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DCW Overview

DCW Ltd is an primarily India- based chemical employer, that is engaged in the manufacture of PVC, C-PVC (chlorinated polyvinyl chloride), caustic soda, soda ash, synthetic iron oxide pigment (SIOP) and polyvinyl chloride (PVC) resin. The Company's manufacture of thermoplastic especially used for manufacturing hot and cold-water pipes, commercial liquid dealing with, and serving loads of applications.

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DCW Key Financials

Market Cap ₹1284 Cr.

Stock P/E 42.4

P/B 1.2

Current Price ₹43.5

Book Value ₹ 36

Face Value 2

52W High ₹90

Dividend Yield 0.23%

52W Low ₹ 37.2

DCW Share Price

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Volume
Price

DCW Quarterly Price

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DCW Peer Comparison

DCW Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 414 398 622 500 489 474 538 475 539 520
Other Income 4 4 6 6 6 5 6 4 5 5
Total Income 418 402 627 506 495 479 544 480 544 525
Total Expenditure 373 378 558 454 453 417 482 422 481 475
Operating Profit 46 24 69 52 41 62 62 58 63 50
Interest 19 18 20 17 18 16 16 15 16 16
Depreciation 23 24 24 25 25 25 25 25 26 26
Exceptional Income / Expenses 0 -1 -0 0 0 0 0 0 0 0
Profit Before Tax 4 -19 25 10 -2 20 21 18 21 8
Provision for Tax 2 -7 9 3 -1 7 9 6 7 3
Profit After Tax 3 -12 15 7 -1 13 11 11 14 5
Adjustments 0 0 0 0 0 0 -0 0 0 -0
Profit After Adjustments 3 -12 15 7 -1 13 11 11 14 5
Adjusted Earnings Per Share 0.1 -0.4 0.5 0.2 -0 0.5 0.4 0.4 0.5 0.2

DCW Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 1254 1263 1176 1187 1353 1277 1464 2455 2634 1872 2000 2072
Other Income 4 3 9 6 4 9 11 6 15 18 23 20
Total Income 1259 1267 1184 1194 1356 1286 1476 2461 2649 1890 2023 2093
Total Expenditure 1192 1113 1035 1062 1191 1131 1255 2130 2205 1696 1807 1860
Operating Profit 67 154 150 132 166 155 221 331 444 194 217 233
Interest 19 58 57 93 104 107 120 113 126 74 67 63
Depreciation 52 69 68 88 83 87 87 89 90 94 100 102
Exceptional Income / Expenses -1 0 0 0 0 0 0 14 47 -1 0 0
Profit Before Tax -5 27 25 -49 -22 -40 14 143 274 25 49 68
Provision for Tax 1 10 5 -29 -18 -13 10 36 82 10 19 25
Profit After Tax -6 17 20 -20 -4 -27 4 108 192 16 30 41
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -6 17 20 -20 -4 -27 4 108 192 16 30 41
Adjusted Earnings Per Share -0.3 0.8 0.9 -0.9 -0.2 -1 0.1 4.1 6.5 0.5 1 1.5

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 7% -7% 9% 5%
Operating Profit CAGR 12% -13% 7% 12%
PAT CAGR 88% -35% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -51% -2% 4% 5%
ROE Average 3% 9% 8% 3%
ROCE Average 8% 14% 14% 9%

DCW Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 560 635 655 635 632 678 687 802 1025 1032 1033
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 567 555 480 479 384 467 523 441 381 282 218
Other Non-Current Liabilities 151 166 164 122 104 88 124 144 158 162 193
Total Current Liabilities 569 608 653 668 700 600 541 517 500 614 735
Total Liabilities 1847 1963 1952 1904 1819 1834 1875 1903 2063 2089 2178
Fixed Assets 635 1260 1531 1471 1534 1467 1407 1352 1296 1312 1270
Other Non-Current Assets 878 387 136 137 35 29 57 23 80 86 114
Total Current Assets 334 315 285 296 250 338 411 528 688 691 794
Total Assets 1847 1963 1952 1904 1819 1834 1875 1903 2063 2089 2178

DCW Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 2 2 2 1 1 1 9 50 88 10 11
Cash Flow from Operating Activities 69 123 223 57 285 170 218 178 226 252 191
Cash Flow from Investing Activities -87 -100 -95 -13 -45 -43 -78 52 -165 -99 -112
Cash Flow from Financing Activities 19 -23 -128 -44 -241 -119 -99 -192 -139 -153 -78
Net Cash Inflow / Outflow 1 -1 -0 0 -0 8 41 38 -78 1 1
Closing Cash & Cash Equivalent 2 2 1 1 1 9 50 88 10 11 11

DCW Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) -0.28 0.78 0.92 -0.91 -0.19 -1.03 0.15 4.12 6.5 0.53 1.03
CEPS(Rs) 2.16 3.92 4.01 3.06 3.58 2.32 3.49 7.51 9.56 3.71 4.41
DPS(Rs) 0 0 0 0 0 0 0 0.4 0.5 0 0.1
Book NAV/Share(Rs) 25.9 28.86 29.77 28.74 28.58 25.97 26.33 30.43 34.73 34.96 34.99
Core EBITDA Margin(%) 4.5 10.75 10.79 10.36 11.97 11.47 14.3 13.23 16.27 9.38 9.67
EBIT Margin(%) 1.01 6.06 6.25 3.64 6.07 5.31 9.11 10.44 15.21 5.28 5.83
Pre Tax Margin(%) -0.34 1.91 1.92 -4.05 -1.62 -3.1 0.93 5.84 10.42 1.35 2.47
PAT Margin (%) -0.43 1.22 1.54 -1.66 -0.32 -2.1 0.26 4.38 7.29 0.84 1.51
Cash Profit Margin (%) 3.33 6.15 6.75 5.57 5.85 4.73 6.23 7.99 10.71 5.85 6.51
ROA(%) -0.33 0.9 1.03 -1.05 -0.23 -1.47 0.2 5.69 9.68 0.75 1.42
ROE(%) -1.08 2.89 3.13 -3.13 -0.67 -4.09 0.56 14.51 21.1 1.52 2.93
ROCE(%) 1.09 6.02 5.61 3.07 5.95 5.22 10.28 19.25 27.78 6.59 7.97
Receivable days 24.91 27.58 27.59 25.07 21.57 20.91 20.92 15.74 17.28 24.09 19.41
Inventory Days 48.69 43.52 42.4 43.95 37.69 42.77 43.14 30.94 41 70.32 73.36
Payable days 46.55 44.19 46.34 56.02 51.07 60.69 55.83 24.87 30.38 55.21 64.55
PER(x) 0 30.86 33.31 0 0 0 180.32 9.89 6.69 96.87 75.77
Price/Book(x) 0.65 0.83 1.03 1.07 0.77 0.28 1 1.34 1.25 1.47 2.22
Dividend Yield(%) 0 0 0 0 0 0 0 0.98 1.15 0 0.13
EV/Net Sales(x) 0.9 1.09 1.22 1.26 0.85 0.58 0.81 0.61 0.62 0.95 1.25
EV/Core EBITDA(x) 17.02 8.94 9.63 11.31 6.95 4.81 5.37 4.54 3.65 9.21 11.57
Net Sales Growth(%) -5.36 0.71 -6.93 0.99 13.93 -5.58 14.64 67.64 7.29 -28.94 6.88
EBIT Growth(%) -82.43 508.72 -3.72 -45.94 86.28 -17.49 96.7 92.22 56.26 -75.32 17.96
PAT Growth(%) -115.63 389.12 17.68 -200.27 78.86 -526.69 114.17 2734.26 78.58 -91.84 93.39
EPS Growth(%) -115.36 380.93 17.68 -199.68 78.87 -430.64 114.17 2734.48 57.93 -91.84 93.37
Debt/Equity(x) 1.41 1.34 1.18 1.28 1.08 0.89 0.91 0.69 0.49 0.42 0.41
Current Ratio(x) 0.59 0.52 0.44 0.44 0.36 0.56 0.76 1.02 1.38 1.13 1.08
Quick Ratio(x) 0.3 0.24 0.23 0.21 0.18 0.27 0.45 0.54 0.69 0.51 0.5
Interest Cover(x) 0.74 1.46 1.44 0.47 0.79 0.63 1.11 2.27 3.18 1.34 1.73
Total Debt/Mcap(x) 2.18 1.6 1.15 1.19 1.41 3.17 0.91 0.52 0.39 0.29 0.19

DCW Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 45.1 44.08 44.86 44.86 44.86 44.87 44.81 44.62 45.14 45.44
FII 7.87 7.26 7.36 11.25 11.36 10.81 10.05 9.18 8.57 6.71
DII 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02
Public 47.01 48.65 47.77 43.87 43.77 44.3 45.13 46.18 46.28 47.83
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

DCW News

DCW Pros & Cons

Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 45.44%.
  • Company has a low return on equity of 9% over the last 3 years.
  • Debtor days have increased from 55.21 to 64.55days.
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