DCM Shriram Limited (DCMSHRIRAM)
Large CapDiversified stocks · Large cap · NSE
DCM Shriram Ltd. is a diversified Indian entity with extensive presence across Agri value chain (Sugar & Ethanol, Farm Solutions, Bioseed, Fertilizer), Chemicals & Vinyl, and Building Material Products (Fenesta). It leverages captive power at key manufacturing units for competitive edge.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 67/100Rev +9% YoY · PAT +508% YoY · +12% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,564 Cr | +9.3% | +11.6% |
| EBITDA | ₹337 Cr | +10.9% | -4.5% |
| Operating margin | 9.0% | +0 bps | -200 bps |
| PAT | ₹693 Cr | +507.9% | +86.8% |
| PAT margin | 19.4% | +1595 bps | +782 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Consolidated Net Revenue up 11% YoY in Q4 FY26 to Rs 3,193 Cr and 12% YoY for FY26 to Rs 13,538 Cr. Q4 FY26 PBDIT declined 16% YoY to Rs 262 Cr, but FY26 PBDIT grew 12% YoY to Rs 1,191 Cr. PAT for Q4 FY26 surged 107% YoY to Rs 371 Cr, and 42% YoY for FY26 to Rs 856 Cr, aided by deferred tax credit.
Q4 PBDIT declined 16% YoY, impacted by elevated fixed costs from expansion and stabilization in Chemicals, and margin pressures in Sugar & Ethanol. However, FY26 PBDIT grew 12% YoY, driven by strong volume growth in Chemicals and Fenesta, indicating mixed performance with some underlying pressures.
PBDIT by Segment (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Chemicals Business Expansion
Strong volume growth driven by progressive ramp-up of expansion and downstream integration completed over last two years.
Advanced Materials Value Chain
Epichlorohydrin (ECH) facility fully commissioned in April 2026, witnessing encouraging market acceptance. Epoxy and Formulated resins business being expanded.
Fenesta Building Systems Growth
Consumer business continued to grow at a healthy pace, consolidating market position and reaching new milestones, with new revenue platforms like Façade & Hardware.
Strategic Partnerships
Entered a JV with a US Company for PVC compounding business to accelerate growth, exploring high-end technology partnerships.
Epichlorohydrin Plant
52,000 TPA Epichlorohydrin Plant at Bharuch commissioned in April 2026.
Fenesta Aluminium Extrusion Plant
First phase of Fenesta Aluminium Extrusion Plant at Kota expected completion Q1 FY27.
Captive Renewable Energy (Kota)
68 MW (peak) captive renewable energy for Kota expected completion Q1 FY27.
Formulated Resins Capacity Expansion
36 KTPA Formulated Resins (FR) Capacity Expansion in HSCL approved, expected completion Q2 FY28.
Indian Economy Resilience
Indian economy demonstrated better resilience, supported by strong macroeconomic fundamentals, sustained domestic demand and continued public infrastructure spending.
Government Incentives
Recognized Rs 19 Cr (Q4 FY26) and Rs 87 Cr (FY26) from Govt. of Gujarat for projects commissioned in previous years.
Global Uncertainties & Conflicts
Persistent uncertainties, rising trade protectionism, supply chain realignments, and West Asia conflict continued to impact commodity markets, logistics, and capital flows.
Sugar & Ethanol Margin Pressures
Industry facing margin pressures arising from higher cane cost and oversupply in Sugar as well as Ethanol business.
Elevated Fixed Costs
Elevated fixed costs associated with business expansion & stabilization impacted margins in Chemicals and Fenesta.
PVC Price Volatility
PVC prices remained volatile due to dumping by China, Middle East conflict, depreciating rupee, and waiver of import duty by Govt of India.
Commodity Price Volatility
Continuing Middle East conflict may impact global demand & supply leading to increased volatility in prices for chemicals.
Energy Price Increases
Increase in energy prices, if not passed through, may put pressure on margins in Chemicals and Vinyl.
Policy Support for Sugar Industry
Sustained policy support (higher sugar MSP, blending mandates, export facilitation) remains critical for industry viability due to rising cane costs.
Urea Energy Norms Notification
Urea energy norms starting from 01 April 2025 is yet to be notified by the Department of Fertilizers.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY is crucial for assessing overall growth and performance in seasonal businesses like Agri. QoQ provides insight into sequential momentum, utilization ramp-ups, and project execution in segments like Chemicals and Building Materials.
Chemicals & Vinyl - Caustic Sales Volume
Q4 FY26 caustic volumes up 2% YoY; FY26 volumes up 12% YoY due to new capacity ramp-up.
Chemicals & Vinyl - ECU Realizations
Q4 FY26 ECU realizations down 4% YoY; FY26 ECU realizations up 2% YoY.
Chemicals & Vinyl - Caustic Capacity Utilization
Q4 FY26 capacity utilization at 83% (vs 81% LY); FY26 at 81% (vs 75% LY).
Chemicals & Vinyl - PVC Sales Volume
Q4 FY26 PVC sales volumes up 23% YoY; FY26 volumes up 10% YoY.
Strategic Focus
Company remains focused on value-chain integration, capacity optimization, cost efficiency and disciplined capital allocation.
Growth Opportunities
Supported by a strong balance sheet, we remain well positioned to pursue growth opportunities while navigating a dynamic global environment.
Sustainability Integration
Sustainability continues to remain integral to our long-term strategy through responsible resource utilization, environmental stewardship and community engagement.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Chemicals & Vinyl PBDIT Margins | Q4 FY26 Chemicals PBDIT margin 8%, Vinyl 15%. FY26 Chemicals 13%, Vinyl 9%. | Impact of stabilization costs and product mix on margins, and ability to pass through energy price increases. |
| Sugar & Ethanol PBDIT Margins | Q4 FY26 PBDIT margin 17%. FY26 PBDIT margin 8%. | Impact of higher cane costs and oversupply on margins, and effectiveness of policy support. |
| Fenesta Order Book Growth | Q4 FY26 order book up 15% YoY; FY26 up 24% YoY. | Sustained growth in order bookings and successful ramp-up of new platforms like Façade & Hardware. |
| Urea Energy Norms Notification | Urea energy norms starting from 01 April 2025 yet to be notified. | Timely notification of new energy norms and their financial impact on the Fertilizer business. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralMACD − · near 52W low
Technical chart
DCMSHRIRAMdaily · 1Y · AUTO+3.1%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 45.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 45 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 28% off 52W high · 8% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 5.3% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.4%.
Valuation & score drivers
U-Score 43 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 43 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Growth is weaker at 6/25; verify the latest quarterly trend.
- Quality is weaker at 5/20; verify the latest quarterly trend.
- Valuation is weaker at 11/30; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 83rd percentile within Diversified. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 66.5%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Diversified: 83rd pctile, median 61 · Large: 62nd pctile, median 73
146 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 66.5%.
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 11.60
- P/B
- 2.06
- EV/EBITDA
- 9.20
- Market Cap
- 15920.00Cr
Profitability
- ROE
- 11.50%
- ROCE
- 11.50%
- ROA
- 10.17%
- Dividend Y
- 1.10%
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- 5.00%
- Revenue 3Y
- 5.00%
- EPS 3Y
- -1.00%
Balance Sheet
- Debt/Equity
- 0.38
- Interest Coverage
- 8.84×
- Altman Z
- 3.79
- Book Value
- 495.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- 1234.00 Cr
- EPS TTM
- 91.87
Shareholding
- Promoter Hold
- 66.53%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 16%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Diversified, ranked by similarity
Peers
Business-comparable peers in Diversified — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.