DCW Ltd — earnings calls

DCW reported Q1 FY27 revenue of Rs 542 crore, up 14% year-on-year but down 11% sequentially, with EBITDA including other income at Rs 41.4 crore, lower by 28% year-on-year. Management attributed the weakness to a West Asia-driven VCM supply disruption and a temporary suspension of import duties that hurt PVC realizations, while the Specialty Chemicals segment grew revenue 38% and EBITDA about 20% year-on-year. The company also announced a Rs 250 crore capex program over the next 2-3 years for Synthetic Iron Oxide Pigment capacity expansion and captive power infrastructure, alongside a CEO transition appointing Sudarshan Ganapathy.

DCW Limited reported FY26 EBITDA growth of approximately 11% year-on-year and PAT growth of more than 60%, with the improvement driven by higher volumes, better operating discipline and specialty contribution rather than pricing. Q4 FY26 revenue rose 13.2% year-on-year to Rs.609 crores while annual revenue grew 7.2% to Rs.2,144 crores, and the company repaid Rs.145 crores of long-term debt during the year, ending FY26 with a net debt-to-EBITDA of 0.3x. Management discussed capacity expansion in C-PVC from 20,000 to 50,000 tons, record volumes in C-PVC, synthetic iron oxide pigment and synthetic rutile, and near-term uncertainty from disruptions in West Asia affecting PVC supply chains and pricing.