DCW Q2 FY27 Guidance vs Delivery (DCW Management Mirror)

H1 FY27 EBITDA Contracts 20% YoY Following the FY27 Target Downgrade in Jun'26 Qtr; H2 Margin Recovery Now Guided

In Sep'26 Qtr, DCW Ltd reported H1 FY27 EBITDA of INR 96 crore, contracting 20% YoY due to Middle East tensions and local floods, with Q2 EBITDA at INR 4,746 lakh and a 7.2% margin reported in the quarterly financial results. Previously, management withdrew its INR 400 crore FY27 EBITDA target in the Mar'26 Qtr concall due to pricing erosion, explicitly downgrading its steady-state full-year EBITDA expectation to roughly INR 300 crore in the Jun'26 Qtr concall. Looking ahead, management expects H2 FY27 to be significantly stronger, guiding for a recovery to double-digit margins from the second half onwards. Under steady-state conditions, full-capacity revenue potential is estimated around or north of INR 2,500 crore, assuming approximately 30% of PVC production remains diverted internally into CPVC.