DCW Q2 FY27: PAT ₹28 & Rev ₹542 Cr

Investor Takeaways

Specialty Chemicals revenue grew 38% YoY to [amount not verified], contributing 33% of total revenue (₹542 Cr)

EBITDA margin compressed to 29.1% from 33.6% due to PVC margin pressure

Deferred tax liabilities reduced by INR34 crores following tax regime migration

Management targets net debt freedom by FY27 end and INR300 Cr FY27 EBITDA

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹542 Cr	14%
Net Profit	₹28 Cr	Not available
EBITDA	Not available	Not available
EPS	Not available	Not available
OPM	Not available	Not available

What Changed

DCW Limited reported a challenging Q1 FY27 with 14% YoY revenue growth to ₹542 Cr, offset by 11% QoQ decline driven by PVC margin pressure from West Asia disruptions and import duty changes. Specialty Chemicals delivered 38% YoY revenue growth to [amount not verified] (33% of total revenue) and 20% EBITDA growth at 29.1% margin. Management announced a INR250 Cr investment program to expand Synthetic Iron Oxide Pigment capacity to 45,000 tons and captive power infrastructure, targeting net debt freedom by FY27 end. New CEO Sudarshan Ganapathy took over with plans to breakeven Basic Chemicals in Q2 and achieve INR300 Cr FY27 EBITDA. The company migrated to a concessional tax regime (25.17% rate), reducing deferred tax liabilities by INR34 crores.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
DCW Limited	28.74	N/A	N/A	1,384.57
Solar Industries India Limited	132.27	N/A	N/A	1,56,674.48
Pidilite Industries Limited	75.73	N/A	N/A	1,49,378.89
SRF Limited	69.51	N/A	N/A	79,723.46

DCW's P/E ratio of 28.74 is significantly lower than peers' 69.51-132.27, suggesting potential undervaluation relative to growth trajectory, though peers exhibit stronger market capitalization.

Risks & Concerns

PVC margin pressure from West Asia disruptions and import duty changes

EBITDA margin compression to 29.1% from 33.6%

Deleveraging remains critical near-term priority

Quarterly Trend

[Not available in provided data]

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About DCW Limited (DCW)

Chemicals · Petrochemicals · Listed on NSE

Market Cap: ₹1,316.98 Cr P/E: 18.4 ROE: 12.7% ROCE: 9.6% Div Yield: 0.45%

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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