**Business Performance:** DCW Ltd.'s Q3 FY26 revenue was ₹519.8 Cr (+9.6%). However, EBITDA fell to ₹45.2 Cr (-20.6%) and PAT to ₹4.9 Cr (-63.4%) due to price erosion impacting Basic Chemicals.

Specialty Chemicals showed resilience.

For 9M FY26, the company reported stronger overall growth across revenue, EBITDA, and PAT. **Growth Drivers or Strategy:** The company prioritizes high-margin Specialty Chemicals, planning to expand CPVC capacity to 50,000 TPA by March 2026. Self-sufficiency in power & raw materials is key. **Recent Developments:** DCW recently added CPVC capacity and commissioned a solar park.

Q3 FY26 saw record CPVC sales and Soda Ash capacity utilization at 94%. **Key Financial Metrics:** *Q3 FY26:* Rev ₹519.8 Cr (+9.6%), EBITDA ₹45.2 Cr (-20.6%), PAT ₹4.9 Cr (-63.4%). *9M FY26:* Rev ₹1,534.5 Cr (+4.9%), EBITDA ₹157 Cr (+14.1%), PAT ₹30.1 Cr (+59.3%). *Q3 Specialty volumes:* SIOP +19%, CPVC +80%. **Management Commentary / Outlook:** Management notes Specialty Chemical investments are stabilizing profitability, with CPVC expansion on track for March 2026 completion.