DCW Ltd. — Interim / Quarterly Report 2026

Feb 10, 2026

DILIP Digitally signed by DILIP VISHNUBHAI VISHNUBH DARJI Date: 2026.02.10 AI DARJI 20:24:22 +05'30'

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Earning Presentation

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Snapshot

BUSINESS

Pioneer

8+ 2 Decades of State-of-the-Art Experience Integrated Manufacturing Units 15+ 1,800 Chemicals spread across Employees Basic & Specialty

In India Soda Ash, C-PVC, Synthetic Rutile & SIOP

OPERATIONS Zero Effluent and waste Process

FINANCIALS

9% 6% 26% 5-year Revenue 5-year EBITDA Specialty Chemicals CAGR CAGR Revenue contribution from 0.5% in FY16

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Leading Largest and Unique Manufacturer of Commercial scale C-PVC and SIOP manufacturer of SIOP in in India the Asia 58 MW ~2,900 Captive Acres of land Power Capacity available 0.20x 6.69% Net Debt to Equity Ratio FY25 ROCE 1.09x Net Debt to EBITDA Ratio

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• As on FY25 end

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Business Overview Financial Highlights Historical Financial Overview

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Company Overview
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Operating Revenue (INR Mn) and EBITDA Margins (%)
26,338
18,716 20,003
15,345
16.27%
9.38% 9.67% 10.23%
FY23 FY24 FY25 9M-FY26
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• Incorporated in 1939, DCW Ltd. was established as Dhrangadhra Chemical Works at Dhrangadhra, Gujarat as India’s first Soda Ash plant.

• Since then, DCW has pioneered and created a strong presence in the Chlor-Alkali, Synthetic Rutile and PVC business segments, with a successful record of innovation in new products and processes.

• Over the years the company has expanded, diversified and modernized its operations with a diversified range of products for supply to customers in both, domestic and international markets with a conscious strategic shift towards specialty chemicals.

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Geographical Revenue Break-up (As on FY25)
22% 78%
DOMESTIC EXPORT
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• DCW has an extensive distribution network spanning over 14 countries across USA, Europe, Japan, Malaysia and Netherlands catering to over 100+ customers.

• Today it has two state of the art manufacturing facilities located in Dhrangadhra, Gujarat and Sahupuram, Tamil Nadu.

Product Basket

• Specialty Chemicals: Synthetic Iron Oxide Pigments (SIOP) and Chlorinated Poly Vinyl Chloride (C-PVC)

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FY25 Segmental Revenue FY25 Segmental EBITDA
Specialty
Others Chemicals,
, 1% 26% Specialty
Chemical, 96%
Basic Basic
Chemicals, Chemicals,
73% 0%
Others,
4% 4
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• Basic Chemicals: Soda Ash, Caustic Soda, Poly Vinyl Chloride (PVC)

• Intermediate Chemicals: Synthetic Rutile (SR), Liquid Chlorine, Hydrochloric Acid, Trichloroethylene, Utox, Ferric Chloride, and Sodium Hypochlorite, Sodium Bicarbonate and Ammonium Bicarbonate.

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Key Milestones
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Growth in Basic Chemicals Expansion towards Specialty Chemicals
Commissioned 20KT of CPVC
capacity addition and
Setup one of the Entered into a Technical Commenced
energised Solar park under
Commissioning of the first integrated License and Support production of 1st
group captive for
Chlor-alkali Plant at plants in India to Agreement with Rockwood and only
substitution of 25% power
Sahupuram in Tamil manufacture PVC Italia (Italy), and Arkema, C-PVC plant in
requirement in Sahupuram.
Nadu and Synthetic Rutile France, Europe India
1925 1968 1986 2016 2022
1959 1970 2010 2017 2025
Incorporated Founded India’s 1st Changed Company’s Commissioned one of Doubling of CPVC
India’s 1st Soda Trichloroethylene name to DCW Limited Asia’s largest scale of Capacity to 20KT &
Ash factory at plant Synthetic Iron Oxide Debottlenecking
Dhrangadhra, Pigment plant SIOP Plant to full
Gujarat capacity of 28KT
from 18KT
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Moving up the value chain by pioneering various specialty chemical products and processes in India

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Marquee Customers
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~~Basic Chemicals~~

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~~Specialty ChemicalsSpecialty Chemicals~~

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Value Proposition
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Significant Scale-up Opportunities

Over 2,500- acre land bank available at Sahupuram facility provides easy scaleup opportunity without incurring additional capex for land.

Technology Tie-ups

Licensed technology from Arkema & technical assistance from Rockwood Pigments for SIOP

Diversified Application Base

Catering to over 15 industries with high end-user growing markets

Niche & Diversified Product Mix

Diversified product mix of Basic, Specialty and Others

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1 3 5 7 9
2 4 6 8
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Strategic Location

Sahupuram Facility situated in the vicinity of the port providing logistical advantage for the export markets and tactical raw material procurement

Moving up the Value Chain

Increasing the contribution from high value, high margin Specialty Chemicals Segments.

Self Sufficiency

58 MW Co-Generation power plant ensures cost-effective, uninterrupted power supply. And major raw materials like Salt, Liquid Chlorine, Hydrogen, Hydrochloric Acid, etc. are captively produced to make value added products.

Well Established Relationships

With over 8 decades of existence DCW has built strong client and supplier relationships across domestic and international markets

Planned Capital Expenditure

Speciality Chemical volumes increase doubling CPVC capacity from 20KT to 40KT and SIOP from 18KT to 30KT.

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Capital Expenditure
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Project Planned Date of Capitalisation Change in Capacity Remarks Capacity Enhancement from 40,000 TPA to Project under way as CPVC Phase III Last 10KT: Expected Completion by Mar26 50,000 TPA planned

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Business Overview Financial Highlights Historical Financial Overview

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Key Financial and Operational Highlights
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Q3-FY26 Financial Performance

Q3/9M-FY26 Operational Highlights:

Revenue from EBITDA EBITDA Margins Operations INR 452 Mn 8.70% INR 5,198 Mn 9.6% Y-o-Y (20.6)% Y-o-Y (330) Bps Y-o-Y PAT PAT Margins Diluted EPS INR 49 Mn 0.94% INR 0.17 (63.4)% Y-o-Y (189) Bps Y-o-Y (62.2)% Y-o-Y

• Revenue from Operations stood at INR 5,198 Mn , an increased by 9.6% YOY despite price erosion across all product segment.

• Commodity Segment Sales Volumes across all products demonstrated Volume Growth with exception of PVC , wherein incremental quantity has been captively consumed resulting in lower external sales.

• Specialty segment continued to experience volume growth both in SIOP & CPVC to the tune of 19% & 80% respectively wherein CPVC growth has been backed by recently commissioned capex from 20KT to 40KT.

• Quarterly Net Realisation across products witnessed price corrections between 2% to 13% , with steep cuts in PVC by 17% and CPVC by 26% on a YoY basis.

9M-FY26 Financial Performance

• Investment on Specialty Chemicals over the last couple of years resulted in providing stability to the bottom line with Specialty Chemical’s EBITDA clocking at INR 491 Mn as against the Company EBITDA of INR 453 Mn after reporting negative EBITDA in Basic Chemical.

Revenue from EBITDA EBITDA Margins Operations INR 1,570 Mn 10.23% INR 15,345 Mn 4.9% Y-o-Y 14.1% Y-o-Y 82 Bps Y-o-Y PAT PAT Margins Diluted EPS INR 301 Mn 1.96% INR 1.02 59.3% Y-o-Y 67 Bps Y-o-Y 59.4% Y-o-Y

• Basic Chemicals had a difficult quarter with price erosion across all products with no consummate reduction in input costs, thereby seriously impacting the EBITDA.

• Highlights of the quarter includes highest CPVC sales and Soda Ash capacity utilisation hitting 94% after many quarters since mechanical break-down.

• On 9M-FY26 basis, the Revenue of the Company stood at INR 15,345 Mn, an increase by 4.9% on back of higher volumes across all product segments. PVC sales has dipped owing to incremental PVC volumes being diverted for captive consumption to support CPVC growth.

• On 9M-FY26 basis, the EBITDA of the Company stood at INR 1,570 Mn, an increase of 14.1%.

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Quarterly Key Segmental Financial Performance
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Revenue (INR Mn) & EBITDA Margin (%)

Basic Chemicals

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3,945
3,621
3,489
2.4%
3.1%
-1.2%
Q3-FY25 Q2-FY26 Q3-FY26
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Specialty Chemicals

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1,562
1,402
1,234
36.7%
32.2% 31.4%
Q3-FY25 Q2-FY26 Q3-FY26
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Others

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45
79.8%
19
15
47.7%
38.1%
Q3-FY25 Q2-FY26 Q3-FY26
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YTD Key Segmental Financial Performance
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Revenue (INR Mn) & EBITDA Margin (%)

Basic Chemicals

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10,991
10,524
1.1%
-0.9%
9M-FY25 9M-FY26
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Specialty Chemicals Others
4,249 106
4,007
93
35.0%
32.3%
74.0%
70.0%
9M-FY25 9M-FY26 9M-FY25 9M-FY26
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Quarterly Operational Performance – Key Products
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Capacity Utilization (%)

		C-PVC			SIOP	SIOP					PVC			Soda Ash
								83% 90% 96% Q3-FY25 Q2-FY26 Q3-FY26 Caustic Soda
		103% 111% 80% Q3-FY25 Q2-FY26 Q3-FY26			90% 83% 86% Q3-FY25 Q2-FY26 Q3-FY26						93% 105% 97% Q3-FY25 Q2-FY26 Q3-FY26			87% 84% 94% Q3-FY25 Q2-FY26 Q3-FY26

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YTD Operational Performance – Key Products
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Capacity Utilization (%)

		C-PVC			SIOP	SIOP					PVC			Soda Ash
								79% 90% 9M-FY25 9M-FY26 Caustic Soda
		103% 102% 9M-FY25 9M-FY26			89% 84% 9M-FY25 9M-FY26						97% 100% 9M-FY25 9M-FY26			84% 90% 9M-FY25 9M-FY26

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Quarterly Consolidated Financial Performance
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Particulars (INR Mn)	Q3-FY26	Q3-FY25	Y-o-Y	Q2-FY26	Q-o-Q
Operational Income	5,198	4,742	9.6%	5,392	(3.6)%
Total Expenses	4,746	4,173	13.7%	4,811	(1.4)%
EBITDA	452	569	(20.6)%	581	(22.2)%
EBITDA Margins (%)	8.70%	12.00%	(330) Bps	10.78%	(208) Bps
Other Income	48	48	NA	46	4.3%
Depreciation	263	253	4.0%	261	0.8%
Interest	162	162	NA	155	4.5%
Profit before Exceptional Items	75	202	(62.9)%	211	(64.5)%
Exceptional Items	-	-	NA	-	NA
PBT	75	202	(62.9)%	211	(64.5)%
Tax	26	68	(61.8)%	73	(64.4)%
Profit After tax	49	134	(63.4)%	138	(64.5)%
PAT Margins (%)	0.94%	2.83%	(189) Bps	2.56%	(162) Bps
Other Comprehensive Income	-	-	NA	-	NA
Total Comprehensive Income	49	134	(63.4)%	138	(64.5)%
Diluted EPS (INR)	0.17	0.45	(62.2)%	0.47	(63.8)%

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YTD Consolidated Financial Performance
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Particulars (INR Mn)	9M-FY26	9M-FY25	Y-o-Y
Operational Income	15,345	14,624	4.9%
Total Expenses	13,775	13,248	4.0%
EBITDA	1,570	1,376	14.1%
EBITDA Margins (%)	10.23%	9.41%	82 Bps
Other Income	134	172	(22.1)%
Depreciation	774	747	3.6%
Interest	468	515	(9.1)%
Profit before Exceptional Items	462	286	61.5%
Exceptional Items	-	-	NA
PBT	462	286	61.5%
Tax	162	97	67.0%
Profit After tax	301	189	59.3%
PAT Margins (%)	1.96%	1.29%	67 Bps
Other Comprehensive Income	-	-	NA
Total Comprehensive Income	301	189	59.3%
Diluted EPS (INR)	1.02	0.64	59.4%

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Business Overview Financial Highlights Historical Financial Overview

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Historical Income Statement
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Particulars (INR Mn)	FY23	FY24	FY25	9M-FY26
Operational Income	26,338	18,716	20,003	15,345
Total Expenses	22,053	16,961	18,069	13,775
EBITDA	4,285	1,755	1,934	1,570
EBITDA Margins (%)	16.27%	9.38%	9.67%	10.23%
Other Income	153	183	231	134
Depreciation	902	938	999	774
Interest	1,261	735	672	468
Profit before exceptional items	2,275	265	494	462
Exceptional Item	469	(12)	-	-
PBT	2,744	253	494	462
Tax	824	96	191	162
Profit After tax	1,920	157	303	301
PAT Margins (%)	7.29%	0.84%	1.51%	1.96%
Other Comprehensive Income	(41)	(2)	(6)	-
Total Comprehensive Income	1,879	155	297	301
Diluted EPS (INR)	6.50	0.53	1.03	1.02

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Historical Balance Sheet
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Particulars (INR Mn)	FY24	FY25	H1-FY26
ASSETS
Non-Current Assets
Property, Plant & Equipment	13,005	12,608	13,095
Capital Work in progress	410	563	103
Right - of - use Assets	110	95	229
Financial Assets
(i)Investments	195	195	195
(ii)Other Financial assets	133	175	172
Income tax assets (net)	93	94	75
Other Non- Current Assets	32	108	94
Total Non- Current Assets	13,978	13,838	13,963
Current Assets
Inventories	3,765	4,276	4,215
Financial Assets
(i)Investments	2	70	29
(ii)Trade Receivables	1,142	985	1,296
(iii)Cash and Cash Equivalents	107	113	157
(iv)Other Bank Balances	1,587	2,038	1,937
(v) Loans	13	8	16
Other Current Assets	291	452	495
Total Current Assets	6,907	7,942	8,145
TOTAL ASSETS	20,885	21,780	22,108

Particulars (INR Mn)	FY24	FY25	H1-FY26
EQUITY AND LIABILITIES
Equity
Share Capital	590	590	590
Other Equity	9,727	9,737	9,989
Total Equity	10,317	10,327	10,579
Non-Current Liabilities
(i)Borrowings	2,817	2,176	1,417
(ii)Lease Liability	13	6	128
(iii)Other Financial Liabilities	200	200	200
Provisions	230	166	156
Deferred Tax Liabilities (Net)	1,096	1,485	1,553
Other Non-Current Liabilities	77	71	67
Total Non-Current Liabilities	4,433	4,104	3,521
Current Liabilities
(i)Borrowings	1,547	2,081	2,230
(i)Trade Payables	3,366	3,843	4,100
(ii)Other Financial Liabilities	503	629	729
(iii)Lease Liabilities	13	8	27
Other current Liabilities	591	686	820
Provisions	115	102	102
Income Tax Liabilities (Net)	-	-	-
Total Current Liabilities	6,135	7,349	8,008
Total Liabilities	10,568	11,453	11,529
TOTAL EQUITY AND LIABILITIES	20,885	21,780	22,108	19

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Financial Performance
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Revenue From Operations (INR Mn) EBITDA (INR Mn) & EBITDA Margins % PAT (INR Mn)
26,338
4,285 1,920
20,003
18,716
15,345
1,755 1,934 1,570
16.27%
303 301
9.38% 9.67% 10.23% 157
FY23 FY24 FY25 9M-FY26 FY23 FY24 FY25 9M-FY26
FY23 FY24 FY25 9M-FY26
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ROE & ROCE (%)
21.63%
21.02%
6.69%
6.07%
2.94%
1.52%
FY23 FY24 FY25
ROE ROCE
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Net Debt to EBITDA & Net Debt to Equity Working Capital Days
26
1.52
1.09
0.79
15
11
0.33 0.26 0.20
FY23 FY24 FY25
Net Debt/EBITDA Net Debt/Equity FY23 FY24 FY25
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Capital Market Data
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1 Year Stock Performance (up to 31 [st] December, 2025)
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25
DCW Sensex
Price Data (As on 31 [st] December, 2025) INR
Shareholding Pattern (As on 31 [st] December, 2025)
Face Value 2.00
CMP 58.24
FPI, 8.57%
52 Week H/L 93.00/51.27 Promoters,
45.14%
Market Cap. (Mn) 17,189.83
No. of Share outstanding (Mn) 295.16
Public, 46.29%
Avg. Trading Volume ('000) 1,365.92
Avg. Net Turnover (Mn) 103.03
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Disclaimer
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DCW Ltd.

No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward ’ looking statements" based on the currently held beliefs and assumptions of the management of DCW Ltd., which are expressed in good faith and in their opinion reasonable, including those relating to the Company s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company ’ s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments.

This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from.

This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.

Valorem Advisors Disclaimer:

Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review.

For further details, please feel free to contact our Investor Relations Representatives:

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Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-4903 9500 Email: dcw@valoremadvisors.com Investor Kitlink : https://www.valoremadvisors.com/dcw

Mr. Dilip Darji

Sr. General Manager (Legal) & Company Secretary Email: dilip.darji@dcwltd.com

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THANK YOU

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