DCW Ltd

DCW Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

DCW Ltd

₹ 54.7 -4.14%
05 Dec 4:00 p.m.
dcwltd.com BSE: 500117 NSE: DCW
About

DCW Ltd is engaged in manufacture and sale of a diverse range of products with a focus on commodity chemicals, specialty chemicals and intermediate products.[1]

It was started as Dhrangadhra Chemical Works in 1939 when it took over the India's first Soda Ash facility at Dhrangadhra which was established in 1925.[2]

Key Points

Business Segments
1) Poly Vinyl Chloride (PVC) (35% in 9M FY25 vs 51% in FY22): [1] [2] The company produces PVC, a white powder, from Vinyl Chloride Monomer by the suspension polymerization process. PVC is used extensively in the insulation of cables and pipes, windows and profiles, flooring tiles, etc. [3] [4] The segment's revenue dropped 44% from FY22 to FY24, primarily due to lower volumes and reduced realizations caused by pricing pressures. However, it recorded a modest 1.5% YoY growth in 9M FY25. [5] [6]

Website BSE NSE
  • Market Cap ₹ 1,615 Cr.
  • Current Price ₹ 54.7
  • High / Low ₹ 107 / 54.4
  • Stock P/E 32.3
  • Book Value ₹ 35.8
  • Dividend Yield 0.18 %
  • ROCE 7.93 %
  • ROE 2.91 %
  • Face Value ₹ 2.00
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Pros

Cons

  • The company has delivered a poor sales growth of 9.39% over past five years.
  • Company has a low return on equity of 6.94% over last 3 years.
  • Dividend payout has been low at 5.81% of profits over last 3 years

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Commodities Chemicals Chemicals & Petrochemicals Petrochemicals

Part of BSE SmallCap BSE Allcap BSE Commodities

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
698 579 588 438 414 398 622 500 489 474 538 476 539
592 478 489 387 373 378 558 454 453 417 482 422 481
Operating Profit 106 102 99 51 42 19 63 45 35 57 56 54 58
OPM % 15% 18% 17% 12% 10% 5% 10% 9% 7% 12% 10% 11% 11%
34 6 4 4 4 3 6 6 6 5 6 4 5
Interest 62 20 19 17 19 18 20 17 18 16 16 15 16
Depreciation 23 23 23 23 23 24 24 25 25 25 25 25 26
Profit before tax 56 66 62 15 4 -19 25 10 -2 20 21 18 21
Tax % 11% 27% 43% 35% 41% -35% 38% 34% -30% 34% 45% 36% 34%
50 48 35 10 3 -12 15 7 -1 13 11 11 14
EPS in Rs 1.68 1.63 1.20 0.34 0.09 -0.42 0.52 0.23 -0.04 0.45 0.39 0.39 0.47
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
1,324 1,253 1,263 1,176 1,187 1,353 1,277 1,464 2,455 2,634 1,872 2,000 2,027
1,194 1,187 1,113 1,029 1,061 1,190 1,130 1,255 2,127 2,205 1,695 1,806 1,802
Operating Profit 130 66 150 147 126 163 147 209 328 429 177 194 225
OPM % 10% 5% 12% 13% 11% 12% 12% 14% 13% 16% 9% 10% 11%
1 -0 3 2 6 3 8 11 17 61 16 23 19
Interest 27 19 58 57 93 104 107 120 113 126 74 67 63
Depreciation 51 52 69 68 88 83 87 87 89 90 94 100 102
Profit before tax 52 -5 27 25 -49 -22 -40 14 143 274 25 49 80
Tax % 27% 24% 36% 19% -59% -80% -33% 72% 25% 30% 38% 39%
38 -6 17 20 -20 -4 -27 4 108 192 16 30 50
EPS in Rs 1.81 -0.28 0.78 0.92 -0.91 -0.19 -1.03 0.15 4.12 6.50 0.53 1.03 1.70
Dividend Payout % 20% 0% 0% 0% 0% 0% 0% 0% 10% 8% 0% 10%
Compounded Sales Growth
10 Years: 5%
5 Years: 9%
3 Years: -7%
TTM: 1%
Compounded Profit Growth
10 Years: 25%
5 Years: 26%
3 Years: -33%
TTM: 419%
Stock Price CAGR
10 Years: 9%
5 Years: 25%
3 Years: 2%
1 Year: -46%
Return on Equity
10 Years: 4%
5 Years: 7%
3 Years: 7%
Last Year: 3%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Sep 2025
Equity Capital 42 43 44 44 44 44 52 52 52 59 59 59 59
Reserves 515 517 591 611 591 587 626 635 750 966 973 974 999
671 780 847 770 814 683 605 624 556 508 439 427 380
562 507 481 528 455 504 550 564 546 530 618 718 773
Total Liabilities 1,790 1,847 1,963 1,952 1,904 1,819 1,834 1,875 1,903 2,063 2,089 2,178 2,211
661 635 1,260 1,531 1,471 1,534 1,467 1,407 1,352 1,296 1,312 1,270 1,332
CWIP 718 849 367 122 124 7 12 4 8 60 41 56 10
Investments 0 0 0 0 0 0 0 0 0 0 20 27 22
411 363 336 299 309 278 354 464 543 708 716 825 846
Total Assets 1,790 1,847 1,963 1,952 1,904 1,819 1,834 1,875 1,903 2,063 2,089 2,178 2,211

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
232 69 123 223 57 285 170 218 178 226 252 191
-325 -87 -100 -95 -13 -45 -43 -78 52 -165 -99 -112
92 19 -23 -128 -44 -241 -119 -99 -192 -139 -153 -78
Net Cash Flow -2 1 -1 -0 0 -0 8 41 38 -78 1 1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 26 28 34 25 26 20 21 24 17 18 22 18
Inventory Days 110 87 100 83 96 66 102 82 63 97 139 143
Days Payable 204 155 137 167 106 149 186 144 76 78 125 129
Cash Conversion Cycle -68 -40 -3 -59 16 -63 -63 -38 5 38 37 32
Working Capital Days -39 -70 -85 -115 -116 -126 -89 -63 -15 3 -18 -30
ROCE % 7% 1% 6% 6% 3% 6% 5% 10% 18% 25% 7% 8%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
45.10% 45.10% 45.10% 45.10% 45.10% 44.08% 44.86% 44.86% 44.86% 44.87% 44.81% 44.62%
8.22% 8.30% 7.99% 8.43% 7.87% 7.25% 7.35% 11.25% 11.35% 10.82% 10.05% 9.18%
0.01% 0.01% 0.01% 0.11% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
46.66% 46.58% 46.90% 46.35% 47.01% 48.65% 47.77% 43.87% 43.77% 44.31% 45.12% 46.18%
No. of Shareholders 91,79190,30193,7321,07,4691,20,5421,52,8881,43,6231,12,8411,11,8271,09,4301,09,2561,08,389

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

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