NSE: DCW · BSE: 500117 · ISIN INE500A01029
DCW Limited stock analysis
DCW Limited ranks #3093 in the TickerSutra evidence-ranked universe with a score of 42/100 and 95% data confidence. The latest captured fundamentals show ROCE of 9.7%, quarterly sales growth of 14.0% and quarterly profit growth of 203.3%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0.27×
- Strong CFO/EBITDA of 1.24×
- CWIP indicates an active capacity pipeline
Risks and constraints
- No calculated threshold risk in the current snapshot.
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹2,455cr | ₹328cr | ₹108cr | 13.0% |
| 2023 | ₹2,634cr | ₹429cr | ₹192cr | 16.0% |
| 2024 | ₹1,872cr | ₹177cr | ₹16cr | 9.0% |
| 2025 | ₹2,000cr | ₹194cr | ₹30cr | 10.0% |
| 2026 | ₹2,144cr | ₹225cr | ₹48cr | 11.0% |
| TTM | ₹2,210cr | ₹204cr | ₹71cr | 9.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
DCW Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
RoutineShareholders meetingNSE · 29 Sept 2026DCW Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on September 26, 2026. Further, the company has informed the Exchange regarding voting results.
RoutineDCW Ltd - 500117 - Shareholder Meeting / Postal Ballot-Scrutinizer''s ReportBSE · 29 Sept 2026Scrutinuser''s Report on voting through remote e-voting and e-voting at 87th Annual General Meeting
RoutineShareholders meetingNSE · 26 Sept 2026DCW Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 26, 2026
RoutineDCW Ltd - 500117 - Shareholder Meeting / Postal Ballot-Outcome of AGMBSE · 26 Sept 2026Summary of proceedings of the 87th Annual General Meeting
MANAGEMENT COMMENTARY
Signals from filed documents
On the sequential basis, EBITDA, including other income, declined 41%, ev en as profitability in the Specialty segment improved significantly by 35%. The Basic Chemicals segment profit was significantly impacted due to the PVC business, while caustic soda witnessed margin expansion during the quarter. The sequential decline was therefore not reflective of the underlying business trends.
This coincided with the temporary suspension of import duties, which increased the flow of lower-priced imports into India and further pressured domestic realizations. Together, lower production, higher input costs and weaker realizations had a disproportionate impact on the quarter. Importantly, we see these pressures as largely event-driven rather than structural.
So the entire VCM is imported, not only by us, even by other PVC producers who are following this process. And it is difficult to have a backward integration for us because our capacity doesn't justify integration at these levels unless we decide to go for a 5x expansion in our PVC capacity. And like as already we have communicated clearly, we are unlikely to expand significantly in any of our basic chemicals unless
Having said that, I think Basic Chemicals should definitely do better than what we did in the quarter 1. Pradipto Mukherjee: But at the same breath, I'd just like to also tell that if the PVC prices and the spread of VCM gives a positive delta to our Q1 result, we need to also factor that there will be some amount of lag or a spread of PVC, CPVC and there will be expected margin contraction in the specialty business.
So whatever was the cost increase on account of higher prices of inputs, we could pass on to our customers. And sir, this SIOP, whatever expansion, this is all brownfield expansion, right? Madhur Rathi: Sir, so can the margin profile be better than the 34%, the 35% level that you used to do earlier?
We ar e only assuming the current margins to continue in our ROCE workings and our payback. So like going forward, we are expecting there could be some pressure on the CPVC/PVC because of the PVC price increase. But sir, if I look at our integrated margin from VCM to CPVC, can we expect to maintain these going forward?
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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