DCM Shriram Management Guidance Tracker

8 forward-looking guidance items tracked across 2 quarters.

Margins

Q3 FY26Fenesta margins to stabilize around 14%Tracked

Management expects Fenesta EBITDA margins to reach ~14% within 2 quarters as scale and backward integration benefits materialize.

Q4 FY26Epoxy business to achieve breakeven in FY27Tracked

The advanced materials vertical (epoxy) is expected to achieve breakeven in the current financial year, with improved margins from capacity expansion.

Growth

Q3 FY26ECH plant full commissioning by Q4 endActive

Balance capacity of the epichlorohydrin plant to be commissioned by end of Q4 FY26, with stabilization expected thereafter.

Q3 FY26HSCL break-even within 12 months of acquisitionTracked

Hindustan Specialty Chemicals (acquired Aug 2025) expected to reach break-even or better within 12 months from acquisition.

Q3 FY26Improved profitability from FY27 onwardTracked

Management expects cash profits to improve from FY27 as recent investments stabilize and contribute.

Capex

Q4 FY26Capex of ~₹1,200 crore for FY27Tracked

Total capex for FY27 is expected to be around ₹1,200 crore, including approved projects for renewable power and epoxy resin expansion.

Expansion

Q4 FY26Renewable power project completion by Q1 FY28Tracked

The ₹217 crore renewable power project at Baruch is expected to be completed around Q1 FY28, increasing total power provision from 50.4 MW to 98.4 MW.

Q4 FY26Epoxy resin capacity expansion by Q2 FY28Tracked

The ₹101 crore expansion of formulated resin capacity from 14,000 to 50,000 tonnes per annum is expected to be commissioned by Q2 FY28.