 1,349.00 crore, and enhanced short-term non-fund based limits of Rs 1,500.00 crore. Additionally, ICRA reaffirmed ratings for Rs 120 crore Commercial Paper (down from Rs 700 crore after Rs 580 crore was withdrawn) and Rs 40 crore Fixed Deposits. The reaffirmation reflects the company's strong credit profile backed by a modest D/E ratio of 0.37.
- Long-term Term Loan rating of Rs 1,019.82 crore reaffirmed at [ICRA]AA+ (Stable)
- Cash Credit limits enhanced and reaffirmed at Rs 1,349.00 crore at [ICRA]AA+ (Stable)
- Short-term non-fund based limits reaffirmed and assigned for enhanced Rs 1,500.00 crore at [ICRA]A1+
- Commercial Paper rating affirmed at [ICRA]A1+ for Rs 120 crore (Rs 580 crore withdrawn by company)
CRISIL ESG Ratings & Analytics Limited has assigned DCM Shriram an overall ESG Rating of 64 and an ESG Core Rating of 70 for FY2026. The assigned ratings reflect improvements in key Environmental and Social (E&S) parameters alongside revisions in CRISIL's scoring methodology. The evaluation was conducted voluntarily by CRISIL without any commercial engagement or mandate from DCM Shriram.
- Overall ESG Rating assigned at 64 for FY2026
- ESG Core Rating assigned at 70 for FY2026
- Rating reflects improvements in key Environmental and Social (E&S) parameters
- Assigned voluntarily by CRISIL without any engagement by the company
DCM Shriram Limited has announced that its shareholders approved the appointment of Justice (Retd.) Sanjay Kishan Kaul and Ms. Rumjhum Chatterjee as Non-Executive Independent Directors at the 37th Annual General Meeting held on August 18, 2026. Both appointments are effective from August 9, 2026, for a consecutive term of five years. Justice (Retd.) Kaul is a former Supreme Court Judge, while Ms. Chatterjee is a Co-Founder of Feedback Infra Group and Managing Trustee of The Infravision Foundation. These appointments strengthen the company's board governance and oversight capabilities.
- Shareholders approved the appointment of 2 Independent Directors at the 37th AGM on August 18, 2026
- Appointments are effective from August 9, 2026, for a tenure of 5 consecutive years
- Appointees include Justice (Retd.) Sanjay Kishan Kaul (former Supreme Court Judge) and Ms. Rumjhum Chatterjee (Co-Founder, Feedback Infra Group)
- Neither appointee is related to any existing Director on the Board of the company
DCM Shriram Limited has submitted the scrutinizer's report and voting results for its 37th Annual General Meeting (AGM) held on August 18, 2026. The company confirmed that all resolutions set out in the AGM notice were approved by shareholders with the requisite majority via remote e-voting and e-voting during the meeting. With a market capitalization of ₹16,385 Cr and TTM revenue of ₹13,641 Cr, this AGM outcome represents standard annual statutory compliance.
- 37th Annual General Meeting successfully concluded on August 18, 2026, via Video Conferencing
- All resolutions approved by members with the requisite majority through remote and AGM e-voting
- Scrutinizer's report and voting results submitted pursuant to Regulation 44(3) of SEBI LODR Regulations
- Company reported TTM revenue of ₹13,641 Cr and TTM PAT of ₹1,434 Cr
DCM Shriram concluded its 37th Annual General Meeting on August 18, 2026, attended by 86 members via video conference. Key resolutions put to vote included the approval of a final dividend of Rs 4 per share (face value Rs 2), confirming total FY26 dividend at Rs 11.20 per share across two prior interim dividends of Rs 3.60 each. Additional business items included the cancellation of 39,00,000 forfeited equity shares and 5-year appointments for Independent Directors Justice (Retd.) Sanjay Kishan Kaul and Ms. Rumjhum Chatterjee. Formal voting results will be submitted to exchanges within two working days.
- Declared final dividend of Rs 4 per share (FV Rs 2), taking total FY26 dividend to Rs 11.20 per share
- Proposed cancellation of 39,00,000 forfeited equity shares
- Voted on 5-year appointments of Independent Directors Justice (Retd.) Sanjay Kishan Kaul and Ms. Rumjhum Chatterjee
- Proposed remuneration revisions for Mr. Varun A. Shriram (Rs 1.80 Cr p.a.) and Ms. Tara A. Shriram (Rs 1.00 Cr p.a.)
DCM Shriram Limited has announced that Mr. Pravesh Sharma and Justice (Retd.) Vikramajit Sen will cease to be Non-Executive Independent Directors effective August 9, 2026. This change follows the completion of their second terms, a standard regulatory requirement under the Companies Act and SEBI regulations. Both individuals will also vacate their positions as members or chairmen of various board committees. As a mega-cap company with a market capitalization of ₹15,877 Cr, this is a routine governance transition.
- 2 Independent Directors to cease office effective August 9, 2026
- Completion of 2nd term as Independent Directors as per regulatory limits
- Cessation includes removal from all Board Committee memberships and chairmanships
- Company maintains a TTM revenue of ₹13,232 Cr and a net worth of ₹7,706 Cr
DCM Shriram's Q1 FY27 earnings call highlighted a resilient performance despite global supply chain volatility and uneven monsoons. The company plans a ₹1,000 Cr capex for the current year, following ₹450 Cr spent on recent acquisitions. Management confirmed they are aggressively pursuing a business demerger, with plans to file the application within this financial year. While the Bioseed segment faced a 15-20% sowing lag, the Chemicals segment is expanding with new downstream projects (Aluminium and Calcium Chloride) set for Q2 commissioning.
- Planned capital expenditure of approximately ₹1,000 Cr for the current financial year.
- Management intends to file the formal demerger application with the government within FY27.
- Debt-to-EBITDA ratio remains healthy at 1.1x, despite recent acquisitions totaling ₹450 Cr.
- Peak renewable energy capacity is projected to reach 176 MW across Bharuch and Kota sites.
- Bioseed business saw a 15-20% reduction in sowing in key regions due to patchy monsoon distribution.
DCM Shriram has published the audio recording of its earnings conference call for the quarter ended June 30, 2026 (Q1 FY27). The call was conducted on July 30, 2026, following the release of the company's unaudited financial results. This is a routine regulatory disclosure providing transparency into management's discussion of the company's TTM revenue of ₹13,232 Cr and TTM PAT of ₹838 Cr. Investors can access the recording via the company's website to understand segment-wise performance and future outlook.
- Earnings conference call held on July 30, 2026, at 4:00 P.M. IST
- Recording pertains to the financial results for the quarter ended June 30, 2026
- Company maintains a significant market presence with a TTM revenue of ₹13,232 Cr
- Management commentary typically covers the diversified portfolio including Chlor-alkali, Sugar, and Fenesta segments
DCM Shriram reported a resilient Q1 FY27 with consolidated revenue growing 9% YoY to ₹3,564 crore, primarily driven by a 33% surge in the Chemicals segment and 22% growth in Fenesta Building Systems. While reported PAT reached ₹693 crore, it was significantly boosted by a ₹474.3 crore one-time tax adjustment and ₹79.4 crore in exceptional gains from land/JV sales. Excluding these, normalized PAT stood at ₹147 crore, up 29% from ₹114 crore in the previous year. The Chemicals & Vinyl segment showed strong operational improvement with a 30% increase in PBDIT.
- Net Revenue increased 9% YoY to ₹3,564 crore, representing ~27% of TTM revenue.
- Chemicals segment revenue grew 33% YoY, supported by healthy domestic caustic soda demand.
- Reported PAT of ₹693 crore includes a ₹474.3 crore favorable tax adjustment from previous years.
- Fenesta Building Systems delivered 22% YoY revenue growth driven by volume.
- PBDIT increased 12% YoY to ₹364 crore, with Chemicals & Vinyl segment PBDIT up 30%.
DCM Shriram reported a 9% YoY revenue growth to Rs 3,564 Cr for Q1 FY27, led by a robust 33% growth in the Chemicals segment. While reported PAT jumped 509% to Rs 693 Cr, this was primarily due to a one-time tax adjustment of Rs 474.3 Cr and exceptional gains; normalized PAT stood at Rs 147 Cr (up ~29% YoY). The Chemicals business benefited from a 7% rise in ECU realizations and new value-chain contributions, while the Bioseed segment faced a 26% revenue decline due to erratic monsoons. The company is transitioning from a heavy capex cycle to a commissioning phase, with several downstream projects expected to go live in Q2 FY27.
- Chemicals segment revenue grew 33% YoY to Rs 1,205 Cr, driven by 7% higher ECU and new product contributions.
- Reported PAT of Rs 693.4 Cr includes a Rs 474.3 Cr favorable tax judgment and Rs 79.4 Cr gain from land/JV stake sale.
- Fenesta Building Systems delivered 22% revenue growth to Rs 303 Cr with a 4% increase in the order book.
- Bioseed revenue declined 26% YoY to Rs 210 Cr due to delayed rainfall impacting Kharif sowing demand.
- Net Debt stood at Rs 1,649 Cr as of June 2026, compared to Rs 1,481 Cr in the previous year.
DCM Shriram reported a 9% YoY revenue growth to ₹3,564 Cr for Q1 FY27, primarily driven by a robust 33% surge in the Chemicals segment. While reported PAT soared 509% to ₹693.4 Cr, this was heavily influenced by a ₹474.3 Cr one-time tax adjustment and a ₹79.4 Cr exceptional gain; normalized PAT stood at ₹147 Cr. The Chemicals business benefited from a 7% rise in ECU and new contributions from the Epoxy value chain. Conversely, the Bioseed segment saw a 26% revenue decline due to erratic monsoons impacting Kharif sowing.
- Chemicals segment revenue grew 33% YoY to ₹1,205 Cr, supported by a 7% increase in Electrochemical Unit (ECU) realizations.
- Reported PAT of ₹693.4 Cr includes a ₹474.3 Cr favorable tax judgment and ₹79.4 Cr profit from land/stake sales.
- Fenesta Building Systems delivered 22% revenue growth to ₹303 Cr with a 4% increase in the order book.
- Bioseed revenue fell 26% YoY to ₹210 Cr, resulting in a PBDIT loss of ₹9 Cr due to delayed rainfall.
- Net Debt stood at ₹1,649 Cr as of June 2026, compared to ₹1,481 Cr in the previous year.
DCM Shriram approved its Q1 FY27 results for the quarter ended June 30, 2026. The auditor's report highlights that 14 subsidiaries contributed Rs 179.46 crore to revenue and Rs 6.34 crore to net profit, which is a relatively small portion (~1.4%) of the company's TTM revenue of Rs 13,232 crore. A structural change occurred as Shriram Teknor Limited transitioned from a subsidiary to a joint venture effective April 17, 2026. The company continues to focus on its diversified segments including Chemicals, Sugar, and the Fenesta brand.
- 14 subsidiaries and 2 consolidated entities contributed Rs 179.46 crore to the Q1 FY27 revenue.
- Net profit from these reviewed subsidiaries stood at Rs 6.34 crore for the quarter ended June 30, 2026.
- Shriram Teknor Limited (formerly Shriram Polytech) became a Joint Venture effective April 17, 2026.
- The Board meeting for result approval concluded at 3:35 P.M. on July 28, 2026.
DCM Shriram Limited has announced the resignation of Mr. Sandeep Girotra, Chief Human Resource Officer (CHRO) and Senior Management Personnel, effective July 24, 2026. The resignation is attributed to personal reasons as per the official filing. This transition occurs in a large-cap diversified entity with a market capitalization of ₹15,705 Cr and TTM revenue of ₹13,232 Cr. The exit appears to be a routine leadership change with no reported impact on business operations.
- Mr. Sandeep Girotra resigned as CHRO and Senior Management Personnel effective July 24, 2026.
- The resignation was submitted for personal reasons as per the letter dated July 21, 2026.
- DCM Shriram reported a TTM revenue of ₹13,232 Cr and TTM PAT of ₹838 Cr.
- The company maintains a strong promoter holding of 66.53% as of March 2026.
Financial Performance
Revenue Growth by Segment
Consolidated operating income grew 11% to INR 12,077 Cr in FY25. Segment-wise growth for FY25: Chemicals & Vinyl grew 24% due to Bharuch expansion; Shriram Farm Solutions (SFS) grew 21%; Bioseed grew 17%; Fenesta Building Systems grew 5%; and Sugar & Ethanol grew 4%. In Q2 FY26, Chemicals revenue rose 43% YoY to INR 1,108 Cr, while SFS rose 27% to INR 471 Cr.
Geographic Revenue Split
Not disclosed in available documents, though the company operates 12 locations across India and accesses both domestic and foreign capital markets.
Profitability Margins
Operating margin improved to 11% in FY25 from 9% in FY24, driven by higher volumes in Chemicals and SFS. Q1 FY26 operating margin remained steady at 9.3%. PAT for FY24 was INR 447.1 Cr (4.09% margin) and reached INR 425.4 Cr for 9M FY25 (4.6% margin).
EBITDA Margin
EBITDA margin (OPBDIT/OI) was 10.1% for 9M FY25 compared to 9.07% in FY24. The increase is attributed to capacity expansions and better realizations in the Chloro-Vinyl segment, which offset margin declines in the sugar segment.
Capital Expenditure
The company maintains a high capex profile, supported by annual cash accruals of over INR 900 Cr. Significant planned capex includes the acquisition of Hindusthan Speciality Chemicals Ltd (HSCL) to enter the epoxy and advanced materials market at Bharuch.
Credit Rating & Borrowing
CRISIL reaffirmed 'Crisil A1+' for the Commercial Paper program (enhanced to INR 700 Cr). Interest coverage ratio improved to 8.7x in FY25 from 11.3x in FY24 (per ICRA metrics). Total debt/OPBDIT stood at 2.10x in FY24.
Operational Drivers
Raw Materials
Key raw materials include Sugarcane (for sugar/ethanol), Salt (for Chlor-Alkali), Coal (for power generation), and various seeds/chemicals. Salt is a critical input, with market prices around INR 2,300 per ton.
Import Sources
Salt is sourced partly through a new acquisition (covering 13% of requirements) and the remainder from the open market. Specific geographic sources for other materials are not detailed, though operations are centered in India (e.g., Uttar Pradesh for sugar, Bharuch for chemicals).
Key Suppliers
Not disclosed in available documents, except for a strategic MoU with Bayer Crop Science Limited for agricultural inputs.
Capacity Expansion
Sugar crushing capacity is 42,400 tonnes of cane per day (TCD) across four mills. Distillery capacity is 560 KLD. Chemical capacity was recently expanded at the Bharuch plant. The HSCL acquisition will add epoxy, calcium chloride, and aluminium chloride facilities.
Raw Material Costs
Salt procurement costs are approximately INR 2,300 per ton; the company aims for a 30-40% margin on salt-related operations. Sugarcane availability issues and government-controlled pricing significantly impact the cost structure of the sugar and ethanol segments.
Manufacturing Efficiency
The company achieved a Lost Time Injury Frequency Rate (LTIFR) of nil in FY25. Manufacturing efficiency is supported by vertical integration, such as using sugar by-products for ethanol and power.
Strategic Growth
Expected Growth Rate
13%
Growth Strategy
Growth is targeted through capacity expansion in Chemicals (Bharuch), the acquisition of HSCL for entry into epoxy/advanced materials, and expanding the Fenesta brand's product profile. The company is also leveraging a strategic MoU with Bayer Crop Science to advance sustainable agriculture.
Products & Services
Chlor-alkali (caustic soda), PVC, Urea, Sugar, Ethanol, Research Seeds (Bioseed), UPVC/Aluminum windows and doors (Fenesta), Cement, and value-added agri-inputs (SFS).
Brand Portfolio
Fenesta Building Systems, Shriram Farm Solutions, Bioseed.
New Products/Services
Expansion into Epoxy, Calcium Chloride, and Aluminium Chloride via the HSCL acquisition. Fenesta is diversifying into aluminum windows and facades to increase wallet share in building materials.
Market Expansion
Expansion of the Fenesta retail network and increasing the product profile in the SFS segment to maintain market leadership in research wheat.
Market Share & Ranking
Market leader in the research wheat segment (SFS) and a leading player in the organized UPVC windows market (Fenesta).
Strategic Alliances
Strategic MoU signed with Bayer Crop Science Limited in December 2025 to advance sustainable agriculture.
External Factors
Industry Trends
The industry is shifting toward sustainability and ethanol blending (20% target). DCM Shriram is positioning itself by increasing distillery capacity to 560 KLD and adopting 35% green energy to meet ESG expectations of foreign portfolio investors.
Competitive Landscape
Competes with diversified chemical and agri-business conglomerates; maintains edge through research-led seeds and a pan-India distribution network for SFS.
Competitive Moat
Moat is built on vertical integration (sugar-ethanol-power), cost leadership in Chlor-Alkali through scale, and strong brand equity in Fenesta. These are sustainable due to high capital entry barriers in chemicals and a 10x water harvesting surplus.
Macro Economic Sensitivity
Highly sensitive to government agricultural policies (MSP for crops, fertilizer subsidies) and sugar export/ethanol blending mandates.
Consumer Behavior
Increasing demand for premium building materials (Fenesta) and sustainable agri-inputs among the farming community.
Geopolitical Risks
Exposure to global commodity price volatility in the chemicals and plastics segments.
Regulatory & Governance
Industry Regulations
Subject to government control on fertilizer input/output prices, sugar inventory limits, and ethanol blending feedstock restrictions (syrup vs grain).
Environmental Compliance
10x water harvested and conserved; 35% green energy usage. ESG profile supports credit risk, especially for chemical operations involving high water and waste.
Taxation Policy Impact
Tax outflow is currently equivalent to Minimum Alternate Tax (MAT).
Legal Contingencies
BSE Limited imposed a penalty of INR 30,000 for late submission of the XBRL Secretarial Compliance Report for FY24. No other major pending court case values were disclosed.
Risk Analysis
Key Uncertainties
Regulatory changes in the sugar and fertilizer industries (high impact); volatility in Chlor-Alkali and plastic segment margins.
Geographic Concentration Risk
Sugar operations are concentrated in Uttar Pradesh (4 mills); Chemical operations are centered in Bharuch, Gujarat.
Third Party Dependencies
Dependent on the government for fertilizer subsidies and ethanol pricing; dependent on external salt markets for 87% of requirements.
Technology Obsolescence Risk
Mitigated by investments in new revenue platforms and capacity enhancements in the Chloro-Vinyl and Fenesta segments.
Credit & Counterparty Risk
Liquidity is strong with INR 986 Cr in cash and liquid investments as of March 31, 2025, mitigating counterparty risk.
