DCW Q2 FY27 Results: Standalone Net Profit ₹10.36 Crore on Total Income of ₹670 Crore
Earnings
chemicals
Blacklitt Research3 min read
Rjendrzejewski, via Wikimedia Commons (CC0). Illustrative image.
DCW (NSE: DCW) reported standalone total income of ₹669.98 crore and net profit of ₹10.36 crore for the quarter ended 30 Sep 2026, it said in a filing on 29 Oct 2026. Net profit was down from ₹13.81 crore a year earlier and ₹34.55 crore in the June quarter.
Key highlights
Standalone
The company on its own, without its subsidiaries
Total income: ₹669.98 crore, up 23.2% YoY and 22.4% QoQ
Net profit: ₹10.36 crore, down 25.0% YoY and 70.0% QoQ
EPS: ₹0.35 basic, against ₹0.47 a year earlier and ₹1.17 in Q1 FY27
Finance costs: ₹13.60 crore, down 12.5% YoY
Summary
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
669.98
543.83
+23.2%
547.56
+22.4%
Revenue from operations
662.86
539.21
+22.9%
541.91
+22.3%
Other income
7.12
4.62
+54.1%
5.65
+26.0%
10.36
13.81
-25.0%
34.55
-70.0%
Profit before tax
14.02
21.05
-33.4%
0.36
n/a
Finance costs
13.60
15.54
-12.5%
14.80
-8.1%
Depreciation
26.95
26.05
+3.5%
26.26
+2.6%
Tax expense
3.66
7.24
-49.4%
-34.19
n/a
Net profit margin
1.55%
2.54%
-0.99 pp
6.31%
-4.76 pp
EPS, basic (₹)
0.35
0.47
-25.5%
1.17
-70.1%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Total income grew faster than net profit. Total income rose 23.2% to ₹669.98 crore, while net profit fell 25.0% to ₹10.36 crore. Revenue from operations rose 22.9% to ₹662.86 crore, and other income rose 54.1% to ₹7.12 crore.
Profit before tax fell 33.4% to ₹14.02 crore, from ₹21.05 crore a year earlier. Other income of ₹7.12 crore is 1.1% of total income and 50.8% of profit before tax, so it is a larger share of pre-tax profit than the revenue line is of total income. Tax expense of ₹3.66 crore is 26.1% of profit before tax, against ₹7.24 crore a year earlier.
The June quarter is not a like-for-like base. In Q1 FY27 profit before tax was ₹0.36 crore and tax was a credit of ₹34.19 crore. Note 5 says the company re-measured deferred tax balances and recognised a net gain of ₹34.28 crore (₹34.28 crore) directly in the statement of profit and loss; the same gain appears in the quarter's tax line as a reduction. The reason for the gain is not stated beyond the note on the new tax regime.
Depreciation rose 3.5% to ₹26.95 crore and finance costs fell 12.5% to ₹13.60 crore, so finance costs were 2.0% of total income. Exceptional items were nil for the quarter.
Note 4 lists tax demands and disputes on which no provision has been made. These cover a Tamil Nadu electricity tax demand of ₹54.91 crore, a customs differential duty demand of ₹12.44 crore plus interest, a customs redemption fine and penalty of ₹26.00 crore, and an income tax demand of ₹1.06 crore. The auditor drew attention to these matters without modifying its conclusion. The company says it is advised that it has a fair chance of success before CESTAT on the customs matter and that the land outflow is not expected to be material.
Note 3 says the company holds 28.96% in Kaze Renewables Private Limited and does not treat it as an associate. The company says consolidated financial results are therefore not required, so the statement covers standalone results only.
Inference
The Board approved a buyback of fully paid-up equity shares of face value ₹2 through the open market route, at a maximum price of ₹58 per share and for an aggregate amount not exceeding ₹40 crore. The company says it will utilise at least ₹30 crore of that amount. The company says promoters and promoter group members cannot participate in the open market buyback. The indicative maximum is 68,96,551 shares, which the filing says is 4.53% of paid-up capital and free reserves. Post-buyback promoter and promoter group holding is shown as 46.68%, assuming the maximum shares are bought back.
The filing does not state the source of funds for the buyback, its timeline, or whether it will be completed in full. It also does not say whether the company has already opted for the new concessional tax regime, or whether a dividend has been declared for the quarter.
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