DCW

DCW Limited

Specialty and commodity chemicals manufacturer in petrochemicals

Commodities›Chemicals›Chemicals & Petrochemicals›Petrochemicals

Ask AI

Key metrics

Price as of 2026-10-19

Stock price
₹43.38
Market cap
1,281 Cr
Stock P/E
18.0
P/B
1.20
Dividend yield
0.5%
ROE (FY26)
4.5%
ROCE (FY26)
9.9%
Operating margin (FY26)
5.5%
Debt / equity (FY26)
0.29
OCF / EBITDA (FY26)
125.5%
OCF / EBITDA (3Y)
122.1%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

Loading price history…

Compare with peers

Loading peers…

What you need to know

DCW makes basic chemicals (PVC, caustic soda, soda ash) and specialty chemicals (chlorinated PVC, known as CPVC, and synthetic iron oxide pigments, known as SIOP) at two plants in Gujarat and Tamil Nadu, selling to customers in India and abroad.

Company snapshot

6thBy market cap

Ranked among 10 companies in Petrochemicals.

Segment mix

Reportable segments as of 2024-12-31 (Standalone). Revenue share = segment revenue ÷ total revenue.

Largest segment: 35.4% of revenue

SegmentRevenue shareRevenuePBTAssets
CPVC
16.9%
247 Cr69 Cr—
Caustic Soda
24.5%
359 Cr-31 Cr—
Others / Unallocated
0.6%
9 Cr3 Cr—
PVC
35.4%
518 Cr-0.95 Cr—
Soda Ash
12.0%
176 Cr-1 Cr—
Synthetic Iron Oxide Pigments
10.5%
153 Cr42 Cr—

What we see

Positives
  • ✓122% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
  • ✗Net margin is very thin at 2.2% — little room for error if costs rise.
1 more signal from the filings.Sign in free to see them all

Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Standalone only

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales414 Cr398 Cr622 Cr500 Cr489 Cr474 Cr538 Cr475 Cr539 Cr520 Cr609 Cr542 Cr
Operating expenses (approx.)373 Cr378 Cr558 Cr454 Cr453 Cr417 Cr482 Cr422 Cr481 Cr475 Cr544 Cr506 Cr
EBITDA42 Cr19 Cr63 Cr45 Cr35 Cr57 Cr56 Cr54 Cr58 Cr45 Cr65 Cr36 Cr
OPM %10.0%4.9%10.2%9.0%7.2%12.0%10.4%11.3%10.8%8.7%10.6%6.6%
Other income4 Cr4 Cr6 Cr6 Cr6 Cr5 Cr6 Cr4 Cr5 Cr5 Cr6 Cr6 Cr
Interest19 Cr18 Cr20 Cr17 Cr18 Cr16 Cr16 Cr15 Cr16 Cr16 Cr15 Cr15 Cr
Depreciation23 Cr24 Cr24 Cr25 Cr25 Cr25 Cr25 Cr25 Cr26 Cr26 Cr26 Cr26 Cr
Profit before tax4 Cr-19 Cr25 Cr10 Cr-2 Cr20 Cr21 Cr18 Cr21 Cr8 Cr28 Cr0.36 Cr
Tax %40.6%35.2%37.6%33.7%30.0%33.7%45.2%35.5%34.4%35.0%36.3%-9579.5%
Net profit3 Cr-12 Cr15 Cr7 Cr-1 Cr13 Cr11 Cr11 Cr14 Cr5 Cr18 Cr35 Cr
EPS (₹)₹0.09₹-0.42₹0.52₹0.23₹-0.04₹0.45₹0.39₹0.39₹0.47₹0.17₹0.61₹1.17

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,305 Cr1,213 Cr1,353 Cr1,277 Cr1,464 Cr2,455 Cr2,634 Cr1,872 Cr2,000 Cr2,144 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,161 Cr1,088 Cr1,191 Cr1,131 Cr1,255 Cr2,130 Cr2,205 Cr1,696 Cr1,807 Cr1,922 CrSign in free for the trailing twelve months
EBITDA144 Cr126 Cr162 Cr146 Cr209 Cr325 Cr428 Cr176 Cr193 Cr222 CrSign in free for the trailing twelve months
OPM %11.0%10.4%12.0%11.5%14.3%13.2%16.3%9.4%9.7%10.3%Sign in free for the trailing twelve months
Other income5 Cr6 Cr4 Cr9 Cr11 Cr6 Cr15 Cr18 Cr23 Cr19 CrSign in free for the trailing twelve months
Interest57 Cr93 Cr104 Cr107 Cr120 Cr113 Cr126 Cr74 Cr67 Cr62 CrSign in free for the trailing twelve months
Depreciation68 Cr88 Cr83 Cr87 Cr87 Cr89 Cr90 Cr94 Cr100 Cr104 CrSign in free for the trailing twelve months
Profit before tax25 Cr-49 Cr-22 Cr-40 Cr14 Cr143 Cr274 Cr25 Cr49 Cr75 CrSign in free for the trailing twelve months
Tax %19.5%58.8%80.5%32.5%72.3%25.0%30.0%38.2%38.7%35.4%Sign in free for the trailing twelve months
Net profit20 Cr-20 Cr-4 Cr-27 Cr4 Cr108 Cr192 Cr16 Cr30 Cr48 CrSign in free for the trailing twelve months
EPS (₹)₹0.91₹-0.99₹-0.16₹-1.12₹0.15₹4.12₹6.50₹0.53₹1.03₹1.63Sign in free for the trailing twelve months
Dividend payout %————3.0%0.1%9.2%56.5%0.0%12.3%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital44 Cr44 Cr44 Cr52 Cr52 Cr52 Cr59 Cr59 Cr59 Cr59 Cr
Reserves611 Cr591 Cr587 Cr626 Cr635 Cr750 Cr966 Cr973 Cr974 Cr1,016 Cr
Borrowings661 Cr690 Cr538 Cr531 Cr588 Cr552 Cr505 Cr436 Cr426 Cr310 Cr
Other liabilities636 Cr578 Cr649 Cr646 Cr600 Cr550 Cr533 Cr620 Cr720 Cr704 Cr
Total liabilities1,952 Cr1,904 Cr1,819 Cr1,855 Cr1,875 Cr1,903 Cr2,063 Cr2,089 Cr2,178 Cr2,089 Cr
Fixed assets (net)1,531 Cr1,471 Cr1,534 Cr1,467 Cr1,407 Cr1,352 Cr1,296 Cr1,312 Cr1,270 Cr1,304 Cr
CWIP122 Cr124 Cr7 Cr12 Cr4 Cr8 Cr60 Cr41 Cr56 Cr22 Cr
Investments0.0096 Cr0.0096 Cr0.0086 Cr0.0086 Cr0.0086 Cr0.0086 Cr0.0086 Cr20 Cr27 Cr20 Cr
Loans & advances——16 Cr16 Cr1 Cr1 Cr1 Cr1 Cr0.78 Cr1 Cr
Inventories135 Cr157 Cr122 Cr177 Cr169 Cr247 Cr345 Cr377 Cr428 Cr309 Cr
Trade receivables80 Cr86 Cr74 Cr73 Cr95 Cr116 Cr133 Cr114 Cr99 Cr142 Cr
Cash & bank2 Cr4 Cr1 Cr3 Cr50 Cr88 Cr10 Cr11 Cr11 Cr5 Cr
Other assets82 Cr62 Cr65 Cr106 Cr149 Cr91 Cr219 Cr213 Cr287 Cr286 Cr
Total assets1,952 Cr1,904 Cr1,819 Cr1,855 Cr1,875 Cr1,903 Cr2,063 Cr2,089 Cr2,178 Cr2,089 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity223 Cr57 Cr285 Cr170 Cr218 Cr178 Cr226 Cr252 Cr191 Cr278 Cr
Cash from investing-95 Cr-13 Cr-45 Cr-48 Cr-78 Cr52 Cr-165 Cr-99 Cr-112 Cr-63 Cr
Cash from financing-128 Cr-44 Cr-241 Cr-119 Cr-99 Cr-192 Cr-139 Cr-153 Cr-78 Cr-221 Cr
Net cash flow-0.40 Cr0.08 Cr-0.28 Cr2 Cr41 Cr38 Cr-78 Cr0.81 Cr0.59 Cr-7 Cr
Free cash flow (OCF − Capex)126 Cr37 Cr254 Cr154 Cr200 Cr140 Cr140 Cr158 Cr114 Cr185 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %6.2%3.3%7.0%5.6%10.5%18.9%26.2%6.7%8.0%9.9%
ROE %3.1%-3.2%-0.7%-3.9%0.6%13.4%18.7%1.5%2.9%4.5%
Debtor days22262021241718221824
Inventory days82986699796592132140106
Days payable1641091491811397873118126134
Cash conversion cycle-6015-64-61-364373632-4
OCF / EBITDA %154.5%45.6%176.2%115.8%104.0%54.8%52.7%143.6%98.6%125.5%
OCF / EBITDA % (3 years)——130.9%118.0%129.9%83.0%64.6%70.6%83.9%122.1%
Debt / equity1.011.090.850.780.860.690.490.420.410.29
Current ratio0.440.460.360.580.761.021.381.131.081.01
Net debt / EBITDA4.58—3.313.602.571.431.162.422.141.38