DCW
DCW
ChemicalsKey Fundamentals
MicrocapPetrochemicalsChemicalsTapetide Score
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Key Insights
Strengths
1- Company has reduced debt.
Weaknesses
5- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 7.92% over past five years.
- Company has a low return on equity of 3.09% over last 3 years.
- Dividend payout has been low at 3.27% of profits over last 3 years
- Company's cost of borrowing seems high
Growth Rate
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 438 | 414 | 398 | 622 | 500 | 489 | 474 | 538 | 476 | 539 | 520 | 609 | 542 |
| Expenses | 387 | 373 | 378 | 558 | 454 | 453 | 417 | 482 | 422 | 481 | 475 | 544 | 506 |
| Operating Profit | 51 | 42 | 19 | 63 | 45 | 35 | 57 | 56 | 54 | 58 | 45 | 65 | 36 |
| OPM % | 12% | 10% | 4.9% | 10% | 9% | 7% | 12% | 10% | 11% | 11% | 9% | 11% | 7% |
| Other Income | 4 | 4 | 3 | 6 | 6 | 6 | 5 | 6 | 4 | 5 | 5 | 6 | 6 |
| Interest | 17 | 19 | 18 | 20 | 17 | 18 | 16 | 16 | 15 | 16 | 16 | 15 | 15 |
| Depreciation | 23 | 23 | 24 | 24 | 25 | 25 | 25 | 25 | 25 | 26 | 26 | 26 | 26 |
| PBT | 15 | 4 | -19 | 25 | 10 | -2 | 20 | 21 | 18 | 21 | 8 | 28 | 0 |
| Tax % | 35% | 41% | -35% | 38% | 34% | -30% | 34% | 45% | 36% | 34% | 35% | 36% | -9497% |
| Net Profit | 10 | 3 | -12 | 15 | 7 | -1 | 13 | 11 | 11 | 14 | 5 | 18 | 35 |
| EPS in Rs | 0.34 | 0.09 | -0.42 | 0.52 | 0.23 | -0.04 | 0.45 | 0.38 | 0.39 | 0.47 | 0.17 | 0.61 | 1.17 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,253 | 1,263 | 1,176 | 1,187 | 1,353 | 1,277 | 1,464 | 2,455 | 2,634 | 1,872 | 2,000 | 2,144 | 2,210 |
| Expenses | 1,187 | 1,113 | 1,029 | 1,061 | 1,190 | 1,130 | 1,255 | 2,127 | 2,205 | 1,695 | 1,807 | 1,918 | 2,006 |
| Operating Profit | 66 | 150 | 147 | 126 | 163 | 147 | 209 | 328 | 429 | 177 | 194 | 225 | 204 |
| OPM % | 5% | 12% | 13% | 11% | 12% | 12% | 14% | 13% | 16% | 9% | 10% | 11% | 9% |
| Other Income | 0 | 3 | 2 | 6 | 3 | 8 | 11 | 17 | 61 | 16 | 23 | 15 | 21 |
| Interest | 19 | 58 | 57 | 93 | 104 | 107 | 120 | 113 | 126 | 74 | 67 | 62 | 62 |
| Depreciation | 52 | 69 | 68 | 88 | 83 | 87 | 87 | 89 | 90 | 94 | 100 | 104 | 105 |
| PBT | -5 | 27 | 25 | -49 | -22 | -40 | 14 | 143 | 274 | 25 | 49 | 75 | 57 |
| Tax % | 24% | 36% | 19% | -59% | -80% | -33% | 72% | 25% | 30% | 38% | 39% | 35% | — |
| Net Profit | -6 | 17 | 20 | -20 | -4 | -27 | 4 | 108 | 192 | 16 | 30 | 48 | 71 |
| EPS in Rs | -0.28 | 0.78 | 0.92 | -0.91 | -0.19 | -1.03 | 0.15 | 4.12 | 6.5 | 0.53 | 1.02 | 1.63 | 2.42 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 10% | 8% | 0% | 10% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 43 | 44 | 44 | 44 | 44 | 52 | 52 | 52 | 59 | 59 | 59 | 59 |
| Reserves | 517 | 591 | 611 | 591 | 587 | 626 | 635 | 750 | 966 | 973 | 974 | 1,016 |
| Borrowings | 780 | 847 | 770 | 814 | 683 | 605 | 624 | 556 | 508 | 439 | 427 | 290 |
| Other Liabilities | 507 | 481 | 528 | 455 | 504 | 550 | 564 | 546 | 530 | 618 | 718 | 724 |
| Total Liabilities | 1,847 | 1,963 | 1,952 | 1,904 | 1,819 | 1,834 | 1,875 | 1,903 | 2,063 | 2,089 | 2,178 | 2,089 |
| Fixed Assets | 635 | 1,260 | 1,531 | 1,471 | 1,534 | 1,467 | 1,407 | 1,352 | 1,296 | 1,312 | 1,270 | 1,304 |
| CWIP | 849 | 367 | 122 | 124 | 7 | 12 | 4 | 8 | 60 | 41 | 56 | 22 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20 | 27 | 20 |
| Other Assets | 363 | 336 | 299 | 309 | 278 | 354 | 464 | 543 | 708 | 716 | 825 | 744 |
| Total Assets | 1,847 | 1,963 | 1,952 | 1,904 | 1,819 | 1,834 | 1,875 | 1,903 | 2,063 | 2,089 | 2,178 | 2,089 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 69 | 123 | 223 | 57 | 285 | 170 | 218 | 178 | 226 | 252 | 191 | 278 |
| Investing | -87 | -100 | -95 | -13 | -45 | -43 | -78 | 52 | -165 | -99 | -112 | -63 |
| Financing | 19 | -23 | -128 | -44 | -241 | -119 | -99 | -192 | -139 | -153 | -78 | -221 |
| Net Cash Flow | 1 | -1 | 0 | 0 | 0 | 8 | 41 | 38 | -78 | 1 | 1 | -7 |
| Free Cash Flow | -20 | 22 | 126 | 37 | 255 | 154 | 200 | 141 | 140 | 162 | 116 | 187 |
| CFO/OP | 112 | 83 | 157 | 45 | 175 | 117 | 104 | 61 | 64 | 150 | 103 | 122 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 28 | 34 | 25 | 26 | 20 | 21 | 24 | 17 | 18 | 22 | 18 | 24 |
| Inventory Days | 87 | 100 | 83 | 96 | 66 | 102 | 82 | 63 | 97 | 139 | 143 | 96 |
| Days Payable | 155 | 137 | 167 | 106 | 149 | 186 | 144 | 76 | 78 | 125 | 129 | 122 |
| Cash Conversion Cycle | -40 | -3 | -59 | 16 | -63 | -63 | -38 | 5 | 38 | 37 | 32 | -1 |
| Working Capital Days | -70 | -85 | -115 | -116 | -126 | -89 | -63 | -15 | 3 | -18 | -30 | -34 |
| ROCE % | 1% | 6% | 6% | 3% | 6% | 5% | 10% | 18% | 25% | 7% | 8% | 10% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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61 extracted metrics + investor summaries across FY09–FY26.
Documents
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Company Information
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]
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