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Revenue
₹609 Cr
verification pending
Revenue YoY
13.2%
reported change
EBITDA
₹70 Cr
latest reported figure
Source
manual review required
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
DCW delivered a steady Q4 FY26 with revenue of 609 crores (+13.2% YoY) and EBITDA of 70 crores (+14% YoY). PAT surged 60% YoY to 18 crores, aided by lower finance costs. The annual EBITDA margin improved 50 bps to 11.2%, driven by higher volumes and cost savings from renewable energy, despite CPVC realization declines of over 20%. Specialty chemicals margins contracted 6pp to 30% due to CPVC spread compression, while basic chemicals improved to 3.5% on better utilization. Management highlighted record volumes in CPVC, SIOP, and synthetic rutile, and a leaner balance sheet with net debt of only 71 crores. Guidance for FY27 is cautious: EBITDA of 300 crores is reasonable but dependent on pricing; net debt likely turns negative. Key risk: sustained geopolitical disruptions in West Asia impacting feedstock costs and spreads.
Colored figures show movement against the previous available record.
Guidance to track
- Management indicated that 300 crores EBITDA for FY27 is reasonable, though pricing volatility makes precise guidance difficult.
- With scheduled debt repayment of 130 crores and current net debt of 71 crores, the company expects to become net cash positive.
- Interest cost expected to drop from 62 crores to around 50 crores, assuming stable working capital requirements.
- The final 10,000 tons of CPVC capacity commissioned in March will contribute annualized benefits from Q1 FY27.
Risks flagged
- The ongoing conflict has disrupted PBC supply chains and increased VCM procurement costs, which may not be fully passable.
- Despite volume growth, CPVC spreads contracted due to lag in passing on PBC price increases; normalization expected but uncertain.
- Persistent dumping of PVC and soda ash continues to pressure domestic pricing; anti-dumping petitions have not resulted in duties.
- Changes in banking rules for renewable energy could impact the economics of further solar investments.
Key quotes
- Our EBITDA grew by approximately 11% year-on-year and our PAT grew by more than 60%.
- The improvement in profitability was not driven by price tailwinds but by higher volumes, better operating discipline, improved utilization and a stronger specialty contribution and leaner balance sheet.
- We are definitely not seeing the benefits of the increased CPVC volumes commercialization because a large part of it is eaten up by the price erosions which we did not anticipate when we gave you a 400 cr of guidance.
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