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Revenue
₹3,811 Cr
verified against source
Revenue YoY
13%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
DCM Shriram reported Q3 FY26 revenue of ₹3,811 crore, up 13% YoY, driven by chemicals, sugar, Fenesta, and Shriram Farm Solutions. PAT was ₹213 crore after a ₹55 crore exceptional item for labor code implementation. Chemicals revenue grew 30% YoY, but PBDIT fell 8% due to stabilization costs. Sugar & ethanol PBDIT surged to ₹204 crore (vs ₹112 crore) aided by a ₹36 crore provision reversal. Fenesta revenue rose 28% but margins compressed due to product mix and higher fixed costs. Management guided for margin recovery in Fenesta within 2 quarters, ECH plant stabilization by Q4 end, and HSCL break-even within 12 months of acquisition. Key risk: PVC industry remains under pressure from cheap imports despite China's subsidy removal, with MIP advocacy ongoing.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects Fenesta EBITDA margins to reach ~14% within 2 quarters as scale and backward integration benefits materialize.
- Balance capacity of the epichlorohydrin plant to be commissioned by end of Q4 FY26, with stabilization expected thereafter.
- Hindustan Specialty Chemicals (acquired Aug 2025) expected to reach break-even or better within 12 months from acquisition.
- Management expects cash profits to improve from FY27 as recent investments stabilize and contribute.
Risks flagged
- PVC prices remain under pressure due to abundant imports and global oversupply, despite China's subsidy removal. MIP advocacy is ongoing but timeline uncertain.
- Fenesta margins declined to single digits due to product mix shift toward facade and higher aluminum costs. Recovery may take longer than expected.
- Higher sugarcane costs and lack of MSP or export support may compress sugar margins despite better production.
- Domestic hydrogen peroxide market remains oversupplied with new capacities, keeping prices under pressure.
Key quotes
- We are actually working with the government on this... we've actually been to the government and various ministries to look at MIP.
- This business is in the investment and the growth phase right now... we should see margins cinching up once all these investments... add up.
- We are in the advanced stage... we have a lot of clarity now... we hope to do it as early as possible, maybe next 3-4 months.
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