DCW Ltd.
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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 GENERATEDChemicals
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SOLARINDS | 22307.50 | 101.37 | 201860.69 | 0.05 | 666.37 | 88.98 | 3668.20 | 70.26 | 38.16 | 27.91 |
| PIDILITIND | 1567.45 | 60.23 | 159547.55 | 1.37 | 8835.10 | 1202.86 | 45515.50 | 1112.74 | 32.38 | 26.28 |
| SRF | 2483.00 | 34.05 | 73602.28 | 0.36 | 758.87 | 75.53 | 5033.26 | 34.63 | 14.21 | 24.57 |
| FLUOROCHEM | 4771.75 | 85.23 | 52417.67 | 0.06 | 219.00 | 19.02 | 1588.00 | 23.97 | 9.58 | 26.83 |
| NAVINFLUOR | 8541.10 | 55.49 | 43822.77 | 0.18 | 243.31 | 107.67 | 1045.08 | 44.07 | 21.39 | 34.17 |
| GODREJIND | 1127.00 | 32.29 | 37963.11 | 0.00 | 523.36 | -27.85 | 5448.09 | 22.16 | 10.64 | 12.82 |
| AETHER | 1672.95 | 94.41 | 22204.70 | 0.00 | 62.75 | 33.45 | 326.56 | 27.49 | 11.65 | 31.47 |
| DEEPAKNTR | 1587.10 | 27.64 | 21646.94 | 0.47 | 345.01 | 207.36 | 2577.60 | 36.39 | 11.58 | 20.96 |
| ATUL | 6244.55 | 23.11 | 18385.05 | 0.48 | 253.93 | 91.85 | 1847.95 | 25.03 | 15.05 | 21.41 |
| AARTIIND | 492.15 | 33.62 | 17851.59 | 0.20 | 155.00 | 260.47 | 2387.00 | 42.42 | 6.95 | 16.00 |
| DEEPAKFERT | 1320.45 | 17.00 | 16725.20 | 0.76 | 490.04 | 100.95 | 3256.26 | 22.47 | 12.12 | 25.96 |
| DCW | 46.71 | 19.33 | 1378.67 | 0.64 | 34.55 | 203.30 | 541.91 | 13.97 | 9.74 | 6.60 |
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 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,176 | 1,187 | 1,353 | 1,277 | 1,464 | 2,455 | 2,634 | 1,872 | 2,000 | 2,144 | 2,210 | |
| 1,035 | 1,062 | 1,191 | 1,131 | 1,255 | 2,130 | 2,205 | 1,696 | 1,807 | 1,922 | 2,047 | |
| Operating Profit | 141 | 126 | 162 | 146 | 209 | 325 | 428 | 176 | 193 | 222 | 163 |
| OPM % | 11.98% | 10.59% | 11.97% | 11.47% | 14.30% | 13.23% | 16.27% | 9.38% | 9.66% | 10.34% | 7.35% |
| 9 | 6 | 4 | 9 | 11 | 20 | 62 | 17 | 23 | 19 | 21 | |
| Interest | 57 | 93 | 104 | 107 | 120 | 113 | 126 | 74 | 67 | 62 | 62 |
| Depreciation | 68 | 88 | 83 | 87 | 87 | 89 | 90 | 94 | 100 | 104 | 105 |
| Profit before Tax | 25 | -49 | -22 | -40 | 14 | 143 | 274 | 25 | 49 | 75 | 57 |
| Tax % | 19.45% | 58.85% | 80.47% | 32.52% | 72.26% | 24.95% | 30.04% | 38.21% | 38.82% | 35.44% | -24.46% |
| Net Profit | 20 | -20 | -4 | -27 | 4 | 108 | 192 | 16 | 30 | 48 | 71 |
| EPS | 0.91 | -0.91 | -0.19 | -1.12 | 0.15 | 3.78 | 6.50 | 0.53 | 1.02 | 1.63 | — |
| 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
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 44 | 44 | 44 | 52 | 52 | 52 | 59 | 59 | 59 | 59 |
| 610 | 591 | 587 | 626 | 635 | 742 | 966 | 973 | 974 | 1,016 | |
| 808 | 841 | 710 | 626 | 670 | 604 | 535 | 337 | 305 | 179 | |
| Trade Payables | 271 | 174 | 278 | 323 | 298 | 296 | 275 | 337 | 384 | 391 |
| 219 | 254 | 200 | 207 | 220 | 209 | 228 | 383 | 456 | 444 | |
| Total Liabilities | 1,952 | 1,904 | 1,819 | 1,834 | 1,875 | 1,903 | 2,063 | 2,089 | 2,178 | 2,089 |
| 1,531 | 1,471 | 1,534 | 1,467 | 1,407 | 1,352 | 1,296 | 1,312 | 1,270 | 1,304 | |
| Capital Work in Progress | 122 | 124 | 7 | 12 | 4 | 8 | 60 | 41 | 56 | 22 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20 | 27 | 20 | |
| 135 | 157 | 122 | 177 | 169 | 247 | 345 | 377 | 428 | 309 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 114 | 99 | 142 | |
| Cash & Bank | 2 | 4 | 17 | 50 | 122 | 112 | 168 | 169 | 215 | 204 |
| 163 | 148 | 139 | 127 | 173 | 184 | 195 | 56 | 84 | 88 | |
| Total Assets | 1,952 | 1,904 | 1,819 | 1,834 | 1,875 | 1,903 | 2,063 | 2,089 | 2,178 | 2,089 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 227 | 67 | 280 | 183 | 218 | 201 | 276 | 252 | 191 | 278 | |
| Cash from Investing | -95 | -13 | -45 | -43 | -78 | 52 | -165 | -99 | -112 | -63 |
| Cash from Financing | -128 | -44 | -241 | -119 | -99 | -192 | -139 | -153 | -78 | -221 |
| -0 | 0 | -0 | 8 | 41 | 38 | -78 | 1 | 1 | -7 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-06 - DCW Limited has informed the Exchange about Copy of Newspaper Publication regarding 87th AGM of the Company
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 - DCW Limited has informed the Exchange about Business Responsibility and Sustainability Report (BRSR) for the Financial Year 2025-26
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 - DCW Limited has informed the Exchange that Record date for the purpose of Dividend is 19-Sep-2026.
2026-09-04 - DCW Limited has informed the Exchange about Book Closure
2026-09-03 - DCW Limited has informed the Exchange regarding 'Communication Regarding Our New Corporate Identity '.
2026-09-02 - DCW Limited has informed the Exchange about General Updates
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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DCW Ltd.
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