DCW Ltd — Q4 FY26
DCW delivered a steady Q4 FY26 with revenue of 609 crores (+13.2% YoY) and EBITDA of 70 crores (+14% YoY).
neutral
medium
Financial stats pending filing verification
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.
58%Questions answered3Evaded / deflected12Questions audited
Answered
High priority
Reason for caustic soda price increase: cost push or demand?
Asked by Fujan Sha, Molecule Ventures
Management gave a clear reason: production interruptions in Southeast Asia causing supply imbalance.
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Question
so pertaining to costic soda so we have seen the prices are uh uh forming right now so what is the core reason for that it is morely of a cost push or we are seeing some end end user industry demand coming up which is uh driving the prices.
Management (not named)
One of the primary reason in our view is that there has been lot of production interruptions in the entire Southeast Asia because of the geopolitical situation... supply imbalance which helped the prices to improve.
Declined
Medium priority
Will soda ash prices remain elevated like caustic?
Asked by Fujan Sha, Molecule Ventures
Management explicitly refused to answer, citing daily changes.
refused to commentno forecast given
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Question
do you feel the so as the chlorali always move in a in a same tandem. So do you feel that it also rem it will remain elevated for the similar time being?
Management (not named)
We can't comment because the situation is changing on a daily basis. So we don't know. I just can't answer on that aspect as of now.
Evasive
High priority
PVC price outlook: rangebound or headroom above 85-90?
Asked by Fujan Sha, Molecule Ventures
Management acknowledged improvement but refused to give a price range.
no forecast givendeferred to uncertainty
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Question
do you feel the PVC price should be uh be remain rangebound at 8590 or do you feel we have some uh uh headroom still over uh for from this price as well?
Management (not named)
We don't know because uh as of now yes prices have started improving but whether it will go to 85 90 95 that I think that is anybody's guess.
Partial answer
Medium priority
Power cost savings from solar: 12-15 cr this quarter?
Asked by Fujan Sha, Molecule Ventures
Management corrected the savings estimate but did not give a quarterly figure.
corrected prior guidancegave annual not quarterly figure
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Question
we draw solar uh we invested in solar and we try to uh have a savings benefit of 40 to 50 KS. So uh is this quarter we have drawn around 12 15 K of savings from power or we are still mature to get the understanding correct?
Management (not named)
the number was never 50 crs... what we guided uh you know last time was around 25 to 30 cr number... our power cost in absolute terms are still lower uh on the year level by 7 crores So according to our estimates the savings would have been around 23 24.
Answered
High priority
Are CPVC spreads back to pre-war levels?
Asked by Fujan Sha, Molecule Ventures
Management stated spreads have improved back to pre-war levels.
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Question
in the current situation are we are we able to get the pre-war type of spread or we are still in the early we are getting a narrower spread uh than the previous than the last month.
Management (not named)
The spreads have improved. It is it has gone back to the pre-war. What has happened is that that there was a spike in the PBC prices in the month of March. So that was a passover was not happening in the CPPC.
Partial answer
High priority
Finance cost outlook for FY27 given net debt ~80 cr?
Asked by Keshar, Counter Cyclical PMS
Management gave a conditional estimate of ~50 cr but tied it to working capital needs.
conditional guidancedepends on working capital
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Question
our net debt seems to be around 80 cr but the annual interest cost is uh in the vicinity of around 60 crores. Sir, so going forward for F27, what is the finance cost number that you have in mind?
Management (not named)
the interest cost should go down by around 123 clause... roughly it should go down to 50 crores if we are not having very much challenged by the working capital borrowing lines.
Partial answer
High priority
On track for FY27 targets: 2500 cr revenue, 400 cr EBITDA, debt-free?
Asked by Keshar, Counter Cyclical PMS
Management indicated EBITDA target of 400 cr is derailed, suggested ~300 cr, and did not confirm revenue.
revised guidance downwardno commitment on revenue
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Question
we had a uh uh estimation for FY27 for roughly 2500 K topline and 400 crit and net debtree by the end of FY27. So are we on track to achieve all these parameters?
Management (not named)
the 400 cr number which we have planned... actually gets bit derailed because of the pricing pressures... we will be net c cash positive company so 300 K AITA proper 27 looks reasonable.
Answered
High priority
Volume growth potential beyond FY26 given near-full capacity?
Asked by Keshar, Counter Cyclical PMS
Management clearly stated no volume growth except CPVC, and capex is on hold.
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Question
in almost all the products we are at or near full utilization... how much incremental volume growth can happen from FY26 uh levels.
Management (not named)
there is no much scope of capacity expansion in any products and thereby giving uh you know revenues or or ITA except for CPBC... we are in a place where we have to announce our kixes which is uh in line.
Answered
High priority
Caustic soda realizations in Q4 and current?
Asked by Abhinav, Equitas Investments
Management provided specific numbers: Q4 ~$350, current north of $400.
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Question
Can you tell me what were the realizations in Q4 and what are the current ECU realizations?
Management (not named)
ization in Q4 Q4 Q4 Q4 I think it was around $350 and as we talk in Q in Q1 the decision is in the north of 400 $400.
Answered
Medium priority
Why did caustic capacity utilization drop from 96% to 90% in Q4?
Asked by Abhinav, Equitas Investments
Management attributed the drop to a maintenance outage, not demand issues.
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Question
why has our capacity utilization in Q4 reduced from 96 to 90% for costic
Management (not named)
that is because of some maintenance outage to do no no problem in the demand right
Evasive
Medium priority
What led to spread improvement in SIOP and synthetic rutile? Current realizations?
Asked by Madurati, Counteryical Investments
Management did not provide current realizations and deflected to mix dependency.
no specific numbers givenrefused to give quarterly realization
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Question
you mentioned that there has been some uh spread improvement and realization improvement in SIOP and synthetic root. So what are uh what led to this improvement and what are the current realizations for these products?
Management (not named)
IOP I don't think there is a spread improvement we told on PBC... on SIOP what we told is that we are moving to higher value added products... Coming to your other product... synthetic rootile the prices uh depends on the mix to which we export.
Partial answer
Medium priority
How is dumping affecting margins differently in specialty vs commodity?
Asked by Pranit Bhachetti, Individual Investor
Management described dumping cases but did not quantify margin impact.
no quantification of margin compression
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Question
Could you explain what kind of how is it different between the specialty was it commodity dumping and which countries is it split between and what kind of margin compression is the company has been able to take has we needed to take because of this dumping force.
Management (not named)
We had filed couple of petitions uh for dumping support... on both the products despite uh there was a positive finding where those duties never got implemented... Speciality there are no dumpings. Now only in CPVC we had a dumping duty case.