Reported Earnings • May 06
Full year 2026 earnings released: EPS: ₹1.63 (vs ₹1.03 in FY 2025) Full year 2026 results: EPS: ₹1.63 (up from ₹1.03 in FY 2025). Revenue: ₹21.6b (up 8.1% from FY 2025). Net income: ₹481.7m (up 59% from FY 2025). Profit margin: 2.2% (up from 1.5% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. New Risk • May 06
New major risk - Revenue and earnings growth Earnings have declined by 17% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 17% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.6% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Duyuru • Apr 29
DCW Limited to Report Q4, 2026 Results on May 05, 2026 DCW Limited announced that they will report Q4, 2026 results at 12:08 PM, Indian Standard Time on May 05, 2026 New Risk • Apr 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.2% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Upcoming Dividend • Feb 13
Upcoming dividend of ₹0.10 per share Eligible shareholders must have bought the stock before 20 February 2026. Payment date: 12 March 2026. Payout ratio is a comfortable 9.7% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.4%). Lower than average of industry peers (0.8%). Reported Earnings • Feb 11
Third quarter 2026 earnings released: EPS: ₹0.17 (vs ₹0.45 in 3Q 2025) Third quarter 2026 results: EPS: ₹0.17 (down from ₹0.45 in 3Q 2025). Revenue: ₹5.20b (up 9.6% from 3Q 2025). Net income: ₹49.0m (down 64% from 3Q 2025). Profit margin: 0.9% (down from 2.8% in 3Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹52.58, the stock trades at a trailing P/E ratio of 31x. Average trailing P/E is 22x in the Chemicals industry in India. Total returns to shareholders of 8.7% over the past three years. Duyuru • Feb 03
DCW Limited to Report Q3, 2026 Results on Feb 10, 2026 DCW Limited announced that they will report Q3, 2026 results on Feb 10, 2026 New Risk • Dec 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹60.41, the stock trades at a trailing P/E ratio of 35.7x. Average trailing P/E is 23x in the Chemicals industry in India. Total returns to shareholders of 22% over the past three years. Reported Earnings • Nov 05
Second quarter 2026 earnings released: EPS: ₹0.47 (vs ₹0.04 loss in 2Q 2025) Second quarter 2026 results: EPS: ₹0.47 (up from ₹0.04 loss in 2Q 2025). Revenue: ₹5.44b (up 11% from 2Q 2025). Net income: ₹138.1m (up ₹150.5m from 2Q 2025). Profit margin: 2.5% (up from net loss in 2Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Duyuru • Oct 28
DCW Limited to Report Q2, 2026 Results on Nov 04, 2025 DCW Limited announced that they will report Q2, 2026 results on Nov 04, 2025 Upcoming Dividend • Sep 15
Upcoming dividend of ₹0.10 per share Eligible shareholders must have bought the stock before 22 September 2025. Payment date: 29 October 2025. Payout ratio is a comfortable 9.7% and this is well supported by cash flows. Trailing yield: 0.1%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (0.7%). Duyuru • Sep 06
DCW Limited announces Annual dividend, payable on October 29, 2025 DCW Limited announced Annual dividend of INR 0.1000 per share payable on October 29, 2025, ex-date on September 22, 2025 and record date on September 22, 2025. Duyuru • Sep 04
DCW Limited, Annual General Meeting, Sep 29, 2025 DCW Limited, Annual General Meeting, Sep 29, 2025, at 12:00 Indian Standard Time. Buy Or Sell Opportunity • Sep 01
Now 21% overvalued Over the last 90 days, the stock has fallen 8.3% to ₹73.41. The fair value is estimated to be ₹60.70, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 78%. Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: ₹0.39 (vs ₹0.23 in 1Q 2025) First quarter 2026 results: EPS: ₹0.39 (up from ₹0.23 in 1Q 2025). Revenue: ₹4.80b (down 4.0% from 1Q 2025). Net income: ₹113.9m (up 69% from 1Q 2025). Profit margin: 2.4% (up from 1.3% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Duyuru • Aug 02
DCW Limited to Report Q1, 2026 Results on Aug 08, 2025 DCW Limited announced that they will report Q1, 2026 results on Aug 08, 2025 Duyuru • Jul 02
DCW Limited Appoints Rajiv Singh Currently Serving as Vice President (Works), as Senior Management Personnel, Effective on July 1, 2025 DCW Limited informed that based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors of the Company has, through circular resolution passed on July 1, 2025, approved the appointment of Mr. Rajiv Singh currently serving as Vice President (Works), as Senior Management Perso1mel of the Company with effect from July 1, 2025. Mr. Rajiv Singh is a seasoned industry professional with over 25 years of diverse experience in leading large- scale operations across production, quality control, and process improvement functions. He is currently serving as the Site Head at Company since June 2024. Mr. Singh holds a B.Tech. in Chemical Engineering from BIT Sindri (1991) and an MBA from GlobalNxt University, Malaysia. He is also a certified ISO 9001 & 14001 Internal Auditor and DuPont Safety Auditor. Throughout his career, Mr. Singh has demonstrated expertise in spearheading plant operations, driving process and optimization, ensuring operational excellence, and leading cross-functional teams. His earlier roles include leadership positions at Birla Cellulosic Kharach, Grasim Industries, Indian Rayon (Aditya Birla Group), and Saurashtra Chemicals. He has been instrumental in implementing Six Sigma, Kaizen, and quality systems to drive cost reduction, enhance productivity, and achieve business growth. Mr. Singh is also known for his strong leadership, team development capabilities, and strategic execution. Reported Earnings • May 13
Full year 2025 earnings released: EPS: ₹1.03 (vs ₹0.53 in FY 2024) Full year 2025 results: EPS: ₹1.03 (up from ₹0.53 in FY 2024). Revenue: ₹20.2b (up 8.1% from FY 2024). Net income: ₹302.8m (up 93% from FY 2024). Profit margin: 1.5% (up from 0.8% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Duyuru • May 13
DCW Limited Recommends Final Dividend for the Financial Year Ended March 31, 2025 DCW Limited at its board meeting held on May 12, 2025, recommended a final dividend of INR 0.10 (that is 5%) per equity share of INR 2 each (fully paid-up) for the financial year ended March 31, 2025 and the same shall be payable subject To Approve the shareholders at the upcoming annual general meeting of the company. Duyuru • May 08
DCW Limited to Report Q4, 2025 Results on May 12, 2025 DCW Limited announced that they will report Q4, 2025 results on May 12, 2025 Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹85.54, the stock trades at a trailing P/E ratio of 73.7x. Average trailing P/E is 25x in the Chemicals industry in India. Total returns to shareholders of 102% over the past three years. Reported Earnings • Feb 14
Third quarter 2025 earnings released: EPS: ₹0.45 (vs ₹0.42 loss in 3Q 2024) Third quarter 2025 results: EPS: ₹0.45 (up from ₹0.42 loss in 3Q 2024). Revenue: ₹4.79b (up 20% from 3Q 2024). Net income: ₹134.2m (up ₹257.5m from 3Q 2024). Profit margin: 2.8% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Duyuru • Feb 07
DCW Limited to Report Q3, 2025 Results on Feb 13, 2025 DCW Limited announced that they will report Q3, 2025 results on Feb 13, 2025 Duyuru • Dec 21
DCW Limited Appoints Sonalika Jain as President DCW Limited at its special resolution, the Scrutinizer has submitted his report on the results held on December 20, 2024 announced the Appointment of Mrs. Sonalika Jain as President of the Company. Reported Earnings • Nov 14
Second quarter 2025 earnings released: ₹0.04 loss per share (vs ₹0.09 profit in 2Q 2024) Second quarter 2025 results: ₹0.04 loss per share (down from ₹0.09 profit in 2Q 2024). Revenue: ₹4.95b (up 20% from 2Q 2024). Net loss: ₹12.5m (down 147% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Duyuru • Nov 09
DCW Limited to Report Q2, 2025 Results on Nov 13, 2024 DCW Limited announced that they will report Q2, 2025 results on Nov 13, 2024 Buy Or Sell Opportunity • Oct 25
Now 22% undervalued Over the last 90 days, the stock has risen 50% to ₹89.80. The fair value is estimated to be ₹115, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Earnings per share has declined by 11%. Duyuru • Oct 17
DCW Limited Announces Director Changes DCW Limited announced at he board meeting held on October 17, 2024, approved Resignation of Mr. Pramod Kumar Jain (DIN: 00380458) as the Chairman and Managing Director of the Company with effect from the close of business hours of October 31, 2024. Appointment of Mr. Bakul Jain (DIN: 00380256), Managing Director as the Chairman of the Board of Directors of the Company with effect from November 1, 2024. Appointment of Mr. Pramod Kumar Jain (DIN: 00380458) as the Chairman Emeritus of the Board of Directors of the Company with effect from November 1, 2024. Duyuru • Sep 26
DCW Limited Announces Cessation of Sujata S. Rangnekar as an Independent Director DCW Limited informed that Mrs. Sujata S. Rangnekar (DIN: 06425371), completed her second term of 5 years as a Woman Independent Director and consequently she has ceased to be an Independent Director of the Company with effect from the close of business hours on September 26, 2024. The Board of Directors and Management of the Company would like to express their deep appreciation for the invaluable contributions, guidance and services rendered by Mrs. Sujata S. Rangnekar during her tenure. Buy Or Sell Opportunity • Sep 07
Now 20% undervalued Over the last 90 days, the stock has risen 76% to ₹92.47. The fair value is estimated to be ₹116, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Earnings per share has declined by 11%. Duyuru • Sep 04
DCW Limited, Annual General Meeting, Sep 26, 2024 DCW Limited, Annual General Meeting, Sep 26, 2024, at 12:00 Indian Standard Time. Reported Earnings • Aug 14
First quarter 2025 earnings released: EPS: ₹0.23 (vs ₹0.34 in 1Q 2024) First quarter 2025 results: EPS: ₹0.23 (down from ₹0.34 in 1Q 2024). Revenue: ₹5.06b (up 16% from 1Q 2024). Net income: ₹67.3m (down 33% from 1Q 2024). Profit margin: 1.3% (down from 2.3% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Duyuru • Aug 02
DCW Limited to Report Q1, 2025 Results on Aug 13, 2024 DCW Limited announced that they will report Q1, 2025 results on Aug 13, 2024 Reported Earnings • May 18
Full year 2024 earnings released: EPS: ₹0.53 (vs ₹6.50 in FY 2023) Full year 2024 results: EPS: ₹0.53 (down from ₹6.50 in FY 2023). Revenue: ₹18.9b (down 28% from FY 2023). Net income: ₹156.6m (down 92% from FY 2023). Profit margin: 0.8% (down from 7.3% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 12% per year. Duyuru • May 09
DCW Limited to Report Q4, 2024 Results on May 16, 2024 DCW Limited announced that they will report Q4, 2024 results on May 16, 2024 Buy Or Sell Opportunity • Apr 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.8% to ₹58.45. The fair value is estimated to be ₹73.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹47.80, the stock trades at a trailing P/E ratio of 39.5x. Average trailing P/E is 28x in the Chemicals industry in India. Total returns to shareholders of 73% over the past three years. Buy Or Sell Opportunity • Feb 27
Now 20% undervalued Over the last 90 days, the stock has risen 14% to ₹59.05. The fair value is estimated to be ₹74.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Feb 16
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.9% Last year net profit margin: 7.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (1.9% net profit margin). Reported Earnings • Feb 16
Third quarter 2024 earnings released: ₹0.42 loss per share (vs ₹1.63 profit in 3Q 2023) Third quarter 2024 results: ₹0.42 loss per share (down from ₹1.63 profit in 3Q 2023). Revenue: ₹3.98b (down 31% from 3Q 2023). Net loss: ₹123.2m (down 126% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹57.15, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 29x in the Chemicals industry in India. Total returns to shareholders of 194% over the past three years. Duyuru • Feb 07
DCW Limited to Report Q3, 2024 Results on Feb 14, 2024 DCW Limited announced that they will report Q3, 2024 results on Feb 14, 2024 Reported Earnings • Nov 11
Second quarter 2024 earnings released: EPS: ₹0.09 (vs ₹1.68 in 2Q 2023) Second quarter 2024 results: EPS: ₹0.09 (down from ₹1.68 in 2Q 2023). Revenue: ₹4.14b (down 41% from 2Q 2023). Net income: ₹26.6m (down 95% from 2Q 2023). Profit margin: 0.6% (down from 7.1% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Board Change • Oct 24
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. Non-executive Independent Director Mahesh Vennelkanti was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • Oct 01
DCW Limited Announces Interim Dividend and Final Dividend for the Financial Year Ended March 31, 2023 DCW Limited announced to confirm Interim dividend at the rate of INR 0.20/- per Equity Share (that is 10%) on face value of INR 2/- each fully paid-up of the company for the Financial Year ended March 31, 2023 and to declare a Final Dividend at the rate of INR 0.30 per Equity Share (that is 15%) on face value of INR 2/- each fully paid-up of the company for the Financial Year ended March 31, 2023. Duyuru • Sep 07
DCW Limited, Annual General Meeting, Sep 29, 2023 DCW Limited, Annual General Meeting, Sep 29, 2023, at 12:00 Indian Standard Time. Agenda: To consider final dividend for the fiscal year March 31, 2023; to consider the adoption of Audited Financial Statements; to consider re-appointment of a Director; to consider ratification of Remuneration of the Cost Auditors for the Financial Year ending March 31, 2024; and to discuss other matters. Duyuru • Aug 05
DCW Limited to Report Q1, 2024 Results on Aug 14, 2023 DCW Limited announced that they will report Q1, 2024 results on Aug 14, 2023 Duyuru • Jul 25
DCW Limited Provides Update on Restoration of Operations At Sahupuram Plant DCW Limited informed that the failure in the power plant has been resolved at Sahupuram Plant and the plant has resumed its operations effective July 24, 2023. The temporary disruption was due to unexpected failure in the power plant at the site and not due to any natural calamity or other force majeure events. Duyuru • Jul 06
DCW Limited Provides Update on Restoration of Soda Ash Production DCW Limited provide update on mechanical breakdown of CO2 gas compressor in Soda Ash Plant. The company informed that the mechanical breakdown of the CO2 gas compressor has been temporarily addressed and the production of Soda Ash has been restored to 75% of the normal capacity. The company immediate action to address the Compressor break-down so as to take care of the production loss at the plant. As a stop gap arrangement, it had sent the Compressor parts for repair and have successfully re-started the plant with 75% capacity. Additionally, it have ordered a new set of compressor parts (4 months' supply lead time) to replace in the existing Compressorand expect installation & restoration of 100% production by end of September 2023. Duyuru • May 13
DCW Limited Recommends Final Dividend for the Financial Year Ended March 31, 2023 DCW Limited announced that at its board meeting held on May 11, 2023, recommended the payment of final dividend of INR 0.30 (that is 15%) per equity share of INR 2 each (fully paid-up) for the financial year ended March 31, 2023 and the same shall be payable subject To Approve the Shareholders at the ensuing Annual General Meeting (AGM) of the company. Reported Earnings • May 12
Full year 2023 earnings released: EPS: ₹6.50 (vs ₹4.12 in FY 2022) Full year 2023 results: EPS: ₹6.50 (up from ₹4.12 in FY 2022). Revenue: ₹26.5b (up 7.9% from FY 2022). Net income: ₹1.92b (up 79% from FY 2022). Profit margin: 7.2% (up from 4.4% in FY 2022). Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 67% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 10
Third quarter 2023 earnings released: EPS: ₹1.63 (vs ₹1.02 in 3Q 2022) Third quarter 2023 results: EPS: ₹1.63 (up from ₹1.02 in 3Q 2022). Revenue: ₹5.83b (down 11% from 3Q 2022). Net income: ₹482.2m (up 81% from 3Q 2022). Profit margin: 8.3% (up from 4.1% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 53% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 10
DCW Limited Approves Interim Dividend for the Financial Year 2022-2023 DCW Limited announced that at its board meeting held on February 9, 2023, approved declaration of payment of interim dividend of INR 0.20 per equity share of INR 2 each (fully paid-up) for the financial year 2022-2023. The record date for payment of this interim dividend will be February 17, 2023 as per earlier intimation dated February 1, 2023. The interim dividend shall be paid within 30 days from the date of its declaration to the shareholders whose name appears in the register of members as on the record date. Duyuru • Feb 02
DCW Limited to Report Q3, 2023 Results on Feb 09, 2023 DCW Limited announced that they will report Q3, 2023 results on Feb 09, 2023 Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 17% share price gain to ₹51.05, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 20x in the Chemicals industry in India. Total returns to shareholders of 245% over the past three years. Buying Opportunity • Dec 21
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be ₹61.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has grown by 106%. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. Non-executive Independent Director Mahesh Vennelkanti was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Nov 10
Now 21% undervalued Over the last 90 days, the stock is up 34%. The fair value is estimated to be ₹71.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 96%. Upcoming Dividend • Sep 12
Upcoming dividend of ₹0.40 per share Eligible shareholders must have bought the stock before 19 September 2022. Payment date: 27 October 2022. Trailing yield: 0.7%. Lower than top quartile of Indian dividend payers (1.6%). In line with average of industry peers (0.7%). Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improved over the past week After last week's 16% share price gain to ₹48.95, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 18x in the Chemicals industry in India. Total returns to shareholders of 208% over the past three years. Reported Earnings • Aug 14
First quarter 2023 earnings released: EPS: ₹2.24 (vs ₹0.51 in 1Q 2022) First quarter 2023 results: EPS: ₹2.24 (up from ₹0.51 in 1Q 2022). Revenue: ₹7.71b (up 48% from 1Q 2022). Net income: ₹587.7m (up 340% from 1Q 2022). Profit margin: 7.6% (up from 2.6% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Board Change • Aug 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. Non-executive Independent Director Mahesh Vennelkanti was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jul 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. Non-executive Independent Director Mahesh Vennelkanti was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 26
Full year 2022 earnings released: EPS: ₹4.12 (vs ₹0.14 in FY 2021) Full year 2022 results: EPS: ₹4.12 (up from ₹0.14 in FY 2021). Revenue: ₹24.5b (up 68% from FY 2021). Net income: ₹1.08b (up ₹1.04b from FY 2021). Profit margin: 4.4% (up from 0.3% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₹40.60, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 18x in the Chemicals industry in India. Total returns to shareholders of 149% over the past three years. Reported Earnings • Feb 03
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹1.02 (up from ₹0.24 in 3Q 2021). Revenue: ₹6.56b (up 70% from 3Q 2021). Net income: ₹266.9m (up 331% from 3Q 2021). Profit margin: 4.1% (up from 1.6% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 57% per year whereas the company’s share price has increased by 52% per year. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 16% share price gain to ₹46.10, the stock trades at a trailing P/E ratio of 26.3x. Average trailing P/E is 19x in the Chemicals industry in India. Total returns to shareholders of 155% over the past three years. Reported Earnings • Nov 07
Second quarter 2022 earnings released: EPS ₹0.75 (vs ₹0.04 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹5.73b (up 70% from 2Q 2021). Net income: ₹196.7m (up ₹187.1m from 2Q 2021). Profit margin: 3.4% (up from 0.3% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improved over the past week After last week's 19% share price gain to ₹45.10, the stock trades at a trailing P/E ratio of 68.8x. Average trailing P/E is 19x in the Chemicals industry in India. Total returns to shareholders of 145% over the past three years. Board Change • Aug 12
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Non-executive Independent Director Mahesh Vennelkanti was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Executive Departure • Aug 12
Chairman Emeritus Shashi Jain has left the company On the 6th of August, Shashi Jain was replaced as CEO by Amitabh Gupta. Shashi still personally held 4.67m shares (₹122m worth) as of March 2021. This is 1.8% of the company. Shashi is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.96 years, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • Jul 31
First quarter 2022 earnings released: EPS ₹0.51 (vs ₹0.38 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹5.23b (up 84% from 1Q 2021). Net income: ₹133.7m (up ₹232.1m from 1Q 2021). Profit margin: 2.6% (up from net loss in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Reported Earnings • May 23
Full year 2021 earnings released: EPS ₹0.15 (vs ₹1.12 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹14.8b (up 16% from FY 2020). Net income: ₹37.9m (up ₹305.5m from FY 2020). Profit margin: 0.3% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 18
New 90-day high: ₹23.65 The company is up 38% from its price of ₹17.15 on 20 November 2020. The Indian market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 15% over the same period. Reported Earnings • Feb 10
Third quarter 2021 earnings released: EPS ₹0.24 (vs ₹0.16 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹3.88b (up 24% from 3Q 2020). Net income: ₹62.0m (up ₹102.2m from 3Q 2020). Profit margin: 1.6% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 18% per year. Is New 90 Day High Low • Jan 19
New 90-day high: ₹20.80 The company is up 37% from its price of ₹15.15 on 21 October 2020. The Indian market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 20% over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: ₹20.50 The company is up 33% from its price of ₹15.45 on 18 September 2020. The Indian market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 14% over the same period. Is New 90 Day High Low • Nov 19
New 90-day high: ₹16.05 The company is up 15% from its price of ₹13.95 on 21 August 2020. The Indian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 10.0% over the same period.