| Revenue growth | 14% YoY growth; 11% QoQ decline due to one-time inventory liquidation. |
|---|---|
| Margins | Basic chemical margins hit by PVC volatility; specialty margins stable at 29%. |
| Demand visibility | Resilient domestic demand in infrastructure, housing, and water management. |
| Management confidence | Cautiously optimistic; focusing on normalized VCM supply and specialty expansion. |
Growth
Specialty chemicals grew 38% YoY, partially offsetting a 14Cr EBITDA loss in basic chemicals.
Outlook
Expects FY27 to end better than FY26; targeting 300Cr steady-state EBITDA.
Risks
West Asia supply disruptions for VCM and removal of import duties severely pressured PVC margins.
Last quarter's promises, checked
Delivered
- Repay 130Cr scheduled debt → Net debt reduced significantly (= BEAT)
- Commission 10KT C-PVC last phase → Completed/Commercialized (= BEAT)
- Specialty volume growth → C-PVC volumes up 59% (= BEAT)
Partly delivered
- Targeting 300Cr FY27 EBITDA → Currently off-track due to Q1 basic chem loss (= PARTIAL)
Missed
- Basic chemical margins to stay elevated → 14Cr EBITDA loss (= MISS)
- PVC/C-PVC spreads to normalize → Wiped out by VCM crisis (= MISS)
Earnings Call Transcript filed with BSE, NSE: DCW. Summary written with AI assistance from the document.
DCW Ltd: key numbers
- Share price
- ₹46.60
- Market cap
- ₹1,375 Cr
- Revenue (annual)
- ₹2,144 Cr
- Net profit (annual)
- ₹48.17 Cr
- P/E (TTM)
- 19.3×Sector 36.8×
- Promoter holding
- 45.59%+0.15% QoQ
- FII holding
- 6.11%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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