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DCW Limited (DCW)

₹44.88 +0.22% last close, 16 Oct

📊 NSE: DCW 🏢 Petrochemicals 📢 Latest filing: 08 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, DCW's revenue was ₹542 Cr (+13.9% year on year, -11.0% on the previous quarter), and net profit ₹35.0 Cr (+218.2% year on year); the operating margin was 6.6%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹542	+13.9%	-11.0%
Operating profit	₹36.0	-33.3%	-44.6%
Net profit	₹35.0	+218.2%	+94.4%
EPS (₹)	1.17	+200.0%	+91.8%
Operating margin	6.6%	—	—

Full quarterly financials → Results calendar →

DCW delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 52.32% of the DCW shares traded on NSE were taken to delivery, against the stock's own 20-session average of 42.42%. Delivery was unusually high while the price barely moved (+0.22%). Volume was 0.3 times its average, well below normal.

52.32%Delivery, 16 Oct

42.42%Own 20-session average

0.3×Volume vs its average

₹44.88NSE close · +0.22%

Delivery in the last 5 sessions: 39.0% · 38.1% · 34.0% · 42.6% · 52.3%

Delivery across the market →

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

DCW Submits Dematerialisation Certificate for Quarter Ended September 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 08 Oct 2026, 03:39 PM

DCW Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent Bigshare Services Pvt. Ltd. confirms that securities received for dematerialisation were duly processed, accepted or rejected, and listed on exchanges. It also certifies that security certificates were mutilated and cancelled within 15 days of receipt. This filing is purely administrative in nature with no financial or operational impact.

Regulation 74(5) depository compliance certificate filed for the quarter ended September 30, 2026
Confirmation provided by Registrar and Share Transfer Agent Bigshare Services Pvt. Ltd.
Physical share certificates were mutilated and cancelled within 15 days of receipt

💡 No investor action required. Investors should focus on upcoming quarterly financial results and operating performance updates.

DCW Shareholders Approve All AGM Resolutions with Requisite Majority

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Sep 2026, 11:07 AM

DCW Limited has submitted the scrutinizer's report and voting results for its 87th Annual General Meeting held on September 26, 2026. All items were passed with the requisite majority, with ~49.7% of total voting rights polled (14.67 crore votes out of 29.52 crore shares). Resolutions included the adoption of FY26 financial statements, dividend confirmation, re-appointment of retiring director Ashish Jain, appointment of Adhiraj Anil Harish as Independent Director, and cost auditor remuneration ratification.

All resolutions passed with over 99.9% votes in favor across total polled votes
Overall voting turnout stood at 49.6983% with 14,66,87,024 votes polled out of 29,51,55,017 shares
Promoter group voted 13,29,44,043 shares, representing 98.7981% of their holding, 100% in favor
Special resolution to appoint Adhiraj Anil Harish as Independent Director passed with 99.9396% favor

💡 Track subsequent quarterly financial performance and progress on the pending SBPL merger scheme alongside CPVC capacity ramp-up towards 50,000 MTPA.

DCW Dispatches FY26 Annual Report; Sets AGM for Sept 26 & Dividend Record Date Sept 19

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Sep 2026, 08:18 PM

DCW Limited has issued an intimation regarding the dispatch of letters to shareholders without registered emails, providing a weblink to its FY 2025-26 Annual Report. The company announced that its 87th Annual General Meeting (AGM) will be held on Saturday, September 26, 2026, via Video Conference. The record date for final dividend entitlement and e-voting cutoff is fixed as September 19, 2026. Remote e-voting will be available from September 23 to September 25, 2026, with dividend distribution scheduled on or after September 27, 2026.

87th AGM scheduled for Saturday, September 26, 2026, at 12:00 Noon via Video Conference.
Record date for final dividend and e-voting eligibility set for September 19, 2026.
E-voting window opens September 23, 2026 (09:00 AM) and closes September 25, 2026 (05:00 PM).
Dividend payment scheduled on or after Sunday, September 27, 2026.

💡 Shareholders seeking dividend entitlement should hold shares before the September 19, 2026 record date and update email details with depositories for electronic notices.

DCW Releases Business Responsibility & Sustainability Report for FY26; Exports at 28% of Turnover

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Sep 2026, 07:51 PM

DCW Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 in compliance with SEBI LODR regulations. The disclosure provides a snapshot of the business mix, with Caustic Soda contributing 36% of turnover, PVC Resin 25%, CPVC 17%, Soda Ash 11%, and SIOP 10%. Exports accounted for 28% of the total revenue across 17 international countries. As a statutory annual filing, this update contains no new operational or financial surprise.

Caustic Soda and PVC Resin accounted for 36% and 25% of turnover respectively, with CPVC at 17%
Exports contributed 28% of total turnover, reaching 17 international markets
Company workforce stood at 796 employees and 1,057 workers as of March 31, 2026
Standalone paid-up capital reported at ₹59.03 Cr (₹5,903.10 Lakhs)

💡 Track upcoming quarterly operational updates and progress on CPVC downstream volume ramp-up and the pending SBPL merger.

DCW Convenes 87th AGM on Sep 26, 2026; Recommends ₹0.20/Share Final Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Sep 2026, 07:36 PM

DCW Limited has issued the notice for its 87th Annual General Meeting (AGM) scheduled for Saturday, September 26, 2026, via Video Conferencing. Key ordinary and special business items include the adoption of FY26 audited accounts, confirmation of a ₹0.10 interim dividend, and declaration of a ₹0.20 final dividend per equity share (face value ₹2). Shareholders will also vote on the appointment of Mr. Adhiraj Anil Harish as an Independent Director for 5 years and the re-appointment of Managing Director Mr. Ashish Pramodkumar Jain.

87th AGM scheduled for Saturday, September 26, 2026 at 12:00 Noon IST via VC/OAVM.
Proposed final dividend of ₹0.20 per equity share of ₹2 face value, alongside confirmation of ₹0.10 interim dividend (total 15% / ₹0.30 per share for FY26).
Proposed appointment of Mr. Adhiraj Anil Harish as Non-Executive Independent Director for a 5-year term ending June 27, 2031.
Proposed re-appointment of Mr. Ashish Pramodkumar Jain, who retires by rotation.

💡 Track shareholder voting results post-AGM on September 26, 2026, and monitor subsequent announcements regarding the dividend payout timeline.

DCW Fixes September 19, 2026 as Record Date for FY26 Final Dividend and 87th AGM

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 04 Sep 2026, 04:46 PM

DCW Limited has scheduled its 87th Annual General Meeting (AGM) for Saturday, September 26, 2026. The company has fixed Saturday, September 19, 2026, as the record date for determining shareholder eligibility for the FY26 final dividend, if approved by members. The register of members and share transfer books will remain closed from September 20, 2026, to September 26, 2026. Approved dividends will be disbursed after September 26, 2026.

Record date fixed as Saturday, September 19, 2026, to determine dividend eligibility
87th Annual General Meeting scheduled for Saturday, September 26, 2026, at 12:00 Noon IST
Book closure period set from September 20, 2026, to September 26, 2026 (both days inclusive)
Final dividend for FY26 to be paid after September 26, 2026, subject to shareholder approval

💡 Track the outcome and shareholder voting at the 87th AGM on September 26, 2026, along with upcoming quarterly earnings releases.

DCW Sets Record Date as Sep 19, 2026 for Final Dividend and 87th AGM

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 04 Sep 2026, 04:40 PM

DCW Limited has scheduled its 87th Annual General Meeting (AGM) for Saturday, September 26, 2026, via Video Conferencing. The company has fixed Saturday, September 19, 2026, as the record date to determine shareholder eligibility for the final dividend for FY 2025-26. The Register of Members and Share Transfer Books will remain closed from September 20, 2026, to September 26, 2026. Subject to shareholder approval at the AGM, the dividend will be disbursed after September 26, 2026.

87th AGM scheduled for Saturday, September 26, 2026 at 12:00 Noon IST via VC/OAVM
Record date fixed as Saturday, September 19, 2026 for final dividend eligibility
Book closure period set from Sunday, September 20, 2026 to Saturday, September 26, 2026
Final dividend for FY26 to be disbursed after September 26, 2026, subject to AGM approval

💡 Investors seeking final dividend eligibility must ensure DCW shares are held in their demat accounts before the record date of September 19, 2026.

DCW Unveils Refreshed Corporate Identity Amid Leadership Transition and Systems Upgrade

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Sep 2026, 06:42 PM

DCW Limited has announced a refresh of its corporate identity for its 80-plus-year-old organization. The rebranding is accompanied by operational strengthening initiatives, including a new ERP rollout, enhanced governance, and an ongoing leadership transition. The announcement does not disclose any financial commitments, capex figures, or commercial contracts.

Refreshed brand identity announced for the 80-plus-year-old chemical manufacturer on September 03, 2026
Company highlights ongoing leadership transition and new ERP implementation to strengthen governance
Defined new core vision to be a global leader in chemicals alongside four key operating values

💡 Track the company's operational execution in core downstream chemistries like CPVC and upcoming quarterly financial performance rather than branding changes.

DCW Secures ₹11.99 Cr Tax Relief via CIT(A) Order Across 10 Assessment Years

🟢 POSITIVE ⭐ 5/10

LEGAL 📅 02 Sep 2026, 08:07 PM

DCW Limited received an appellate order under Section 250 of the Income Tax Act from CIT (Appeals)-47, Mumbai, covering 10 assessment years (AY 2015-16 to AY 2024-25). The authority deleted several additions previously made by the Assessing Officer, lowering the disputed MAT credit reduction from ₹28.93 crore to ₹16.94 crore. This favourable ruling results in a ₹11.99 crore reduction in tax liability and a corresponding reduction in contingent liabilities. The company plans to appeal the remaining sustained additions.

CIT(A) order covers 10 assessment years from AY 2015-16 to AY 2024-25
Tax liability and contingent liability reduced by ₹11.99 crore
MAT credit reduction pruned to ₹16.94 crore from ₹28.93 crore assessed earlier
Company to pursue appeals against balance additions sustained by CIT(A)

💡 Monitor whether the Income Tax department appeals against the relief and track DCW's subsequent appellate steps for the remaining sustained additions.

DCW: Intimation on TDS for Final Dividend of ₹0.20 per Share for FY26

🟡 NEUTRAL ⭐ 2/10

DIVIDEND 📅 01 Sep 2026, 05:40 PM

DCW Limited has issued an intimation to shareholders regarding Tax Deduction at Source (TDS) applicable to the recommended final dividend of ₹0.20 per equity share (face value ₹2) for FY 2025-26. Resident shareholders with valid PAN will be subject to a 10% TDS rate, while dividend income up to ₹10,000 for resident individuals is exempt from deduction. Shareholders seeking lower or nil deduction must submit necessary tax exemption forms and documents to the RTA by September 15, 2026.

Final dividend recommended is ₹0.20 per equity share of face value ₹2 for FY 2025-26
Standard TDS rate of 10% applies to resident shareholders with valid PAN
TDS rate of 20% applies in the absence of valid or linked PAN
No TDS deducted for resident individuals receiving total dividend up to ₹10,000 in FY 2026-27
Deadline to submit tax exemption forms/declarations is September 15, 2026

💡 Shareholders eligible for nil or lower withholding tax should submit relevant tax declarations to the RTA by September 15, 2026, and ensure bank account and PAN details are updated.

DCW Issues KYC Updation Notice to Physical Shareholders Under SEBI Circular

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 31 Aug 2026, 06:39 PM

DCW Limited has issued an intimation to shareholders holding shares in physical form to submit their PAN, KYC, and bank account details in compliance with the SEBI Master Circular dated February 06, 2026. Non-compliant physical folios will have their dividend payments withheld and will only be eligible for electronic payouts once updated. The communication also encourages physical shareholders to dematerialize their holdings to facilitate market liquidity.

Intimation issued pursuant to SEBI Master Circular dated February 06, 2026
Physical security holders must submit PAN, nomination choice, contact details, mobile number, bank account details, and specimen signature
Dividend payments will be withheld for physical folios lacking updated KYC details
Shareholders advised to submit Form ISR-2, ISR-3, and SH-14 to RTA Bigshare Services Pvt. Ltd.

💡 Physical shareowners should complete KYC documentation with Bigshare Services to avoid dividend withholding; general equity investors can treat this as routine compliance with no operational impact.

DCW Restores Dhrangadhra Plant to Full Capacity; Disruption Impact Estimated at ₹9.1 Cr

🟡 NEUTRAL ⭐ 5/10

OTHER 📅 21 Aug 2026, 07:49 PM

DCW Limited has fully completed restoration activities at its Dhrangadhra manufacturing plant in Gujarat following flood-related waterlogging earlier in August 2026. The estimated physical damage to the factory is approximately ₹10 Crore, against which an insurance claim of ₹10 Crore has been lodged under its Stock and IAR policy. The estimated financial loss on production and profitability stands at approximately ₹9.1 Crore, which is significant relative to the company's TTM PAT of ₹16 Crore. Production activities have now returned to 100% operational capacity.

Dhrangadhra plant operations and production restored to full operational capacity as of August 21, 2026
Estimated physical damage due to flooding is approximately ₹10 Crore
Insurance claim lodged under Stock and IAR Insurance Policy stands at approximately ₹10 Crore
Financial loss on production and profitability is estimated at approximately ₹9.1 Crore (~57% of TTM PAT)

💡 Monitor upcoming quarterly financial results for the accounting recognition of the ₹9.1 Crore operational loss and the timeline of insurance claim settlement.

DCW Q1 FY27 Call: Revenue Up 14% YoY to ₹542 Cr; Outlines ₹250 Cr Capex Plan

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 20 Aug 2026, 06:46 PM

DCW reported Q1 FY27 revenue of ₹542 Cr, rising 14% YoY driven by a 38% expansion in Specialty Chemicals (CPVC volumes up 59%). EBITDA stood at ₹41.4 Cr, impacted by temporary West Asia disruptions affecting VCM supply and PVC production. The company reiterated its target to become effectively net-debt free by end-FY27 while outlining a ₹250 Cr capex program over 2-3 years to expand Synthetic Iron Oxide Pigment (SIOP) capacity from 30,000 to 45,000 MTPA and upgrade captive power infrastructure by Q4 FY28.

Q1 FY27 revenue reached ₹542 Cr (+14% YoY), with Specialty Chemicals contributing ₹177 Cr (33% of total revenue)
CPVC sales volume surged 59% YoY following capacity expansion, with Specialty EBITDA growing ~20% YoY
Announced ₹250 Cr investment program over 2-3 years (~25.1% of TTM revenue) targeting a minimum 20% incremental ROCE
SIOP capacity to expand from 30,000 MTPA to 45,000 MTPA with Phase 1 (7,000 MTPA) slated for completion by Q4 FY28
Management expects legacy long-term debt to be fully repaid during FY27, turning effectively net debt-free

💡 Track the execution timeline for the SIOP expansion and captive power plant towards Q4 FY28, along with recovery in PVC margins following the reinstatement of import duties.

DCW Receives 5-Year Three Star Export House Recognition Until June 2031

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 17 Aug 2026, 06:47 PM

DCW Limited has received recognition as a Three Star Export House from the Ministry of Commerce & Industry under the Foreign Trade Policy, 2023. The certificate of recognition is valid for a period of five years, from June 29, 2026, to June 29, 2031. The status provides procedural and trade facilitation benefits aimed at aiding the company's international market presence.

Accorded Three Star Export House status under the Foreign Trade Policy, 2023
Certificate valid for 5 years from June 29, 2026, expiring on June 29, 2031
Aimed at strengthening presence in international markets and expanding export reach

💡 Monitor upcoming quarterly results for export revenue contribution and realization trends in key downstream products.

DCW Resumes Phased Operations at Dhrangadhra Plant; Full Normalcy in 5 Days

🟢 POSITIVE ⭐ 3/10

ROUTINE 📅 14 Aug 2026, 07:35 PM

DCW Limited has commenced the phased resumption of manufacturing operations at its Dhrangadhra plant in Gujarat, which was temporarily suspended on August 03, 2026, due to severe waterlogging and flooding. The company expects production to return to normal levels within 5 days. While the exact physical and financial damage is still being assessed, DCW confirmed that losses to stock and Industrial All Risk (IAR) are fully covered by insurance.

Operations restarting in a phased manner after weather disruption since August 03, 2026
Production expected to reach full normal capacity within 5 days
Financial and property damage is currently being assessed and quantified
Company confirmed losses on stock and IAR are fully covered by insurance

💡 Monitor upcoming quarterly financial results for any uninsurable downtime expenses or volume impact resulting from the roughly two-week disruption.

View All DCW Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Revenue grew 6.88% YoY to INR 2,000.34 Cr in FY25. Specialty chemicals (CPVC, SIOP) are the primary margin drivers, with CPVC achieving a 22% CAGR from FY21 to FY25. Q2 FY26 revenue reached INR 539.2 Cr, a 10.3% YoY increase.

Geographic Revenue Split

Not disclosed as specific percentages, but operations are concentrated in Sahupuram (Tamil Nadu) and Dhanghadra (Gujarat), with corporate headquarters in Mumbai.

Profitability Margins

Profit After Tax (PAT) surged 93.4% YoY to INR 30.28 Cr in FY25. PAT margin for Q2 FY26 stood at 2.56%, up 281 bps YoY. ROE and ROCE for FY25 were 2.94% and 6.69% respectively.

EBITDA Margin

EBITDA margin for FY25 was 9.67%, up 29 bps YoY. Q2 FY26 EBITDA margin improved significantly to 10.78%, a 354 bps YoY increase, driven by specialty chemical contributions and cost-control measures.

Capital Expenditure

DCW completed a CPVC capacity expansion from 20,000 MTPA to 40,000 MTPA in July 2025. Plans are underway to add another 10,000 MTPA by the end of FY26. 30% of capex is funded via internal accruals and 70% through debt.

Credit Rating & Borrowing

India Ratings reaffirmed an IND A/Stable rating for term loans (INR 397.7 Cr) and IND A1 for working capital limits (INR 339.2 Cr). Interest expense for FY25 was INR 67.2 Cr.

⚙️ Operational Drivers

Raw Materials

Key raw materials include PVC (partially captive), Salt, and Coal. Total expenses for FY25 were INR 1,806.9 Cr, representing approximately 90.3% of revenue.

Capacity Expansion

CPVC capacity was doubled from 20,000 MTPA to 40,000 MTPA in July 2025 (ahead of schedule). Target capacity is 50,000 MTPA by the end of FY26 to meet rising domestic infrastructure demand.

Raw Material Costs

Raw material costs are impacted by global commodity volatility. Procurement strategies include diversified sourcing, long-term contracts, and strategic backward integration projects.

Manufacturing Efficiency

CPVC plant achieved a robust capacity utilization rate of 106% in FY25. The new 40,000 MTPA capacity achieved full utilization immediately upon commissioning in Q2 FY26.

📈 Strategic Growth

Expected Growth Rate

25%

Growth Strategy

Growth will be achieved by shifting the product mix toward high-margin downstream chemistries like CPVC and SIOP. The company aims for an annualized revenue run rate of INR 2,500 Cr by leveraging its doubled CPVC capacity and further expansion to 50,000 MTPA.

Products & Services

Soda Ash, Caustic Soda, PVC, CPVC (Chlorinated Polyvinyl Chloride), and SIOP (Synthetic Iron Oxide Pigment).

Brand Portfolio

DCW Limited.

New Products/Services

Expanded CPVC capacity and value-added downstream chemistries are expected to be the core drivers of margin stability and growth.

Market Expansion

Targeting domestic import substitution in the CPVC market, where DCW is the sole domestic manufacturer.

Market Share & Ranking

DCW is the sole domestic manufacturer of CPVC in India.

Strategic Alliances

Kaze Renewables Private Limited (Associate Company).

🌍 External Factors

Industry Trends

The industry is shifting toward specialty chemicals and ESG compliance. India is positioning as a global chemical manufacturing hub for the next decade.

Competitive Landscape

Competition primarily from global importers of CPVC and PVC; commodity segments face pricing pressure from global supply-demand dynamics.

Competitive Moat

Durable moat as the sole domestic manufacturer of CPVC in India, providing a significant logistics and cost advantage over imported alternatives.

Macro Economic Sensitivity

Sensitive to global chemical sector cycles and pricing; India remains attractive due to consumption growth and import substitution opportunities.

Consumer Behavior

Rising demand for CPVC is driven by domestic infrastructure, industrial needs, and construction growth.

Geopolitical Risks

Global macroeconomic uncertainties and supply chain disruptions impact raw material pricing and global demand recovery.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with Safety, Health, and Environmental (SH&E) regulations and SEBI Business Responsibility and Sustainability Reporting (BRSR).

Environmental Compliance

Investments in zero-liquid discharge and green chemistry to comply with SEBI BRSR mandates and evolving SH&E regulations.

Taxation Policy Impact

Effective tax rate was approximately 28.5% in FY25, with current tax of INR 8.62 Cr on PBT of INR 30.28 Cr.

Legal Contingencies

Pending reply to the Department of Geology and Mining, Thoothukudi District; management states there is no material impact on financials or operations.