# DCW share price today (DCW Ltd, NSE: DCW)

> DCW share price today: ₹46.31 at the NSE close on 4 November 2026, down 31.1% in a year. DCW (NSE: DCW) is worth ₹1,368 crore, trades at a P/E of 20.2 and has closed between ₹39.26 and ₹67.45 over the past 52 weeks. > DCW Ltd's P/E is near the low end of its own history, higher than only 31% of past readings, and its quarterly results are still getting worse. DCW · Petrochem - Others · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/dcw-ltd

Sector Alpha also publishes a daily newsletter that explains one Indian stock at a time: https://newsletter.sectoralpha.in/?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms

## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: ₹46.31 (−31.1% in a year)
- P/E: 20.2× (lower than 69% of the last 11 years)
- Revenue (Sep 2026): ₹663 Cr (+23.0% on a year ago)
- Profit (Sep 2026): ₹10.0 Cr (−28.6% on a year ago)
- Operating margin: 7.0% (−4.0 points on a year ago)
- ROCE: 10%, FY26
- ROIC: 8.4%, against a 12.0% cost of capital: −3.6 points

The main question: yearly earnings per share moved +59.8% while the share price moved −31.1%. ## What is the DCW share price today? DCW Ltd's share price was ₹46.31 at the close on 4 November 2026. It has been falling for 69 weeks. That is 6.2% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹39 and ₹67, and at that close it sat 25% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 2 weeks in a row. Over the last 11 years the share price moved +104% while the NIFTY 500 moved +251%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at DCW this quarter? 1. Foreign funds (FIIs) cut their stake for 8 quarters in a row From 11.4% to 5.3% of the company by the September 2026 quarter. 2. Profit fell in the September 2026 quarter Profit was ₹10 crore, -28.6% on a year earlier (₹14 crore), after 2 quarters of growth. Why: Profit fell because the specialty chemicals business made much less money. The gap between what it paid for PVC and what it got for CPVC shrank. Next results: check whether profit recovers in the second half, since management expects a double digit operating profit margin. From the earnings call on 30 Oct 2026. ## What are DCW's latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), DCW reported revenue of ₹663 crore, up 23.0% from ₹539 crore a year earlier, and a profit of ₹10.0 crore, down 28.6% from ₹14.0 crore. ### DCW results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹663 crore | ₹539 crore | +23.0% |
| Profit | ₹10.0 crore | ₹14.0 crore | −28.6% |
| Earnings per share | ₹0.35 | ₹0.47 | −25.5% |
| Operating margin | 7.0% | 11.0% | −4.0 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). DCW's management discussed these results on a call held on 30 October 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the DCW share price history? DCW closed at ₹46.31 on 4 November 2026, down 31.1% from ₹67.26 a year earlier (7 November 2025) and down 4.5% over five years. Its highest weekly close since March 2016 was ₹107.13 on 18 October 2024. ### DCW share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹45.03 | +2.8% |
| 1 month ago · 1 Oct 2026 | ₹44.62 | +3.8% |
| 6 months ago · 8 May 2026 | ₹51.11 | −9.4% |
| 1 year ago · 7 Nov 2025 | ₹67.26 | −31.1% |
| 3 years ago · 3 Nov 2023 | ₹55.35 | −16.3% |
| 5 years ago · 4 Nov 2021 | ₹48.50 | −4.5% |
| 10 years ago · 4 Nov 2016 | ₹32.35 | +43.2% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹22.65 | +104.5% |
| Highest weekly close since March 2016 · 18 Oct 2024 | ₹107.13 | −56.8% |
| Lowest weekly close since March 2016 · 27 Mar 2020 | ₹7.65 | +505.4% |
| 52-week high (weekly close) · 14 Nov 2025 | ₹67.45 | −31.3% |
| 52-week low (weekly close) · 23 Oct 2026 | ₹39.26 | +18.0% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (564 weekly closes from 11 March 2016 to 4 November 2026.)

## What is the latest news on DCW? 4 Nov 2026: DCW closed at ₹46.31, up 2.8% on the week and up 3.8% on the month. 30 Oct 2026: DCW held its results call for July to September 2026. Management guided: H2 earnings significantly stronger than H1. ### Earlier

- Results for July to September 2026: Revenue up 23.0% and profit down 28.6% on a year earlier. - 18 Sep 2026: ex-date for a dividend of ₹0.20 a share, record date 19 Sep 2026. - 20 Feb 2026: ex-date for an interim dividend of ₹0.10 a share. ## What dividend does DCW pay? DCW paid ₹0.30 a share in regular dividends in the 12 months to 5 November 2026 (2 payments), a yield of 0.65% at the ₹46.31 close on 4 November 2026. The last was a dividend of ₹0.20 a share, ex-date 18 September 2026. ### DCW dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 18 Sep 2026 | ₹0.20 | Dividend | 19 Sep 2026 |
| 20 Feb 2026 | ₹0.10 | Interim | same day |
| 22 Sep 2025 | ₹0.10 | Dividend | same day |
| 22 Sep 2023 | ₹0.30 | Dividend | n/a |
| 17 Feb 2023 | ₹0.20 | Interim | same day |
| 19 Sep 2022 | ₹0.40 | Dividend | n/a |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 3 of 5 Of the last 5 financial years, years with an NSE dividend record

Not in its latest year. DCW Ltd paid out 0% of its profit as dividends in FY26. It did pay a dividend in 4 of its last 13 reported years, so there is a history but no current dividend. (From the NSE corporate-actions record, read 5 November 2026.)

## What did DCW management say on the latest results call? On the call for July to September 2026, held on 30 October 2026, DCW's management guided: H2 earnings significantly stronger than H1. > “There is no question of shying away from that. In the second half of the year, we are confident of achieving a double-digit EBITDA margin.”
> Management, on the call for July to September 2026

### What management guided

- H2 operating margin double-digit. - FY27 finance cost down 9-10% versus last year. - VCM-PVC spread to $130-135 in coming months from current improved level. - Q3 PVC-CPVC spread back to Q1 ₹25-30 range as lags clear. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/83-30-Oct-2026.pdf). (From the call for July to September 2026, 30 October 2026.)

## What to watch in DCW's next results? When DCW reports October to December 2026, these are the 3 checks that show whether the story is still on course. First: VCM-PVC spread reaching flagged normal level in coming months - check against late-October improvement and PVC realisation flow. - What to check (from the call)
- VCM-PVC spread reaching flagged normal level in coming months - check against late-October improvement and PVC realisation flow. - Q3 CPVC spread restoration to flagged Q1 level as monthly locks roll - verify pass-through after monsoon softness clears. - North America SIOP freight cost normalising from one-off spike - test export economics and margin recovery. ## Which stock lists is DCW on? DCW is on 2 of our India lists: Undervalued stocks and Penny stocks. - [Undervalued stocks Profit growth x: 1.3877551020408163](https://www.sectoralpha.in/markets/in/deep-value-stocks)
- [Penny stocks Earnings growth, 12 months (%): 36.09](https://www.sectoralpha.in/penny-stocks-india)

## Is DCW profitable? DCW Ltd earned ₹10.0 Cr of net profit in the Sep 2026 quarter, −28.6% on the same quarter a year earlier. Full-year FY26 profit was ₹48.0 Cr. Over 10 years profit has grown 10.9% a year on average. That is 1.5% of the quarter's revenue. The same quarter a year earlier earned ₹14.0 Cr. 2 of the last 12 reported quarters were loss-making. For the full year, FY26 profit was ₹48.0 Cr (+60.0% on the year before). Why profit moved: revenue changed +23.0% on a year earlier and the margin moved −4.0 percentage points. Sales did the work while the margin got thinner. On average over the last four quarters, profit changed +47.9% and revenue +14.9%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. ## How much revenue does DCW make, and is it growing? DCW Ltd reported ₹663 Cr of revenue in the Sep 2026 quarter, +23.0% on the same quarter a year earlier. That is the 5th quarter in a row with growth on the year before. Over 10 years it has grown 5.4% a year on average. The last full year, FY26, came in at ₹2,144 Cr. The last four reported quarters add to ₹2,334 Cr. FY26 revenue was ₹2,144 Cr, +7.2% on the year before. Recent pace: the last four quarters grew +14.9% on average, against 5.4% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +15.1%, against +7.8% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +38.8%, against +174.9% a year (rolling over). ## How much of every ₹100 of sales does DCW keep? DCW Ltd's operating margin was 7.0% in the Sep 2026 quarter, 4.0 percentage points lower than the same quarter a year ago. Across 13 years it has been between 5.0% and 16.0%. The latest quarter is within that range. Why the margin moved: operating margin changed −3.6 percentage points on the year while gross margin changed −5.0 points. So the drop came mostly from the gross margin, which means input costs and prices charged. ## Is DCW's profit turning into cash? Over the last 3 years, 767% of DCW Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹278 Cr of operating cash against ₹48.0 Cr of profit. After ₹104 Cr of spending on assets, ₹174 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 767% of profit came in as cash: the cash cycle got 37 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets. ## Where does DCW's cash go? DCW Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was −1 days in FY26, up from −38 days in FY21. It spent ₹268 Cr on assets over the last 3 years. Customers take 24 days to pay, and stock sits for 96 days on average. At FY26 sales of ₹2,144 Cr, each day of that cycle ties up about ₹5.9 Cr, so roughly −₹6.0 Cr is tied up in the business at any time. FY26: customers took 24 days to pay and stock sat for 96 days, about 3.2 months of sales sitting as stock, for a full cycle of −1 days, longer than FY21's −38. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 96 days. Customers pay about 24 days after that. Suppliers are paid at 122 days. Together that makes the −1-day cycle. Spending on assets: ₹268 Cr over the last 3 years, against ₹298 Cr of depreciation (the yearly wear and tear on existing assets). So it is spending about what it takes to replace what wears out, or less. Work still in progress is ₹22.0 Cr (FY26): assets paid for that are not earning yet. In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean. ## What is DCW's P/E ratio, and how does it compare with its own history? DCW Ltd's P/E is 20.2×, near the low end of its own history: it has been lower only 31% of the time. Its usual P/E (the middle reading) is 35.5×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved +59.8% while the price moved −31.1%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved −0.9% a year; about +27.2% a year came from earnings growth and about −28.1 percentage points from the multiple (the market paying less); over 10 years the price moved +3.7% a year; about +14.8% a year came from earnings growth and about −11.1 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## Is the DCW business getting better or worse? DCW Ltd's business is giving mixed signals. Growth is slowing from a very fast pace: profit growth has eased from +161.5% at its peak to +38.8%, but the business is still expanding, with ROCE steady at 9.7%. This is based on 12 quarters of 4 measures. Why it matters: when the lines disagree, each line above matters more than any single label. ## How much does DCW earn on its capital? DCW Ltd earned a ROCE of 10% in FY26. That is up from a low of 1% in FY15. Its return on capital used (ROIC) is 3.6 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 2.2% net margin and 1.03× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 2.2% net margin × 1.03× asset turnover × 1.94× leverage (assets divided by equity) ≈ 4.4% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 8.4% − 12.0% = −3.6 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. The 8.4% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 5.9%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does DCW have too much debt? DCW Ltd has total debt of ₹336 Cr against shareholder equity of ₹1,120 Cr as of Sep 2026, so its debt is 0.30× its equity, which is very little. Year by year, that ratio went from 0.69 in FY22 to 0.27 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the DCW shareholding pattern? Foreign institutions cut their stake in DCW Ltd by 6.0 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 5.3% of the company. Promoters moved +0.7 points over the same period, to 45.6%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Foreign institutions: −6.0 points over 8 quarters, to 5.3%; Promoters: +0.7 points over 8 quarters, to 45.6%; Domestic institutions: +0.2 points over 8 quarters, to 0.2%. Why the owners changed: foreign institutions drove it (−6.0 points), with the other side taken by promoters (+0.7 points). They reduced their stake. ## How far is DCW from balance-sheet trouble? For DCW Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does DCW rank in its industry? 48.2 out of 100, rank 3 of 4 in Petrochem - Others, with 90% of the evidence available. DCW Ltd scores 48.2 out of 100 against the 4 companies it is compared with in Petrochem - Others, ranking 3. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 18 + 8.3 + 15 + 6.9 = 48.2. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is DCW compared with? DCW ranks 3 of 4 Petrochem - Others companies on the 4-Factor Sector Score, with 48.2 out of 100. 1. [Savita Oil Technologies Ltd](https://www.sectoralpha.in/stocks/savita-oil-technologies-ltd) SOTL · leader · Most evidence points up · 93% evidence 78.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 32.8/35 · Revenue 26.2% · Profit 100% · Operating margin change 19 points · 88% evidence Capital efficiency 15.6/25 · ROCE 13.4% · Operating margin 25% · 100% evidence Valuation 15.6/20 · P/E 10.8× · PEG 0.77 · 85% evidence Relative strength 14.0/20 · Lead over its industry 33.2% · Lead over NIFTY 500 38.5% · 1 year 64.3% · 100% evidence · 12 of 12 weeks ahead Exact sum: 32.8 + 15.6 + 15.6 + 14 = 78 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Tamil Nadu Petro Products Ltd](https://www.sectoralpha.in/stocks/tamil-nadu-petro-products-ltd) TNPETRO · leader · Most evidence points up · 78% evidence 65.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.7/35 · Revenue -2.5% · Profit 79.8% · Operating margin change 5 points · 88% evidence Capital efficiency 11.2/25 · ROCE 10.9% · Operating margin 15% · 100% evidence Valuation 14.6/20 · P/E 7.6× · PEG 0.48 · 85% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 19.3% · 1 year -7.4% · 25% evidence · 12 of 12 weeks ahead Exact sum: 26.7 + 11.2 + 14.6 + 12.5 = 65 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. DCW Ltd this page DCW · turning · Evidence leans down · 90% evidence 48.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.0/35 · Revenue 15.2% · Profit 38.8% · Operating margin change -4 points · 100% evidence Capital efficiency 8.3/25 · ROCE 9.9% · Operating margin 7% · 100% evidence Valuation 15.0/20 · P/E 19.6× · PEG 0.49 · 50% evidence Relative strength 6.9/20 · Lead over its industry -8.8% · Lead over NIFTY 500 -3.3% · 1 year -28.8% · 100% evidence · 2 of 12 weeks ahead Exact sum: 18 + 8.3 + 15 + 6.9 = 48.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Agarwal Industrial Corporation Ltd](https://www.sectoralpha.in/stocks/agarwal-industrial-corporation-ltd) AGARIND · quiet · Evidence leans down · 71% evidence 37.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 8.5/35 · Revenue -34.8% · Profit -54.4% · Operating margin change 1 points · 88% evidence Capital efficiency 6.5/25 · ROCE 7.7% · Operating margin 7% · 100% evidence Valuation 15.0/20 · P/E 11.8× · PEG 0.5 · 50% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -36.3% · 1 year -62.6% · 25% evidence · 3 of 12 weeks ahead Exact sum: 8.5 + 6.5 + 15 + 7.5 = 37.5 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Petrochem - Others](https://www.sectoralpha.in/sectors/petrochem-others), all 4 compared on one page. ## Which companies are close to DCW in size? DCW is the 2nd largest of 4 Petrochem - Others companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Savita Oil Technologies. Just below it: Tamil Nadu Petro Products and Agarwal Industrial Corporation. ### Petrochem - Others companies close in size

1. [Savita Oil Technologies Ltd](https://www.sectoralpha.in/stocks/savita-oil-technologies-ltd) ₹4,452 crore
2. DCW Ltd ₹1,329 crore
3. [Tamil Nadu Petro Products Ltd](https://www.sectoralpha.in/stocks/tamil-nadu-petro-products-ltd) ₹1,033 crore
4. [Agarwal Industrial Corporation Ltd](https://www.sectoralpha.in/stocks/agarwal-industrial-corporation-ltd) ₹483 crore

[All 4 Petrochem - Others companies, largest first](https://www.sectoralpha.in/sectors/petrochem-others#all-companies)

### Companies close in size in other industries

1. [Gala Precision Engineering Ltd](https://www.sectoralpha.in/stocks/gala-precision-engineering-ltd) ₹1,331 crore · Castings, Forgings & Fastners
2. [InfoBeans Technologies Ltd](https://www.sectoralpha.in/stocks/infobeans-technologies-ltd) ₹1,331 crore · IT - Software
3. DCW Ltd ₹1,329 crore
4. [Andhra Paper Ltd](https://www.sectoralpha.in/stocks/andhra-paper-ltd) ₹1,328 crore · Paper
5. [KP Green Engineering Ltd](https://www.sectoralpha.in/stocks/kp-green-engineering-ltd) ₹1,328 crore · Solar EPC

## What else do people ask about DCW? ### What is DCW's share price today? DCW Ltd's share price is ₹46.31, −31.1% over the past year. The whole company is worth ₹1,368 Cr on the market. In the last 52 weeks it traded between ₹39 to ₹67; today it is 25% of the way up from the low, 6.2% below its 200-day average (as of 4 November 2026). ### What were DCW's latest quarterly results? DCW Ltd reported revenue of ₹663 Cr and net profit of ₹10.0 Cr for the Sep 2026 quarter. Revenue rose 23.0% and profit fell 28.6% compared with a year earlier. Earnings per share were ₹0.35. The operating margin was 7.0%, 4.0 percentage points lower than a year earlier (as of 4 November 2026). ### What is DCW's market cap? DCW Ltd's market capitalisation is ₹1,368 Cr at a share price of ₹46.31. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is DCW performing? DCW Ltd's share price has been falling for 69 weeks. In its latest quarter, revenue rose 23.0% and profit fell 28.6% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 2 weeks running (as of 4 November 2026). ### Will DCW's share price go up? This page does not forecast DCW Ltd's share price. What it shows instead: the share price is ₹46.31, and it has been falling for 69 weeks. Its P/E of 20.2× is higher than 31% of its own last 11 years (as of 4 November 2026). ### Who owns DCW? Promoters own 45.6% of DCW Ltd, foreign institutions 5.3%, domestic institutions 0.2% and the public 48.9% (latest quarter). The biggest change over the last two years: Foreign institutions cut their stake by 6.0 percentage points over 8 quarters (as of 4 November 2026). ### Does DCW have too much debt? No, DCW Ltd has little debt: its debt is 0.27× its equity, and its operating profit is 4 times its interest bill. FY26 borrowings were ₹290 Cr against equity of ₹1,075 Cr. So the returns on this page come from the business, not borrowed money (as of 4 November 2026). ### Where is DCW in its business cycle? DCW Ltd's FY26 operating margin was 11.0%, against a 13-year range of 5.0% to 16.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 7.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the DCW story? The main question: yearly earnings per share moved +59.8% while the share price moved −31.1%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is DCW a stock worth studying right now? What the numbers show: DCW Ltd's P/E is near the low end of its own history, higher than only 31% of past readings, and its quarterly results are still getting worse. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a DCW share price forecast for 2026? What management itself guided: H2 earnings significantly stronger than H1. ## Lists

- Undervalued stocks: https://www.sectoralpha.in/markets/in/deep-value-stocks
- Penny stocks: https://www.sectoralpha.in/penny-stocks-india

This is research, not advice. We’re not SEBI-registered.