DCM Shriram is a manufacturing conglomerate built on a simple, repeatable idea: take a core industrial process, generate your own power to run it, and then turn every by-product into a second business. Incorporated in 1989 and tracing its roots to the old DCM group, the company has spent decades layering new engines - chemicals, sugar, farm inputs, building materials - on top of the ones that came before, so that the waste from one plant becomes the raw material for the next. That approach, backed by captive power and a growing shift to renewables, now supports 12 factories, over 6,600 employees, and exports to 65 countries. # Business segments Five engines at different stages - a hydrocarbon cash cow, two consumer platforms at national scale, and a green-energy bet under construction - each built with the cash flows of the one before. ## 1. Chemicals and Vinyl: the industrial core that funds everything else **A deeply integrated, power-hungry operation that makes chlorine and caustic soda at India’s largest single-location plant, then pushes those molecules downstream into PVC, epoxy, and advanced materials - capturing margin at every step.** - **Second-largest in a consolidated market** - the company is the second-largest caustic soda player in India, and its Bharuch complex is the single biggest caustic manufacturing site in the country; the top four players control roughly 55% of national capacity. - **Makes its own electricity** - the chemicals and vinyl operations are supported by 345 MW of captive coal-based power and 50 MW of captive renewable power, with another 116 MW of renewable capacity signed or approved, because electricity is the single largest input cost in chlor-alkali production. - **The only PVC maker on a different path** - it is the sole company in India that produces PVC resin via the calcium carbide route rather than the ethylene route, giving it a swing capability: it can sell more PVC resin or more calcium carbide depending on which offers better margins. - **Chlorine pulled into advanced materials** - the new 52,000-tonne-per-year epichlorohydrin (ECH) plant, fully commissioned in April 2026, consumes chlorine from the existing chlor-alkali business and feeds the recently acquired epoxy resins operation, creating a chain from glycerine to ECH to epoxy that serves aerospace, electronics, and electric vehicles. - **Backward-integrating into salt** - a proposed acquisition of salt works with 208,000 tonnes per year of capacity in Gujarat would meet about 13% of total salt demand, securing a key raw material for the chlor-alkali process. ## 2. Sugar and Ethanol: the agricultural engine that turns cane into six products **Four integrated mills in Uttar Pradesh crush cane into sugar, then ferment, burn, and process the leftovers into ethanol, electricity, biogas, and potash - so that almost nothing leaves the complex without earning revenue.** - **42,400 tonnes of cane crushed per day** - across four sites in central Uttar Pradesh, the combined crushing capacity makes it a major domestic sugar player, with 26,500 tonnes per day of refining capacity sitting alongside distilleries and power plants. - **Ethanol tied to national policy** - India hit its 20% ethanol blending target in March 2026, and the company’s distilleries produce ethanol to supply that programme, though sugarcane-based feedstocks are now capped at 28% of national allocations. - **Recovery is the lever** - in the 2025-26 crushing season, cane availability fell, but sugar recovery improved to 10.8%, and agronomy teams are using digital tools and varietal selection to keep pushing that number higher. ## 3. Fenesta Building Systems: the consumer-facing brand scaling into a full building-materials platform **What began as a uPVC windows business has grown into India’s largest windows-and-doors brand, now adding aluminium, facades, wooden doors, and its own hardware - with installation included, so it sells a finished opening, not a component.** - **Design, extrude, fabricate, install** - the business model spans the full chain: it extrudes uPVC profiles at its own 12,284-tonne-per-year plant in Kota, fabricates at eight plants across the country, and installs the finished product on site. - **421 dealers across 268 cities** - the distribution network, plus nine company-owned showrooms, reaches 976 Indian cities and seven countries, and the business crossed INR 1,000 crore in revenue during FY26. - **Aluminium is the growth vector** - the aluminium windows segment is growing at a double-digit rate, and an INR 149 crore aluminium extrusion project in Kota is under way to bring that capability in-house, alongside a facade factory in Hyderabad. - **Hardware brought inside** - the acquisition of a 53% stake in DNV Global in May 2025 added a hardware plant, so the business now makes the locks, handles, and hinges that go into its own windows and doors. ## 4. Shriram Farm Solutions: the trust brand that reaches two million farmers **A five-decade-old brand sells seeds, pesticides, soluble fertilisers, and micronutrients through 35,000 retailers, layering agronomy advice and a WhatsApp ordering system on top of a portfolio increasingly built from its own R&D.** - **Leadership in research wheat** - the business holds a leading position in research wheat, and the segment grew 22% in FY26 even as an extended monsoon disrupted the season. - **13 new products in one year** - in FY26, the business launched 13 products in crop protection and specialty plant nutrition, four of them from its own R&D, as it shifts the mix toward higher-efficiency, proprietary solutions. - **Digital reach at farm level** - its subsidiary SFS became the first agri-input company in India to launch a WhatsApp-based ordering system, letting farmers place orders directly from their phones. - **Specialty nutrition made in-house** - subsidiary Shriram AgSmart manufactures high-value specialty nutrition products at Kota, giving the business control over formulation quality and cost. ## 5. Bioseed: the R&D pipeline for hybrid seeds **A research-intensive seeds business that spends 6-8% of its revenue on breeding new hybrids across cotton, corn, paddy, and vegetables, with operations in India and the Philippines.** - **Full value chain from lab to farm** - Bioseed covers research, production, processing, extension, and marketing, with research stations across all major agro-climatic regions in Asia Pacific. - **Portfolio shifting upmarket** - the strategy is premiumisation: launching new products with improved genetics and yield stability to strengthen farmer engagement, particularly as the cotton seed segment faces industry-wide headwinds. - **International presence in the Philippines** - outside India, the Philippines operation focuses on corn and paddy, with a 99.99%-owned local subsidiary running the business. # Group structure and partners **The listed parent holds 63% promoter ownership and operates through a set of wholly owned subsidiaries that ring-fence each growth initiative - advanced materials, farm solutions, seeds, bio-energy - while joint ventures bring in global expertise for PVC compounds and renewable power.** - **Sumant Investments Private Limited owns 63.03%** of DCM Shriram Ltd, the listed holding company headquartered in New Delhi. - **Advanced materials housed in a subsidiary** - Hindusthan Specialty Chemicals Limited, acquired in full in FY26, runs the epoxy and formulations business from a 43-acre site just 3.5 kilometres from the main Bharuch chemicals complex. - **PVC compounding turned into a joint venture** - in April 2026, a 50% stake in Shriram Polytech was sold to Teknor Apex B.V., pairing the Indian compounding plant with a global specialist in plastic formulations. - **Renewable power secured through associate stakes** - the company holds 31.20% in two associates and has signed a definitive agreement to acquire up to 68 MW of captive renewable power for Kota and board approval for a minimum 26% equity stake in one or more SPVs for approximately 48 MW for Bharuch. - **Salt supply being brought in-house** - a definitive agreement to acquire four salt-producing companies with 1,077 acres of lease land in Gujarat, expected to close by December 2026, will backward-integrate a critical chlor-alkali raw material.