Analysts/Institutional Investor Meet/Con. Call Updates

November 05, 2026 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, Bandra Kurla Complex Phiroze Jeejeebhoy Towers, Mumbai 400 051 Dalal Street, Mumbai - 400 001 Symbol: DCW Scrip Code: 500117 Dear Sir(s)/Madam,s Sub: Transcript of Investor(s)/Analyst(s) Call – Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) In Compliance with Regulation 30(6) of the Listing Regulations, please find enclosed herewith, the transcript of the Earnings Conference Call held on Friday, October 30, 2026, at 2:00 P.M. (IST) with Investor(s)/ Analyst(s), to discuss the unaudited Financial Results for Q2 and H1-FY27 The transcript has also been uploaded on the Company’s website and can be accessed through the following link: https://dcwltd.com/wp-content/uploads/2026/11/Earning-Conference-Call- Transcript-October-30-2026.pdf You are requested to take the aforesaid information on your record. Thanking You, Yours faithfully, For DCW Limited Dilip Darji Sr. General Manager (Legal) & Company Secretary Membership No. ACS-22527 Earnings Conference Call Invite VALOREM ADVISORS is pleased to invite you for a Conference Call to discuss Q2/H1-FY27 earnings of DCW Limited on Friday, 30th October, 2026 at 02:00 PM (IST) Management will be represented by: Mr. Saatvik Jain -President Mr. Sudarshan Ganapathy – Chief Executive Officer Mr. Pradipto Mukherjee - Chief Financial Officer Dial in details Universal Dial In: +91 22 6280 1341 / +91 22 7115 8242 International Numbers USA Toll Free Number: 1866 746 2133 UK Toll Free Number: 0808 1011 573 Singapore Toll Free Number: 800 101 2045 Hong Kong Toll Free Number: 800 964 448 Accessible from all carriers. Diamond Pass link - DCW Ltd Q2/H1-FY27 Concall Link Investor Kitlink - https://valoremadvisors.com/dcw Phone: 022-35075100 | Email: research@valoremadvisors.com | Website: www.valoremadvisors.com DCW Limited Q2 and H1 FY27 Earnings Conference Call October 30, 2026 Moderator: Ladies and gentlemen, good day and welcome to DCW Limited. Q2 and H1-FY27 Earnings Conference Call hosted by Valorem Advisors. As a reminder, all participants will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing ‘*’ then ‘0’ on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Purvangi Jain from Valorem Advisors. Thank you and over to you, Purvangi. Purvangi Jain: Thank you. Good afternoon, everyone. My name is Purvangi Jain from Valorem Advisors. We represent the Investor Relations for DCW Limited. On behalf of the company, I would like to thank you all for participating in the company's earnings call for the 2nd Quarter and the First Half of the Financial Year 2027. Before we begin, let me mention a quick cautionary statement. Some of the statements made in today's Earnings Call may be forward-looking in nature. Such forward- looking statements are subject to risk and uncertainties, which could cause actual results to differ from those anticipated. Such statements are based on management's belief as well as assumptions made by and information currently available to the management. Audiences are cautioned not to place any undue reliance on these forward-looking statements in making any investment decision. The purpose of today's Earnings Call is purely to educate and bring awareness about the Company's Fundamental Business and Financial Quarter under review. Now, let me introduce you to the management participating with us in today's earnings call and hand it over to them for their opening remarks. We have with us Mr. Saatvik Jain – President, Mr. Sudarshan Ganapathy – Chief Executive Officer and Mr. Pradipto Mukherjee – Chief Financial Officer. Without any further delay, I request Mr. Saatvik Jain to start with his opening remarks. Thank you and over to you, sir. Saatvik Jain: Thanks, Purvangi. Good afternoon, everyone, and thank you for joining us today for DCW's Quarter 2 and First Half FY27 Earnings call. Page 1 of 19 By now, we are all familiar with the challenges arising from the ongoing situation in West Asia. What has made the First Half particularly difficult for the chemical industry is not just the sharp movement in crude oil and energy prices, but the speed at which these changes have flowed through feedstock costs, freight rates and supply chains. At the same time, global demand remains uneven, while competitive Chinese exports continue to put pressure on pricing. Higher costs, therefore, have not always translated into higher realizations, creating a challenging margin environment across the industry. Yet, India's long-term demand opportunity remains compelling. We continue to benefit from investment in housing, infrastructure, water management and manufacturing. These are structural demand drivers for many of our products and they reinforce our confidence in the markets that we serve. Turning to our performance, Q2 reflected some of these contrasting trends. Our Basic Chemicals' profitability improved sequentially, primarily driven by a recovery in PVC. As I indicated on our last call, we believe that the exceptional pressures in Q1 were largely event-driven. During Q2, higher landed costs of imported PVC, partly reflecting increased ocean freight, supported domestic realizations. This helped the VCM-PVC spread begin to normalize and was the principal driver of the improvement in our Basic Chemicals' profitability. Specialty Chemicals, on the other hand, experienced some near-term margin pressures. In CPVC, the PVC input costs rose faster than the selling prices could adjust, particularly on sales contracted at earlier prices. This temporarily compressed the spread. We expect the pricing mismatch to correct progressively as the lag works through the system. In our Pigments Business, higher ocean freight to North America impacted export economics during the quarter. Together, these factors weighed on our sequential profitability. Importantly, we do not see them as a change in the underlying opportunity. Demand for CPVC continues to be supported by plumbing and infrastructure applications, while pigments are well positioned across paints, coatings, construction, and concrete applications. Our balance sheet continues to strengthen. Net debt to EBITDA is now just 0.12 x, and finance costs have declined by around 8% sequentially. We expect the full-year finance costs to be approximately 10% lower than last year. This gives us room to invest for growth without compromising our leverage or returns. As I mentioned last quarter, FY27 is a turning point for us, from strengthening our foundation of the business to investing in its next phase of growth. Our growth ambition is not simply to add capacity. It is to build a larger, more differentiated Specialty Chemicals portfolio, expand our value-added product offerings, and structurally improve competitiveness and returns on capital. We have now initiated work on the Rs. 250 crores investment program announced last quarter, covering the expansion of our iron oxide Pigments Business and optimization of our captive power infrastructure. Both projects are at an early stage, with the previously communicated timelines remaining intact. We have also taken an important capital allocation decision. Following SEBI’s reintroduction of open market buybacks through the stock exchanges, our board yesterday approved a buyback of up to Rs. 40 crores. Subject to execution, this could reduce our equity base by slightly shy of 3%. We see this as a measured opportunity to enhance value for continuing shareholders at current market valuations, while expressing Pag [Showing first 8,000 characters — download PDF for full document]