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PVC price volatility from Chinese dumping
View Risks →DCM Shriram Limited — Q4 FY26
DCM Shriram reported Q4 FY26 revenue of ₹3,193 crore, up 11% YoY, driven by strong performance in chemicals (+32%), Fenesta (+34%), and farm solutions (+32%).
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DCM Shriram reported Q4 FY26 revenue of ₹3,193 crore, up 11% YoY, driven by strong performance in chemicals (+32%), Fenesta (+34%), and farm solutions (+32%). PBDIT was flat at ₹400 crore due to elevated fixed costs in chemicals and higher input costs in sugar. The chemicals segment saw a one-time gain of ₹19 crore from Gujarat incentives. Sugar and ethanol revenue declined 3% YoY, with PBDIT down 18% due to higher cane costs. Fenesta crossed ₹1,000 crore in annual revenue. The company is investing ₹217 crore in renewable power and ₹101 crore in epoxy resin capacity expansion. Guidance includes capex of ~₹1,200 crore for FY27. Risks include PVC price volatility from Chinese dumping, West Asia conflict disrupting supply chains, and sugar margin pressure from policy constraints.
DCM श्रीराम ने चौथी तिमाही में 3,193 करोड़ रुपये का कारोबार किया, जो पिछले साल से 11% ज्यादा है। यह बढ़ोतरी केमिकल्स (+32%), फेनेस्टा (+34%) और खेती के समाधान (+32%) की मजबूत बिक्री से हुई। मुनाफा (PBDIT) 400 करोड़ रुपये पर स्थिर रहा, क्योंकि केमिकल्स में फिक्स्ड खर्च और चीनी में कच्चे माल की लागत बढ़ गई। केमिकल्स को गुजरात से 19 करोड़ रुपये का एकमुश्त फायदा मिला। चीनी और एथेनॉल का कारोबार 3% घटा, मुनाफा 18% गिरा क्योंकि गन्ने की कीमतें बढ़ीं। फेनेस्टा ने सालाना 1,000 करोड़ रुपये का आंकड़ा पार किया। कंपनी नवीकरणीय ऊर्जा में 217 करोड़ और एपॉक्सी रेजिन क्षमता बढ़ाने में 101 करोड़ रुपये निवेश कर रही है। अगले साल 1,200 करोड़ रुपये खर्च करने की योजना है। जोखिमों में चीन से सस्ते पीवीसी की डंपिंग, पश्चिम एशिया संकट से आपूर्ति में रुकावट और नीतिगत दबाव से चीनी मुनाफे पर दबाव शामिल है।
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Causic soda capacity utilization (India)
80-85%
flat YoY
Domestic caustic soda market operated at reasonable levels of about 80-85% capacity utilization.
Fenesta order book growth
15%
+15% YoY
Fenesta Building Systems order book is up by 15% year-on-year.
Sugar inventory
32.2 lakh quintals
-19% YoY
Sugar inventory was lower at 32.2 lakh quintals vs 39.9 lakh quintals last year.
ECH plant capacity utilization
60-70%
ramping up
ECH plant fully commissioned in April 2026, currently running at 60-70% capacity utilization.
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Guidance and risk preview
Total capex for FY27 is expected to be around ₹1,200 crore, including approved projects for renewable power and epoxy resin expansion.
Chinese PVC dumping has caused significant price declines; import duty waiver until June 2026 adds uncertainty.
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