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View Claim Ledger →DCW Limited — Q3 FY26
DCW reported Q3 FY26 revenue of ₹520 crore, up 9.6% YoY, driven by strong volume growth in specialty chemicals (CPVC +80%, SIOP +19%).
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DCW reported Q3 FY26 revenue of ₹520 crore, up 9.6% YoY, driven by strong volume growth in specialty chemicals (CPVC +80%, SIOP +19%). However, severe price erosion across segments (CPVC -26%, PVC -17%) compressed margins, with basic chemicals breaking even vs. ₹14 crore EBITDA last year. Specialty EBITDA grew 4.2% YoY, offsetting basic weakness. Management highlighted the upcoming 10,000-ton CPVC expansion (to 50,000 tons) and expects Q4 to benefit from higher pigment dispatches and PVC price hikes (₹10,000/ton since Jan). Risks include sustained import competition from China and volatile VCM costs. The company targets debt reduction to ~₹80 crore by FY27 end.
DCW ने तीसरी तिमाही में 520 करोड़ रुपये की कमाई की, जो पिछले साल से 9.6% ज़्यादा है। यह बढ़ोतरी खास रसायनों (CPVC +80%, SIOP +19%) की ज़बरदस्त बिक्री से हुई। लेकिन, कई उत्पादों की कीमतों में भारी गिरावट (CPVC -26%, PVC -17%) के कारण मुनाफा कम हुआ। बुनियादी रसायनों का कारोबार सिर्फ बराबर आया, जबकि पिछले साल 14 करोड़ का मुनाफा था। खास रसायनों का मुनाफा 4.2% बढ़ा, जिससे कमजोर बुनियादी कारोबार की भरपाई हुई। कंपनी CPVC का उत्पादन 50,000 टन करने की योजना बना रही है और उम्मीद है कि चौथी तिमाही में पिगमेंट की बिक्री और PVC की बढ़ी कीमतों (जनवरी से 10,000 रुपये प्रति टन) से फायदा होगा। चीन से सस्ते आयात और VCM की कीमतों में उतार-चढ़ाव जोखिम हैं। कंपनी का लक्ष्य वित्त वर्ष 2027 तक कर्ज घटाकर 80 करोड़ रुपये करना है।
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Sustained import competition from China
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CPVC Sales Volume Growth
80%
+80% YoY
CPVC volumes surged following capacity expansion from 20K to 40K tons.
SIOP Sales Volume Growth
19%
+19% YoY
Synthetic iron oxide pigment volumes grew, supporting specialty segment.
PVC Price Erosion
17%
-17% YoY
PVC realizations fell sharply, compressing VCM-PVC spreads.
CPVC Price Erosion
26%
-26% YoY
CPVC prices declined significantly, partially offset by volume growth.
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Guidance and risk preview
The 10,000-ton CPVC expansion is on schedule and expected to be completed next month, increasing total annual CPVC capacity to 50,000 tons.
Despite China's VAT rebate withdrawal on PVC exports, global oversupply and low freight costs continue to pressure domestic realizations.
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