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Dcm Shriram Ltd.
NSE: DCMSHRIRAMIndustrialsConglomerates
- Last close
- ₹964.50
- Day change
- −₹26.40 (−2.66%)vs
- Market cap
- ₹15,705 crIndian rupees
- Research updated
- 1 report
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About Dcm Shriram
Dcm Shriram Ltd. is a leading conglomerate with diverse business interests spanning several key industries. The company plays a significant role in the agricultural sector through its production and distribution of fertilizers, particularly urea and sugar, which support crucial farming activities across India. Additionally, Dcm Shriram Ltd. is involved in the chemical industry, manufacturing products such as caustic soda and PVC, which are essential for various industrial processes. Another critical aspect of the company’s operations includes providing innovative building solutions, for instance, by producing UPVC doors and windows. These products demonstrate the company's contribution to infrastructure and residential projects. Through its varied portfolio, Dcm Shriram Ltd. serves a broad customer base that includes farmers, industrial units, and construction companies, thereby reinforcing its substantial presence across diverse economic segments. Founded in 1990 and headquartered in New Delhi, the company’s robust operational footprint and its integration across value chains underscore its importance in supporting India’s growing industrial and agricultural needs.
- Sector
- Industrials
- Industry
- Conglomerates
- Listing
- NSE: DCMSHRIRAM
- Next results
- Chief executive
- Mr. Ajay Shridhar Shriram
- Employees
- 6,549
- Headquarters
- New Delhi, India
- ISIN
- INE499A01024
- Website
- dcmshriram.com
Public research · Report of
Business model & financial foundation
DCM Shriram (NSE: DCMSHRIRAM), Diversified chemicals, sugar and agricultural inputs: revenue of ₹14,264 crore in FY26 (+12.0% on FY25), an EBITDA margin of 11.9%, net profit of ₹853.4 crore and net debt of ₹1,767 crore.
- Revenue, FY26 (₹ crore)
- 14,264
- consolidated
- Revenue growth, FY26
- +12.0%
- on FY25
- EBITDA margin, FY26
- 11.9%
- EBITDA (Company PBDIT including other income) / revenue
- Net profit, FY26 (₹ crore)
- 853.4
- to owners
- Return on equity, FY26
- 11.6%
- on average equity
- Net debt, FY26 (₹ crore)
- 1,767
- Company reported net debt
- Market capitalisation (₹ crore)
- 15,273
- at the close of 17 Oct 2026
Company profile
DCM Shriram combines integrated chlor-alkali and vinyl manufacture with UP sugar and ethanol, the Fenesta building-products franchise, farm inputs, seeds and regulated urea. Chemical spreads and sugar economics dominate cyclicality; Fenesta adds a branded growth business. New downstream chemicals and renewable power investments are moving from construction into ramp-up.
| Item | Value |
|---|---|
| Legal name | DCM Shriram Limited |
| Exchange and ticker | NSE: DCMSHRIRAM; BSE: 523367 |
| ISIN | INE499A01024 |
| Sector | Industrials |
| Industry | Diversified chemicals, sugar and agricultural inputs |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells |
| Market capitalisation | ₹15,273 crore (17 Oct 2026) |
| Shares outstanding | 15.59 crore shares (FY26) |
| Price | ₹1,014 (close, 17 Oct 2026) |
| 52-week range | ₹886.3 - ₹1,409 (to 17 Oct 2026) |
| Website | https://www.dcmshriram.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Hindusthan Speciality Chemicals | 100% | Speciality chemicals |
| DNV Global | 53% | Fenesta hardware and building-products operations |
| Bioseeds Holdings Pte | 100% | International seed operations holding company |
| Bioseed Research Philippines | 99.99% | Seed research and commercialisation |
| Fenesta India | 100% | Building systems |
| DCM Shriram Bio Enchem | 100% | Bio-based chemicals |
Polytech became a 50:50 JV on 17 April 2026. USA Bioseed liquidated 15 December 2025. Complete direct/indirect structure and business mapping not retrieved.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 66.53% | 66.52% | 66.52% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 3.98% | 3.97% | 3.89% | |
| Domestic institutions | 8.31% | 8.56% | 8.46% | |
| of which mutual funds | 0.92% | 1.12% | 1.30% | |
| Retail | 20.49% | 20.24% | 20.44% | |
| Other | 0.70% | 0.70% | 0.68% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
DCM Shriram (NSE: DCMSHRIRAM) is an integrated agri-chemicals group. Chemicals & Vinyl (FY26 segment revenue 4,651 cr, PBIT 559.8 cr) makes caustic soda, chlorine, hydrogen and downstream products (ECH, epoxy, H2O2, AlCl3, PVC, carbide) at Bharuch and Kota. Sugar & Ethanol (FY26 3,770 cr, PBIT 309 cr) runs UP mills and distilleries. Shriram Farm Solutions (1,689 cr), Fertiliser/urea at Kota (1,445 cr), Fenesta windows (1,112 cr, PBIT 115.5 cr) and Bioseed (666 cr) complete the group. Consolidated FY26 gross operations revenue 14,263.9 cr (incl. excise 725.8 cr); company PBDIT 1,693.7 cr including other income 196.3 cr. The company controls its caustic capacity (2,749 TPD) and captive power but not ECU prices, cane prices (FRP/SAP) or ethanol and urea administered prices.
| Segment | revenue, FY26 (₹ crore) | Share | pbit, FY26 (₹ crore) | Share | intersegment revenue, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Chemicals & Vinyl | 4,651 | 34.1% | 559.8 | 40.0% | ||
| Sugar & Ethanol, net of excise | 3,770 | 27.7% | 309.0 | 22.1% | ||
| Fenesta Building Systems | 1,112 | 8.2% | 115.5 | 8.3% | ||
| Shriram Farm Solutions | 1,689 | 12.4% | 289.3 | 20.7% | ||
| Fertilizer | 1,445 | 10.6% | 90.0 | 6.4% | ||
| Bioseed | 665.8 | 4.9% | 49.4 | 3.5% | ||
| Others | 286.4 | 2.1% | -13.7 | -1.0% | ||
| Non-additive reconciliation adjustments (not a business) | 81.5 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Gujarat Alkalies and Chemicals (GUJALKALI) | Chlor-alkali cycle and power costs |
| Epigral (EPIGRAL) | Chlor-alkali and downstream chemicals |
| Chemplast Sanmar (CHEMPLASTS) | PVC and chemical integration |
| Grasim Industries (GRASIM) | Large chlor-alkali competitor; diversified group |
| Balrampur Chini Mills (BALRAMCHIN) | UP sugar/ethanol economics |
| Triveni Engineering (TRIVENI) | UP sugar and ethanol; diversified exposure |
| Tata Chemicals (TATACHEM) | Broader commodity chemicals cycle; less direct comparator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations including excise duty | 9,573 | 11,479 | 11,431 | 12,741 | 14,264 |
| Cost of revenue (vendor classification) * | 6,316 | 8,179 | 7,960 | 8,477 | 9,393 |
| Other operating costs (vendor classification) * | 717.8 | 805.4 | 969.9 | 1,176 | 1,305 |
| EBITDA (vendor classification) * | 1,823 | 1,729 | 1,035 | 1,423 | 1,728 |
| PBIT before exceptional items including other income | 1,628 | 1,459 | 786.3 | 1,062 | 1,191 |
| Finance costs gross | 62.7 | 46.1 | 87.6 | 152.8 | 175.7 |
| Profit before tax after exceptional items | 1,565 | 1,413 | 698.7 | 909.4 | 992.3 |
| Total tax expense, credit negative | 498.9 | 502.3 | 251.6 | 305.1 | 136.3 |
| Consolidated total net profit including JV | 1,067 | 910.8 | 447.1 | 604.3 | 856.0 |
| Diluted EPS after exceptional items INR/share | 68.45 | 58.41 | 28.67 | 38.75 | 54.73 |
| Other income | 98.5 | 142.1 | 196.3 | ||
| Materials, purchases and inventory changes | 5,805 | 6,288 | 6,999 | ||
| Employee benefits expense | 984.3 | 1,070 | 1,260 | ||
| Power and fuel | 1,713 | 1,709 | 1,868 | ||
| Other expenses including excise duty | 1,938 | 2,344 | 2,639 | ||
| Company PBDIT including other income | 1,089 | 1,472 | 1,694 | ||
| Depreciation and amortisation | 302.9 | 410.2 | 502.4 | ||
| Exceptional gain positive, loss negative | 0.00 | 0.00 | -23.4 | ||
| PAT attributable to non-controlling interests | 0.00 | 0.00 | 2.54 | ||
| PAT attributable to owners | 447.1 | 604.3 | 853.4 | ||
| Excise duty component | 508.8 | 664.0 | 725.8 | ||
| Other expenses excluding excise as printed | 1,429 | 1,680 | 1,914 | ||
| Materials consumed COGS component | 5,276 | 5,360 | 5,867 | ||
| Stock-in-trade purchases COGS component | 845.3 | 942.9 | 1,086 | ||
| Signed inventory changes COGS component | -316.1 | -15.0 | 45.9 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 5,502 | 6,194 | 6,522 | 7,004 | 7,733 |
| Current and non-current borrowings excluding leases | 1,577 | 1,707 | 2,083 | 2,408 | 2,812 |
| Cash plus other bank balances and current investments | 931.7 | 450.2 | 672.4 | 986.1 | 917.1 |
| Current trade receivables | 890.7 | 848.2 | 645.9 | 919.2 | 1,081 |
| Inventories | 2,306 | 2,376 | 2,677 | 2,799 | 3,108 |
| Trade payables MSME and other creditors | 960.3 | 1,011 | 1,040 | 1,185 | 1,218 |
| Net property, plant and equipment * | 3,315 | 4,012 | 4,130 | 6,426 | 7,359 |
| Capital work in progress * | 485.1 | 1,805 | 2,676 | 848.2 | 600.4 |
| Total assets * | 9,372 | 10,722 | 11,549 | 12,732 | 14,137 |
| Company reported net debt | 1,410 | 1,395 | 1,767 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 599.5 | 884.1 | 793.8 | 1,127 | 1,234 |
| Free cash flow (vendor definition) * | 466.1 | -507.4 | -524.7 | 268.2 | 346.5 |
| Dividends paid (the provider's sign: an outflow is negative) * | -212.1 | -238.6 | -118.5 | -127.9 | -165.3 |
| Purchase of property, plant and equipment (outflow) | -739.4 | -1,783 | -1,310 | -845.3 | -869.3 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding in crore excluding ESPS trust | 15.59 | 15.59 | 15.59 | 15.59 | 15.59 |
| Earlier-year current-tax adjustment expense sign | 8.65 | 2.34 | 3.39 | ||
| Earlier-year deferred-tax adjustment expense sign | 3.89 | -0.24 | -0.25 | ||
| Deferred-tax remeasurement credit expense sign | -239.5 | ||||
| Tax-reconciliation adjustment under section56(2)(x) | 32.0 | ||||
| Loss on abandonment of project assets | 18.2 | ||||
| Gujarat incentives for past projects | 87.0 | ||||
| Fertilizer marketing-margin recovery | 25.0 | ||||
| Revenue beyond observable operating proxies | 5,845 | 6,478 | 7,612 | ||
| COGS ratio (fraction) | 0.51 | 0.49 | 0.49 | ||
| Employee ratio (fraction) | 0.09 | 0.08 | 0.09 | ||
| Power ratio (fraction) | 0.15 | 0.13 | 0.13 | ||
| Other cost ratio including excise (fraction) | 0.17 | 0.18 | 0.19 | ||
| Fenesta revenue to period bookings (fraction) | 0.81 | 0.72 | 0.74 | ||
| Receivable days | 21 | 26 | 28 | ||
| Inventory days | 168 | 162 | 162 | ||
| Payable days | 65 | 69 | 64 | ||
| Specified signed tax adjustment | 0.00 | 0.00 | -239.5 | ||
| Tax rate excluding specified tax credits (fraction) | 0.36 | 0.34 | 0.38 | ||
| Equity accounted associate and JV profit | 0.00 | 0.00 | 0.00 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations (including excise duty) | 3,130 | 3,519 | 3,019 | 3,455 | 3,432 | 4,003 | 3,373 | 3,785 |
| Cost of revenue (vendor classification) * | 2,114 | 2,154 | 1,755 | 2,167 | 2,450 | 2,018 | 2,393 | |
| Other operating costs (vendor classification) * | 400.3 | 451.7 | 435.0 | 472.8 | 512.0 | 504.8 | 499.6 | |
| EBITDA (vendor classification) * | 235.1 | 537.1 | 426.5 | 325.7 | 560.4 | 399.6 | 364.2 | |
| PBIT before exceptional items including other income | 134.2 | 428.3 | 312.3 | 214.2 | 288.9 | 426.4 | 261.8 | 235.8 |
| Finance costs (gross) | 38.4 | 42.8 | 42.6 | 44.0 | 43.1 | 48.9 | 39.7 | 41.1 |
| Profit before tax after exceptional items | 95.8 | 385.5 | 269.8 | 170.2 | 245.9 | 322.5 | 253.8 | 274.2 |
| Total tax expense (credit negative) | 32.9 | 123.4 | 90.9 | 56.3 | 87.1 | 109.9 | -117.1 | -418.0 |
| Total PAT including equity-accounted JV profit | 62.9 | 262.1 | 178.9 | 113.8 | 158.7 | 212.6 | 370.8 | 693.4 |
| Other income | 53.9 | 41.1 | 21.3 | 22.2 | 98.8 | 28.7 | 46.6 | 27.6 |
| Materials, traded goods and inventory changes | 1,686 | 1,694 | 1,307 | 1,701 | 1,762 | 1,988 | 1,547 | 1,877 |
| Employee benefits expense | 261.7 | 264.9 | 282.0 | 318.1 | 306.5 | 317.9 | 317.6 | 334.6 |
| Power and fuel | 428.4 | 459.8 | 447.6 | 466.2 | 469.9 | 461.3 | 470.8 | 516.4 |
| Other expenses including excise duty | 573.1 | 603.8 | 577.5 | 666.1 | 584.7 | 704.1 | 684.5 | 720.1 |
| Company PBDIT including other income | 235.1 | 537.1 | 426.5 | 325.7 | 407.9 | 560.4 | 399.6 | 364.2 |
| Depreciation and amortisation | 100.9 | 108.8 | 114.2 | 111.5 | 119.0 | 134.0 | 137.8 | 128.4 |
| Exceptional items (gain positive; loss negative) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -55.0 | 31.6 | 79.4 |
| PAT attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.44 | 0.68 | 0.53 | 0.88 | 0.69 |
| PAT attributable to owners | 62.9 | 262.1 | 178.9 | 113.4 | 158.0 | 212.1 | 369.9 | 692.8 |
| Excise duty on country-liquor sales (component) | 172.8 | 152.1 | 142.6 | 193.3 | 160.8 | 192.1 | 179.7 | 220.4 |
| Other expenses as printed (excluding excise) | 400.3 | 451.7 | 435.0 | 472.8 | 424.0 | 512.0 | 504.8 | 499.6 |
| Cost of materials consumed (COGS component) | 835.1 | 1,731 | 1,845 | 1,087 | 955.5 | 1,899 | 1,925 | 1,304 |
| Purchases of stock-in-trade (COGS component) | 228.7 | 348.9 | 67.5 | 415.8 | 243.2 | 338.2 | 89.0 | 517.0 |
| Signed changes in FG, WIP and traded inventory (COGS component) | 622.0 | -385.4 | -605.2 | 198.1 | 563.6 | -248.5 | -467.4 | 56.1 |
| Share of JV profit (after tax) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.27 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 15.7% | 19.9% | -0.4% | 11.5% | 12.0% |
| EBITDA margin | 9.5% | 11.6% | 11.9% | ||
| Net margin | 3.9% | 4.7% | 6.0% | ||
| Return on equity | 7.0% | 8.9% | 11.6% | ||
| Return on capital employed | 24.6% | 19.5% | 9.5% | 11.8% | 11.9% |
| Return on assets | 4.0% | 5.0% | 6.4% | ||
| Net debt (₹ crore) | 1,410 | 1,395 | 1,767 | ||
| Net debt / EBITDA | 1.29x | 0.95x | 1.04x | ||
| Interest cover | 25.9x | 31.6x | 8.98x | 6.95x | 6.78x |
| Asset turnover | 1.12x | 1.14x | 1.03x | 1.05x | 1.06x |
| Receivable days | 34 | 27 | 21 | 26 | 28 |
| Inventory days (on revenue) | 88 | 76 | 85 | 80 | 80 |
| Payable days (on revenue) | 37 | 32 | 33 | 34 | 31 |
| Cash conversion | 1.78x | 1.86x | 1.45x | ||
| Capex intensity | 7.7% | 15.5% | 11.5% | 6.6% | 6.1% |
| Free cash flow (₹ crore) | -139.9 | -898.6 | -516.0 | 281.7 | 364.5 |
| Dividend payout | 26.5% | 21.2% | 19.4% | ||
| EPS, diluted (₹) | 68.45 | 58.41 | 28.67 | 38.75 | 54.73 |
| Book value per share (₹) | 352.8 | 397.2 | 418.2 | 449.1 | 495.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Company PBDIT including other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company reported net debt; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Company PBDIT including other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS after exceptional items INR/share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Dcm Shriram
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
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