DCW Ltd

DCW Ltd - Closure of Trading Window

AGM details

• AGM held on 26 September 2026 through VC/OAVM.
• Record date: 19 September 2026; shareholders on record: 106,917.
• Meeting attendance: 63 via VC/OAVM; promoter group 19, public 44.

Resolutions

• Resolution 1 (Ordinary): Adoption of Audited Financial Statements for year ended 31 March 2026.
• Resolution 2 (Ordinary): Confirmation of Interim Dividend and Declaration of Final Dividend.
• Resolution 3 (Ordinary): Re-appointment of Ashish Pramodkumar Jain as Director on rotation.
• Resolution 4 (Special): Appointment of Adhiraj Anil Harish as Independent Director.
• Resolution 5 (Ordinary): Ratification of Remuneration of the Cost Auditors for FY ending 31 March 2027.

Voting results

• All resolutions passed with requisite majority.
• Resolution 1 passed with about 99.94% in favour.
• Resolution 2 passed with about 99.94% in favour.
• Resolution 3 passed with about 99.94% in favour.
• Resolution 4 passed with about 99.94% in favour.
• Resolution 5 passed with about 99.94% in favour.

Dividend

• Dividend final, per-share amount not disclosed.

Director changes

• Re-appointment of Ashish Pramodkumar Jain as Director.
• Appointment of Adhiraj Anil Harish as Independent Director.

Auditors

• Remuneration ratified for Cost Auditors for FY ending 31 March 2027.

Related party transactions

• No material related party transactions disclosed.

Other material approvals

• No other material approvals disclosed.

AGM details

• AGM held Saturday, 26 September 2026, via VC/OAVM starting at 12:00 noon.
• Remote e-voting ran Sep 23–25, 2026; voting available 15 minutes post-meeting.

Key resolutions

• Ordinary: Adoption of Audited Financial Statements and Board/Auditors' Reports for FY ended 31 March 2026.

Voting results

• Outcome of the above resolution not disclosed in the provided text.

Tax order impact

• Income Tax Order under section 250 for AY 2015-16 to 2024-25 received Sept 1, 2026.
• Deletion of additions reduces MAT credit by Rs 16.94 crore; prior reduction was Rs 28.93 crore.
• Favourable deletions reduce tax liability by Rs 11.99 crore and cut contingent liability by Rs 11.99 crore.
• Company will pursue appeals against balance additions sustained in the order under applicable laws.
• Order issued by Commissioner of Income Tax (Appeals) - 47, Mumbai.

KYC updation for physical holders

• DCW requests physical shareholders update PAN, KYC, and bank details with RTA Bigshare.
• SEBI Master Circular HO/38/13/(4)2026 dated Feb 6, 2026 governs updation.
• Forms ISR-2, ISR-3, SH-14 are available on DCW and RTA websites.
• Non-submission risks withholding of dividends or payments to the holder.
• Dividend payable on holdings will be withheld until KYC is updated.
• Submit KYC documents to Bigshare Services Pvt. Ltd. with supporting files.
• DCW notes convert physical shares to demat to enable liquidation.
• Immediate compliance requested to ensure timely dividend credit.

Restoration status

• Dhrangadhra plant, Gujarat, fully functional with production restored to normal capacity.

Financial impact

• Insurance claimed: approximately ₹10 crore under Stock and IAR Insurance policy.
• Actual damage due to flooding and water logging: approximately ₹10 crore.
• Estimated financial loss to production and profitability: ₹9.1 crore.

Restoration actions

• Safety assessment prioritized plant and employee safety.
• Immediate repairs and infrastructure upgrades to resume continuous processing.
• Temporary pumps installed to drain waterlogged areas.
• Inventory protection and supplier coordination to secure inputs.

Disclosure

• Annexure I contains completion details and financial estimates per Listing Regulations.

Financial Performance

• Revenue for Q1 FY27: INR 542 crores, up 14% YoY.
• Specialty Chemicals revenue: INR 177 crores, 33% of total.
• PVC volumes down 20% in Q1 FY27 due to West Asia disruption.
• CPVC volumes up 59% YoY; Specialty EBITDA up ~20% YoY.
• Basic Chemicals revenue INR 361 crores, down 18% YoY.
• EBITDA for quarter: INR 41.4 crores, down 28% YoY.
• Basic Chemicals EBITDA negative INR 14 crores.
• Tax regime changes: MAT credit; DTL reduced by INR 34 crores.
• Tax rate under new regime: 25.17% vs 34.9% earlier.
• Debt: legacy debt to be repaid in FY27; net debt-free by year-end FY27.
• FY27 outlook: expected to close at a better level than the previous fiscal.
• Industry backdrop: VCM supply improving; import duties reinstated.

Growth and Capex

• INR 250 crores capex plan over 2-3 years.
• SIOP capacity expansion to 45,000 tpa; Phase 1 adds 7,000 tpa.
• Phase 1 targeted completion by Q4 FY28.
• Phase 2 adds 8,000 tpa; sequencing to follow.
• Captive power project at Sahupuram to finish by Q4 FY28; lower power costs.
• Minimum ROCE of 20% on new investments.

Q&A Highlights

• Q1 sequential revenue decline driven by one-time base effect from Synthetic Rutile liquidation and PVC downtime.
• Specialty margin at 29.1% vs 33.6% prior; CPVC-PVC spread affects mix.
• SIOP margins around 35-36%; price realization north of INR 80,000/ton.
• Export mix: ~60% of SIOP exported; Synthetic Rutile 100% exports.
• PVC bottoming; MIP ~INR 80; domestic prices above MIP currently.
• Chlorine self-consumption improves caustic soda margins; no effluent charges incurred.
• VCM sourcing shifted to a global distributor; no merchant VCM in India.
• Capex timing: Phase 1 commissioning by Q4 FY28; scale-up contingent on market.