DCW Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹1,328 Cr
- P/E
- 18.60
- ROE
- 4.74%
- PEG
- -0.59
- Price to sales
- 0.60
- Debt to equity
- 0.27
- 52W high / low
- ₹71.2 / ₹37.5
- Sales growth (5Y)
- 7.92%
- EBITDA margin
- 9.21%
- Net profit margin
- 2.33%
- Promoter holding
- 45.59%
- Sales (last year)
- ₹2,210 Cr
Guidance scorecard · Q2 FY27 call
What DCW Ltd's management guided
RevenueQ1 FY27 call
10–20%- DCW expects FY27 to close at a better level than the previous fiscal despite Q1 challenges.
- Specialty Chemicals segment shows strong growth, with 38% YoY revenue growth in Q1 and 59% increase in CPVC volumes.
- SIOP capacity debottlenecking and full capacity tie-up expected to drive revenue; 28 kt capacity with plans to add 7,000 tons by Q4 FY28.
- PVC volumes impacted temporarily due to West Asia crisis; normalcy expected with improved VCM availability and reinstatement of import duties.
- Export demand is strong, especially for SIOP and Synthetic Rutile, with a cyclical surge expected in Q3 and Q4.
- Company is focusing on value-added products and capacity expansion, targeting INR250 crores investment over 2-3 years.
2 more points from DCW Ltd's call on revenue
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MarginsQ1 FY27 call
Up 0–2%See what DCW Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- DCW Limited announced a INR250 crore investment program over the next 2-3 years focused on growth.
- Expansion of Synthetic Iron Oxide Pigment (SIOP) capacity from ~30,000 to 45,000 tons per annum.
- Investment in captive power infrastructure at Sahupuram facility.
2 more points from DCW Ltd's call on capex
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FundraisingQ1 FY27 call
PlannedSee what DCW Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- Future orders in Specialty Chemicals may come at higher prices post supply disruptions.
- Demand for SIOP (Specialty Isophthalic Polyester) is expected to grow, with higher exports to the U.S. and increased volumes in quarters 3 and 4.
- Commissioning of the SIOP plant's Phase 1 is expected by Q4 FY28 with plans to start Phase 2 shortly thereafter.
2 more points from DCW Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
This quarter's potential multibaggers
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
DCW Ltd announcements
All announcements →- Dividend / buyback / bonusNotableDCW Limited submits public announcement for open-market buyback of ₹2 shares
- OtherMajor development· Adverse for the businessDCW Limited approves results for quarter ended September 30, 2026 and Rs.40 crore buyback
- OtherMajor development· Adverse for the businessDCW Limited approves Q2 and H1 unaudited results and Rs 40 crore open-market buyback
Financials of DCW Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
DCW Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 45.10% | 44.08% | 44.86% | 44.86% | 44.86% | 44.87% | 44.81% | 44.62% | 45.14% | 45.44% | 45.59% | 45.59% |
| FIIs + | 7.87% | 7.25% | 7.35% | 11.25% | 11.35% | 10.82% | 10.05% | 9.18% | 8.57% | 6.71% | 6.11% | 5.34% |
| DIIs + | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.05% | 0.20% |
| Public + | 47.01% | 48.65% | 47.77% | 43.87% | 43.77% | 44.31% | 45.12% | 46.18% | 46.27% | 47.84% | 48.25% | 48.87% |
| No. of Shareholders | 1,20,542 | 1,52,888 | 1,43,623 | 1,12,841 | 1,11,827 | 1,09,430 | 1,09,256 | 1,08,389 | 1,08,430 | 1,07,475 | 1,08,567 | 1,09,719 |
Financials of DCW Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 414 | 398 | 622 | 500 | 489 | 474 | 538 | 476 | 539 | 520 | 609 | 542 | 663 |
| Expenses + | 373 | 378 | 558 | 454 | 453 | 417 | 482 | 422 | 481 | 475 | 544 | 506 | 615 |
| Operating Profit | 42 | 19 | 63 | 45 | 35 | 57 | 56 | 54 | 58 | 45 | 65 | 36 | 47 |
| OPM % | 10% | 4.9% | 10% | 9% | 7% | 12% | 10% | 11% | 11% | 9% | 11% | 7% | 7% |
| Other Income + | 4 | 3 | 6 | 6 | 6 | 5 | 6 | 4 | 5 | 5 | 6 | 6 | 7 |
| Interest | 19 | 18 | 20 | 17 | 18 | 16 | 16 | 15 | 16 | 16 | 15 | 15 | 14 |
| Depreciation | 23 | 24 | 24 | 25 | 25 | 25 | 25 | 25 | 26 | 26 | 26 | 26 | 27 |
| Profit before tax | 4 | -19 | 25 | 10 | -2 | 20 | 21 | 18 | 21 | 8 | 28 | 0 | 14 |
| Tax % | 41% | -35% | 38% | 34% | -30% | 34% | 45% | 36% | 34% | 35% | 36% | -9,497% | 26% |
| Net Profit + | 3 | -12 | 15 | 7 | -1 | 13 | 11 | 11 | 14 | 5 | 18 | 35 | 10 |
| EPS in Rs | 0.09 | -0.42 | 0.52 | 0.23 | -0.04 | 0.45 | 0.38 | 0.39 | 0.47 | 0.17 | 0.61 | 1.17 | 0.35 |
Financials of DCW Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,253 | 1,263 | 1,176 | 1,187 | 1,353 | 1,277 | 1,464 | 2,455 | 2,634 | 1,872 | 2,000 | 2,144 | 2,334 |
| Expenses + | 1,187 | 1,113 | 1,029 | 1,061 | 1,190 | 1,130 | 1,255 | 2,127 | 2,205 | 1,695 | 1,807 | 1,918 | 2,141 |
| Operating Profit | 66 | 150 | 147 | 126 | 163 | 147 | 209 | 328 | 429 | 177 | 194 | 225 | 193 |
| OPM % | 5% | 12% | 13% | 11% | 12% | 12% | 14% | 13% | 16% | 9% | 10% | 11% | 8% |
| Other Income + | -0 | 3 | 2 | 6 | 3 | 8 | 11 | 17 | 61 | 16 | 23 | 15 | 23 |
| Interest | 19 | 58 | 57 | 93 | 104 | 107 | 120 | 113 | 126 | 74 | 67 | 62 | 60 |
| Depreciation | 52 | 69 | 68 | 88 | 83 | 87 | 87 | 89 | 90 | 94 | 100 | 104 | 106 |
| Profit before tax | -5 | 27 | 25 | -49 | -22 | -40 | 14 | 143 | 274 | 25 | 49 | 75 | 50 |
| Tax % | 24% | 36% | 19% | -59% | -80% | -33% | 72% | 25% | 30% | 38% | 39% | 35% | |
| Net Profit + | -6 | 17 | 20 | -20 | -4 | -27 | 4 | 108 | 192 | 16 | 30 | 48 | 68 |
| EPS in Rs | -0.28 | 0.78 | 0.92 | -0.91 | -0.19 | -1.03 | 0.15 | 4.12 | 6.50 | 0.53 | 1.02 | 1.63 | 2.30 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 10% | 8% | 0% | 10% | 0% |
Financials of DCW Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 43 | 44 | 44 | 44 | 44 | 52 | 52 | 52 | 59 | 59 | 59 | 59 | 59 |
| Reserves | 517 | 591 | 611 | 591 | 587 | 626 | 635 | 750 | 966 | 973 | 974 | 1,016 | 1,061 |
| Borrowings + | 780 | 847 | 770 | 814 | 683 | 605 | 624 | 556 | 508 | 439 | 427 | 290 | 336 |
| Other Liabilities + | 507 | 481 | 528 | 455 | 504 | 550 | 564 | 546 | 530 | 618 | 718 | 724 | 756 |
| Total Liabilities | 1,847 | 1,963 | 1,952 | 1,904 | 1,819 | 1,834 | 1,875 | 1,903 | 2,063 | 2,089 | 2,178 | 2,089 | 2,212 |
| Fixed Assets + | 635 | 1,260 | 1,531 | 1,471 | 1,534 | 1,467 | 1,407 | 1,352 | 1,296 | 1,312 | 1,270 | 1,304 | 1,284 |
| CWIP | 849 | 367 | 122 | 124 | 7 | 12 | 4 | 8 | 60 | 41 | 56 | 22 | 29 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20 | 27 | 20 | 79 |
| Other Assets + | 363 | 336 | 299 | 309 | 278 | 354 | 464 | 543 | 708 | 716 | 825 | 744 | 820 |
| Total Assets | 1,847 | 1,963 | 1,952 | 1,904 | 1,819 | 1,834 | 1,875 | 1,903 | 2,063 | 2,089 | 2,178 | 2,089 | 2,212 |
Financials of DCW Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 69 | 123 | 223 | 57 | 285 | 170 | 218 | 178 | 226 | 252 | 191 | 278 |
| Cash from Investing Activity + | -87 | -100 | -95 | -13 | -45 | -43 | -78 | 52 | -165 | -99 | -112 | -63 |
| Cash from Financing Activity + | 19 | -23 | -128 | -44 | -241 | -119 | -99 | -192 | -139 | -153 | -78 | -221 |
| Net Cash Flow | 1 | -1 | -0 | 0 | -0 | 8 | 41 | 38 | -78 | 1 | 1 | -7 |
| Free Cash Flow | -20 | 22 | 126 | 37 | 255 | 154 | 200 | 141 | 140 | 162 | 116 | 187 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 112% | 83% | 157% | 45% | 175% | 117% | 104% | 61% | 64% | 150% | 103% | 122% |
Financials of DCW Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 28 | 34 | 25 | 26 | 20 | 21 | 24 | 17 | 18 | 22 | 18 | 24 |
| Inventory Days | 87 | 100 | 83 | 96 | 66 | 102 | 82 | 63 | 97 | 139 | 143 | 96 |
| Days Payable | 155 | 137 | 167 | 106 | 149 | 186 | 144 | 76 | 78 | 125 | 129 | 122 |
| Cash Conversion Cycle | -40 | -3 | -59 | 16 | -63 | -63 | -38 | 5 | 38 | 37 | 32 | -1 |
| Working Capital Days | -70 | -85 | -115 | -116 | -126 | -89 | -63 | -15 | 3 | -18 | -30 | -34 |
| ROCE % | 1% | 6% | 6% | 3% | 6% | 5% | 10% | 18% | 25% | 7% | 8% | 10% |
Guidance history
How DCW Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Up 0–2% | Planned | Planned | — |
| Q4 FY26 call → | 0–10% | Flat | Planned | — | — |
| Q3 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
21 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −29.5% | 25% |
| Last 6 months | −4.4% | 49% |
| Last 3 months | −2.5% | 63% |
The price is 58% below its all-time high of ₹107.13 (18 Oct 2024). Stocks more than 20% below their peak have their score halved, so 42 became 21.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For DCW Ltd: 0.4 × 25 + 0.4 × 49 + 0.2 × 63 = 42, halved to 21 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.