MoneyWorks4Me

DCW Ltd (DCW)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500117 NSE: DCW Chemicals | Small Cap | DCW Share Price

₹48.53 3.05 (6.71%)

As on 22-Sep'26 16:59

DCW Ltd (DCW)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500117 NSE: DCW Chemicals | Small Cap | DCW Share Price

₹48.53 3.05 (6.71%)

As on 22-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹1,432 Cr.
Current Price
₹48.5
52-Week Low / High
₹37 / 74
TTM EPS
₹2.4
TTM Sales
₹2,210 Cr.
Book Value per Share
₹37.6
P/E Ratio
20.08
Lower than its 5-year historical median
Industry PE
48.3
Price to Book (P/B)
1.29
Lower than its 5-year historical median
Price to Sales (P/S)
0.65
In line with its 5-year historical median
EV/EBITDA
6.70
Higher than its 5-year historical median
Dividend Yield
0.62%
Profitability Efficiency
Return on Equity (ROE)
4.57%
Underperforms industry median
Return on Capital Employed (ROCE)
9.74%
Underperforms industry median
Return on Assets (ROA)
2.26%
Operating Profit Margin
10.8%
Net Profit Margin
2.25%
Gross Profit Margin
8.3%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
7.16%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
14.67%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
60.19%
Asset Quality
Promoter Holding
45.59%
Pledged shares (%) of Promoter's holding (%)
3.82%
Reserves
₹1,050 Cr.
Equity
₹59 Cr.
Face Value
₹2
All Time Low / High
₹0.65 / 113.00

DCW stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good

Valuation

Somewhat Undervalued

Price Trend

Strong
Q.1 Is DCW Ltd a good quality company?
DCW Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does DCW Ltd performance compare with that of its Peers?
Q.1 Revenue growth of DCW Ltd vs industry peers?
DCW Ltd revenue CAGR is 7.92%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of DCW Ltd?
Promoters hold 45.59% of the DCW Ltd, with 3.82% of their stake pledged, indicating low pledge risk.
Q.1 Stock return of DCW Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 5% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
DCW Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 5.6%3.1%6%5.2%10.3%19.3%27.8%6.6%8%9.7%-
Value Creation
Index
-0.6-0.8-0.6-0.6-0.30.41.0-0.5-0.4-0.3-

Growth Parameters

Sales 1,1761,1871,3531,2771,4642,4552,6341,8722,0002,1442,210
Sales YoY Gr.-1%13.9%-5.6%14.6%67.6%7.3%-28.9%6.9%7.2%-
Adj EPS 0.9-0.90.4-0.504.15.70.611.92.4
YoY Gr.--204.6%NA-251.4%NANA39.9%-89.3%62.3%87.9%-
BVPS (₹) 29.828.728.62626.330.434.7353536.437.6
Adj Net
Profit
19.1-20.27.8-13.90.110616818.129.35571
Cash Flow from Ops. 22357.3285170218178226252191278-
Debt/CF from Ops. 3.514.22.43.62.93.12.21.72.21-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 6.9%7.9%-6.6%7.2%
Adj EPS 8.8%NA-31.1%87.9%
BVPS2.3%6.7%1.6%4.1%
Share Price 5.7% 3.7% -5.6% -34%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
3-3.11.2-2.1014.218.41.82.85.26.5
Op. Profit
Mgn %
12.210.613.313.114.313.716.89.59.910.89.2
Net Profit
Mgn %
1.6-1.70.6-1.104.36.411.52.63.2
Debt to
Equity
1.21.31.10.90.90.70.50.40.40.3-
Working Cap
Days
889176818157671061069860
Cash Conv.
Cycle
453931313330426456381

Valuation of DCW - Standalone

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.003.883.883.883.883.893.903.863.833.82
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales1,1761,1871,3531,2771,4642,4552,6341,8722,0002,144
Operating Expenses + 1,0351,0621,1911,1311,2552,1302,2051,6961,8071,922
Manufacturing Costs283300324310307468626473457462
Material Costs5925976816367561,4211,2949861,0881,174
Employee Cost 97114114123133156182152161182
Other Costs 63517162598410386101105
Operating Profit 141126162146209325428176193222
Operating Profit Margin (%) 12.0%10.6%12.0%11.5%14.3%13.2%16.3%9.4%9.7%10.3%
Other Income + 964911615182319
Exceptional Items 000001447-100
Interest 5793104107120113126746762
Depreciation 6888838787899094100104
Profit Before Tax 25-49-22-4014143274254975
Tax 5-29-18-13103682101926
Profit After Tax 20-20-4-274108192163048
PAT Margin (%) 1.7%-1.7%-0.3%-2.1%0.3%4.4%7.3%0.8%1.5%2.3%
Adjusted EPS (₹)0.9-0.9-0.2-1.00.24.16.50.51.01.6
Dividend Payout Ratio (%)0%0%0%0%0%9.70%7.70%0%9.80%18.40%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 6546356326786877941,0251,0321,0331,075
Share Capital 44444452525259595959
Reserves 6105915876266357429669739741,016
Debt +661690538531588452381308277141
Long Term Debt48047938446752344138128221888
Short Term Debt1812121546465110276053
Minority Interest0000000000
Trade Payables271174278323298296275337384391
Others Liabilities 366404372302302361383412484482
Total Liabilities 1,9521,9041,8191,8341,8751,9032,0632,0892,1782,089

Fixed Assets

Net Fixed Assets +1,5311,4711,5341,4671,4071,3521,2961,3121,2701,304
Gross Block1,6531,6791,8401,8601,8861,9131,9452,0462,0972,225
Accumulated Depreciation122208306393479561649735827922
CWIP 1221247124860415622
Investments 0000000202720
Inventories135157122177169247345377428309
Trade Receivables808674739511613311499142
Cash Equivalents 241750122112168169215204
Others Assets 82626554786762568488
Total Assets 1,9521,9041,8191,8341,8751,9032,0632,0892,1782,089
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 22357285170218178226252191278
PBT 25-49-22-4014143274254975
Adjustment 120187182203205206159159144150
Changes in Working Capital 82-7112019-1-149-15880651
Tax Paid -81-0-20-23-50-13-92
Cash Flow From Investing Activity + -95-13-45-43-7852-165-99-112-63
Capex -97-20-30-16-18-37-86-90-74-91
Net Investments 0-0-15-30-6485-134-20-5112
Others 27124455111315
Cash Flow From Financing Activity + -128-44-241-119-99-192-139-153-78-221
Net Proceeds from Shares 02072000000
Net Proceeds from Borrowing -7814-73632-455-99-45-145
Interest Paid -50-88-113-106-132-99-136-69-64-59
Dividend Paid -0-0-0-0-00-18-90-6
Others 129-54-911-4892432-11
Net Cash Flow -00-084138-7811-7
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)3.13-3.13-0.67-4.090.5614.5121.11.522.914.57
ROCE (%)5.613.075.955.2210.2819.2527.786.597.959.74
Asset Turnover Ratio0.670.630.730.70.791.31.330.90.941
PAT to CFO Conversion(x)11.15N/AN/AN/A54.51.651.1815.756.375.79
Working Capital Days
Receivable Days27.6025.1021.6020.9020.9015.7017.3024.1019.4020.50
Inventory Days42.404437.7042.8043.1030.904170.3073.4062.70
Payable Days46.305651.1060.7055.8024.9030.4055.2064.6071.20

Top 5 Mutual Funds Holding

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Announcements

DCW Ltd FAQs

The current trading price of DCW on 22-Sep-2026 16:59 is ₹48.53.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 21-Sep-2026 the market cap of DCW stood at ₹1,432.4 Cr

The latest P/E ratio of DCW as of 21-Sep-2026 is 20.08.

The latest P/B ratio of DCW as of 21-Sep-2026 is 1.29.

The 52-week high of DCW is ₹74.40 and the 52-week low is ₹37.15.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of DCW is ₹2,210 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that DCW Ltd is a average quality company.

The key valuation ratios of DCW Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of DCW Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About DCW Ltd

DCW was started way back in 1925 with the foundation of India’s first Soda Ash factory at Dhrangadhra. The plant was taken over in 1939 and run under the name Dhrangadhra Chemical Works, from there the growth of company began.

DCW is a diversified manufacturer of basic chemicals, such as:  Caustic Soda,Liquid Chlorine and Chlorine based products such as Trichloroethylene and HCL, Upgraded Ilmenite or Synthetic Rutile ,Yellow Iron Oxide, PVC Resin, Soda Ash,  Ammonium bi-carbonate and Liquid Bromine and Bromide. 

It received a major impetus in 1959 with the commissioning of the chlor-alkali plant at Sahupuram in the southern state of Tamilnadu. Growth at the chlor-alkali complex was rapid as between 1965 and 1970 three plants were erected that turned the co-product chlorine into a money spinner; a liquid chlorine plant in 1965, the country’s first tri-chloroethylene plant (left) in 1968 and an integrated PVC resin plant in 1970-making the company one of the first in the nascent petrochemicals field. In the same year, 1970, the company set up a plant to manufacture upgraded ilmenite, the first of its kind in Asia, and even today, one of the few of its kind in the world. In 1986, to reflect the expanded activity spectrum, and its emergence as a multi-product and multi-locational company, the corporate name was changed simply to DCW Ltd.

DCW pioneered the manufacture of Soda Ash in India. The original capacity of 60 tonnes per day has been increased in stages to the present day capacity of 300 TPD and new products have been added to bring diversity to the product portfolio.

The output of Caustic Soda has been increased in stages from 28,000 TPA to 80,000 TPA, making DCW one of the leading producers of this basic chemical in India.The product range of the Soda Ash division now reads an impressive 96,000 TPA of Soda Ash, Ammonium Bicarbonate 5000 TPA, Soda Bicarbonate 12,000 TPA, Liquid Bromine 300 TPA; Isopropyl Bromide 120 TPA; Ethyl Bromide 40 TPA; Butyl Bromide 8 TPA. Calcium Chloride is also produced but its production is seasonal.

In petrochemicals it successfully erected a total storage capacity of 5,600 MT of PVC at Tuticorin port (a distance of 30 km from the plant) - including a huge 5000 M3 sphere.

At Dhrangadhra, DCW contributes substantially to the S.P. Jain Arts and Commerce College, and the Panjarapole Trust which maintains old cattle. In addition, DCW maintains a club for the welfare of its employees and runs a primary school at the labour colony. The company also makes contributions to the Kidney Disease Research Centre for hospital patients and to the Tiffin Seva Mandal for feeding the poor.

DCW was the first, and is currently the only Indian producer to handle and store imported VCM, a volatile gas.

Milestones achieved

  • 2013
    - 'National Energy Management Award’ from CII to certify that DCW Ltd, Sahupuram is an Excellent Energy Efficient Unit’ for 2012
  • 2012
    - 'National Energy Management Award’ from CII to certify that DCW is an Excellent Energy Efficient Unit.
  • 2011
    - 'National Energy Management Award’ from CII to certify that DCW is an Excellent Energy Efficient Unit.
  • 2010
    - 'National Energy Management Award’ from CII to certify that DCW is an Excellent Energy Efficient Unit.
    - 'National Energy Management Award’ from CII to certify that the project implemented by DCW is an Innovation Project.
    - DCW Awarded Best Managed Chlor-Alkali Plant by Alkali Manufacturers' Association of India.
    -DCW Limited has entered into a Technical License and Support Agreement with Rockwood Italia (Italy), a leading producer of synthetic iron oxides
    - DCW Limited has entered into a Technical License Agreement with Arkema, France, Europe's leading producer of Vinyl Products.
  • DCW Company has commenced sale of it’s Surplus Power from the Company’s 2 x 25 MW Coal based Captive Co Generation Plant situated at Sahupuram in Tamilnadu to Tamil Nadu Electricity Board in April 2009.
  • 1986-In collaboration with CSIO, Chandigarh, a process for current monitoring based on microprocessors was developed in the Caustic Soda Cells to result in energy saving of 125 KWH per ton of Caustic Soda.
  • 1985-Development of a new product called 'Weldgrade beneficiated ilmenite' developed by DCW for the welding rods industry. (1985)
  • 1985-Process of de-mercurisation of mercury - bearing water effluent developed for the first time by DCW. (1985)
  • In 1992-93, DCW also perfected the production of high purity synthetic rutile wherein the purity of TiO2 is over 95%.

 

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