DCM Shriram LimitedQ1 FY27 Results & Financial Update
DCM Shriram Limited: Q1 FY27 consolidated results and company financials – revenue ₹3,784.67 Cr, PAT ₹693.44 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Chart · Market context
DCM Shriram price & chart
Quarter overview
Quarterly earnings analysis
DCM Shriram delivered a resilient operating performance in Q1 FY27 despite a challenging global macroeconomic environment marked by geopolitical tensions in West Asia, supply chain disruptions, energy cost volatility, and an erratic start to the southwest monsoon domestically.
Consolidated revenue from operations for the quarter ended June 30, 2026, rose to Rs 3,784.67 crore. Total income reached Rs 3,812.29 crore, supported by robust volume and realization gains in the Chemicals and Fenesta Building Systems segments.
Profitability at the operational level expanded with PBDIT reaching Rs 364.2 crore, up 12% year-on-year, driven primarily by strong performance in the Chemicals & Vinyl segment where PBDIT grew by 30%.
The Chemicals business benefited from a 7% year-on-year increase in Electrochemical Unit (ECU) realizations and steady capacity utilization of 82% in caustic soda plants, alongside contributions from advanced materials such as the glycerine-to-epoxy value chain.
The Sugar and Ethanol division navigated lower domestic sugar inventories and an 8% contraction in domestic sugar volumes, though higher domestic sugar prices (up 2% to Rs 4,137/qtl) and stable distillery margins helped swing segment PBDIT into positive territory at Rs 22.1 crore compared to a negative Rs 6.7 crore in Q1 FY26.
Agri-input segments experienced headwinds from delayed rainfall and dry conditions affecting seed demand, with Bioseed recording lower revenues and negative PBDIT, while Shriram Farm Solutions maintained growth through higher realizations and new product introductions.
Fenesta Building Systems sustained robust momentum with a 22% increase in revenues and a 4% rise in order booking, driven by volume growth in its project vertical despite facing higher fixed costs for new business platform expansions.
01 · Business model
What does DCM Shriram do?
DCM Shriram Limited is a diversified and integrated Indian business entity operating across multiple distinct segments, including Agri-value chain (Sugar & Ethanol, Shriram Farm Solutions, Bioseed, and Fertilizer), Chemicals & Vinyl (Caustic Soda, Chlorine, Hydrogen Peroxide, Epichlorohydrin, Epoxy Resins, PVC, and Calcium Carbide), and Building Material Products (Fenesta Building Systems).
The company operates manufacturing facilities supported by captive power generation, including coal-based thermal power plants, cogeneration units, and an expanding share of green/renewable energy infrastructure across key locations such as Bharuch in Gujarat and Kota in Rajasthan.
The economic model focuses on deep backward and forward integration, such as utilizing chlorine and hydrogen derivatives from caustic soda operations to manufacture advanced materials like epichlorohydrin and epoxy resins, and leveraging calcium carbide waste to produce cement.
Consumer-facing and industrial platforms such as Fenesta Building Systems and Shriram Farm Solutions provide broad market reach across hundreds of cities and thousands of dealers in India, alongside international operations in agricultural inputs and fenestration.
02 · Historical context
What shaped the business before this quarter
The company completed the acquisition of 100% stake in Hindusthan Speciality Chemicals Limited (HSCL) in August 2025 to forward integrate epichlorohydrin (ECH) into epoxy and advanced materials.
DCM Shriram commissioned 35,000 TPA of its 52,000 TPA Epichlorohydrin plant at Bharuch in October 2025, with the remaining 17,000 TPA commissioned in April 2026.
The company previously expanded its captive power footprint by commissioning an 850 TPD caustic capacity expansion and a 120 MW power plant at Bharuch in May and June 2024.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹3,784.67 Cr |
| Total income | ₹3,812.29 Cr |
| Profit before tax | ₹274.15 Cr |
| Profit after tax | ₹693.44 Cr |
| EPS | ₹44.42 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Chemicals segment revenues jumped 33% year-on-year to Rs 1,205.0 crore, aided by a 7% increase in ECU realizations and strong revenue contributions from hydrogen peroxide and advanced materials (glycerine to ECH to epoxy value chain).
Fenesta revenues grew 22% year-on-year to Rs 303.1 crore, driven by healthy volume growth in the project vertical and expansion across new revenue platforms.
Fertilizer (Urea) revenues rose 11% year-on-year to Rs 432.7 crore, supported by an 18.7% increase in realizations (Rs 40,294/MT vs Rs 33,936/MT LY) despite flat sales volumes of 1,03,994 MT.
Bioseed revenues fell 26.1% year-on-year to Rs 209.8 crore, due to delayed and erratic monsoon rainfall reducing Kharif season sowing and seed demand across key agricultural markets.
What drove margins
Global volatility in energy and freight costs impacted chemical manufacturing margins, with gas prices for fertilizer production rising to $15.5/mmbtu compared to $13.9/mmbtu in the corresponding period last year.
Sugar segment margins faced pressure from higher sugarcane production costs driven by increased cane prices, though partly offset by higher domestic sugar realisations.
Fenesta Building Systems experienced a slight contraction in PBDIT margin to 13.1% from 14.1% YoY due to product mix dynamics and elevated fixed costs associated with establishing new business platforms.
Improved margins in ethanol due to lower input costs, particularly maize, and enhanced energy efficiencies in fertilizer production helped mitigate broader cost pressures.
05 · Demand, customers & order book
Where demand is coming from
Fenesta Building Systems reported a 4% year-on-year increase in its order book to Rs 302.3 crore for Q1 FY27, underpinned by strong retail and project demand.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Segment revenue reached Rs 1,391.8 crore (up 25% YoY) with PBDIT of Rs 316.8 crore. Caustic soda capacity utilization stood at 82% (vs 80% LY), while PVC operations achieved 100% capacity utilization despite a 25% drop in PVC sales volumes.
Segment revenues stood at Rs 811.2 crore, down 2% YoY, while PBDIT recovered to Rs 22.1 crore from a negative Rs 6.7 crore LY. Domestic sugar sales volumes dropped 7.8% to 11.3 lakh quintals, while distillery sales volumes remained stable at 412.0 lakh litres.
Revenues rose 2.2% YoY to Rs 357.3 crore and PBDIT increased 22.1% to Rs 29.6 crore, supported by higher realizations across verticals and four new seed product launches from in-house R&D.
Geography and market mix
Operations across key Indian agricultural regions faced temporary pressure from a delayed and erratic southwest monsoon start, impacting rural consumption and planting schedules.
Bioseed maintained international operations in the Philippines focused on corn seed production, while Fenesta maintained an international footprint spanning 7 countries alongside its 976 served cities in India.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Caustic soda plant capacity utilization improved to 82% during Q1 FY27 compared to 80% in Q1 FY26. Vinyl operations operated at 100% capacity compared to 98% in the corresponding period last year.
Aluminum Chloride and Calcium Chloride expansion projects at Bharuch entered pre-commissioning trials during the quarter.
Projects, capex and execution
The company entered a project with JSW Renew to supply up to 68 MW peak (34 MW average) captive renewable power at Kota, which commenced average injection of 25 MW in July 2026. An agreement with Serentica was also signed for up to 58 MW peak renewable energy at Bharuch with an investment of Rs 235 crore.
DCM Shriram initiated a Rs 101 crore investment to expand formulated resins (FR) capacity in HSCL by 36 KTPA, bringing total capacity to 50 KTPA with expected commissioning by Q2 FY28.
Projects slated for completion in Q2 FY27 include the Fenesta Aluminium Extrusion plant at Kota, 68 MW peak captive renewable energy for Kota, 100 TPD Aluminium Chloride, and 225 TPD Calcium Chloride at Bharuch.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Management continued executing its strategy of downstream integration, moving from basic chlor-alkali and epichlorohydrin production toward higher-value epoxy derivatives and advanced materials.
Fenesta Building Systems initiated the setup of a manufacturing facility for wooden doors to expand its interior building products portfolio.
09 · Reported developments
What changed operationally
The company recorded a substantial positive tax adjustment of Rs 474.3 crore following favorable legal rulings from income tax authorities regarding Section 80-IA claims for previous years.
Subsequent to the quarter end, the Indian government reinstated customs duty on PVC imports effective July 16, 2026, and introduced a Minimum Import Price (MIP) on low-priced suspension grade PVC on July 24, 2026, which is expected to support domestic pricing.
10 · Pressure points & risks
What is not going smoothly
Global chemical markets remained oversupplied, with West Asia geopolitical conflicts causing logistical bottlenecks, energy price shocks, and margin compression risks.
Delayed and deficient early monsoon rains hampered Kharif sowing, leading to volume contractions and margin pressures in the Bioseed division.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Fertilizer subsidy outstanding stood at Rs 292 crore as of June 30, 2026, compared to Rs 236 crore in the corresponding period last year and Rs 189 crore as of March 31, 2026.
Sugar inventory as of June 30, 2026, stood at 20.8 lakh quintals valued at Rs 3,907/qtl, compared to 27.7 lakh quintals valued at Rs 3,667/qtl in the previous year.
Capital allocation & funding
Net debt stood at Rs 1,649 crore at the end of Q1 FY27 compared to Rs 1,481 crore in Q1 FY26, reflecting capital expenditure deployment across ongoing projects.
Finance costs for Q1 FY27 were reported at Rs 41.09 crore (disclosed as Rs 41.1 crore), remaining stable compared to Rs 44.0 crore in Q1 FY26.
12 · Beyond the numbers
What changed beyond the numbers
Salt Works Acquisition
The proposed acquisition of salt works with an installed capacity of 208,000 MTPA in Gujarat remains under the process of obtaining regulatory approvals.
Retail Fuel Operations
Under its Other Businesses, the company currently operates 5 retail fuel pumps under the Hariyali Kisaan Bazar network, while the rest of the retail business has been rationalized.
13 · Key Q&A
The quarter, answered directly
What does DCM Shriram do?
DCM Shriram Limited is a diversified and integrated Indian business entity operating across multiple distinct segments, including Agri-value chain (Sugar & Ethanol, Shriram Farm Solutions, Bioseed, and Fertilizer), Chemicals & Vinyl (Caustic Soda, Chlorine, Hydrogen Peroxide, Epichlorohydrin, Epoxy Resins, PVC, and Calcium Carbide), and Building Material Products (Fenesta Building Systems).
What is the clearest takeaway from Q1 FY27?
DCM Shriram delivered a resilient operating performance in Q1 FY27 despite a challenging global macroeconomic environment marked by geopolitical tensions in West Asia, supply chain disruptions, energy cost volatility, and an erratic start to the southwest monsoon domestically.
What drove revenue or demand?
Chemicals segment revenues jumped 33% year-on-year to Rs 1,205.0 crore, aided by a 7% increase in ECU realizations and strong revenue contributions from hydrogen peroxide and advanced materials (glycerine to ECH to epoxy value chain).
What mattered most for margins or profitability?
Global volatility in energy and freight costs impacted chemical manufacturing margins, with gas prices for fertilizer production rising to $15.5/mmbtu compared to $13.9/mmbtu in the corresponding period last year.
What changed operationally beyond the headline numbers?
Caustic soda plant capacity utilization improved to 82% during Q1 FY27 compared to 80% in Q1 FY26. Vinyl operations operated at 100% capacity compared to 98% in the corresponding period last year.
What are the main pressure points disclosed for the quarter?
Global chemical markets remained oversupplied, with West Asia geopolitical conflicts causing logistical bottlenecks, energy price shocks, and margin compression risks.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Project Commissioning Checkpoints: Monitor the scheduled commissioning of the Fenesta Aluminium Extrusion plant, 100 TPD Aluminium Chloride, and 225 TPD Calcium Chloride projects targeted for Q2 FY27.
- 02
PVC Market Realizations: Track the impact of newly instituted customs duties and Minimum Import Prices on domestic PVC realizations and volume uptake through subsequent quarters.
- 03
Monsoon Recovery and Agri Demand: Evaluate the recovery of sowing activities and subsequent demand normalization in Bioseed and Shriram Farm Solutions following late-season improvements in monsoon rainfall.
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