### **Overview** DCM Shriram Limited is a diversified Indian conglomerate with a strong presence across multiple sectors, including **Chemicals & Vinyl, Agri-Rural, Sugar & Ethanol, Fertilizers, Specialty Seeds (Bioseed), and Value-Added Building Materials through Fenesta Building Systems**. The company operates **12 manufacturing facilities** and employs over **6,200 people across India**, serving both B2B and B2C markets. It is recognized as: - **India’s second-largest producer of caustic soda**, operating the **largest single-location chlor-alkali facility** at Jhagadia, Bharuch (Gujarat). - A leading **PVC resin manufacturer in India** using the **calcium carbide route**, a unique process also used in China. - The **market leader in uPVC windows and doors** through its flagship brand **Fenesta**. - A major player in **research-driven agri-inputs**, with strong capabilities in hybrid seeds, crop protection, and plant nutrition. --- ### **Core Business Segments** #### **1. Chemicals & Vinyl** This is the backbone of the company’s operations, with integrated chemical plants at **Bharuch (Gujarat)** and **Kota (Rajasthan)**. The segment is highly energy-intensive, supported by **383 MW of coal-based captive power**, **166 MW of co-generation**, and **50 MW (peak) of renewable energy**, with plans to add **68 MW of renewable capacity** at Kota via a supply agreement with **JSW Renew**. **Key Products & Capacities (as of Nov 2025):** - **Caustic Soda:** 2,749 TPD (2,225 TPD Bharuch, 524 TPD Kota) - **Chlorine, Hydrogen, Hydrogen Peroxide (165 TPD)** - **Epichlorohydrin (ECH):** 52,000 TPA (35,000 TPA commissioned in Bharuch, 17,000 TPA to follow) - **Aluminium Chloride:** 150 TPD - **PVC Resins:** 220 TPD (Kota only) - **Calcium Carbide:** 112,000 TPA - **PVC Compounds:** 24,050 TPA (via **Shriram Polytech**, 100% subsidiary) - **Epoxy Resins:** 33,551 TPA (via recent acquisition) **Strategic Developments (2024–2025):** - Commissioned the **35,000 TPA ECH plant** at Bharuch, enhancing **vertical integration** in the **epoxy value chain**. - Completed **100% acquisition of Hindusthan Specialty Chemicals Ltd (HSCL)** to enter the **advanced materials market**, particularly in **epoxy and its derivatives**. - Plans to launch **epoxy production** to capture higher-margin value-added chemicals. - Board-approved entry into **epoxy business**, leveraging internally produced ECH. - Expansion of downstream chlorine projects: new **AlCl₃ (100 TPD)** and **CaCl₂ (225 TPD)** plants, to be commissioned by **Q1 FY27**, creating a **chlorine sink of 225 TPD**. - Investing in **renewable energy (68 MW)** and exploring **green hydrogen and carbon reduction initiatives**. - Utilizing **flexi-feed flaker plants** for export optimization and fuel cost flexibility. --- #### **2. Agri-Rural Business** This vertical focuses on **sustainable, science-based agricultural solutions** and includes: - **Shriram Farm Solutions (SFS)** - **Bioseed (hybrid seeds)** - **Fertilizers (urea, potash, micro & specialty nutrition)** - **Sugar & Ethanol** ##### **Shriram Farm Solutions (SFS):** - Market **leader in research-based wheat seeds**; achieved **21% revenue growth in FY25**. - Launched **9 new products** in FY25 (4 from in-house R&D), with **8 launched in Q1 FY26 (Jul 2025)**. - Revenue increased **29% YoY in Q1 FY26**, driven by favorable monsoon and strong demand in **crop protection and specialty plant nutrition**. - Achieved **27% PBDIT growth in FY25** due to improved product mix and pricing. - **Digital innovation:** Launched India’s first **WhatsApp-based ordering system** for agri-inputs; partners with rural e-commerce startups to reach **2 million farmers and 35,000 retailers**. - Expanding **B2B sales** through **Shriram AgSmart Ltd.**, its specialty nutrition subsidiary, to improve plant utilization. - Invested in **in-house manufacturing** of **crop care chemicals, water-soluble fertilizers, and biologicals** at Kota. ##### **Bioseed:** - Focuses on **high-yield, climate-resilient hybrid seeds** for **cotton, corn, paddy, bajra, and vegetables**. - Operates in **India and the Philippines**, with research stations across the **Asia-Pacific**. - Invests **6–8% of revenue in R&D**, with a strong pipeline of **pest-resistant, drought-tolerant, and salinity-tolerant hybrids**. - Strategic research alliances to enhance capabilities in **biotech and non-GM trait development**. - Seasonal business (Kharif-driven in India); recovering from past challenges, with strong performance in **2023–24**. ##### **Fertilizer Business:** - **Urea:** 3.79 lakh TPA via LNG-based plant at Kota; stable subsidy realization. - **Sulphate of Potash (SOP):** 4,600 TPA, manufactured using **distillery ash** – a circular economy initiative. - Cement: 4 lakh TPA at Kota, made from **press mud and carbide sludge**, marketed under **‘Shriram Cement’**. --- #### **3. Sugar & Ethanol** - Four **integrated sugar complexes** in **Central Uttar Pradesh**: - Ajbapur (13,500 TCD), Hariawan (13,000 TCD), Loni (9,400 TCD), Rupapur (6,500 TCD) - **Total crushing capacity: 42,400 TCD**; **refined sugar: 26,500 TCD** - **Ethanol production:** - 560 KLD multi-feed distillery (including grain & molasses) - One of India’s largest CBG (Compressed Biogas) projects: **12 TPD plant** using **press mud**, commissioned in Ajbapur. - **Country liquor bottling line:** 11,800 Tetra cases/day. - **Power Co-generation:** 166 MW (88 MW exportable). - **By-product utilization:** Distillery ash → SOP fertilizer; waste → potash and cement. - **Sugarcane partnerships:** Engages **260,000 farmers** via digital platforms (e-Suvidha App, WhatsApp), promoting sustainable farming. --- #### **4. Fenesta Building Systems** - A market-leading brand in **India’s fenestration industry**, with a **domestic footprint spanning 975 cities**. - Offerings: **uPVC & system aluminium windows**, **WPC & engineered wood doors**, and **glass façades**. - Operates: - **1 extrusion plant (Kota, 12,284 TPA)** - **7 fabrication units (4 uPVC, 2 Al, 1 façade)** - **9 branded showrooms**, 380+ dealers - International presence in **Nepal, Bhutan, Maldives, and Philippines** ##### **Recent Strategic Moves:** - **Acquired 53% stake in DNV Global Pvt Ltd** (Oct & Jul 2025) – a move toward **backward integration in hardware**, reducing reliance on imports (currently 50–60% of procurement). - **Aluminium Extrusion Facility under construction:** - Investment: **~₹149–150 crore** - To be commissioned by **Q4 FY26 (late 2025)** - Will support vertical integration, reduce lead time, improve quality, and enable expansion into aluminium-based building systems. - Launched **façade systems (2023–24)** with technical collaboration with **Inventure Metal (UAE)**. - **Order Bookings (FY24):** Over **₹1,000 crore**, with **₹200 crore+ in aluminium segment**. - **Installations:** Over **4 million units** across 400,000+ homes. --- ### **Growth & Expansion Strategy (2025–2027)** #### **Organic & Inorganic Growth** - **Advanced Materials Push:** Entry into **epoxy resins and derivatives** through **HSCL acquisition** – tapping into **EV, wind energy, aerospace, and electronics**. - **Export Potential:** With **European producers (Olin, Huntsman, Westlake)** reducing capacity, **Indian producers like DCM Shriram** are well-positioned for **epoxy and H₂O₂ exports**. - **Renewables Integration:** Captive green power to improve **cost competitiveness and sustainability**. - **Digital & Farmer-Centric Platforms:** Enhancing engagement with **2 million farmers**, leveraging WhatsApp, e-commerce, and digital crop advisory. #### **Capex Focus (Key Projects)** | Project | Location | Capacity/Output | Timeline | |-------|--------|----------------|--------| | 68 MW Renewable Supply (JSW Renew) | Kota | Green power | In execution | | Aluminium Extrusion Plant | Kota | Backward integration | Q4 FY26 | | Hardware Manufacturing (DNV) | Gujarat (proposed) | Reduce import dependence | 2–3 years | | AlCl₃ & CaCl₂ Plants | Bharuch | 100 TPD + 225 TPD | FY27 | | Salt Works Acquisition | Gujarat | 208,000 MTPA | 2026 (pending approval) | --- ### **Financial Highlights (FY25 & H1 FY26)** - **Chemicals & Vinyl Revenue (H1 FY26):** Up **37.2% YoY** - **Revenue (FY25 Chemicals):** ₹3,562 crore (+24.5% YoY) - **PBDIT (FY25 Chemicals):** ₹619 crore (**+184% YoY**) - **SFS Revenue (FY25):** ₹1,436.4 crore (+21.1% YoY), PBIT ₹279.1 crore (+26.3% YoY) - Strong operating cash flows support **self-funded growth and capex discipline**. --- ### **Sustainability & ESG Initiatives** - **Circular Economy:** Utilization of **distillery ash (SOP), press mud (CBG), and carbide sludge (cement)**. - **Renewables:** Targeting **>100 MW green power**; current green capacity at **50 MW (peak)**. - **Sustainability-Linked Loan** to support green initiatives. - **Water and energy conservation** across plants. --- ### **Leadership & Governance** - **Aditya A. Shriram**, Deputy Managing Director, leads the **Chemicals vertical** and has driven recent **value-added diversification**. - Executive leadership emphasizes **long-term strategy**, **R&D**, and **operational excellence**.