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Last Updated: April 2, 2026, 2:48 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 500117 | NSE: DCW

DCW Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹24.39Overvalued by 40.66%vs CMP ₹41.10

P/E (29.2) × ROE (2.9%) × BV (₹35.80) × DY (0.24%)

₹24.66Overvalued by 40.00%vs CMP ₹41.10
MoS: -66.7% (Negative)Confidence: 63/100 (Moderate)Models: 1 Under, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹19.7123%Over (-52%)
Graham NumberEarnings₹33.8216%Over (-17.7%)
Earnings PowerEarnings₹2.5611%Over (-93.8%)
DCFCash Flow₹0.8314%Over (-98%)
Net Asset ValueAssets₹35.887%Over (-12.7%)
EV/EBITDAEnterprise₹66.879%Under (+62.7%)
Earnings YieldEarnings₹14.207%Over (-65.5%)
ROCE CapitalReturns₹36.947%Over (-10.1%)
Revenue MultipleRevenue₹33.915%Over (-17.5%)
Consensus (9 models)₹24.66100%Overvalued
Key Drivers: EPS CAGR -19.2% drags value — could be higher if earnings stabilize. | ROE 2.9% is below cost of equity.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -19.2%

*Investments are subject to market risks

Investment Snapshot

51
DCW Ltd scores 51/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health49/100 · Moderate
ROCE 7.9% WeakROE 2.9% WeakD/E 0.67 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money30/100 · Weak
FII holding down -1.88% (6mo) SellingPromoter holding at 45.3% Stable
Earnings Quality50/100 · Moderate
OPM contracting (15% → 10%) DecliningWorking capital: -30 days (improving) Efficient
Quarterly Momentum80/100 · Strong
Revenue (4Q): 1% YoY FlatProfit (4Q): +444% YoY StrongOPM: 11.0% (up 4.0% YoY) Margin expansion
Industry Rank35/100 · Weak
P/E 29.2 vs industry 52.1 Cheaper than peersROCE 7.9% vs industry 33.3% Below peersROE 2.9% vs industry 15.0% Below peers3Y sales CAGR: -7% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:48 am

Market Cap 1,212 Cr.
Current Price 41.1
Intrinsic Value₹24.66
High / Low 90.5/37.1
Stock P/E29.2
Book Value 35.8
Dividend Yield0.24 %
ROCE7.93 %
ROE2.91 %
Face Value 2.00
PEG Ratio-1.52

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for DCW Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
DCW Ltd 1,212 Cr. 41.1 90.5/37.129.2 35.80.24 %7.93 %2.91 % 2.00
Agarwal Industrial Corporation Ltd 586 Cr. 392 1,083/36010.0 4390.84 %16.9 %20.1 % 10.0
Goa Carbons Ltd 269 Cr. 294 533/272 2060.00 %2.28 %10.3 % 10.0
Asian Petroproducts & Exports Ltd 19.9 Cr. 8.11 11.2/7.00117 4.830.00 %16.5 %26.8 % 10.0
Aadi Industries Ltd 7.44 Cr. 7.44 13.4/4.49 6.930.00 %123 %% 10.0
Industry Average689.00 Cr148.5352.07138.510.22%33.32%15.03%8.40

All Competitor Stocks of DCW Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 698579588438414398622500489474538476539
Expenses 592478489387373378558454453417482422481
Operating Profit 1061029951421963453557565458
OPM % 15%18%17%12%10%5%10%9%7%12%10%11%11%
Other Income 34644436665645
Interest 62201917191820171816161516
Depreciation 23232323232424252525252526
Profit before tax 566662154-192510-220211821
Tax % 11%27%43%35%41%-35%38%34%-30%34%45%36%34%
Net Profit 504835103-12157-113111114
EPS in Rs 1.681.631.200.340.09-0.420.520.23-0.040.450.390.390.47

Last Updated: January 2, 2026, 12:03 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 23, 2026, 9:16 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,3241,2531,2631,1761,1871,3531,2771,4642,4552,6341,8722,0002,072
Expenses 1,1941,1871,1131,0291,0611,1901,1301,2552,1272,2051,6951,8061,860
Operating Profit 13066150147126163147209328429177194213
OPM % 10%5%12%13%11%12%12%14%13%16%9%10%10%
Other Income 1-032638111761162319
Interest 2719585793104107120113126746763
Depreciation 5152696888838787899094100103
Profit before tax 52-52725-49-22-4014143274254967
Tax % 27%24%36%19%-59%-80%-33%72%25%30%38%39%
Net Profit 38-61720-20-4-274108192163041
EPS in Rs 1.81-0.280.780.92-0.91-0.19-1.030.154.126.500.531.031.42
Dividend Payout % 20%0%0%0%0%0%0%0%10%8%0%10%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-115.79%383.33%17.65%-200.00%80.00%-575.00%114.81%2600.00%77.78%-91.67%87.50%
Change in YoY Net Profit Growth (%)0.00%499.12%-365.69%-217.65%280.00%-655.00%689.81%2485.19%-2522.22%-169.44%179.17%

DCW Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:5%
5 Years:9%
3 Years:-7%
TTM:2%
Compounded Profit Growth
10 Years:25%
5 Years:26%
3 Years:-33%
TTM:158%
Stock Price CAGR
10 Years:15%
5 Years:40%
3 Years:17%
1 Year:-17%
Return on Equity
10 Years:4%
5 Years:7%
3 Years:7%
Last Year:3%

Last Updated: September 5, 2025, 2:45 am

Balance Sheet

Last Updated: December 4, 2025, 1:09 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 42434444444452525259595959
Reserves 515517591611591587626635750966973974999
Borrowings 671780847770814683605624556508439427380
Other Liabilities 562507481528455504550564546530618718773
Total Liabilities 1,7901,8471,9631,9521,9041,8191,8341,8751,9032,0632,0892,1782,211
Fixed Assets 6616351,2601,5311,4711,5341,4671,4071,3521,2961,3121,2701,332
CWIP 7188493671221247124860415610
Investments 0000000000202722
Other Assets 411363336299309278354464543708716825846
Total Assets 1,7901,8471,9631,9521,9041,8191,8341,8751,9032,0632,0892,1782,211

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 2326912322357285170218178226252191
Cash from Investing Activity + -325-87-100-95-13-45-43-7852-165-99-112
Cash from Financing Activity + 9219-23-128-44-241-119-99-192-139-153-78
Net Cash Flow -21-1-00-084138-7811
Free Cash Flow -94-202212637255154200141140162117
CFO/OP 194%112%83%157%45%175%117%104%61%64%150%103%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-541.00-714.00-697.00-623.00-688.00-520.00-458.00-415.00-228.00-79.00-262.00-233.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 262834252620212417182218
Inventory Days 11087100839666102826397139143
Days Payable 2041551371671061491861447678125129
Cash Conversion Cycle -68-40-3-5916-63-63-385383732
Working Capital Days -39-70-85-115-116-126-89-63-153-18-30
ROCE %7%1%6%6%3%6%5%10%18%25%7%8%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Feb 2026
Promoters 45.10%45.10%45.10%44.08%44.86%44.86%44.86%44.87%44.81%44.62%45.14%45.28%
FIIs 7.99%8.43%7.87%7.25%7.35%11.25%11.35%10.82%10.05%9.18%8.57%8.17%
DIIs 0.01%0.11%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%
Public 46.90%46.35%47.01%48.65%47.77%43.87%43.77%44.31%45.12%46.18%46.27%46.54%
No. of Shareholders 93,7321,07,4691,20,5421,52,8881,43,6231,12,8411,11,8271,09,4301,09,2561,08,3891,08,4301,07,362

Shareholding Pattern Chart

No. of Shareholders

DCW Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 15Mar 14Mar 13Mar 12Mar 11
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) -0.281.815.051.551.47
Diluted EPS (Rs.) -0.281.815.051.551.47
Cash EPS (Rs.) 2.164.247.524.023.90
Book Value[Excl.RevalReserv]/Share (Rs.) 25.9026.1624.7720.5919.70
Book Value[Incl.RevalReserv]/Share (Rs.) 26.2326.5325.1621.0020.14
Revenue From Operations / Share (Rs.) 58.7663.1863.2958.3053.95
PBDIT / Share (Rs.) 3.126.2111.986.435.78
PBIT / Share (Rs.) 0.683.789.463.923.36
PBT / Share (Rs.) -0.222.497.652.251.83
Net Profit / Share (Rs.) -0.271.815.001.511.47
NP After MI And SOA / Share (Rs.) -0.271.815.001.511.47
PBDIT Margin (%) 5.309.8218.9211.0210.71
PBIT Margin (%) 1.155.9714.946.726.22
PBT Margin (%) -0.373.9312.083.853.39
Net Profit Margin (%) -0.472.857.892.592.73
NP After MI And SOA Margin (%) -0.472.857.892.592.73
Return on Networth / Equity (%) -1.076.9020.187.337.47
Return on Capital Employeed (%) 1.136.2319.179.659.09
Return On Assets (%) -0.322.116.772.392.64
Long Term Debt / Equity (X) 1.031.070.740.710.63
Total Debt / Equity (X) 1.231.100.880.890.67
Asset Turnover Ratio (%) 0.680.790.930.990.99
Current Ratio (X) 0.580.730.810.710.78
Quick Ratio (X) 0.290.340.360.360.44
Inventory Turnover Ratio (X) 3.493.203.125.255.07
Dividend Payout Ratio (NP) (%) 0.0019.937.2023.8424.42
Dividend Payout Ratio (CP) (%) 0.008.494.788.959.23
Earning Retention Ratio (%) 0.0080.0792.8076.1675.58
Cash Earning Retention Ratio (%) 0.0091.5195.2291.0590.77
Interest Coverage Ratio (X) 3.564.827.823.853.78
Interest Coverage Ratio (Post Tax) (X) 0.712.404.451.901.96
Enterprise Value (Cr.) 1032.94847.36721.00573.17475.75
EV / Net Operating Revenue (X) 0.820.630.540.480.44
EV / EBITDA (X) 15.536.512.874.394.19
MarketCap / Net Operating Revenue (X) 0.280.180.190.170.20
Retention Ratios (%) 0.0080.0692.7976.1575.57
Price / BV (X) 0.640.450.510.490.56
Price / Net Operating Revenue (X) 0.280.180.190.170.20
EarningsYield -0.010.150.390.140.13

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

DCW Ltd. is a Public Limited Listed company incorporated on 28/01/1939 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L24110GJ1939PLC000748 and registration number is 000748. Currently Company is involved in the business activities of Manufacture of basic chemicals, fertilizer and nitrogen compounds, plastics and synthetic rubber in primary forms. Company's Total Operating Revenue is Rs. 2000.34 Cr. and Equity Capital is Rs. 59.03 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Petrochemicals - OthersSoda Ash Division: Dhrangadhra Gujarat 363315Contact not found
Management
NamePosition Held
Mr. Bakul JainChairman & Managing Director
Mr. Vivek JainManaging Director
Mr. Ashish JainManaging Director
Mr. Krishnamoorthy KrishnanIndependent Director
Mr. Mahesh VennelkantiIndependent Director
Ms. Poornima PrabhuIndependent Director

FAQ

What is the intrinsic value of DCW Ltd and is it undervalued?

As of 10 April 2026, DCW Ltd's intrinsic value is ₹24.66, which is 40.00% lower than the current market price of ₹41.10, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (2.91 %), book value (₹35.8), dividend yield (0.24 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of DCW Ltd?

DCW Ltd is trading at ₹41.10 as of 10 April 2026, with a FY2026-2027 high of ₹90.5 and low of ₹37.1. The stock is currently near its 52-week low. Market cap stands at ₹1,212 Cr..

How does DCW Ltd's P/E ratio compare to its industry?

DCW Ltd has a P/E ratio of 29.2, which is below the industry average of 52.07. This is broadly in line with or below the industry average.

Is DCW Ltd financially healthy?

Key indicators for DCW Ltd: ROCE of 7.93 % is on the lower side compared to the industry average of 33.32%; ROE of 2.91 % is below ideal levels (industry average: 15.03%). Dividend yield is 0.24 %.

Is DCW Ltd profitable and how is the profit trend?

DCW Ltd reported a net profit of ₹30 Cr in Mar 2025 on revenue of ₹2,000 Cr. Compared to ₹108 Cr in Mar 2022, the net profit shows a declining trend.

Does DCW Ltd pay dividends?

DCW Ltd has a dividend yield of 0.24 % at the current price of ₹41.10. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in DCW Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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