DCM Shriram reported Q4 FY25 revenues at Rs. 2,877 crore, up 20% YoY, with PBDIT rising 47% to Rs. 426 crore, led by strong volume growth in Chemicals (+52% revenue) and cost benefits from a new 120 MW power plant. Caustic soda volumes increased 29%, lifting margins despite weaker chlorine prices. Sugar & Ethanol revenues rose 16% on better sugar prices, while ethanol volumes declined 16%. Fenesta’s revenue grew 4%, but PBDIT declined due to higher fixed and marketing expenses. Agri-inputs sustained double-digit growth.
Management is integrating chlorine downstream projects and plans to commission the Epichlorohydrin plant soon. Renewable energy now accounts for 36% of consumption, targeting ~40%. FY26 CAPEX is guided at Rs. 500-600 crore, including an epoxy capacity project (~Rs. 1,000 crore). The company is considering restructuring consumer-facing agri and building businesses. Outlook is cautiously optimistic on caustic pricing, sugar margins, and growth in vinyl and building materials, with disciplined leverage and net debt at Rs. 1,395 crore.