DCW Ltd.

•

dcwltd.comBSE: 500117NSE: DCW

Market Cap₹ 1,370 Cr.

Current Price

High / Low₹ 78 / 37

Stock P/E19.2

Book Value₹ 38

Price to Book2.22

Dividend Yield0.43 %

ROCE8.0 %

ROE2.9 %

Face Value₹ 2

Add ratio to table

ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Basic Chemicals: 73.1% • Speciality Chemicals: 26.3% • Others: 0.6%

AI Sector View

AI GENERATED

Chemicals

Hold

The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.

Confidence

55%

View full sector analysis →

PROS

Latest quarter profit grew 203.3% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.81x)
Working capital cycle has improved - days down from 15 to 11
Company generates healthy free cash flow
Company maintains a comfortable, low leverage position

CONS

A large part of profit comes from other income (46.8% of PBT)
Company has a low return on equity of 8.5% over last 3 years
Interest coverage is weak at 1.7x - earnings barely cover interest
Equity base is being diluted - shares outstanding up 13.1%
Recurring exceptional / one-off items are inflating headline profit
Operating margins have contracted to 9.7% from 13.5%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ChemicalsChemicalsChemicals

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	SOLARINDS	21410.70	97.29	193745.54	0.05	666.37	88.98	3668.20	70.26	38.16	27.91
2.	PIDILITIND	1632.00	62.71	166117.97	1.32	8835.10	1202.86	45515.50	1112.74	32.38	26.28
3.	SRF	2605.00	35.72	77218.67	0.35	758.87	75.53	5033.26	34.63	14.21	24.57
4.	FLUOROCHEM	4691.60	83.80	51537.23	0.06	219.00	19.02	1588.00	23.97	9.58	26.83
5.	NAVINFLUOR	8697.20	56.51	44623.69	0.17	243.31	107.67	1045.08	44.07	21.39	34.17
6.	GODREJIND	1155.90	33.12	38936.61	0.00	523.36	-27.85	5448.09	22.16	10.64	12.82
7.	DEEPAKNTR	1727.25	30.08	23558.49	0.43	345.01	207.36	2577.60	36.39	11.58	20.96
8.	AETHER	1656.35	93.47	21984.38	0.00	62.75	33.45	326.56	27.49	11.65	31.47
9.	ATUL	6465.50	23.93	19035.57	0.46	253.93	91.85	1847.95	25.03	15.05	21.41
10.	AARTIIND	501.75	34.27	18199.81	0.20	155.00	260.47	2387.00	42.42	6.95	16.00
11.	DEEPAKFERT	1356.30	17.46	17179.29	0.74	490.04	100.95	3256.26	22.47	12.12	25.96
12.	DCW	46.40	19.20	1369.52	0.43	34.55	203.30	541.91	13.97	7.97	6.60

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	438	414	398	622	500	489	474	538	476	539	520	609	542
	387	373	378	558	454	453	417	482	422	481	475	544	547
Operating Profit	51	42	19	63	45	35	57	56	54	58	45	65	-5
OPM %	11.68%	10.04%	4.88%	10.20%	9.04%	7.25%	12.02%	10.36%	11.30%	10.76%	8.70%	10.60%	-0.98%
	4	4	3	6	6	6	5	6	4	5	5	6	6
Interest	17	19	18	20	17	18	16	16	15	16	16	15	15
Depreciation	23	23	24	24	25	25	25	25	25	26	26	26	26
Profit before Tax	15	4	-19	25	10	-2	20	21	18	21	8	28	0
Tax %	34.77%	40.62%	35.23%	37.58%	33.69%	29.78%	33.73%	45.42%	35.54%	34.39%	35.06%	36.27%	-9576.75%
Net Profit	10	3	-12	15	7	-1	13	11	11	14	5	18	35
	0.34	0.09	-0.42	0.52	0.23	-0.04	0.45	0.38	0.39	0.47	0.17	0.61	1.17

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	1,263	1,176	1,187	1,353	1,277	1,464	2,455	2,634	1,872	2,000	2,210
	1,113	1,035	1,062	1,191	1,131	1,255	2,130	2,205	1,696	1,807	2,047
Operating Profit	150	141	126	162	146	209	325	428	176	193	163
OPM %	11.90%	11.98%	10.59%	11.97%	11.47%	14.30%	13.23%	16.27%	9.38%	9.67%	7.35%
	3	9	6	4	9	11	20	62	17	23	21
Interest	58	57	93	104	107	120	113	126	74	67	62
Depreciation	69	68	88	83	87	87	89	90	94	100	105
Profit before Tax	27	25	-49	-22	-40	14	143	274	25	49	57
Tax %	36.05%	19.45%	58.85%	80.47%	32.52%	72.26%	24.95%	30.04%	38.21%	38.65%	-24.46%
Net Profit	17	20	-20	-4	-27	4	108	192	16	30	71
EPS	0.79	0.91	-0.91	-0.19	-1.12	0.15	3.78	6.50	0.53	1.03	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	9.71%	7.69%	0.00%	9.75%	—

COMPOUNDED SALES GROWTH

10 Years:: 5%
5 Years:: 9%
3 Years:: -7%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: -34%

STOCK PRICE CAGR

10 Years:: 4%
5 Years:: 5%
3 Years:: -6%
1 Year:: -39%

RETURN ON EQUITY

10 Years:: 4%
5 Years:: 8%
3 Years:: 9%
Last Year:: 3%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	44	44	44	44	52	52	52	59	59	59
	590	610	591	587	626	635	742	966	973	974
	886	808	841	710	626	670	604	535	337	305
Trade Payables	230	271	174	278	323	298	296	275	337	384
	213	219	254	200	207	220	209	228	383	456
Total Liabilities	1,963	1,952	1,904	1,819	1,834	1,875	1,903	2,063	2,089	2,178
	1,260	1,531	1,471	1,534	1,467	1,407	1,352	1,296	1,312	1,270
Capital Work in Progress	367	122	124	7	12	4	8	60	41	56
	0	0	0	0	0	0	0	0	20	27
	168	135	157	122	177	169	247	345	377	428
	0	0	0	0	0	0	0	0	114	99
Cash & Bank	2	2	4	17	50	122	112	168	169	215
	166	163	148	139	127	173	184	195	56	84
Total Assets	1,963	1,952	1,904	1,819	1,834	1,875	1,903	2,063	2,089	2,178

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	124	227	67	280	183	218	201	276	252	191
Cash from Investing	-100	-95	-13	-45	-43	-78	52	-165	-99	-112
Cash from Financing	-23	-128	-44	-241	-119	-99	-192	-139	-153	-78
	-1	-0	0	-0	8	41	38	-78	1	1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	0.78	0.92	-0.91	-0.19	-1.03	0.15	4.12	6.50	0.53	1.03
Book Value (₹)	28.86	29.77	28.74	28.58	25.97	26.33	30.43	34.73	34.96	34.99
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.40	0.50	0.00	0.10
Cash EPS (₹)	3.92	4.01	3.06	3.58	2.32	3.49	7.51	9.56	3.71	4.41
PROFITABILITY
Operating Margin %	10.99%	11.46%	10.87%	12.24%	12.14%	15.07%	13.48%	16.85%	9.38%	9.67%
Net Margin %	1.22%	1.54%	-1.66%	-0.32%	-2.10%	0.26%	4.38%	7.29%	0.84%	1.51%
ROE %	2.89%	3.13%	-3.13%	-0.67%	-4.09%	0.56%	14.51%	21.10%	1.52%	2.93%
ROCE %	6.02%	5.61%	3.07%	5.95%	5.22%	10.28%	19.25%	27.78%	6.59%	7.97%
	0.90%	1.03%	-1.05%	-0.23%	-1.47%	0.20%	5.69%	9.68%	0.75%	1.42%
EFFICIENCY
Debtor Days	28	28	25	22	21	21	16	17	24	19
Inventory Days	44	42	44	38	43	43	31	41	70	73
Payable Days	44	46	56	51	61	56	25	30	55	65
	27	24	13	8	3	8	22	28	39	28
FINANCIAL HEALTH
Debt to Equity (x)	1.34x	1.18x	1.28x	1.08x	0.89x	0.91x	0.69x	0.49x	0.42x	0.41x
Interest Coverage (x)	1.46x	1.44x	0.47x	0.79x	0.63x	1.11x	2.27x	3.18x	1.34x	1.73x
	0.52x	0.44x	0.44x	0.36x	0.56x	0.76x	1.02x	1.38x	1.13x	1.08x
GROWTH
Revenue Growth %	0.71%	-6.93%	0.99%	13.93%	-5.58%	14.64%	67.64%	7.29%	-28.94%	6.88%
Operating Profit Growth %	131.07%	-2.73%	-11.78%	25.48%	-6.35%	42.40%	49.94%	34.11%	-56.33%	11.73%
Net Profit Growth %	389.12%	17.68%	-200.27%	78.86%	-526.69%	114.17%	2734.26%	78.58%	-91.84%	93.39%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-91.84%	93.37%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	96.87x	75.77x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.47x	2.22x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.13%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	9.21x	11.57x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	44.86	44.86	44.86	44.87	44.81	44.62	45.14	45.44	45.59
	7.35	11.25	11.35	10.82	10.05	9.18	8.57	6.71	6.11
	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.05
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	47.77	43.87	43.77	44.30	45.13	46.18	46.28	47.83	48.24

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-04

Shareholders meeting

2026-09-04 - DCW Limited has informed the Exchange regarding Notice of 87th Annual General Meeting to be held on Saturday, September 26, 2026 at 12:00 Noon

2026-09-04

Record Date

2026-09-04 - DCW Limited has informed the Exchange that Record date for the purpose of Dividend is 19-Sep-2026.

2026-09-04

General Updates

2026-09-04 - DCW Limited has informed the Exchange about Book Closure

2026-09-03

Updates

2026-09-03 - DCW Limited has informed the Exchange regarding 'Communication Regarding Our New Corporate Identity '.

2026-09-02

General Updates

2026-09-02 - DCW Limited has informed the Exchange about General Updates

2026-09-02

Copy of Newspaper Publication

2026-09-02 - DCW Limited has informed the Exchange about Copy of Newspaper Publication regarding 87th Annual General Meeting of the Company schedule on September 26, 2026

2026-09-01

General Updates

2026-09-01 - DCW Limited has informed the Exchange about Communication to Shareholders - Intimation on Tax Deduction at Source (TDS) / withholding tax on Final Dividend for FY 2025-26.

2026-08-31

General Updates

2026-08-31 - DCW Limited has informed the Exchange about Intimation to the holders of physical securities to furnish PAN, KYC details and Bank account details as per SEBI Master Circular dated February 06, 2026

2026-08-21

General Updates

2026-08-21 - DCW Limited has informed the Exchange about Completion of Restoration activity and functioning of Operations at the Dhrangadhra Plant of the Company

News

Recent coverage and analyst commentary for DCW

Loading news…

🤖

AI Stock Analyst

DCW Ltd.

🔒

Sign in to Chat with AI

✨ Sign In to Chat

Free 5nance Account