Slide 1: Letter to stock exchanges submitting investor presentation
- - - - - -- -------...--- ----"-T--------- - -- - - ----, 0 DCW LIMITED February 10, 2026 To, National Stock Exchange of India Ltd. BSE Limited Exchange Plaza Bldg. Department of Corporate Services, 5th Floor, Plot No.C-1 1st floor, New Trading Ring 'G' Block, Near Wockhardt, Rotunda Building, Band
Slide 2: DCW Limited Earning Presentation Q3/9M-FY26
DCW Limited Earning Presentation Q3/9M-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 Change in Capacity Remarks Capacity Enhancement from 40,000 TPA to Project under way as CPVC Phase III Last 10KT: Expected Completion by Mar26 50,000 TPA planned 8
Slide 10: Financial Highlights
Business Overview Financial Highlights Historical Financial Overview 9
Slide 11: Key Financial and Operational Highlights
Key Financial and Operational Highlights Q3-FY26 Financial Performance Q3/9M-FY26 Operational Highlights: • Revenue from Operations stood at INR 5,198 Mn , an increased by 9.6% YOY despite Revenue from EBITDA price erosion across all product segment. Operations EBITDA Margins • Commodity Segment Sal
Slide 12: Quarterly Key Segmental Financial Performance
Quarterly Key Segmental Financial Performance Revenue (INR Mn) & EBITDA Margin (%) Basic Chemicals Specialty Chemicals Others 3,945 3,621 3,489 1,562 1,402 1,234 45 36.7% 2.4% 32.2% 31.4% 3.1% 19 79.8% -1.2% 15 47.7% 38.1% Q3-FY25 Q2-FY26 Q3-FY26 Q3-FY25 Q2-FY26 Q3-FY26 Q3-FY25 Q2-FY26 Q3-FY26 11
Slide 13: YTD Key Segmental Financial Performance
YTD Key Segmental Financial Performance Revenue (INR Mn) & EBITDA Margin (%) Basic Chemicals Specialty Chemicals Others 10,991 10,524 4,249 106 4,007 93 35.0% 32.3% 70.0% 74.0% 1.1% -0.9% 9M-FY25 9M-FY26 9M-FY25 9M-FY26 9M-FY25 9M-FY26 12
Slide 14: Quarterly Operational Performance – Key Products
Quarterly Operational Performance – Key Products Capacity Utilization (%) C-PVC SIOP Caustic Soda PVC Soda Ash 111% 90% 96% 103% 86% 90% 83% 105% 83% 97% 93% 80% 94% 87% 84% Q3-FY25 Q2-FY26 Q3-FY26 Q3-FY25 Q2-FY26 Q3-FY26 Q3-FY25 Q2-FY26 Q3-FY26 Q3-FY25 Q2-FY26 Q3-FY26 Q3-FY25 Q2-FY26 Q3-FY26 13
Slide 15: YTD Operational Performance – Key Products
YTD Operational Performance – Key Products Capacity Utilization (%) C-PVC SIOP Caustic Soda PVC Soda Ash 103% 102% 90% 97% 100% 79% 89% 90% 84% 84% 9M-FY25 9M-FY26 9M-FY25 9M-FY26 9M-FY25 9M-FY26 9M-FY25 9M-FY26 9M-FY25 9M-FY26 14
Slide 16: Quarterly Consolidated Financial Performance
Quarterly Consolidated Financial Performance Particulars (INR Mn) Q3-FY26 Q3-FY25 Y-o-Y Q2-FY26 Q-o-Q Operational Income 5,198 4,742 9.6% 5,392 (3.6)% Total Expenses 4,746 4,173 13.7% 4,811 (1.4)% EBITDA 452 569 (20.6)% 581 (22.2)% EBITDA Margins (%) 8.70% 12.00% (330) Bps 10.78% (208) Bps Other Inc
Slide 17: YTD Consolidated Financial Performance
YTD Consolidated Financial Performance Particulars (INR Mn) 9M-FY26 9M-FY25 Y-o-Y Operational Income 15,345 14,624 4.9% Total Expenses 13,775 13,248 4.0% EBITDA 1,570 1,376 14.1% EBITDA Margins (%) 10.23% 9.41% 82 Bps Other Income 134 172 (22.1)% Depreciation 774 747 3.6% Interest 468 515 (9.1)% Pro
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 9M-FY26 Operational Income 26,338 18,716 20,003 15,345 Total Expenses 22,053 16,961 18,069 13,775 EBITDA 4,285 1,755 1,934 1,570 EBITDA Margins (%) 16.27% 9.38% 9.67% 10.23% Other Income 153 183 231 134 Depreciation 902 938 999 774 Inte
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 18,716 20,003 15,345 1,755 1,934 1,570 16.27% 303 301 9.38% 9.67% 10.23% 157 FY23 FY24 FY25 9M-FY26 FY23 FY24 FY25 9M-FY26 FY23 FY24 FY25 9M-FY26 ROE & ROCE (%) Net Debt to EBITD
Slide 22: Capital Market Data
Capital Market Data 1 Year Stock Performance (up to 31st December, 2025) 20% 10% 0% -10% -20% -30% -40% -50% Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 DCW Sensex Price Data (As on 31st December, 2025) INR Shareholding Pattern (As on 31st December, 2025) Face
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