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DCMSHRIRAM - DCM Shriram

📊 NSE: DCMSHRIRAM 🏢 Diversified - Mega 📅 Last Updated: 12/13/2025 21:24

📢 Recent Corporate Announcements

DCM Shriram to Raise USD 90 Million from IFC via Sustainability-Linked NCDs

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 13 Mar 2026, 02:51 PM

DCM Shriram Limited has secured a USD 90 million investment commitment from the International Finance Corporation (IFC) through Sustainability-Linked Non-Convertible Debentures (NCDs). The capital is earmarked for the expansion of the company's downstream chemicals business and capital expenditures in its agri-business segment. This transaction is structured under a newly developed Sustainability-Linked Loan framework, independently assured by CareEdge ESG. The partnership aims to enhance industrial capabilities and support rural job creation while aligning with global ESG standards.

Secured USD 90 million investment commitment from IFC, the private sector arm of the World Bank Group
Funds to be raised through Sustainability-Linked Non-Convertible Debentures (NCDs)
Proceeds allocated for downstream chemicals expansion and agri-business growth initiatives
Framework independently reviewed and assured by CareEdge ESG to ensure transparency
Strategic focus on strengthening the manufacturing base and rural supply chains in India

💡 This is a positive signal as it secures long-term growth capital from a reputable global institution at likely competitive terms. Investors should monitor the timely execution of the chemicals expansion project, which is expected to be a key value driver.

DCM Shriram to Invest Rs 217 Cr for 48 MW Renewable Energy Project at Bharuch Plant

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 12 Mar 2026, 04:42 PM

DCM Shriram's board has approved a total investment of Rs 217 crores to significantly enhance renewable energy capacity at its Bharuch facility. The plan involves an equity investment of up to Rs 87 crores for a minimum 26% stake in Special Purpose Vehicles and a capital expenditure of Rs 130 crores for infrastructure. This project will add 48 MW of renewable power, nearly doubling the plant's current RE provision from 50.4 MW to 98.4 MW. The project is expected to be completed by June 2027, aiming for 30 MW of round-the-clock power supply.

Approved equity investment of up to Rs 87 crores for minimum 26% stake in RE SPVs
Sanctioned Rs 130 crores for infrastructure development related to the power project
Total renewable power capacity at Bharuch plant to increase from 50.4 MW to 98.4 MW
Project aims to provide 30 MW round-the-clock power at 75% Capacity Utilization Factor
Indicative timeline for project completion is set for June 2027

💡 Investors should monitor the progress of this green energy transition as it is likely to reduce long-term power costs and improve ESG ratings. The substantial increase in RE capacity at the Bharuch plant suggests a focus on operational efficiency and sustainability.

DCM Shriram Assigned ESG Score of 69.1 for FY 2025 by SES ESG

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 25 Feb 2026, 05:18 PM

DCM Shriram Limited has been assigned an ESG score of 69.1 for the Financial Year 2025 by SES ESG Research Pvt. Ltd. This rating was conducted voluntarily by the research agency without any formal engagement or request from the company. ESG scores are increasingly utilized by institutional investors to assess sustainability and governance risks. The disclosure provides a third-party benchmark for the company's non-financial performance metrics.

SES ESG Research assigned an ESG Score of 69.1 for the 2025 financial year.
The rating was performed voluntarily by the agency without company mandate.
Disclosure made pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 Investors should view this as a benchmark for the company's sustainability profile rather than a financial catalyst. No immediate trading action is required based on this voluntary third-party assessment.

DCM Shriram Q3 FY26 Revenue Up 13% to ₹3,811 Cr; Announces 180% Interim Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 29 Jan 2026, 04:54 PM

DCM Shriram reported a 13% YoY increase in Q3 FY26 revenue to ₹3,811 crore, driven by strong performance in Chemicals and Sugar segments. PBDIT grew 4% to ₹560 crore, while PAT was impacted by a ₹55 crore exceptional item related to the implementation of new labor codes. The Chemicals segment saw 30% revenue growth despite lower ECU prices, and the Sugar segment benefited from higher volumes and a ₹36 crore provision reversal. The board declared an interim dividend of 180%, reflecting steady cash flow despite ongoing capital expenditure.

Q3 FY26 Revenue rose 13% YoY to ₹3,811 crore, while PBDIT increased 4% to ₹560 crore.
Chemicals revenue jumped 30% YoY, supported by new projects like Hydrogen Peroxide and Epoxy, despite a 4% drop in ECUs.
Sugar & Ethanol PBDIT surged to ₹204 crore from ₹112 crore last year, aided by a ₹36 crore provision reversal.
Net debt stood at ₹1,084 crore as of Dec 31, 2025, down from ₹1,395 crore in March 2025.
Board declared an interim dividend of 180% amounting to a total payout of ₹56.14 crore.

💡 Investors should monitor the stabilization of the newly commissioned Epichlorohydrin (ECH) plant and the upcoming aluminum extrusion project at Kota. The company's diversified portfolio and consistent dividend payouts make it a resilient pick in the industrial and agri-input space.

DCM Shriram Releases Audio Recording of Q3 FY26 Earnings Conference Call

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 23 Jan 2026, 06:30 PM

DCM Shriram Limited has released the audio recording of its earnings conference call held on January 23, 2026. The call discussed the company's standalone and consolidated financial performance for the third quarter and nine months ended December 31, 2025. This disclosure is a routine regulatory requirement under SEBI (LODR) Regulations, 2015, aimed at providing transparency to all shareholders. Investors can access the recording via the company's website to hear management's commentary on operational trends and future outlook.

Audio recording of the Q3 FY26 earnings call is now available for public review.
The call addressed financial results for the quarter and nine-month period ending December 31, 2025.
The meeting was conducted on January 23, 2026, at 4:00 p.m. IST.
The recording link is hosted on the official company website as per SEBI compliance.

💡 Investors should listen to the recording to understand management's perspective on segment-wise performance and capital expenditure plans. It provides critical context beyond the raw financial numbers.

DCM Shriram Q3 FY26: Revenue Up 13% to ₹3,811 Cr; PAT Dips 19% on Exceptional Charge

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 21 Jan 2026, 05:58 PM

DCM Shriram reported a resilient Q3 FY26 with consolidated net revenue rising 13% YoY to ₹3,811 crore, driven by a 30% growth in the Chemicals segment and a 28% jump in Fenesta. While PBDIT grew 4% to ₹560 crore, PAT declined 19% YoY to ₹213 crore due to a one-time exceptional charge of ₹55 crore related to new labor codes. The company is successfully diversifying into downstream chemicals like Epichlorohydrin and Epoxy resins, which are seeing good market traction. A dividend of ₹56.14 crores was also announced during the quarter.

Consolidated Net Revenue grew 13% YoY to ₹3,811 crore, supported by volume-led growth in Chemicals.
PAT decreased by 19% YoY to ₹213 crore, impacted by a ₹55 crore one-time labor code provision.
Chemicals revenue surged 30% YoY following the commissioning of new projects and the Epoxy plant acquisition.
Shriram Farm Solutions achieved its highest-ever quarterly sales in research wheat seed, contributing to 7% segment growth.
Fenesta Building Systems continued its strong momentum with a 28% YoY revenue increase.

💡 Investors should focus on the successful ramp-up of new chemical capacities and the potential margin improvement from anti-dumping duties on Epoxy resins. The company's diversified model provides stability, though sugar sector cost pressures remain a point to watch.

DCM Shriram Q3 FY26 Revenue Rises 13% to ₹3,811 Cr; Announces 180% Interim Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 20 Jan 2026, 06:01 PM

DCM Shriram reported a 13% YoY growth in Q3 FY26 revenue at ₹3,811 crore, driven by strong performance in the Chemicals and Sugar segments. While PBDIT grew 4% to ₹560 crore, PAT declined 19% to ₹213 crore primarily due to a ₹55 crore exceptional item related to new labor codes. The company is aggressively expanding its chemicals portfolio with the commissioning of the Epichlorohydrin (ECH) plant and the acquisition of HSCL for epoxy resins. The board has declared an interim dividend of 180%, bringing the total dividend for the year to 360%.

Consolidated Revenue for Q3 FY26 grew 13% YoY to ₹3,811 crore, while 9M FY26 PBDIT rose 24% to ₹1,294 crore.
Chemicals segment revenue surged 30% YoY in Q3, supported by a 6% increase in Caustic volumes and new project contributions.
Sugar & Ethanol segment revenue increased 15% YoY in Q3, aided by higher domestic sugar prices and a ₹36 crore reversal of ethanol duty provisions.
Fenesta Building Systems saw a 28% revenue jump in Q3, although margins were pressured by product mix and expansion costs.
Net Debt increased to ₹1,084 crore from ₹867 crore last year to fund ongoing capital expenditure and strategic acquisitions.

💡 Investors should monitor the ramp-up of new chemical adjacencies like ECH and Epoxy, which are expected to enhance integrated utilization and drive future margins. The company remains a strong play on industrial chemicals and agri-business integration with a consistent dividend track record.

DCM Shriram CFO Amit Agarwal Cancels Trading Plan Due to Non-Public UPSI

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 20 Jan 2026, 05:51 PM

DCM Shriram Limited has announced the cancellation of a trading plan previously submitted by its Executive Director and Group CFO, Mr. Amit Agarwal, on August 26, 2025. The cancellation was requested because Unpublished Price Sensitive Information (UPSI) held by the CFO at the time of the plan's formulation would not be public by the time implementation was set to begin. The Audit Committee reviewed the request on January 20, 2026, and approved it as a bonafide action under SEBI PIT Regulations. This move ensures the company and its management remain compliant with insider trading laws.

CFO Amit Agarwal cancels the trading plan originally submitted on August 26, 2025.
The Audit Committee approved the cancellation request in a meeting held on January 20, 2026.
Cancellation was necessary as UPSI held during formulation will not be public at the start of implementation.
Action taken in accordance with Regulation 5 of SEBI (Prohibition of Insider Trading) Regulations, 2015.
The move reflects strict adherence to corporate governance and regulatory compliance standards.

💡 This is a routine regulatory compliance matter and does not impact the company's business fundamentals. Investors should view the transparent disclosure as a sign of healthy corporate governance.

DCM Shriram Q3 PAT Falls 19% to Rs 201 Cr; Declares Rs 3.60 Interim Dividend

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 20 Jan 2026, 05:31 PM

DCM Shriram reported a 12.6% YoY increase in standalone revenue to Rs 3,858 crore for Q3 FY26, while Profit After Tax (PAT) declined 19% to Rs 201 crore. The earnings were significantly impacted by a one-time exceptional provision of Rs 55 crore for the new statutory Labour Codes. The Board declared a second interim dividend of Rs 3.60 per share, with the record date set for January 24, 2026. For the nine-month period, the company maintains a healthy growth with PAT at Rs 466.56 crore versus Rs 391.84 crore last year.

Standalone Revenue from operations rose 12.6% YoY to Rs 3,858.02 crore in Q3 FY26.
Net Profit (PAT) decreased 19.1% YoY to Rs 201.36 crore due to a Rs 55 crore exceptional charge.
Declared a second interim dividend of Rs 3.60 per share (180% of face value).
EBIDTA grew 4.5% YoY to Rs 540.03 crore, reflecting stable operational performance.
The record date for the interim dividend is fixed as January 24, 2026.

💡 The stock remains a steady dividend payer, but the exceptional hit to margins this quarter suggests a neutral outlook. Long-term investors should watch for recovery in seasonal segments and clarity on labour code liabilities.

DCM Shriram Q3 FY26: Revenue Up 12.7% to ₹3,858 Cr; Declares ₹3.60 Interim Dividend

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 20 Jan 2026, 05:24 PM

DCM Shriram reported a 12.7% YoY increase in standalone revenue to ₹3,858.02 crore for the quarter ended December 31, 2025. Standalone Profit After Tax (PAT) declined by 19.1% YoY to ₹201.36 crore, largely due to a one-time exceptional provision of ₹55 crore for the new Labour Codes. The company declared a second interim dividend of ₹3.60 per share, bringing the total interim dividend for FY26 to ₹7.20. Despite the PAT drop, operational EBITDA grew 4.5% YoY to ₹540.03 crore, indicating stable core performance.

Standalone Revenue from operations grew 12.7% YoY to ₹3,858.02 crore from ₹3,424.59 crore.
Standalone PAT fell 19.1% YoY to ₹201.36 crore, impacted by a ₹55 crore exceptional item for Labour Code compliance.
Declared 2nd interim dividend of ₹3.60 per share (180%) with a record date of January 24, 2026.
EBITDA (before exceptional items) increased by 4.5% YoY to ₹540.03 crore.
9M FY26 Standalone PAT stands at ₹466.56 crore, up 19% compared to ₹391.84 crore in 9M FY25.

💡 Investors should view the PAT decline as a one-time regulatory adjustment rather than an operational failure, as EBITDA and revenue show growth. The consistent dividend payout remains a positive for long-term shareholders.

DCM Shriram Reports Zero Physical Share Transfer Requests for December 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Jan 2026, 03:00 PM

DCM Shriram Limited has submitted a regulatory report regarding the re-lodgement of transfer requests for physical shares for the period between December 7, 2025, and December 31, 2025. This filing is in compliance with SEBI's special window guidelines for physical share transfers. The report from the Registrar and Share Transfer Agent (RTA) confirms that no requests were received or processed during this timeframe. As such, there is no change in the shareholding structure related to physical share transfers for this period.

Zero requests were received for the re-lodgement of physical share transfers during the reporting period.
The report covers the specific window from December 7, 2025, to December 31, 2025.
Compliance is maintained under SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97.
MCS Share Transfer Agent Limited confirmed zero approvals or rejections for the period.

💡 No action is required from investors as this is a routine administrative filing with no impact on company fundamentals or stock performance.

DCM Shriram Schedules Q3 FY26 Earnings Conference Call for January 23, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 15 Jan 2026, 03:25 PM

DCM Shriram Limited has announced its Q3 FY26 earnings conference call, scheduled for Friday, January 23, 2026, at 4:00 PM IST. The call will follow the official announcement of the company's financial results for the quarter ended December 31, 2025. Senior leadership, including the Chairman and Managing Directors, will be present to discuss performance across the Agri, Chemicals, and Vinyl segments. This is a standard regulatory disclosure providing a platform for investor engagement and management commentary.

Q3 FY26 earnings conference call set for January 23, 2026, at 4:00 PM IST.
Senior management including Chairman Ajay S. Shriram and Vice-Chairman Vikram S. Shriram will participate.
The call covers the financial period ending December 31, 2025.
Primary dial-in numbers provided are +91 22 6280 1141 and +91 22 7115 8042.

💡 Investors should monitor the Q3 results release prior to the call and use the session to seek clarity on segment-wise margins and the outlook for the Agri-Chemical business.

DCM Shriram Board to Meet Jan 20 for Q3 Results and 2nd Interim Dividend

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 12 Jan 2026, 07:06 PM

DCM Shriram Limited has scheduled a board meeting on January 20, 2026, to approve the unaudited financial results for the quarter and nine months ended December 31, 2025. The board will also consider the declaration of a second interim dividend for the financial year 2025-26. If approved, the company has already fixed January 24, 2026, as the record date for determining shareholder eligibility. The trading window for the company's equity shares is currently closed and will remain so until January 22, 2026.

Board meeting scheduled for January 20, 2026, to discuss Q3 results and dividend.
Record date for the potential 2nd interim dividend is set for January 24, 2026.
Trading window remains closed from January 1 to January 22, 2026.
The meeting will cover both standalone and consolidated financial results for the nine-month period.

💡 Investors should watch for the dividend amount and Q3 earnings performance on January 20. To be eligible for the dividend, ensure shares are held in the demat account by the record date of January 24.

DCM Shriram Submits Quarterly SEBI Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Jan 2026, 01:46 PM

DCM Shriram Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that for the quarter ended December 31, 2025, all share certificates received for dematerialization were processed within the mandatory 15-day period. The Registrar and Share Transfer Agent, MCS Share Transfer Agent Limited, verified that physical certificates were mutilated and cancelled. This is a standard administrative procedure to ensure the integrity of the company's electronic shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025
Confirmation that dematerialization requests were handled within the 15-day regulatory timeframe
Registrar MCS Share Transfer Agent Limited confirmed the cancellation of physical certificates
The filing ensures the depository is correctly recorded as the registered owner in company records

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's upcoming quarterly financial results for fundamental performance updates.

DCM Shriram Appoints KFin Technologies as New Registrar & Share Transfer Agent

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Dec 2025, 09:14 PM

DCM Shriram Limited has officially changed its Registrar & Share Transfer Agent (RTA) from MCS Share Transfer Agent Limited to KFin Technologies Limited. The transition is effective from December 31, 2025, following confirmations from NSDL and CDSL regarding the shift in electronic connectivity. This is a routine administrative update to manage shareholder records and services. A tripartite agreement between the company and the RTAs is currently being finalized to complete the regulatory process.

KFin Technologies Limited appointed as the new RTA effective December 31, 2025
Electronic connectivity shift confirmed by NSDL on December 30 and CDSL on December 31, 2025
Replaces the previous agent, MCS Share Transfer Agent Limited
New contact details provided include toll-free number 1800 309 4001 and email einward.ris@kfintech.com
Tripartite agreement between the company and both RTAs is currently under process

💡 Shareholders should note the new contact details for KFin Technologies for any future queries related to share transfers, dividends, or dematerialization. No action is required regarding the investment thesis as this is a routine administrative change.

View All DCMSHRIRAM Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated operating income grew 11% to INR 12,077 Cr in FY25. Segment-wise growth for FY25: Chemicals & Vinyl grew 24% due to Bharuch expansion; Shriram Farm Solutions (SFS) grew 21%; Bioseed grew 17%; Fenesta Building Systems grew 5%; and Sugar & Ethanol grew 4%. In Q2 FY26, Chemicals revenue rose 43% YoY to INR 1,108 Cr, while SFS rose 27% to INR 471 Cr.

Geographic Revenue Split

Not disclosed in available documents, though the company operates 12 locations across India and accesses both domestic and foreign capital markets.

Profitability Margins

Operating margin improved to 11% in FY25 from 9% in FY24, driven by higher volumes in Chemicals and SFS. Q1 FY26 operating margin remained steady at 9.3%. PAT for FY24 was INR 447.1 Cr (4.09% margin) and reached INR 425.4 Cr for 9M FY25 (4.6% margin).

EBITDA Margin

EBITDA margin (OPBDIT/OI) was 10.1% for 9M FY25 compared to 9.07% in FY24. The increase is attributed to capacity expansions and better realizations in the Chloro-Vinyl segment, which offset margin declines in the sugar segment.

Capital Expenditure

The company maintains a high capex profile, supported by annual cash accruals of over INR 900 Cr. Significant planned capex includes the acquisition of Hindusthan Speciality Chemicals Ltd (HSCL) to enter the epoxy and advanced materials market at Bharuch.

Credit Rating & Borrowing

CRISIL reaffirmed 'Crisil A1+' for the Commercial Paper program (enhanced to INR 700 Cr). Interest coverage ratio improved to 8.7x in FY25 from 11.3x in FY24 (per ICRA metrics). Total debt/OPBDIT stood at 2.10x in FY24.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Sugarcane (for sugar/ethanol), Salt (for Chlor-Alkali), Coal (for power generation), and various seeds/chemicals. Salt is a critical input, with market prices around INR 2,300 per ton.

Import Sources

Salt is sourced partly through a new acquisition (covering 13% of requirements) and the remainder from the open market. Specific geographic sources for other materials are not detailed, though operations are centered in India (e.g., Uttar Pradesh for sugar, Bharuch for chemicals).

Key Suppliers

Not disclosed in available documents, except for a strategic MoU with Bayer Crop Science Limited for agricultural inputs.

Capacity Expansion

Sugar crushing capacity is 42,400 tonnes of cane per day (TCD) across four mills. Distillery capacity is 560 KLD. Chemical capacity was recently expanded at the Bharuch plant. The HSCL acquisition will add epoxy, calcium chloride, and aluminium chloride facilities.

Raw Material Costs

Salt procurement costs are approximately INR 2,300 per ton; the company aims for a 30-40% margin on salt-related operations. Sugarcane availability issues and government-controlled pricing significantly impact the cost structure of the sugar and ethanol segments.

Manufacturing Efficiency

The company achieved a Lost Time Injury Frequency Rate (LTIFR) of nil in FY25. Manufacturing efficiency is supported by vertical integration, such as using sugar by-products for ethanol and power.

📈 Strategic Growth

Expected Growth Rate

13%

Growth Strategy

Growth is targeted through capacity expansion in Chemicals (Bharuch), the acquisition of HSCL for entry into epoxy/advanced materials, and expanding the Fenesta brand's product profile. The company is also leveraging a strategic MoU with Bayer Crop Science to advance sustainable agriculture.

Products & Services

Chlor-alkali (caustic soda), PVC, Urea, Sugar, Ethanol, Research Seeds (Bioseed), UPVC/Aluminum windows and doors (Fenesta), Cement, and value-added agri-inputs (SFS).

Brand Portfolio

Fenesta Building Systems, Shriram Farm Solutions, Bioseed.

New Products/Services

Expansion into Epoxy, Calcium Chloride, and Aluminium Chloride via the HSCL acquisition. Fenesta is diversifying into aluminum windows and facades to increase wallet share in building materials.

Market Expansion

Expansion of the Fenesta retail network and increasing the product profile in the SFS segment to maintain market leadership in research wheat.

Market Share & Ranking

Market leader in the research wheat segment (SFS) and a leading player in the organized UPVC windows market (Fenesta).

Strategic Alliances

Strategic MoU signed with Bayer Crop Science Limited in December 2025 to advance sustainable agriculture.

🌍 External Factors

Industry Trends

The industry is shifting toward sustainability and ethanol blending (20% target). DCM Shriram is positioning itself by increasing distillery capacity to 560 KLD and adopting 35% green energy to meet ESG expectations of foreign portfolio investors.

Competitive Landscape

Competes with diversified chemical and agri-business conglomerates; maintains edge through research-led seeds and a pan-India distribution network for SFS.

Competitive Moat

Moat is built on vertical integration (sugar-ethanol-power), cost leadership in Chlor-Alkali through scale, and strong brand equity in Fenesta. These are sustainable due to high capital entry barriers in chemicals and a 10x water harvesting surplus.

Macro Economic Sensitivity

Highly sensitive to government agricultural policies (MSP for crops, fertilizer subsidies) and sugar export/ethanol blending mandates.

Consumer Behavior

Increasing demand for premium building materials (Fenesta) and sustainable agri-inputs among the farming community.

Geopolitical Risks

Exposure to global commodity price volatility in the chemicals and plastics segments.

⚖️ Regulatory & Governance

Industry Regulations

Subject to government control on fertilizer input/output prices, sugar inventory limits, and ethanol blending feedstock restrictions (syrup vs grain).

Environmental Compliance

10x water harvested and conserved; 35% green energy usage. ESG profile supports credit risk, especially for chemical operations involving high water and waste.

Taxation Policy Impact

Tax outflow is currently equivalent to Minimum Alternate Tax (MAT).

Legal Contingencies

BSE Limited imposed a penalty of INR 30,000 for late submission of the XBRL Secretarial Compliance Report for FY24. No other major pending court case values were disclosed.

⚠️ Risk Analysis

Key Uncertainties

Regulatory changes in the sugar and fertilizer industries (high impact); volatility in Chlor-Alkali and plastic segment margins.

Geographic Concentration Risk

Sugar operations are concentrated in Uttar Pradesh (4 mills); Chemical operations are centered in Bharuch, Gujarat.

Third Party Dependencies

Dependent on the government for fertilizer subsidies and ethanol pricing; dependent on external salt markets for 87% of requirements.

Technology Obsolescence Risk

Mitigated by investments in new revenue platforms and capacity enhancements in the Chloro-Vinyl and Fenesta segments.

Credit & Counterparty Risk

Liquidity is strong with INR 986 Cr in cash and liquid investments as of March 31, 2025, mitigating counterparty risk.