DMCC Speciality Chemicals Ltd(DMCC)

NSE: DMCCBSE: 506405

₹ 290.4-2.04%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 724 crNext results: 30 Oct 2026Website: www.dmcc.comUpdated: 24 Oct 2026

About

DMCC Speciality Chemicals makes sulfuric acid and other bulk chemicals, sulphur-based specialty chemicals and boron chemicals at plants in Roha and Dahej. Revenue was Rs 581.58 Cr in FY26. Management said most of the growth came from passing higher raw-material prices on to customers, not from higher volumes. In FY26 the specialty share of the business was below the company's own 50% threshold for calling itself a true specialty company.^[1][2]

Business segments

Specialty chemicals made up about 50% of revenue in FY25 and 42% in Q4 FY25.^[3]
As of Q4 FY26, specialty chemicals were still below the 50% share the company sets for the 'true specialty' label. At the time of the name change, specialty was about 60-70% of the business.^[2]
Boron chemicals brought in about Rs 100 Cr in FY25. About 70% of this is commodity boric acid and borax, and 30% is specialty boron products.^[3]
Specialty chemicals revenue was about Rs 210 Cr in FY25. Management said it could reach Rs 400+ Cr at optimum use of the existing reactors.^[3]

Plants and capacity

As of Q4 FY26, sulfuric acid capacity was about 350 tons/day at Roha and about 350 tons/day at Dahej.^[2]
The commodity (sulfuric acid) segment ran at 95-100% utilisation in Q2 FY26, compared with 90-95% in FY25.^[4][3]
Specialty chemicals utilisation was about 50% or slightly below in Q2 FY26, compared with 50-60% in Q4 FY25.^[4][3]
In FY25, specialty chemicals utilisation ranged from 50% to 85% depending on the product line.^[5]
A solar plant was commissioned at Roha at the end of Q2 FY26. It is expected to meet more than 80% of Roha's electricity needs.^[4]
The company had 451 permanent employees as of 31 March 2025.^[5]

Raw materials and supply disruptions

In March 2026, sulfur imports through the Strait of Hormuz were disrupted. Roha ran at about 60% capacity for about 15 days. Dahej was not affected because it buys sulfur in India.^[2]
As of Q4 FY26, the company held 15-20 days of sulfur inventory at each location (about 1,500 tons).^[2]
Supply of boron ore from Turkey was disrupted in H1 FY26, which stopped the boron plants for a few months. They restarted at full capacity in H2 FY26.^[2]
Boron ore buying moved to advance payments made 90-120 days before delivery. As of FY26, working capital was still under 2 months of sales.^[2]

Customers and export markets

In FY25, sales in India were Rs 343.64 Cr and exports were Rs 82.16 Cr.^[5]
Exports were 18% of revenue in Q4 FY25.^[3]
Total exports were once about Rs 100-120 Cr, of which about Rs 40 Cr went to Europe. As of Q2 FY26, the European specialty business had practically disappeared.^[4]
As of Q4 FY26, management said most of the lost European business had been replaced with Latin American customers. Japan, Korea and China are also being developed.^[2]
As of Q2 FY26, no existing US customer had stopped buying because of the new US tariffs.^[4]

Products and R&D

A specialty product used to make a polymer for enhanced oil recovery began initial commercial sales by Q4 FY26. Other boron specialty products are in development.^[2]
Products now in R&D are expected to reach the commercial stage in FY27 or FY28.^[2]
R&D spending was Rs 1.94 Cr in FY25. In Q4 FY26, management called the current level of about Rs 2 Cr a year insufficient and said it would increase.^[3][2]
As of Q2 FY26, process development covered new thiophenol variants, newer specialty borates, and uses in polymers and electroplating chemicals.^[4]

Capex and plans

About Rs 10 Cr of capex was approved for FY26, and a similar amount is expected for FY27. No major expansion is planned.^[4]
If the title to the Nalimbi land is transferred, the proceeds from selling it are to be used for capex or to reduce debt.^[2]
Management expects specialty capacity utilisation in FY27 to be better than in FY26.^[2]

Market Cap

₹724 Cr

High / Low

₹374 / 195

Stock P/E

18.1

Price / Book

2.9

Book Value

₹100

EPS

₹11.0

No. of Shares

2.49 Cr

ROCE

15.9%

ROE

11.5%

OPM

8.3%

Debt / Equity

0.35

Sales

₹582 Cr

Net Profit

₹27 Cr

Promoter holding

53.8%

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