DCM Shriram Ltd. July 15, 2020

DCM Shriram Ltd

FV – Rs 2; 52wks H/L – 537.75/175.8; TTQ – 5133; CMP – Rs 320 (As On July 15, 2020);                     

            Market Cap – Rs 5265 Crs

Consolidated Financials and Valuations (Amt in Rs Crs unless specified)

Equity Capital

Net worth

EPS (Rs)


Industry P/E


FY20 31.35 4050 2046 7870 717 129 45.7 7 28.61 2.5 66.53
FY19 31.35 3526 1475 7859 906 225 57.8 5.5 28.61 1.4 66.53


Debt to Equity – 0.5

ROE – 18%

Market Cap/Sales – 0.7

 The schedule for implementation of capacity expansion at Bharuch for Caustic Soda Plant by 700 TPD (along with 120 MW Captive Power plant and Flaker capacity expansion of 500 TPD) at an investment of Rs.1070 crs is being realigned taking into account the impact of Covid-19.


  • DCM Shriram Ltd is a spin-off from the trifurcation of the reputed erstwhile DCM Group.
  • The company’s business portfolio consists of Chloro-Vinyl Business, Agri-Rural Business and other Value-Added Businesses.
  • It is amongst one of the most cost efficient producers of products and services in all its businesses and has been continuously striving for operational efficiency.
  • DCM Shriram, across its various businesses is strategically diversified yet operationally integrated company.
  • Some of the businesses feed others, thereby lowering operation costs and making DCM Shriram a highly competitive player.
  • The continued focus of the Govt. on agriculture & infrastructure is expected to fuel growth of the agricultural & PVC industry in India.


Chloro-Vinyl Businesses:

  1. Chlor- Alkali – DCM Shriram’s Chlor-Alkali (Chemicals) buusiness comprises Caustic Soda (Lye and flakes), Chlorine and associated chemicals including Hydrochloric acid, Stable Bleaching powder, Aluminium Chloride, Compressed Hydrogen and Sodium Hypochlorite. The Company has two manufacturing facilities located at Kota (Rajasthan) and Bharuch (Gujarat) with full coal based captive power. The company’s caustic soda capacity at Bharuch is 1345 TPD and at Kota is 498 TPD.
  2. Plastics Business: A highly integrated business, located at the Kota plant, it involves manufacturing of PVC resins and Calcium Carbide with captive production of Acetylene, Chlorine and Coal based power. Company’s raw carbide capacity stands at 340 TPD and PVC capacity stands at 220 TPD.


capacity of 38,000 TCD. These units have a total power cogeneration capacity of 141 MW and are also supported by 350 KLD of Distillery capacity and a 700 TPD refinery.


Agri-Input Businesses:

Shriram Farm Solutions




Other Businesses:

Fenesta Building Systems.


PVC Compounding

Hariyali Kissan Bazaar

Segment Revenue
Particulars FY20 (%) FY19 (%) % growth
Chlor – Vinyl 29 32 -9
Sugar 32 30 7
Shriam Farm Solution 10 9 11
Bioseed 5 6 -17
Fertiliser 13 13 0
Others 11 10 10

Revenue of Sugar business was up by 7% with higher ethanol volumes as well as better realization of Sugar.


  • Ajay S. Shriram – Chairman & MD
  • Vikram S. Shriram – Vice Chairman & MD
  • Amit Agarwal – CFO


Share Holding Pattern:

Major Holdings:

Non – Promoters No. of shares held % shares held
LIC 10514136 6.74
The New India Assurance Company 1706404 1.09
Stepan Holdings Ltd 7085000 4.54
Ristana Services Ltd 4804550 3.08
Salperton Ltd 1650000 1.06
Turnstone Investments Ltd 1566000 1


Share Price Trend:

Share Price Snapshot:

Year Open (Rs.) High (Rs.) Low (Rs.) Close (Rs.)
2010 62.4 69.95 43.35 51.15
2011 52.2 59 37.5 39.75
2012 41 86.4 39.4 68.45
2013 69 73.4 49.1 55.75
2014 57 251.45 51.1 158.55
2015 160.7 161.3 100 133.1
2016 139.2 286.45 107 213.05
2017 214 626.9 211.7 557.9
2018 562.9 628.05 222.55 337.8
2019 338 637 285.05 396.05
2020 400 431.1 175.8 324.15



Source – Annual Report

The overall operating performance of the Company was stable during the year, with businesses like Sugar, Shriram Farm Solutions, Fenesta and Cement registering growth led by better product prices and volumes. Chlor-Alkali business witnessed a sharp decline in product prices as domestic caustic prices aligned with the international prices.

Daily Notifications as on 15th July 2020


1. Scrip code : 509053
Name : Banas Finance Limited
Subject : Announcement under Regulation 30 (LODR)-Scheme of Arrangement
We hereby inform we received an email from our advocate stating that today (i.e 15th July 2020) the Hon’ble NCLT vide video conferencing has approved the scheme of merger under section 230-232 of the Companies Act, 2013 of following companies in the company petition No. CSP 758/MB-II/2020. Proaim Enterprises Limited (First Transferor Company) Axon Ventures Limited (Second Transferor Company) Rockon Enterprises Limited (Third Transferor Company) With Banas Finance Limited (Transferee Company).

2. Scrip code : 532321
Name : Cadila Healthcare Ltd.
Subject : Announcement under Regulation 30 (LODR)-Press Release / Media Release
Zydus Cadila receives final approval from USFDA for Betamethasone Dipropionate Ointment

3. Scrip code : 506395
Name : Coromandel International Limited
Subject : Announcement under Regulation 30 (LODR)-Updates on Acquisition
We refer to our earlier letters dated January 31, 2020 and February 03, 2020 wherein we had informed you about the approval of the Board of Directors of the Company for the acquisition of 50,00,000 equity shares of Rs. 10/- each constituting 50% of the total share capital of Coromandel SQM (India) Private Limited (‘CSQM’), a joint venture between the Company and Soquimich European Holdings BV (‘SQM’). We wish to inform you that the Company and SQM have executed a Share Purchase Agreement on July 10, 2020 for acquisition of 50,00,000 equity shares of Rs. 10/- each constituting 50% of the total share capital of CSQM, for a consideration of Rs. 12 Crores. On completion of the customary closing formalities and transfer of the shares in the name of the Company, which is planned to be completed before July 31, 2020, CSQM would become a wholly owned subsidiary of the Company.

4. Scrip code : 533160
Subject : Announcement Under Regulation 30 (LODR) With Regard To Acquisition Of Shares By Vanita Infrastructure Private Limited, Wholly Owned Subsidiary Of The Company In DB (BKC) Realtors Pvt. Ltd
Acquisition of Shares by Vanita Infrastructure Private Limited, wholly owned subsidiary of the Company in DB (BKC) Realtors Pvt. Ltd

5. Scrip code : 500189
Subject : Intimation Towards Admission Of Petition On The Scheme Of Arrangement Between Indusind Media And Communications Limited (‘IMCL’ Or ‘Demerged Company’) And NXTDIGITAL LIMITED (“NXTDIGITAL Or ‘Resulting Company’) And Their Respective Shareholders.
We would like to inform your good office that the Company’s Petition No. 940 of 2020 towards the Scheme of Arrangement between IndusInd Media and Communications Limited (‘IMCL’ or ‘Demerged Company’) and NXTDIGITAL LIMITED (“NXTDIGITAL or ‘Resulting Company’) and their respective shareholders has been admitted by the Hon’ble National Company Law Tribunal, Mumbai Bench on Wednesday, July 15, 2020 and the final hearing is fixed on Tuesday, July 28, 2020.

6. Scrip code : 533106
Name : Oil India Limited
Subject : Withdrawal Of Demand Notices By Department Of Telecommunications (Dot) On Account Of Licence Fee Based On Adjusted Gross Revenue (AGR)
We write in continuation to our letter of even no. dated 22.01.2020 intimating the Company’s stand on the provisional assessment orders/demand notices issued by DoT & our subsequent reply dated 08.05.2020 in response to SEBI letter no. SEBI/CFD/CMD1/PR/OW/10545/1/2020 dated 05.05.2020 in this regard. In this connection, we would like intimate that Company has received today, letter no. LF&SUC-222 / MiscCorr / Oil India (NLD) / 19-20 dated.13.07.2020 from DoT, Ministry of Communication, Govt. of India communicating the withdrawal of Demand Notices amounting to Rs. 48,489.26 crore issued against the Company for the financial year 2007-08 to 2018-19. The above is for your information and records please.

7. Scrip code : 533274
Name : Prestige Estates Projects Limited
Subject : Prestige Estates Subsidiary Has Acquired Equity Stake In DB (BKC) Realtors Private Limited
Prestige Estates subsidiary has acquired equity stake in DB (BKC) Realtors Private Limited.

8. Scrip code : 718773
Name : Reliance Industries Ltd
Subject : Investment Into Jio Platforms Limited
Jio Platforms Limited, a subsidiary of the Company, today signed binding agreements with Google International LLC pursuant to which Google would invest Rs. 33,737 crore for a 7.73% equity stake in Jio Platforms Limited on a fully-diluted basis. Google is investing at an equity valuation of Rs. 4.36 lakh crore. The transaction is subject to customary regulatory approvals.

9. Scrip code : 513262
Name : Steel Strips & Wheels Ltd
Subject : SSWL Receives New Orders For Over USD 71K From US
SSWL is proud to inform new orders for Mobile Home market from USA. The order comprises of almost 8,200 steel wheels to be executed in the month of August from its Chennai plant. The revenue thus generated would be a total of 71k USD. Similar orders are expected in times to come from other regular customers as the market regains normalcy. This will support further ramping up of production at Chennai steel wheels plant.

10. Scrip code : 532966
Name : Titagarh Wagons Ltd
Subject : Announcement under Regulation 30 (LODR)-Acquisition
Titagarh Wagons Limited (‘the Company’ or ‘TWL’) has acquired the shares held by Matiere S.A.S., France (‘Matiere’), representing 50% of the paid-up share capital of Matiere Titagarh Bridges Private Limited (‘MTBPL’), a Joint Venture Company of TWL. As a result of the above, the shareholding of the Company in MTBPL has changed from 50% to 100% and thus MTBPL has become a wholly-owned subsidiary of the Company w.e.f. 14th July, 2020

DIC India Ltd

DIC India Ltd

Speciality Chemicals

FV – Rs 10; 52wks H/L – 450/242; TTQ – 390; CMP – Rs 360(As On July 7, 2020);                   

      Market Cap – Rs 330.44 Crs

Consolidated Financials and Valuations (Amt in Rs Crs unless specified)


Year Equity Capital Net Worth Long Term Debt Total Sales PAT BV EPS P/E P/BV Promoter’s Holdings
Rs Cr. Rs Cr. Rs Cr. Rs Cr. Rs Cr. Rs Rs


2020-2021 (Q1) 9 304 35 198 6 330.78 6.22 14.47 1.09


2019-2020 9 280 51 791 18 304.91 20.10 17.91 1.18




Manish Bhatia: MD & CEO

Taishi Nojima: COO

Sandip Chatterjee: CFO

Price History:

Peer Comparison:

(All figures in Rs Cr. unless specified)

DIC Ltd Aarti Industries Vinati Organics Navin Flourine

Price (Rs)

360 915.55 975.65 1679.35

FV (Rs)

10 5 1 2

Market Cap

330 15952 10028 8308


9 87 10 10

Net Worth

280 2979 1279 1412

Total Debt

51 1811 1 1


791 4186 1029 1095
Net Profit 18 547 334


EPS (Rs)

20.1 31.4 32.5


BV (Rs)

304.9 171.0 124.5



17.9 29.2 30.0


PB 1.2 5.4 7.8