DCW Q1 FY27 Earnings Call — Analysis (NSE: DCW)
Q1 FY27 severely impacted by temporary West Asia disruption hitting PVC volumes and margins; management announced ₹250 Cr SIOP expansion and power capex, expects improvement from Q2.
Result quality: stable — Steady quarter. Management sentiment: neutral.
The take
Q1 FY27 severely impacted by temporary West Asia disruption hitting PVC volumes and margins; management announced ₹250 Cr SIOP expansion and power capex, expects improvement from Q2.
Results
Revenue ₹542 Cr +14% YoY (-11% QoQ); EBITDA ₹41.4 Cr -28% YoY; Basic Chemicals EBITDA negative -₹14 Cr due to PVC losses; Specialty Chemicals EBITDA grew 20% YoY.
Guidance
Management announced a ₹250 Cr investment program for SIOP capacity expansion (30k to 45k tons) and captive power, targeting Phase 1 completion by Q4FY28 and minimum 20% incremental ROCE, while resetting steady-state EBITDA expectation to ~₹300 Cr.
Key themes
PVC disruption recovery and Specialty-led capex cycle
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