DCW Limited — Investor Meet, 17-02-2026: Analysts/Institutional Investor Meet/Con. Call Updates

DCW reported Q3 revenue of INR 520 Cr (+9.6% YoY) and EBITDA of INR 50 Cr (-19% YoY), with Specialty Chemicals largely offsetting Basic Chemicals' weakness amid industry price erosion. 9M EBITDA improved 10% to INR 170 Cr. Debt is deleveraging, with long-term legacy loans expected at INR 225 Cr by FY26 end, reducing to INR 80 Cr by FY27.

Management highlights resilient performance driven by volume growth in CPVC (+80%) and SIOP (+19%). The remaining CPVC capacity expansion is set for completion next month, increasing total capacity to 50,000 tonnes. Positive developments include China's PVC export VAT rebate withdrawal, which could aid domestic pricing. The company is focused on its specialty-led growth strategy, building a more stable and scalable base for future expansion.