DCW Ltd
BSE:500117
DCW Ltd
DCW Ltd. manufactures and markets chemicals. The company is headquartered in Mumbai, Maharashtra. The firm offers a range of products with a focus on commodity chemicals, specialty chemicals, and intermediate products. The firm's commodity chemicals include soda ash, caustic soda, and poly vinyl chloride (PVC). Its intermediate Chemicals includes liquid chlorine, hydrochloric acid, trichloroethylene, utox, and sodium bicarbonate among others. Its specialty chemicals includes synthetic rutile (SR), synthetic iron oxide pigments (SIOP) and chlorinated poly vinyl chloride (C-PVC). The firm also manufacturers niche specialty chemicals in India. The firm's basic chemistry product range provides ingredients to the manufacturers of agricultural products, detergents, food, pharmaceuticals, pigments, fertilizers, alumina, and other industrial products. The firm has two manufacturing units at Dhangadhra, Gujrat and sahupurram, Tamil Nadu.
DCW Ltd. manufactures and markets chemicals. The company is headquartered in Mumbai, Maharashtra. The firm offers a range of products with a focus on commodity chemicals, specialty chemicals, and intermediate products. The firm's commodity chemicals include soda ash, caustic soda, and poly vinyl chloride (PVC). Its intermediate Chemicals includes liquid chlorine, hydrochloric acid, trichloroethylene, utox, and sodium bicarbonate among others. Its specialty chemicals includes synthetic rutile (SR), synthetic iron oxide pigments (SIOP) and chlorinated poly vinyl chloride (C-PVC). The firm also manufacturers niche specialty chemicals in India. The firm's basic chemistry product range provides ingredients to the manufacturers of agricultural products, detergents, food, pharmaceuticals, pigments, fertilizers, alumina, and other industrial products. The firm has two manufacturing units at Dhangadhra, Gujrat and sahupurram, Tamil Nadu.
Revenue Growth: DCW reported Q3 FY26 revenue of INR 520 crores, up 9.6% year-on-year, driven by strong volume growth in specialty chemicals.
Specialty Strength: Specialty chemicals revenue rose 27% YoY, with standout 80% volume growth in CPVC and 19% in SIOP; this segment offset weakness in basic chemicals.
Margin Pressure: Despite revenue growth, EBITDA for the quarter fell 19% YoY to INR 50 crores due to severe price erosion in PVC (down 17%) and CPVC (down 26%).
Debt Reduction: The company continues to deleverage and expects long-term debt to fall to INR 225 crores by year-end and further to INR 80 crores by end of FY27.
CPVC Expansion: Ongoing CPVC capacity expansion is on schedule, with total capacity set to reach 50,000 tonnes next month.
Positive Outlook: Management expects Q4 to be stronger, supported by higher pigment and synthetic rutile sales, and sees China's removal of the PVC export VAT rebate as a constructive industry development.
Cost Savings: Renewable power substitution is delivering INR 25–26 crores in annual cost savings, with further expansion on hold pending policy clarity.
No ADD Relief: Anti-dumping duty petitions for PVC and soda ash were not approved, and no new measures are pending.
