DCW Limited , a prominent chemical manufacturing company, recently conducted a crucial meeting as part of its corporate restructuring efforts. The company held an NCLT-convened equity shareholders meeting on November 15, 2025, to discuss and vote on a proposed amalgamation scheme.

Key Details of the Meeting

The meeting, which took place via video conference, focused on the proposed amalgamation of Dhrangadhra Trading Company Private Limited and Sahu Brothers Private Limited with DCW Limited. This strategic move aims to streamline operations and potentially enhance the company's market position.

Meeting Proceedings

Significance of the Amalgamation

The proposed amalgamation, if approved, could lead to several potential benefits for DCW Limited:

• Streamlined operations
• Improved operational efficiency
• Potential cost savings
• Enhanced market competitiveness

Regulatory Compliance

DCW Limited has ensured compliance with regulatory requirements by:

• Conducting the meeting as per NCLT (National Company Law Tribunal) directives
• Adhering to SEBI (Securities and Exchange Board of India) regulations
• Providing shareholders with remote e-voting and e-voting options during the meeting

Next Steps

The outcome of the shareholders' vote on the amalgamation scheme will be crucial in determining the company's future structure. Stakeholders and market observers will be keenly watching for the results and subsequent steps in the amalgamation process.

It's important to note that while this meeting marks a significant step in DCW Limited's corporate journey, the final implementation of the amalgamation scheme would be subject to necessary regulatory approvals and legal procedures.

Investors and stakeholders are advised to keep an eye on further announcements from the company regarding the progress of this amalgamation scheme and its potential impact on DCW Limited's operations and market position.

DCW Limited , a leading chemical manufacturer, has reported a robust performance in the second quarter, demonstrating resilience amidst challenging market conditions. The company's strategic investments and operational efficiencies have yielded positive results, with significant growth in EBITDA and improved profitability.

Financial Highlights

• Revenue for Q2 stood at Rs. 539.00 crores, up 10.3% year-on-year
• EBITDA grew by 51% to Rs. 62.60 crores
• Profit after tax reached Rs. 13.80 crores, compared to a loss of Rs. 1.20 crores in the same quarter of the previous year
• H1 revenue clocked at Rs. 1,015.00 crores, a 2.7% increase year-on-year
• EBITDA margin expanded to 10.78% for the quarter, up from 7.2% in the same period last year

Operational Performance

DCW Limited achieved its highest-ever CPVC sales volume in Q2, following the completion of capacity expansion from 20,000 to 40,000 tonnes ahead of schedule. The company successfully ramped up to full utilization within the quarter, showcasing strong customer acceptance of its products.

The specialty chemicals segment delivered EBITDA growth despite price erosion, particularly in CPVC, which saw a 15% decline due to import competition. The basic chemicals segment also showed improvement, with EBITDA turning positive at Rs. 14.00 crores, compared to a loss of Rs. 9.00 crores in the previous year.

Debt Reduction and Financial Stability

The company continues to strengthen its balance sheet, reducing gross debt by Rs. 61.00 crores to Rs. 365.00 crores. Management expects the net debt to EBITDA ratio to reach 0.4x by the end of the fiscal year, reflecting improved financial stability.

Market Dynamics and Future Outlook

While facing challenges such as price pressures in certain segments, DCW Limited remains optimistic about its future performance. The company expects stronger results in the second half of the fiscal year, supported by:

1. Full contribution from the expanded CPVC capacity
2. Continued export momentum in pigments and synthetic rutile businesses
3. Sustained savings from renewable power integration
4. Seasonal demand uptick expected in Q4

Strategic Initiatives

DCW Limited is preparing for its next phase of growth, with multiple specialty chemical opportunities under review. The company plans to convert these into committed investments aligned with its strategy of growing EBITDA through higher-margin, downstream, and value-added chemistries.

The successful transition to SAP's S4 HANA reflects the company's commitment to institutional strengthening, governance discipline, and long-term scalability.

Management Commentary

Saatvik Jain, President of DCW Limited, commented on the results: "DCW has once again delivered a resilient performance in Q2, driven by a combination of strategic investments, product mix optimization, and operational cost gains. Our transition to SAP's S4 HANA has been successfully completed, reflecting our commitment to institutional strengthening and long-term stability."

He added, "With the current phase of CAPEX nearing completion, DCW is now preparing to enter its next leg of growth. Multiple specialty chemical opportunities are already progressing through feasibility and board level review."

In conclusion, DCW Limited's Q2 results demonstrate the company's ability to navigate challenging market conditions while positioning itself for future growth. The focus on specialty chemicals, operational efficiencies, and strategic investments appears to be yielding positive results, setting a strong foundation for the company's future performance.