DCW Limited has released the transcript of its Q3 FY26 earnings conference call held on February 11, 2026, providing detailed insights into the company's operational performance and strategic direction. The call, hosted by Arihant Capital Markets Limited, featured key management personnel including President Saatvik Jain, Chief Operating Officer Sudarshan Ganapathy, and Chief Financial Officer Pradipto Mukherjee.

Financial Performance Overview

The company's Q3 FY26 financial performance demonstrates mixed results with revenue growth offset by margin pressures. Total operational income reached ₹51,981.38 lakhs, representing a 9.60% year-on-year increase despite price erosion across all product segments.

Nine-Month Performance Analysis

For the nine months ended December 31, 2025, DCW Limited reported sustained operational growth with improved profitability metrics compared to the corresponding period. The company achieved revenue of ₹1,53,452.19 lakhs with net profit of ₹3,009.16 lakhs, showing year-on-year growth of 4.90% and 59.30% respectively.

Management Commentary on Market Conditions

President Saatvik Jain highlighted the challenging global chemical industry environment during the earnings call. The company faced pricing pressures across commodity value chains due to elevated operating rates in China and global oversupply conditions. Despite these headwinds, DCW demonstrated resilience through strong volume momentum and increasing contribution from specialty chemicals.

Segmental Performance Analysis

Specialty chemicals segment continued to demonstrate robust performance with revenue of ₹15,616.39 lakhs in Q3FY26, while basic chemicals segment reported revenue of ₹36,211.62 lakhs. The specialty chemicals segment showed strong profitability with segment results of ₹3,809.12 lakhs, contrasting with basic chemicals segment loss of ₹1,374.14 lakhs.

CPVC Expansion and Strategic Developments

CFO Pradipto Mukherjee revealed that CPVC sales volumes expanded significantly by 80% following the capacity expansion from 20,000 tonnes to 40,000 tonnes. The management confirmed that the remaining 10,000 tonnes CPVC expansion is progressing on schedule and expected to be completed by March 2026, bringing total annual CPVC capacity to 50,000 tonnes.

Pricing Dynamics and Market Outlook

The earnings call addressed significant pricing pressures, with CPVC and PVC experiencing severe price cuts of 26% and 17% respectively on a year-on-year basis. However, management noted positive developments including China's withdrawal of VAT rebate on PVC exports effective April 2026, which could improve export pricing discipline.

Interim Dividend Declaration

The Board of Directors declared an interim dividend of ₹0.10 per equity share of ₹2 each for the financial year 2025-26. The record date for payment of this interim dividend is set for Friday, February 20, 2026. The interim dividend will be paid within 30 days from the date of declaration to shareholders whose names appear in the Register of Members as on the record date.

Regulatory Compliance and Future Outlook

The earnings call transcript has been made available on the company's website at dcwltd.com in compliance with Regulation 30 of SEBI Listing Regulations. Management expressed confidence in Q4 performance supported by higher dispatches of pigments and synthetic rutile, while continuing investments in capability building, digital integration, and technology adoption to support scalable growth.

DCW Limited has announced a comprehensive schedule for its third quarter financial disclosure, with a Board of Directors meeting on February 10, 2026, followed by an earnings conference call on February 11, 2026. The board meeting notification was issued on February 3, 2026, while the earnings call invitation was communicated on February 4, 2026.

Board Meeting and Earnings Call Schedule

The company has outlined a structured approach to its quarterly financial disclosure process:

Board Meeting Agenda

The board meeting will address key matters of significance to shareholders:

Management Participation in Earnings Call

The earnings conference call will feature senior management representation to discuss the quarterly performance:

Trading Window and Regulatory Compliance

In accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015, DCW Limited has implemented a trading window closure continuing from December 29, 2025. The window will remain closed until 48 hours after the public declaration of financial results.

Both communications have been issued pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and formally communicated to National Stock Exchange of India Ltd. and BSE Limited. The notifications were signed by Dilip Darji, Senior General Manager (Legal) & Company Secretary, ensuring proper corporate governance compliance.