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DCW Ltd.

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dcwltd.comBSE: 500117NSE: DCW
Market Cap₹ 1,379 Cr.
Current Price
High / Low₹ 76 / 37
Stock P/E19.3
Book Value₹ 38
Price to Book1.03
Dividend Yield0.64 %
ROCE9.7 %
ROE4.6 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Basic Chemicals: 71.8% • Speciality Chemicals: 27.6% • 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

  • Company has delivered good profit growth of 66.2% CAGR over last 5 years
  • Latest quarter profit grew 203.3% YoY, showing strong momentum
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 7.67x)
  • Working capital cycle has improved - days down from 11 to 1
  • Stock looks reasonably valued - P/E of 19.3 is below its historical median
  • Company generates healthy free cash flow

CONS

  • Receivables are growing faster than sales - a possible quality concern
  • Company has a low return on equity of 3.0% over last 3 years
  • Company has a low return on capital employed of 8.1%
  • A large part of profit comes from other income (25.6% of PBT)
  • Operating margins have contracted to 10.3% from 16.9%
  • Company has delivered a poor sales growth of 7.9% over past five years

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

Peer comparison

ChemicalsChemicalsChemicals
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.SOLARINDS22307.50101.37201860.690.05666.3788.983668.2070.2638.1627.91
2.PIDILITIND1567.4560.23159547.551.378835.101202.8645515.501112.7432.3826.28
3.SRF2483.0034.0573602.280.36758.8775.535033.2634.6314.2124.57
4.FLUOROCHEM4771.7585.2352417.670.06219.0019.021588.0023.979.5826.83
5.NAVINFLUOR8541.1055.4943822.770.18243.31107.671045.0844.0721.3934.17
6.GODREJIND1127.0032.2937963.110.00523.36-27.855448.0922.1610.6412.82
7.AETHER1672.9594.4122204.700.0062.7533.45326.5627.4911.6531.47
8.DEEPAKNTR1587.1027.6421646.940.47345.01207.362577.6036.3911.5820.96
9.ATUL6244.5523.1118385.050.48253.9391.851847.9525.0315.0521.41
10.AARTIIND492.1533.6217851.590.20155.00260.472387.0042.426.9516.00
11.DEEPAKFERT1320.4517.0016725.200.76490.04100.953256.2622.4712.1225.96
12.DCW46.7119.331378.670.6434.55203.30541.9113.979.746.60
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
438414398622500489474538476539520609542
387373378558454453417482422481475544547
Operating Profit514219634535575654584565-5
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%
4436665645566
Interest17191820171816161516161515
Depreciation23232424252525252526262626
Profit before Tax154-192510-2202118218280
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 Profit103-12157-11311111451835
0.340.09-0.420.520.23-0.040.450.380.390.470.170.611.17

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1,1761,1871,3531,2771,4642,4552,6341,8722,0002,1442,210
1,0351,0621,1911,1311,2552,1302,2051,6961,8071,9222,047
Operating Profit141126162146209325428176193222163
OPM %11.98%10.59%11.97%11.47%14.30%13.23%16.27%9.38%9.66%10.34%7.35%
964911206217231921
Interest579310410712011312674676262
Depreciation6888838787899094100104105
Profit before Tax25-49-22-401414327425497557
Tax %19.45%58.85%80.47%32.52%72.26%24.95%30.04%38.21%38.82%35.44%-24.46%
Net Profit20-20-4-27410819216304871
EPS0.91-0.91-0.19-1.120.153.786.500.531.021.63—
Dividend Payout %0.00%0.00%0.00%0.00%0.00%9.71%7.69%0.00%9.82%18.38%—

COMPOUNDED SALES GROWTH

10 Years:
5%
5 Years:
8%
3 Years:
-7%

COMPOUNDED PROFIT GROWTH

10 Years:
11%
5 Years:
66%
3 Years:
-37%

STOCK PRICE CAGR

10 Years:
6%
5 Years:
5%
3 Years:
-2%
1 Year:
-37%

RETURN ON EQUITY

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

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2026

Sep 18

₹ 0.10

Rs.0.2000 per share(10%)Final Dividend

2026

Feb 20

₹ 0.05

Rs.0.1000 per share(5%)Interim Dividend

2025

Sep 22

₹ 0.05

Rs.0.1000 per share(5%)Final Dividend

2023

Sep 22

₹ 0.15

Rs.0.3000 per share(15%)Final Dividend

2023

Feb 17

₹ 0.10

Interim Dividend

2022

Sep 19

₹ 0.20

Rs.0.4000 per share(20%)Final Dividend

2026

Sep 7

₹ 0.10

Rs.0.2000 per share(10%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital44444452525259595959
6105915876266357429669739741,016
808841710626670604535337305179
Trade Payables271174278323298296275337384391
219254200207220209228383456444
Total Liabilities1,9521,9041,8191,8341,8751,9032,0632,0892,1782,089
1,5311,4711,5341,4671,4071,3521,2961,3121,2701,304
Capital Work in Progress1221247124860415622
0000000202720
135157122177169247345377428309
000000011499142
Cash & Bank241750122112168169215204
163148139127173184195568488
Total Assets1,9521,9041,8191,8341,8751,9032,0632,0892,1782,089

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
22767280183218201276252191278
Cash from Investing-95-13-45-43-7852-165-99-112-63
Cash from Financing-128-44-241-119-99-192-139-153-78-221
-00-084138-7811-7

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
44.8644.8644.8644.8744.8144.6245.1445.4445.59
7.3511.2511.3510.8210.059.188.576.716.11
0.010.010.010.010.010.010.010.010.05
Government0.000.000.000.000.000.000.000.000.00
47.7743.8743.7744.3045.1346.1846.2847.8348.24

Documents

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

2026-09-06
Copy of Newspaper Publication

2026-09-06 - DCW Limited has informed the Exchange about Copy of Newspaper Publication regarding 87th AGM of the Company

2026-09-04
General Updates

2026-09-04 - DCW Limited has informed the Exchange about Persuant to regulation 36(1)(b) of the SEBI (LODR) Regulations, the Company has sent letters to the shareholders providing weblink of the Annual Report of F.Y. 2025-26

2026-09-04
General Updates

2026-09-04 - DCW Limited has informed the Exchange about Business Responsibility and Sustainability Report (BRSR) for the Financial Year 2025-26

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

News

Recent coverage and analyst commentary for DCW

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