DCW Ltd. — Investor Presentation 2026

May 5, 2026

DCW

LIMITED

May 05, 2026

To,

| National Stock Exchange of India Ltd.
Exchange Plaza Bldg.
5^{th} Floor, Plot No.C-1
'G' Block, Near Wockhardt,
Bandra Kurla Complex
Mumbai 400 051
Symbol: DCW | BSE Limited
Department of Corporate Services,
1^{st} floor, New Trading Ring
Rotunda Building,
Phiroze Jeejeebhoy Towers,
Dalal Street, Mumbai - 400 001
Scrip Code : 500117 |
| --- | --- |

Dear Sir(s)/Madam,

Sub: Investors' Presentation

Pursuant to Regulation 30 and Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are submitting herewith the presentation of DCW Limited (“the Company”) for the quarter and financial year ended March 31, 2026, to be made to investors and analysts.

The same is also being uploaded on the Company’s website at https://www.dcwltd.com in compliance with Regulation 46(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

You are requested to take the aforesaid information on your record.

Thanking You,

Yours faithfully,

For DCW Limited

DILIP
VISHNUBHAI
DARJI

Digitally signed by DILIP
VISHNUBHAI DARJI
Date: 2026.05.05
23:09:23 +05'30'

Dilip Darji
Sr. General Manager (Legal) & Company Secretary
Membership No. ACS-22527

Encl: A/a

DCW LIMITED

HEAD OFFICE :

"NIRMAL" 3RD FLOOR, NARIMAN POINT, MUMBAI-400 021

TEL.: 4957 3000, 4957 3001

REGISTERED OFFICE : DHRANGADHRA - 363 310, SURENDRA NAGAR DISTRICT, GUJARAT

Email: ho@dcwltd.com, Website: www.dcwltd.com, CIN-L24110GJ1939PLC000748

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DCW LIMITED

DCW Limited Earning Presentation

Q4-FY26/FY26

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Dcw

Snapshot

8+ Decades of Experience

• 2

• State-of-the-Art Integrated Manufacturing Units

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

• Leading Manufacturer of C-PVC and SIOP in India

• Largest and Unique
  Commercial scale manufacturer of SIOP in the Asia

15+ Chemicals spread across Basic & Specialty

• 1,800 Employees

1,800

Employees

Zero Effluent and waste Process

• 58 MW
  Captive Power Capacity

~2,900 Acres of land available

8% 5-year Revenue CAGR

66% 5-year PAT CAGR

66%

5-year PAT
CAGR

FINANCIALS

• 28%
  Specialty Chemicals Revenue contribution from 0.5% in FY16

• 0.07
  Net Debt to Equity Ratio

• 0.32
  Net Debt to EBITDA Ratio

• 8.56%
  FY26 ROCE

• As on FY26 end

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DOW

Business Overview

Financial Highlights

Historical Financial Overview

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Company Overview

DCW

• 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.
• 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)
• 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.

Operating Revenue (INR Mn) and EBITDA Margins (%)

Geographical Revenue Break-up (As on FY26)

FY26 Segmental Revenue FY26 Segmental EBITDA

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Key Milestones

D&U

Growth in Basic Chemicals
Expansion towards Specialty Chemicals

1925	Commissioning of the Chlor-alkali Plant at Sahupuram in Tamil Nadu	1968	Setup one of the first integrated plants in India to manufacture PVC and Synthetic Rutile	1986	Entered into a Technical License and Support Agreement with Rockwood Italia (Italy), and Arkema, France, Europe	2016	Commenced production of 1st and only C-PVC plant in India	2022	Commissioned 20KT of CPVC capacity addition and energised Solar park under group captive for substitution of 25% power requirement in Sahupuram.	2026
Incorporated India's 1st Soda Ash factory at Dhrangadhra, Gujarat	1959	Founded India's 1st Trichloroethylene plant	1970	Changed Company's name to DCW Limited	2010	Commissioned one of Asia's largest scale of Synthetic Iron Oxide Pigment plant	2017	Doubling of CPVC Capacity to 20KT & Debottlenecking SIOP Plant to full capacity of 28KT from 18KT	2025	Commissioned 10,000 metric tonnes Chlorinated Polyvinyl Chloride expansion, taking total capacity to 50,000 metric tonnes.

Moving up the value chain by pioneering various specialty chemical products and processes in India

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Marquee Customers

DCU

basic Chemicals

• vanille
• vanille

Vedanta

transforming elements

ARRION

TRICON

Specialty Chemicals

Supreme

SUPREME INDUSTRIES LIMITED

ISK ISHIHARA SANGYO KAISHA, LTD.

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Value Proposition

DCW

Significant Scale-up Opportunities

Over 2,500- acre land bank available at Sahupuram facility provides easy scale-up 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

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

Next growth phase led by Specialty Chemicals to boost revenue & margins with planned Capex to double C-PVC capacity and increase SIOP throughput

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DOW

Capital Expenditure

Project	Planned Date of Capitalisation	Change in Capacity	Remarks
CPVC Phase III	Last 10KT: Expected Completion by Mar26	Capacity Enhancement from 40,000 TPA to 50,000 TPA	Completed as per schedule

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DOW

Business Overview

Financial Highlights

Historical Financial Overview

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Key Financial and Operational Highlights

DOW

Q4-FY26 Financial Performance

Revenue from Operations	EBITDA	EBITDA Margins
INR 6,091 Mn	INR 646 Mn	10.61%
13.2% Y-o-Y	16.0% Y-o-Y	25 Bps Y-o-Y
PAT	PAT Margins	Diluted EPS
INR 181 Mn	2.97%	INR 0.61
60.2% Y-o-Y	87 Bps Y-o-Y	60.5% Y-o-Y

FY26 Financial Performance

Revenue from Operations	EBITDA	EBITDA Margins
INR 21,436 Mn	INR 2,216 Mn	10.34%
7.2% Y-o-Y	14.7% Y-o-Y	68 Bps Y-o-Y
PAT	PAT Margins	Diluted EPS
INR 482 Mn	2.25%	INR 1.63
60.1% Y-o-Y	75 Bps Y-o-Y	59.8% Y-o-Y

Q4-FY26/FY26 Operational Highlights:

• Q4 Revenue from Operations stood at INR 6,091 Mn, higher by 13.2% YoY and 17.2% sequentially. FY26 Revenue stood at INR 21,436 Mn, an increase of 7.2% YoY, despite 25-30% of incremental PVC volumes being diverted for captive consumption.
• During the year, the Company achieved highest-ever sales volumes in CPVC, SIOP and Synthetic Rutile.
• Production and sales volumes across all product segments increased on a YoY basis, except PVC, where higher volumes were utilized for captive consumption to support CPVC production.
• Basic Chemicals segment reported margin improvement to 2.4% from breakeven levels in the previous year, while Specialty Chemicals EBITDA de-grew by 5%, with margins at 29.7% down from 35.3%. The sharp fall in CPVC net realisations, resulting in a contraction in PVC-CPVC spread, had a significant impact on Specialty Chemicals profitability.
• EBITDA growth during the year, along with a 7.5% reduction in finance cost, supported strong expansion in overall profitability.
• Gross Debt stood at INR 2,758 Mn as compared to INR 4,258 Mn, reflecting a reduction of INR 1,500 Mn driven by scheduled repayments. The Company did not avail any additional term borrowings during the year, with debt levels at a multi-year low.
• The Company maintained a healthy cash position, including bank FDs, at INR 2,043 Mn, resulting in a closing Net Debt of INR 714 Mn, reflecting continued deleveraging.

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Quarterly Key Segmental Financial Performance

DEU

Revenue (INR Mn) & EBITDA Margin (%)

Basic Chemicals

Specialty Chemicals

Others

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YTD Key Segmental Financial Performance

DANSK YTDA

Revenue (INR Mn) & EBITDA Margin (%)

Basic Chemicals

Specialty Chemicals

Others

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Quarterly Operational Performance – Key Products

D K U

LONDON

Capacity Utilization (%)

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YTD Operational Performance – Key Products

DANIELIAN YOUTH

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Quarterly Consolidated Financial Performance

Particulars (INR Mn)	Q4-FY26	Q4-FY25	Y-o-Y	Q3-FY26	Q-o-Q
Operational Income	6,091	5,379	13.2%	5,198	17.2%
Total Expenses	5,445	4,822	12.9%	4,746	14.7%
EBITDA	646	557	16.0%	452	42.9%
EBITDA Margins (%)	10.61%	10.36%	25 Bps	8.70%	191 Bps
Other Income	56	59	(5.1)%	48	16.7%
Depreciation	264	252	4.8%	263	0.4%
Interest	154	158	(2.5)%	162	(4.9)%
Profit before Exceptional Items	284	206	37.9%	75	278.7%
Exceptional Items	-	-	NA	-	NA
PBT	284	206	37.9%	75	NA
Tax	103	93	10.8%	26	NA
Profit After tax	181	113	60.2%	49	NA
PAT Margins (%)	2.97%	2.10%	87 Bps	0.94%	203 Bps
Other Comprehensive Income	(3)	(6)	(50.0)%	-	NA
Total Comprehensive Income	178	107	66.4%	49	NA
Diluted EPS (INR)	0.61	0.38	60.5%	0.17	NA

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DCW

YTD Consolidated Financial Performance

Particulars (INR Mn)	FY26	FY25	Y-o-Y
Operational Income	21,436	20,003	7.2%
Total Expenses	19,220	18,071	6.4%
EBITDA	2,216	1,932	14.7%
EBITDA Margins (%)	10.34%	9.66%	68 Bps
Other Income	190	231	(17.7)%
Depreciation	1,038	999	3.9%
Interest	622	672	(7.4)%
Profit before Exceptional Items	746	492	51.6%
Exceptional Items	-	-	NA
PBT	746	492	51.6%
Tax	264	191	38.2%
Profit After tax	482	301	60.1%
PAT Margins (%)	2.25%	1.50%	75 Bps
Other Comprehensive Income	(3)	(6)	(50.0)%
Total Comprehensive Income	479	295	62.4%
Diluted EPS (INR)	1.63	1.02	59.8%

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DOW

Business Overview

Financial Highlights

Historical Financial Overview

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DCW

Historical Income Statement

Particulars (INR Mn)	FY23	FY24	FY25	FY26
Operational Income	26,338	18,716	20,003	21,436
Total Expenses	22,053	16,961	18,071	19,220
EBITDA	4,285	1,755	1,932	2,216
EBITDA Margins (%)	16.27%	9.38%	9.66%	10.34%
Other Income	153	183	231	190
Depreciation	902	938	999	1,038
Interest	1,261	735	672	622
Profit before exceptional items	2,275	265	492	746
Exceptional Item	469	(12)	-	-
PBT	2,744	253	492	746
Tax	824	96	191	264
Profit After tax	1,920	157	301	482
PAT Margins (%)	7.29%	0.84%	1.50%	2.25%
Other Comprehensive Income	(41)	(2)	(6)	(3)
Total Comprehensive Income	1,879	155	295	479
Diluted EPS (INR)	6.50	0.53	1.02	1.63

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DCW

Historical Balance Sheet

Particulars (INR Mn)	FY24	FY25	FY26
ASSETS
Non-Current Assets
Property, Plant & Equipment	13,005	12,608	12,824
Capital Work in progress	410	563	216
Right - of - use Assets	110	95	213
Financial Assets
(i)Investments	195	195	195
(ii)Other Financial assets	133	175	180
Income tax assets (net)	93	94	0
Other Non- Current Assets	32	108	98
Total Non- Current Assets	13,978	13,838	13,726
Current Assets
Inventories	3,765	4,276	3,094
Financial Assets
(i)Investments	2	70	3
(ii)Trade Receivables	1,142	985	1,420
(iii)Cash and Cash Equivalents	107	113	49
(iv)Other Bank Balances	1,587	2,038	1,994
(v) Loans	13	8	14
(vi) Other Financial Assets	-	142	161
Other Current Assets	291	310	432
Total Current Assets	6,907	7,944	7,167
TOTAL ASSETS	20,885	21,782	20,893
Particulars (INR Mn)	FY24	FY25	FY26
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EQUITY AND LIABILITIES
Equity
Share Capital	590	590	590
Other Equity	9,727	9,738	10,158
Total Equity	10,317	10,328	10,748
Non-Current Liabilities
(i)Borrowings	2,817	2,176	881
(ii)Lease Liability	13	6	117
(iii)Other Financial Liabilities	200	200	200
Provisions	230	166	122
Deferred Tax Liabilities (Net)	1,096	1,485	1,636
Other Non-Current Liabilities	77	71	64
Total Non-Current Liabilities	4,433	4,104	3,020
Current Liabilities
(i)Borrowings	1,547	2,081	1,877
(i)Trade Payables	3,366	3,843	3,910
(ii)Other Financial Liabilities	503	629	515
(iii)Lease Liabilities	13	8	25
Other current Liabilities	591	687	664
Provisions	115	102	109
Income Tax Liabilities (Net)	-	-	25
Total Current Liabilities	6,135	7,350	7,125
Total Liabilities	10,568	11,454	10,145
TOTAL EQUITY AND LIABILITIES	20,885	21,782	20,893

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Financial Performance

DCU

Revenue From Operations (INR Mn)

EBITDA (INR Mn) & EBITDA Margins %

PAT (INR Mn)

ROE & ROCE (%)

Net Debt to EBITDA & Net Debt to Equity

Working Capital Days

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Capital Market Data

DOW

1 Year Stock Performance (up to 31st March, 2026)

Price Data (As on 31st March, 2026)	INR
Face Value	2.00
CMP	37.56
52 Week H/L	90.46/37.15
Market Cap. (Mn)	11,086.02
No. of Share outstanding (Mn)	295.16
Avg. Trading Volume ('000)	1,442.65
Avg. Net Turnover (Mn)	95.61

Shareholding Pattern (As on 31st March, 2026)

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Disclaimer

DCW

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:

VALOREM ADVISORS

Mr. Anuj Sonpal
Valorem Advisors
Tel: +91-22-3507 5100
Email: dcw@valoremadvisors.com
Investor Kitlink: https://www.valoremadvisors.com/dcw

DCW LIMITED

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

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DCW

THANK YOU

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