DCM Shriram LimitedQuarter Ended Results & Financial Update
DCM Shriram Limited: Quarter Ended consolidated results and company financials – revenue ₹4,150.79 Cr, PAT ₹105.68 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore DCM Shriram Quarter Ended quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
DCM Shriram Limited delivered consolidated revenue from operations of Rs 4,150.79 crore for the quarter ended September 30, 2026, marking an increase of 20.93% compared to Rs 3,432.43 crore in the corresponding quarter of the previous year.
Total consolidated income reached Rs 4,178.26 crore, compared to Rs 3,531.26 crore a year ago. Growth was underpinned by robust expansion in the Chemicals and Vinyl divisions, alongside higher realizations in the Sugar and Fertilizer segments.
Profitability moderated during the quarter, with Profit Before Tax (PBT) standing at Rs 152.40 crore compared to Rs 245.86 crore in Q2 FY26, and Profit After Tax (PAT) registering at Rs 105.68 crore versus Rs 158.72 crore in the prior-year period.
Operating earnings were impacted by higher raw material and energy input costs across multiple heavy industrial segments, combined with base-period comparative adjustments that included government incentive schemes and power tariff revisions recorded in the year-ago quarter.
The Chemicals and Vinyl division generated segment revenue of Rs 1,577 crore up 42% year-on-year, though segment PBIT declined to Rs 134 crore from Rs 201 crore due to input cost pressures in chlor-alkali despite healthy plant utilization.
The Sugar and Ethanol business recorded revenue of Rs 1,023 crore, up 10% year-on-year, driven by a 14% rise in domestic sugar prices which lifted segment PBIT sharply to Rs 30 crore from Rs 2 crore in Q2 FY26.
Fenesta Building Systems sustained its volume-driven growth momentum, expanding revenues by 22% to Rs 344 crore and lifting PBIT to Rs 40 crore, supported by robust activity in the projects vertical despite higher fixed overheads.
The Board of Directors announced an interim dividend of 200%, amounting to Rs 62.38 crore, reflecting management confidence in the company's underlying liquidity and balance-sheet resilience.
01 · Business model
What does DCM Shriram do?
DCM Shriram Limited is a diversified Indian conglomerate operating across three main pillars: Agri-Rural businesses (Sugar and Ethanol, Shriram Farm Solutions, Bioseed, and Fertilizer), Chemicals and Vinyl businesses, and Building Material Products (Fenesta Building Systems).
The manufacturing footprint spans multiple locations, notably Bharuch in Gujarat and Kota in Rajasthan, supported by extensive captive power infrastructure that includes coal-based thermal units, cogeneration plants, and growing green renewable capacity.
The company's chemical operations produce caustic soda, chlorine, hydrogen peroxide, epichlorohydrin, aluminium chloride, calcium chloride, epoxy resins, PVC resins, and calcium carbide, serving core industrial segments like textiles, alumina, and infrastructure.
Consumer and rural-facing segments include Fenesta uPVC and aluminium windows and doors, hybrid and open-pollinated seeds under the Bioseed brand, crop protection inputs, high-efficiency fertilizers, and downstream specialty polymers.
02 · Historical context
What shaped the business before this quarter
During FY 2025, the company completed major expansions including an 850 TPD caustic capacity addition at Bharuch in May 2024, a 120 MW power plant in June 2024, and a 52,500 TPA hydrogen peroxide plant in August 2024.
The company deepened its advanced materials footprint by acquiring a 53% stake in DNV Global Pvt Ltd (hardware) in May 2025 and 100% of Hindusthan Specialty Chemicals Limited (epoxy and formulated resins) in August 2025.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter Ended | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹4,150.79 Cr | ₹3,432.43 Cr | ₹3,784.67 Cr |
| Total income | ₹4,178.26 Cr | ₹3,531.26 Cr | ₹3,812.29 Cr |
| EBITDA | ₹318.82 Cr | ₹407.93 Cr | ₹364.18 Cr |
| Profit before tax | ₹152.40 Cr | ₹245.86 Cr | ₹274.15 Cr |
| Profit after tax | ₹105.68 Cr | ₹158.72 Cr | ₹693.44 Cr |
| EPS | ₹6.72 | ₹10.14 | ₹44.42 |
| EBITDA margin | 7.68% | 11.88% | 9.62% |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Chemicals segment revenues grew 47% YoY to Rs 1,343 crore, driven by a 6% increase in Electrochemical Unit (ECU) realizations to Rs 32,774/MT, a 2% rise in caustic sales volumes to 2,07,167 MT, and contributions from new products like hydrogen peroxide, aluminium chloride, and advanced materials.
Vinyl segment revenues rose 20% YoY to Rs 234 crore, supported by a 29% surge in PVC sales volumes to 18,761 MT and a 25% increase in PVC ex-works realizations to Rs 87,884/MT.
Sugar and Ethanol revenues advanced 10% YoY to Rs 1,023 crore, aided by a 14% increase in domestic sugar prices to Rs 4,606/qtl and a 24% expansion in distillery sales volumes due to seasonal timing differences.
Fenesta revenues grew 22% YoY to Rs 344 crore, propelled by higher volume execution in the project segment and continuous expansion of retail touchpoints and new product platforms.
Fertilizer revenues increased 40% YoY to Rs 502 crore, driven by a 46% surge in urea realisations to Rs 47,191/MT, which offset a 3% slight decline in sales volumes.
What drove margins
Higher energy and input prices compressed PBIT margins in the chemicals division to 7% in Q2 FY27 compared to 21% in Q2 FY26.
The year-ago quarter included significant positive impacts of Rs 76 crore in chemicals from a Gujarat government incentive scheme and Rs 15.5 crore in sugar from a power tariff revision by UPPCL, creating an unfavorable high base for year-on-year earnings comparison.
Vinyl PBIT margin improved to 20% from 4% in Q2 FY26, driven by higher operational capacity utilization of 103% versus 86% previously and robust realizations.
Fenesta PBIT margin softened slightly to 11% from 12% due to changes in product mix, elevated input costs, and higher fixed operating expenses incurred for setting up new business platforms.
05 · Demand, customers & order book
Where demand is coming from
Fenesta Building Systems reported an order book of Rs 356.7 crore as of September 30, 2026, compared to Rs 489.2 crore in Q2 FY26.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Total segment revenue reached Rs 1,577 crore with PBIT of Rs 134 crore. Caustic plant capacity utilization averaged 89% compared to 81% in Q2 FY26.
Segment revenue stood at Rs 1,023 crore with PBIT of Rs 30 crore. Sugar inventory as of September 30, 2026, was 6.81 lakh quintals valued at Rs 3,940/qtl compared to 12.7 lakh quintals at Rs 3,673/qtl a year ago.
Segment revenue reached Rs 344 crore and PBIT was Rs 40 crore. Operational footprint includes 7 fabrication plants, 1 uPVC extrusion unit, 1 hardware plant, 437 dealers across 276 cities, and 9 company-owned showrooms.
Segment revenues declined 10% YoY to Rs 423 crore and PBIT dropped 27% to Rs 76 crore due to lower seed and specialty plant nutrition volumes resulting from weak monsoon conditions.
Segment revenue was Rs 502 crore with PBIT of Rs 21 crore. Outstanding government subsidy stood at Rs 446 crore as of September 30, 2026.
Revenues contracted 15% YoY to Rs 73 crore and PBIT was negative at Rs 43 crore, impacted by lower demand in southern and central India alongside provisions for doubtful debts and seed discards in the Philippines due to El-Nino conditions.
Geography and market mix
Fenesta serves 976 cities across India alongside international presence in 7 countries. Bioseed operates across key Indian agricultural regions and the Philippines.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
During September 2026, the company commissioned the 100 TPD Aluminium Chloride plant at Bharuch, the first line of the 133 TPD Calcium Chloride plant at Bharuch, and Phase-I of the Fenesta Aluminium Extrusion plant at Kota.
A 68 MW (peak) captive renewable energy project for Kota was commissioned in October 2026, expanding the company's green energy profile.
Projects, capex and execution
Key projects under implementation include Phase-II of the Fenesta Aluminium Extrusion plant at Kota (expected Q3 FY27), the second line of Calcium Chloride at Bharuch (Q3 FY27), proposed salt works acquisition with 208,000 MTPA capacity (Q3 FY27), 58 MW captive renewable energy at Bharuch (Q1 FY28), 40 MW solar plant at Kota (Q1 FY28), 36 KTPA formulated resins capacity expansion in HSCL (Q2 FY28), and specialty polymer compounding lines in joint venture Shriram Teknor Limited (Q3 FY28).
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company continues to advance its strategy of downstream integration and specialty polymer diversification, expanding formulated resins capacity and commissioning new aluminium chloride and calcium chloride derivative facilities to enhance value realization.
09 · Reported developments
What changed operationally
Robust domestic sugar prices (+14% YoY), higher PVC realizations (+25% YoY), and higher urea realisations (+46% YoY) supported topline expansion across industrial segments.
Timely commissioning of downstream chemical derivatives such as aluminium chloride and initial lines of calcium chloride strengthens the company's integrated manufacturing ecosystem.
10 · Pressure points & risks
What is not going smoothly
Adverse weather conditions and weak monsoon patterns in central and southern India, combined with El-Nino effects in the Philippines, led to volume contractions and higher provisioning in the Bioseed and Shriram Farm Solutions businesses.
Elevated energy and raw material costs impacted profit margins in the chlor-alkali and fertilizer divisions relative to prior periods.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Fertilizer subsidy outstanding increased to Rs 446 crore as of September 30, 2026, compared to Rs 187 crore in the corresponding period last year and Rs 189 crore as of March 31, 2026.
Capital allocation & funding
Net debt stood at Rs 917 crore as of September 30, 2026, compared to Rs 773 crore as of September 30, 2025.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Interim Dividend Declaration
The Board of Directors declared an interim dividend of 200%, amounting to Rs 62.38 crore, for the financial year.
13 · Previous-quarter changes
What changed since the previous quarter
Consolidated revenue grew sequentially from Rs 3,784.67 crore in Q1 FY27 to Rs 4,150.79 crore in Q2 FY27, while PAT moved from Rs 693.44 crore (which included significant tax and exceptional adjustments) to Rs 105.68 crore.
14 · Key Q&A
The quarter, answered directly
What does DCM Shriram do?
DCM Shriram Limited is a diversified Indian conglomerate operating across three main pillars: Agri-Rural businesses (Sugar and Ethanol, Shriram Farm Solutions, Bioseed, and Fertilizer), Chemicals and Vinyl businesses, and Building Material Products (Fenesta Building Systems).
What is the clearest takeaway from Quarter Ended?
DCM Shriram Limited delivered consolidated revenue from operations of Rs 4,150.79 crore for the quarter ended September 30, 2026, marking an increase of 20.93% compared to Rs 3,432.43 crore in the corresponding quarter of the previous year.
What drove revenue or demand?
Chemicals segment revenues grew 47% YoY to Rs 1,343 crore, driven by a 6% increase in Electrochemical Unit (ECU) realizations to Rs 32,774/MT, a 2% rise in caustic sales volumes to 2,07,167 MT, and contributions from new products like hydrogen peroxide, aluminium chloride, and advanced materials.
What mattered most for margins or profitability?
Higher energy and input prices compressed PBIT margins in the chemicals division to 7% in Q2 FY27 compared to 21% in Q2 FY26.
What changed operationally beyond the headline numbers?
During September 2026, the company commissioned the 100 TPD Aluminium Chloride plant at Bharuch, the first line of the 133 TPD Calcium Chloride plant at Bharuch, and Phase-I of the Fenesta Aluminium Extrusion plant at Kota.
What are the main pressure points disclosed for the quarter?
Adverse weather conditions and weak monsoon patterns in central and southern India, combined with El-Nino effects in the Philippines, led to volume contractions and higher provisioning in the Bioseed and Shriram Farm Solutions businesses.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Project Execution Milestones: Progress on the commissioning of Phase-II of the Fenesta Aluminium Extrusion plant, the second line of Calcium Chloride at Bharuch, and the proposed salt works acquisition slated for completion in Q3 FY27.
- 02
Sugar Crushing Season Commencement: The start of sugarcane crushing operations across the company's sugar mills in the first week of November 2026.
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