DCM Shriram Ltd., a diversified and integrated business group with a growing footprint across the agri value chain, chemicals and vinyls, and building material products, announced its financial results for the quarter ended December 31, 2025 (Q3 FY26). Despite a volatile global business environment, the company demonstrated operational resilience and reaffirmed the strength of its long-term strategy.
Revenue Growth Across Key Business Segments
During the quarter, DCM Shriram delivered growth across all major business lines—Chemicals, Sugar and Ethanol, Fenesta Building Systems, and Shriram Farm Solutions. Net revenues (net of excise duty) stood at ₹3,811 crore, while PBDIT reached ₹560 crore and PAT came in at ₹213 crore.
Compared to Q3 FY25, net revenue increased by 13% and PBDIT rose by 4%. However, PAT declined by 19% due to a one-time exceptional charge of ₹55 crore arising from the implementation of new labour codes. Additionally, the company announced a dividend payout of ₹56.14 crore during the quarter.
Leadership Commentary
Ajay Shriram, Chairman and Senior Managing Director, and Vikram Shriram, Vice Chairman and Managing Director, highlighted the changing global business environment shaped by geopolitical volatility, tighter financial conditions, and rapid technological disruption.
They noted that while trade realignments, tariff actions, and prolonged regional conflicts continue to disrupt supply chains and elevate cost structures globally, India stands out due to its resilient macroeconomic fundamentals and demographic-driven growth in consumption, entrepreneurship, and formalisation.
Chemicals Business Delivers Volume-Led Growth
Against this backdrop, DCM Shriram’s Chemicals business delivered strong volume-led growth during the quarter. The company’s strategic shift toward downstream and value-added products continued to gain momentum.
The Epichlorohydrin (ECH) facility, commissioned in the previous quarter, witnessed encouraging market acceptance. Moreover, the recent announcement of anti-dumping duties on liquid epoxy resins is expected to accelerate the turnaround of the epoxy business acquired last quarter. Going forward, the company remains focused on ramping up capacity utilisation across ECH and epoxy, which will further enhance integrated consumption of caustic soda and chlorine.
Sugar and Ethanol
In the sugar and ethanol segment, domestic production estimates were revised downward, while the government announced an export quota of 1.5 million metric tons. Despite these developments, the industry expects a closing stock of approximately 6.2 MMT for the season. At the same time, an increase in the State Advised Price (SAP) has raised cost pressures. As a result, the industry is engaging with the government to seek support through higher sugar MSP and enhanced ethanol blending targets to ensure long-term sustainability of mills. During the quarter, the segment also benefited from higher sugar prices, improved volumes, and a ₹36 crore reversal related to retrospective ethanol export duties.
Fenesta Strengthens Presence in Building Materials
Fenesta Building Systems continued to strengthen its position in the building materials market by expanding and diversifying its product and service offerings. The business focused on enhancing service quality while increasing its share of customers’ overall spending through deeper engagement and value-added solutions.
Shriram Farm Solutions Posts Resilient Growth
Shriram Farm Solutions delivered steady performance during the quarter, driven by strong growth in crop protection and research wheat seed segments. Notably, the business recorded its highest-ever quarterly sales of research wheat seed, reinforcing its leadership position. Overall, the segment reported a 7% increase in revenue to ₹756 crore.
Strategic Updates and Capacity Expansion
DCM Shriram reported strong top-line growth across businesses, led by Chemicals (+30%), Sugar and Ethanol (+15%), Fenesta (+28%), and Bioseed (+16%). Chemicals volumes benefited from new projects including Hydrogen Peroxide, Aluminium Chloride, Epichlorohydrin, and the epoxy acquisition, while caustic soda volumes increased by 6%.
On the expansion front, the company completed the acquisition of an epoxy plant in August 2025 and partially commissioned the greenfield Epichlorohydrin plant at Bharuch in October 2025. In addition, several projects are under implementation, including an aluminium extrusion plant and a captive renewable energy facility at Kota, aluminium chloride and calcium chloride plants at Bharuch, and the acquisition of salt works.
Outlook: Building Future-Ready Businesses
Supported by a strong balance sheet and disciplined capital allocation, DCM Shriram remains well positioned to pursue growth opportunities aligned with its long-term strategic priorities. As per the press release, the company reiterated its commitment to scaling core operations and expanding into adjacent and new businesses to strengthen backward and forward integration and build resilient, future-ready enterprises.
