Slide 1: Cover letter to stock exchanges
0 DCW LIMITED November 5, 2025 To, National Stock Exchange of India Ltd. BSE Limited Exchange Plaza Bldg. Department of Corporate Services, 5 th Floor, Plot No.C-1 1st floor, New Trading Ring 'G' Block, Near Wockhardt, Rotunda Building, Bandra Kurla Complex Phiroze Jeejeebhoy Towers, Mumbai 400 051
Slide 2: DCW Limited Earning Presentation Q2/H1-FY26
DCW Limited Earning Presentation Q2/H1-FY26 1
Slide 3: Snapshot
Snapshot BUSINESS 8+ 2 Pioneer Leading Largest and Unique Decades of State-of-the-Art In India Soda Ash, C-PVC, Manufacturer of Commercial scale Experience Integrated Synthetic Rutile & C-PVC and SIOP manufacturer of SIOP in Manufacturing Units SIOP in India the Asia OPERATIONS 15+ 1,800 Zero 58 MW
Slide 4: Business Overview
Business Overview Financial Highlights Historical Financial Overview 3
Slide 5: Company Overview
Company Overview Operating Revenue (INR Mn) and EBITDA Margins (%) • Incorporated in 1939, DCW Ltd. was established as Dhrangadhra Chemical Works at Dhrangadhra, 26,338 Gujarat as India’s first Soda Ash plant. 18,716 20,003 • Since then, DCW has pioneered and created a strong presence in the Chlor-A
Slide 6: Key Milestones
Key Milestones Growth in Basic Chemicals Expansion towards Specialty Chemicals Commissioned 20KT of CPVC capacity addition and Setup one of the Entered into a Technical Commenced energised Solar park under Commissioning of the first integrated License and Support production of 1st group captive for
Slide 7: Marquee Customers
Marquee Customers Basic Chemicals Specialty SpecialtyChemicals Chemicals 6
Slide 8: Value Proposition
Value Proposition Significant Scale-up Opportunities Technology Tie-ups Diversified Application Base Niche & Diversified Product Mix Over 2,500- acre land bank available at Licensed technology from Arkema Catering to over 15 industries with Diversified product mix of Sahupuram facility provides easy
Slide 9: Capital Expenditure
Capital Expenditure Project Planned Date of Capitalisation Actual Date of Capitalisation Change in Capacity Remarks 44.5MW group captive power to Investment in Renewable Power rd Expected Project Completion H2-FY25 3 April 2025 substitute 25% of power Project completed Project requirements at Sahupu
Slide 10: Financial Highlights
Business Overview Financial Highlights Historical Financial Overview 9
Slide 11: Key Financial and Operational Highlights
Key Financial and Operational Highlights Q2-FY26 Financial Performance Q2/H1-FY26 Operational Highlights: • The CPVC capacity expansion from 20 KTPA to 40 KTPA was commissioned Revenue from EBITDA on 22 July 2025, ahead of the scheduled timeline of September 2025. The Operations EBITDA Margins INR 5
Slide 12: Quarterly Key Segmental Financial Performance
Quarterly Key Segmental Financial Performance Revenue (INR Mn) & EBITDA Margin (%) Basic Chemicals Specialty Chemicals Others 3,945 3,413 3,424 1,439 1,402 1,285 46 45 32.9% 33.6% 32.2% 35 2.0% 2.4% 80.3% 79.8% 73.0% -4.3% Q2-FY25 Q1-FY26 Q2-FY26 Q2-FY25 Q1-FY26 Q2-FY26 Q2-FY25 Q1-FY26 Q2-FY26 11
Slide 13: Half-Yearly Key Segmental Financial Performance
Half - Yearly Key Segmental Financial Performance Revenue (INR Mn) & EBITDA Margin (%) Basic Chemicals Specialty Chemicals Others 7,370 7,035 2,774 2,687 91 74 34.2% 32.9% 75.8% 80.1% 2.2% -2.8% H1-FY25 H1-FY26 H1-FY25 H1-FY26 H1-FY25 H1-FY26 12
Slide 14: Quarterly Operational Performance – Key Products
Quarterly Operational Performance – Key Products Capacity Utilization (%) C-PVC SIOP Caustic Soda PVC Soda Ash 122% 88% 83% 90% 105% 111% 82% 85% 98% 97% 102% 77% 92% 88% 84% Q2-FY25 Q1-FY26 Q2-FY26 Q2-FY25 Q1-FY26 Q2-FY26 Q2-FY25 Q1-FY26 Q2-FY26 Q2-FY25 Q1-FY26 Q2-FY26 Q2-FY25 Q1-FY26 Q2-FY26 13
Slide 15: Half-Yearly Operational Performance – Key Products
Half - Yearly Operational Performance – Key Products Capacity Utilization (%) C-PVC SIOP Caustic Soda PVC Soda Ash 119% 88% 83% 87% 100% 101% 88% 103% 83% 77% H1-FY25 H1-FY26 H1-FY25 H1-FY26 H1-FY25 H1-FY26 H1-FY25 H1-FY26 H1-FY25 H1-FY26 14
Slide 16: Quarterly Consolidated Financial Performance
Quarterly Consolidated Financial Performance Particulars (INR Mn) Q2-FY26 Q2-FY25 Y-o-Y Q1-FY26 Q-o-Q Operational Income 5,392 4,887 10.3% 4,755 13.4% Total Expenses 4,811 4,533 6.1% 4,217 14.1% EBITDA 581 354 64.1% 538 8.0% EBITDA Margins (%) 10.78% 7.24% 354 Bps 11.31% (53) Bps Other Income 46 60
Slide 17: Half Yearly Consolidated Financial Performance
Half Yearly Consolidated Financial Performance Particulars (INR Mn) H1-FY26 H1-FY25 Y-o-Y Operational Income 10,147 9,883 2.7% Total Expenses 9,029 9,077 (0.5)% EBITDA 1,118 806 38.7% EBITDA Margins (%) 11.02% 8.16% 286 Bps Other Income 86 124 (30.6)% Depreciation 511 494 3.4% Interest 306 352 (13.1
Slide 18: Historical Financial Overview
Business Overview Financial Highlights Historical Financial Overview 17
Slide 19: Historical Income Statement
Historical Income Statement Particulars (INR Mn) FY23 FY24 FY25 H1-FY26 Operational Income 26,338 18,716 20,003 10,147 Total Expenses 22,053 16,961 18,069 9,029 EBITDA 4,285 1,755 1,934 1,118 EBITDA Margins (%) 16.27% 9.38% 9.67% 11.02% Other Income 153 183 231 86 Depreciation 902 938 999 511 Intere
Slide 20: Historical Balance Sheet
Historical Balance Sheet Particulars (INR Mn) FY24 FY25 H1-FY26 Particulars (INR Mn) FY24 FY25 H1-FY26 ASSETS EQUITY AND LIABILITIES Non-Current Assets Equity Property, Plant & Equipment 13,005 12,608 13,095 Share Capital 590 590 590 Other Equity 9,727 9,737 9,989 Capital Work in progress 410 563 10
Slide 21: Financial Performance
Financial Performance Revenue From Operations (INR Mn) EBITDA (INR Mn) & EBITDA Margins % PAT (INR Mn) 26,338 4,285 1,920 20,003 18,716 10,147 1,755 1,934 16.27% 1,118 11.02% 303 252 9.38% 9.67% 157 FY23 FY24 FY25 H1-FY26 FY23 FY24 FY25 H1-FY26 FY23 FY24 FY25 H1-FY26 ROE & ROCE (%) Net Debt to EBITD
Slide 22: Capital Market Data
Capital Market Data 1 Year Stock Performance (up to 30th September, 2025) 20% 10% 0% -10% -20% -30% Oct/24 Nov/24 Dec/24 Jan/25 Feb/25 Mar/25 Apr/25 May/25 Jun/25 Jul/25 Aug/25 Sep/25 DCW Sensex Price Data (As on 30th September, 2025) INR Shareholding Pattern (As on 30th September, 2025) Face Value
Slide 23: Disclaimer
Disclaimer DCW Ltd. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current af
Slide 24: Thank You
THANK YOU 23