DCM Shriram International is a specialised industrial-fibre manufacturer that was carved out of a legacy conglomerate and listed in its own right only in late 2025, when a court-approved demerger transferred the entire Rayon Undertaking - a decades-old plant in Kota, a defence prototyping workshop, and a contract-manufacturing operation - from DCM Shriram Industries into this newly independent company. The business exists because tyre makers need a near-indestructible reinforcement fabric that few can produce, and the Kota facility has spent years earning the certifications and customer approvals that make it a locked-in supplier to global tyre majors. The recurring approach is to take a technically demanding industrial material, get qualified by exacting international customers through multi-year trials, and then deepen the relationship by selling them a more finished, higher-value version of the same product - moving from yarn to treated fabric, or from rayon into adjacent defence engineering. # Business segments A single industrial-fibre engine with two small adjacent workshops - a rayon reinforcement business that supplies global tyre makers, and a fledgling defence-and-contract-manufacturing unit that uses the same Kota factory floor. ## 1. Industrial rayon and tyre fabric: the reinforcement inside high-speed tyres **The company makes the high-strength fabric that stops car and truck tyres from tearing apart at speed, and it sells more than 80% of its exports as ready-to-use treated fabric that tyre makers can feed straight into their production lines.** - **A two-to-three-year qualification moat** - every new customer puts the yarn and fabric through field trials and certification that typically last two to three years, and the capital cost of building a greenfield plant with the required pollution controls keeps new competitors out, so once the company is approved it tends to stay approved. - **Moving up the value chain inside the same customer** - the unit makes rayon tyre yarn, greige (unfinished) fabric, and treated (dipped) fabric; treated fabric is a ready-to-use reinforcement that tyre manufacturers strongly prefer, and it already accounts for more than 80% of export volumes to tyre companies, which means the company captures more processing margin per kilo sold. - **A natural hedge on raw materials and currency** - export product prices and the cost of imported pulp are fixed annually, so the two move together and blunt the impact of foreign-exchange swings on margins. - **Non-tyre applications at better prices** - the unit has developed high-strength yarn and fabrics for industrial uses beyond tyres, and these products earn higher realisations than the traditional tyre-grade material, widening the customer base beyond automotive. - **Fuel-switching that cuts cost and emissions together** - the Kota plant has installed a husk pellet machine to turn loose mustard husk into compact fuel pellets, and a 40-tonne-per-hour agro-fuel boiler is being built; the switch from fossil fuels to agro-waste reduces suspended particulate matter, lowers manpower needs by enabling conveyor feeding, and shrinks the open storage area required for fuel. ## 2. Defence prototyping and contract manufacturing: a workshop inside the fibre factory **The same Kota facility that runs the rayon line also houses a fabrication shop that assembles everything from bullet-proof vehicles for air force trials to water-treatment systems and IP phones, generating early-stage revenue while defence prototypes work through government testing.** - **Light bullet-proof vehicle cleared for air force trials** - prototyping of the Light Bullet Proof Vehicle on a Ford Ranger platform is complete, and the vehicle has already performed well in No Cost No Commitment trials with the Indian Air Force; the programme is a collaboration with Ford Motor Company in the US and its global export distributor RMA in Thailand, and the company is now sourcing spares for leads from around the world. - **Armoured personnel carrier for export** - the company and GAIA of Israel will manufacture five AMIR multi-purpose vehicles for an overseas customer at Kota; all stores and three chassis have arrived, and procurement of parts for assembly has begun. - **A stake in a Turkish drone developer** - the company has invested in three tranches to acquire a 14.04% equity stake in Zyrone Dynamics of Turkiye, which has started developing the minimum viable product of a variable-volume-concept UAV platform, giving the company a window into unmanned aerial systems. - **Paid-by-the-unit contract manufacturing** - the Engineering Projects Section generated revenue of Rs. 5.06 crore from 29 loads of FCP1000 fluid-storage units shipped to the US, Rs. 71.53 lakh from 88 Atlantium water-treatment systems, and Rs. 28.71 lakh from assembling over 5,200 Tadiran IP phones, all produced under third-party agreements that use the same certified Kota facility. # Group structure and partners **The company is a standalone listed entity with no subsidiaries, one legacy associate, and a promoter group that consolidated its holding to just over 50% through inter-family share transfers immediately after the demerger.** - DCM Shriram International has no subsidiary and only one associate - DCM Hyundai Limited, in which it holds 49.28%, inherited through the demerger scheme. - The company was incorporated in September 2022 as a wholly owned subsidiary of DCM Shriram Industries and remained dormant until the NCLT-approved Composite Scheme of Arrangement took effect on 17 December 2025, demerging the Rayon Undertaking into it and issuing 86.99 million equity shares to DCM Shriram Industries shareholders, so that the three group entities now have identical shareholding structures. - In March 2026, promoter Madhav Bansidhar Shriram consolidated his holding from 4.94% to 10.28% by acquiring 4.64 million shares from his wife and sons via off-market gift transfers, while promoter Urvashi Tilakdhar similarly moved from 6.77% to 9.70% by acquiring 2.54 million shares from her children; post-consolidation the promoter group collectively holds 50.11% of the equity.