Q1 2027 DCW Ltd Earnings Call Transcript
Key Points
- Revenue grew 14% YoY, driven by 38% growth in Specialty Chemicals.
- Specialty Chemicals EBITDA grew ~20% YoY, with CPVC volumes up 59%.
- Company expects to become effectively net debt-free by end of FY27.
- Announced INR250 crore investment for SIOP expansion and captive power, targeting 20%+ ROCE.
- PVC operating environment improving with VCM availability normalizing and import duties reinstated.
- Q1 EBITDA declined 28% YoY due to PVC business losses from West Asia crisis.
- Basic Chemicals segment reported negative EBITDA of INR14 crore, primarily from PVC.
- PVC production dropped 20% due to VCM supply constraints and elevated prices.
- Temporary suspension of import duties increased low-priced imports, pressuring PVC realizations.
- Specialty Chemicals margins compressed to 29.1% from 33.6% YoY due to PVC/CPVC spread volatility.
Ladies and gentlemen, good day, and welcome to DCW Q1 FY27 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Ms. Rashmi Gohil. Thank you, and over to you, ma'am.
Hello, and good afternoon to everyone. On behalf of Arihant Capital Markets Limited, I thank you all for joining the Q1 FY27 earnings conference call of DCW Limited.
Today from the management, we have Mr. Saatvik Jain, President; Mr. Sudarshan Ganapathy, CEO; and Mr. Pradipto Mukherjee, the CFO. So without any further delay, I will hand over the call to the management for their opening remarks. Over to you, sir.
Thank you, and good afternoon, everyone, and thank you for joining us for DCW's quarter one FY27 earnings call. I will begin with the operating environment because Q1 was shaped significantly by external disruption. The global chemical industry remained challenging during this quarter. Competitive
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