DCW Ltd

India Ratings and Research stated that the affirmation continues to reflect DCW's robust business profile, supported by a diversified product mix with multiple end-use applications. Further, the company's operational profile is supported by the steady increase in the profitability of its specialty chemicals segment over FY21-FY26, which structurally improves its EBITDA profile. The higher margins and the lower volatility in the specialty chemicals segment help soften the impact of the weakness and volatility in the commodity chemicals segment, which remained weak over FY24-FY26. The ratings also benefit from DCW's comfortable credit metrics and adequate liquidity profile, driven by the maintenance of cash and equivalents that support its ability to navigate through volatile commodity cycles. The agency expects DCW's credit metrics to remain comfortable over FY27-FY28, backed by a healthy EBITDA and the absence of large capex plans. However, the ratings remain constrained by DCW's scale of profitability and its susceptibility to cyclical lows in prices. While FY22-FY23 witnessed supernormal profits due to a sharp cyclical increase in chemical prices, DCW's FY26 EBITDA remained close to FY21 levels despite increased contribution from the specialty chemicals segment. Notwithstanding some recovery, led by improved caustic prices and clearance of old synthetic rutile inventory, the commodity segment EBITDA remained significantly lower than the historical averages with margins remaining low (3.5%, around 10%), mainly due to the subdued polyvinyl chloride (PVC) and soda ash prices. As a result of subdued commodity prices, DCW's EBITDA was lower than the management's expectations for FY26. The management expects a significant uptick in the EBITDA over the near-to-medium term, driven by increased contribution from the specialty chemicals segment backed by higher CPVC and synthetic iron oxide pigments (SIOP) capacities, as well as some improvement in the performance of the commodity chemicals division. India Ratings opines that the ability to increase the sustainable EBITDA scale would be a key monitorable. DCW manufactures a wide range of chemicals. It has five divisions: PVC, soda ash, caustic soda (including synthetic rutile), CPVC and SIOP. The scrip fell 2.88% to end at Rs 48.23 on the BSE on Thursday. Powered by Capital Market - Live

DCW will hold a meeting of the Board of Directors of the Company on 5 May 2026.

Net profit of DCW declined 63.49% to Rs 4.90 crore in the quarter ended December 2025 as against Rs 13.42 crore during the previous quarter ended December 2024. Sales rose 9.63% to Rs 519.81 crore in the quarter ended December 2025 as against Rs 474.17 crore during the previous quarter ended December 2024. ParticularsQuarter EndedDec. 2025Dec. 2024% Var. Sales519.81474.17 10 OPM %8.7012.02 - PBDT33.8745.53 -26 PBT7.5320.24 -63 NP4.9013.42 -63 Powered by Capital Market - Live

DCW announced that the Board of Directors of the Company at its meeting held on 10 February 2026, has recommended a Interim Dividend of Rs.0.1 per share (i.e.5%), subject to the approval of the shareholders.Powered by Capital Market - Live

DCW will hold a meeting of the Board of Directors of the Company on 10 February 2026.Powered by Capital Market - Live

Net profit of DCW reported to Rs 13.81 crore in the quarter ended September 2025 as against net loss of Rs 1.25 crore during the previous quarter ended September 2024. Sales rose 10.33% to Rs 539.21 crore in the quarter ended September 2025 as against Rs 488.74 crore during the previous quarter ended September 2024. ParticularsQuarter EndedSep. 2025Sep. 2024% Var. Sales539.21488.74 10 OPM %10.767.25 - PBDT47.1023.06 104 PBT21.05-1.78 LP NP13.81-1.25 LP Powered by Capital Market - Live

DCW will hold a meeting of the Board of Directors of the Company on 4 November 2025.Powered by Capital Market - Live

DCW announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 15 November 2025.Powered by Capital Market - Live

DCW announced that the Annual General Meeting(AGM) of the company will be held on 29 September 2025.Powered by Capital Market - Live

Net profit of DCW rose 69.24% to Rs 11.39 crore in the quarter ended June 2025 as against Rs 6.73 crore during the previous quarter ended June 2024. Sales declined 4.81% to Rs 475.50 crore in the quarter ended June 2025 as against Rs 499.52 crore during the previous quarter ended June 2024. ParticularsQuarter EndedJun. 2025Jun. 2024% Var. Sales475.50499.52 -5 OPM %11.309.04 - PBDT42.6934.70 23 PBT17.6710.15 74 NP11.396.73 69 Powered by Capital Market - Live