DCM Shriram Limited — Q3 FY26
DCM Shriram reported Q3 FY26 revenue of ₹3,811 crore, up 13% YoY, driven by chemicals, sugar, Fenesta, and Shriram Farm Solutions.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
54%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Possibility of MIP on PVC after ADD rejection
Asked by Pujan Sha, Molecule Ventures
Management confirmed active pursuit but gave no timeline or probability.
no timeline givenvague on progress
Read the exchange
Question
So right now if you look into so government has uh now decided that they won't announce the ed. So is there any possibility of MIP being implemented or is there any discussion being going on?
Management
We are actually working with the government on this... we've actually been to the government and various ministries to look at MIP... we have taken up this issue MIP very actively with the government.
Evasive
High priority
Timeline for MIP implementation
Asked by Pujan Sha, Molecule Ventures
Declined to provide any timeline, citing government dependency.
no timeline givendeferred to government
Read the exchange
Question
Is there any timeline you want to put in for the MIT or it is too uh far to understand this?
Management
Yeah I think time frame is little difficult when we are dealing with government ministries but we are actively on the job.
Answered
High priority
Impact of China revoking VAT benefits on PVC
Asked by Pujan Sha, Molecule Ventures
Provided specific price impact and positive outlook.
Read the exchange
Question
And we have been hearing the news about the China being revoking the vet benefits. So do you think that that so that will help us in terms of inching up the realization?
Management
Well actually when the government administr the government of China announced the the removal of subsidy of 13% on PBC from 1st April it straight away had a positive impact on the industry and the prices have gone up 34 rupees already.
Answered
Medium priority
Reason for strong PVC PBIT despite industry pressure
Asked by Pujan Sha, Molecule Ventures
Clearly attributed PBIT improvement to lower power costs.
Read the exchange
Question
So have you seen a easing of uh pricing in RM uh that is benefiting that that helps in the PBIT or it was more linked of the operational efficiency.
Management
So uh this was uh see one our power costs have come down. So as you know power is the almost 60 70% cost of production. So we've seen reduction in our power cost and that's continuous.
Evasive
High priority
Demand scenario and US tariff impact across products
Asked by Raj Vias, Balanta Portfolio
Did not provide demand scenario or tariff impact; redirected to government actions.
no specific demand datareframed to policy advocacy
Read the exchange
Question
I just wanted to have a brief update with respect to the demand scenario that we are having across the product and also any uh tariff impact that we are facing.
Management
Yes. So all of them have different duties, different structures. So that is moving as uh with the government as I just mentioned about PBC... government needs to actually take some more corrective action.
Partial answer
Medium priority
Fenesta margin stabilization and order book decline
Asked by Raj Vias, Balanta Portfolio
Explained margin pressure but did not address order book decline.
no specific margin targetorder book decline not addressed
Read the exchange
Question
And we have also seen uh this margin pressure continuing for the Finesta vertical... what was the reason behind the order book going slightly down for the quarter.
Management
Yes. So see one coming on the margin uh reduction see margins uh as as was mentioned in the chairman's speech... one our facade business is picking up... and aluminum prices went up significantly.
Answered
High priority
Timeline for Hindustan Speciality Chemicals breakeven
Asked by Raj Vias, Balanta Portfolio
Confirmed breakeven timeline of 12 months from acquisition.
Read the exchange
Question
So um on Hindustan speciality chemicals that we have acquired, right? So um we were expecting to break even the losses that we were having from that company by year end. So are we sticking to that uh timeline?
Management
So see we said it will take about a year. We acquired uh this business in uh end of August. All right. So yeah by within by end of the year we should be nearing uh by the end of these 12 months since acquisition we should be nearing the break even or maybe better than that.
Evasive
High priority
Update on demerger of consumer-facing products
Asked by Raj Vias, Balanta Portfolio
No concrete update or timeline provided despite being asked.
no timelinevague progress
Read the exchange
Question
And lastly with respect to the de merger of our consumerf facing products any update that uh we can get?
Management
Yeah. So we are in the advanced agency. See this a it's a you know very old organization over 100 years old organization. So there are a lot of interlinkages... We have clarity internally. So we are moving in that direction.
Partial answer
High priority
Timelines for restructuring/demerger
Asked by Ahmed Mada, Unifi Capital
Gave a tentative 3-4 month timeline but with conditions.
conditional timelinesome loose ends remain
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Question
So any broad timelines can give to finalize the structure.
Management
Mad our intention is to do it as early as possible... we hope to do it as early as possible if all goes well maybe next 3 4 months we should be there.
Partial answer
High priority
Epichlorohydrin plant status and stabilization costs
Asked by Ahmed Mada, Unifi Capital
Provided capacity status but did not quantify stabilization costs.
no specific loss figure given
Read the exchange
Question
Where are we in epiclorohydrine as of now in terms of the product trials approval operating capacity... what sort of losses or the incremental stabilization costs we incurred?
Management
The epiclorohydrren plant was commissioned in Q3 FY26... 2/3 of the capacity approximately has been commissioned... we are not making money in ECH right now.
Partial answer
High priority
Revenue and losses from HSCL and ECH businesses
Asked by Ahmed Mada, Unifi Capital
Provided revenue range but only qualitative loss description.
range given for revenueno exact loss number
Read the exchange
Question
And uh can you please uh spell out the revenue/ losses number for epoxy business as well as EC business.
Management
Yeah. So revenue was in the range of around 90 to 100 crores for the quarter from the HSCL... and uh there were marginal losses at EIA level.
Answered
Medium priority
Normalized margin for Fenesta business
Asked by Ahmed Mada, Unifi Capital
Provided specific margin target of 14%.
Read the exchange
Question
What should be the normalized margin we should assume for fista business in terms of aida... will it be somewhere between the number or it will be like 13 14%?
Management
I would say this business uh uh should be around 14% once uh we have scale and backward... That's what guidance I've been giving for last couple of quarters.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| HSCL revenue around 90-100 crores for the quarter | ₹95 cr | ₹3,811 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.