DCW

₹51.5 0.1 | 0.2%

WEBSITE BSE:500117 NSE : DCW LTD. 10 May, 16:01

Market Cap ₹1519 Cr.

Stock P/E 31.3

P/B 1.5

Current Price ₹51.5

Book Value ₹ 34.7

Face Value 2

52W High ₹72.4

Dividend Yield 0.97%

52W Low ₹ 42.1

Edit Ratio

DCW Research see more...

Overview Inc. Year: 1939Industry: Chemicals

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.

DCW Share Price

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Peer Comparison

DCW Quarterly Results

#(Fig in Cr.)	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Jun 2023	Sep 2023	Dec 2023
Net Sales	521	572	655	707	769	698	579	438	414	398
Other Income	2	1	1	1	2	5	4	4	4	4
Total Income	523	573	656	709	771	703	583	442	418	402
Total Expenditure	463	492	566	608	647	592	478	387	373	378
Operating Profit	60	81	91	100	124	111	105	55	46	24
Interest	31	29	28	26	26	62	20	17	19	18
Depreciation	22	22	22	22	22	23	23	23	23	24
Exceptional Income / Expenses	14	0	0	0	15	30	3	0	0	-1
Profit Before Tax	21	29	41	52	91	56	66	15	4	-19
Provision for Tax	7	10	14	4	32	6	18	5	2	-7
Profit After Tax	13	20	27	48	59	50	48	10	3	-12
Adjustments	0	0	0	0	0	0	0	-0	0	0
Profit After Adjustments	13	20	27	48	59	50	48	10	3	-12
Adjusted Earnings Per Share	0.5	0.8	1	1.8	2.1	1.7	1.6	0.3	0.1	-0.4

DCW Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	1328	1326	1254	1263	1176	1187	1353	1277	1464	2455	2634	1829
Other Income	3	1	4	3	9	6	4	9	11	6	15	16
Total Income	1331	1327	1259	1267	1184	1194	1356	1286	1476	2461	2649	1845
Total Expenditure	1079	1197	1192	1113	1035	1062	1191	1131	1255	2130	2205	1616
Operating Profit	251	130	67	154	150	132	166	155	221	331	444	230
Interest	32	27	19	58	57	93	104	107	120	113	126	74
Depreciation	53	51	52	69	68	88	83	87	87	89	90	93
Exceptional Income / Expenses	-6	0	-1	0	0	0	0	0	0	14	47	2
Profit Before Tax	160	52	-5	27	25	-49	-22	-40	14	143	274	66
Provision for Tax	56	14	1	10	5	-29	-18	-13	10	36	82	18
Profit After Tax	105	38	-6	17	20	-20	-4	-27	4	108	192	49
Adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	105	38	-6	17	20	-20	-4	-27	4	108	192	49
Adjusted Earnings Per Share	5	1.8	-0.3	0.8	0.9	-0.9	-0.2	-1	0.1	4.1	6.5	1.6

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	7%	27%	17%	7%
Operating Profit CAGR	34%	42%	27%	6%
PAT CAGR	78%	0%	0%	6%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	4%	14%	25%	14%
ROE Average	21%	12%	6%	6%
ROCE Average	28%	19%	14%	10%

DCW Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	528	556	560	635	655	635	632	678	687	802	1025
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	388	588	567	555	480	479	384	467	523	441	381
Other Non-Current Liabilities	120	126	151	166	164	122	104	88	124	144	158
Total Current Liabilities	513	520	569	608	653	668	700	600	541	517	500
Total Liabilities	1548	1790	1847	1963	1952	1904	1819	1834	1875	1903	2063
Fixed Assets	664	661	635	1260	1531	1471	1534	1467	1407	1352	1296
Other Non-Current Assets	466	747	878	387	136	137	35	29	57	23	80
Total Current Assets	419	382	334	315	285	296	250	338	411	528	688
Total Assets	1548	1790	1847	1963	1952	1904	1819	1834	1875	1903	2063

DCW Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	5	3	2	2	2	1	1	1	9	50	88
Cash Flow from Operating Activities	206	232	69	123	223	57	285	170	218	178	226
Cash Flow from Investing Activities	-261	-325	-87	-100	-95	-13	-45	-43	-78	52	-165
Cash Flow from Financing Activities	53	92	19	-23	-128	-44	-241	-119	-99	-192	-139
Net Cash Inflow / Outflow	-2	-1	1	-1	-0	0	-0	8	41	38	-78
Closing Cash & Cash Equivalent	3	2	2	2	1	1	1	9	50	88	10

DCW Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	5	1.81	-0.28	0.78	0.92	-0.91	-0.19	-1.03	0.15	4.12	6.5
CEPS(Rs)	7.52	4.24	2.16	3.92	4.01	3.06	3.58	2.32	3.49	7.51	9.56
DPS(Rs)	0.36	0.36	0	0	0	0	0	0	0	0.4	0.5
Book NAV/Share(Rs)	24.77	26.16	25.9	28.86	29.77	28.74	28.58	25.97	26.33	30.43	34.73
Core EBITDA Margin(%)	17.29	8.83	4.5	10.75	10.79	10.36	11.97	11.47	14.3	13.23	16.27
EBIT Margin(%)	13.4	5.43	1.01	6.06	6.25	3.64	6.07	5.31	9.11	10.44	15.21
Pre Tax Margin(%)	11.16	3.58	-0.34	1.91	1.92	-4.05	-1.62	-3.1	0.93	5.84	10.42
PAT Margin (%)	7.3	2.6	-0.43	1.22	1.54	-1.66	-0.32	-2.1	0.26	4.38	7.29
Cash Profit Margin (%)	10.98	6.09	3.33	6.15	6.75	5.57	5.85	4.73	6.23	7.99	10.71
ROA(%)	7.43	2.27	-0.33	0.9	1.03	-1.05	-0.23	-1.47	0.2	5.69	9.68
ROE(%)	22.41	7.09	-1.08	2.89	3.13	-3.13	-0.67	-4.09	0.56	14.51	21.1
ROCE(%)	19.97	6.94	1.09	6.02	5.61	3.07	5.95	5.22	10.28	19.25	27.78
Receivable days	21.15	23.4	24.91	27.58	27.59	25.07	21.57	20.91	20.92	15.74	17.28
Inventory Days	49.42	54.36	48.69	43.52	42.4	43.95	37.69	42.77	43.14	30.94	41
Payable days	27.08	39.58	46.55	44.19	46.34	56.02	51.07	60.69	55.83	24.87	30.38
PER(x)	2.53	6.56	0	30.86	33.31	0	0	0	180.32	9.89	6.69
Price/Book(x)	0.51	0.45	0.65	0.83	1.03	1.07	0.77	0.28	1	1.34	1.25
Dividend Yield(%)	2.85	3.04	0	0	0	0	0	0	0	0.98	1.15
EV/Net Sales(x)	0.61	0.69	0.9	1.09	1.22	1.26	0.85	0.58	0.81	0.61	0.62
EV/Core EBITDA(x)	3.2	7.04	17.02	8.94	9.63	11.31	6.95	4.81	5.37	4.54	3.65
Net Sales Growth(%)	12.13	-0.17	-5.36	0.71	-6.93	0.99	13.93	-5.58	14.64	67.64	7.29
EBIT Growth(%)	141.85	-58.85	-82.43	508.72	-3.72	-45.94	86.28	-17.49	96.7	92.22	56.26
PAT Growth(%)	242.01	-63.89	-115.63	389.12	17.68	-200.27	78.86	-526.69	114.17	2734.26	78.58
EPS Growth(%)	231.11	-63.89	-115.36	380.93	17.68	-199.68	78.87	-430.64	114.17	2734.48	57.93
Debt/Equity(x)	1.05	1.22	1.41	1.34	1.18	1.28	1.08	0.89	0.91	0.69	0.49
Current Ratio(x)	0.82	0.73	0.59	0.52	0.44	0.44	0.36	0.56	0.76	1.02	1.38
Quick Ratio(x)	0.37	0.34	0.3	0.24	0.23	0.21	0.18	0.27	0.45	0.54	0.69
Interest Cover(x)	5.99	2.93	0.74	1.46	1.44	0.47	0.79	0.63	1.11	2.27	3.18
Total Debt/Mcap(x)	2.05	2.7	2.18	1.6	1.15	1.19	1.41	3.17	0.91	0.52	0.39

DCW Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	46.76	46.76	43.95	44.85	45.1	45.1	45.1	45.1	45.1	44.08
FII	6.32	6.72	6.29	7.9	8.22	8.3	8	8.44	7.87	7.26
DII	0.02	0.02	6.06	0.21	0.02	0.02	0.02	0.12	0.02	0.02
Public	46.9	46.5	43.7	47.04	46.66	46.59	46.89	46.35	47.01	48.65
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	12.2	12.2	12.2	13.24	13.31	13.31	13.31	13.31	13.31	13.01
FII	1.65	1.75	1.75	2.33	2.43	2.45	2.36	2.49	2.32	2.14
DII	0.01	0.01	1.68	0.06	0.01	0.01	0.01	0.04	0.01	0.01
Public	12.24	12.14	12.14	13.89	13.77	13.75	13.84	13.68	13.87	14.36
Others	0	0	0	0	0	0	0	0	0	0
Total	26.1	26.1	27.77	29.52	29.52	29.52	29.52	29.52	29.52	29.52

Pros

Company has reduced debt.
Company is almost debt free.

Cons

Promoter holding is low: 44.08%.
Company has a low return on equity of 12% over the last 3 years.
Debtor days have increased from 24.87 to 30.38days.

* 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.