DCW Limited

58 MW

manufacturer of SIOP in the Asia OPERATIONS 2,000+ Employees Zero Effluent and waste Process 58 MW Captive Power Capacity ~2,900 Acres of land available 8.5% 3 year Revenue CAGR 60% 3 year PAT

8.5%

Zero Effluent and waste Process 58 MW Captive Power Capacity ~2,900 Acres of land available 8.5% 3 year Revenue CAGR 60% 3 year PAT CAGR * As on FY24 end FINANCIALS 20% Specialty Chemicals

60%

Process 58 MW Captive Power Capacity ~2,900 Acres of land available 8.5% 3 year Revenue CAGR 60% 3 year PAT CAGR * As on FY24 end FINANCIALS 20% Specialty Chemicals Revenue contribution from

20%

s of land available 8.5% 3 year Revenue CAGR 60% 3 year PAT CAGR * As on FY24 end FINANCIALS 20% Specialty Chemicals Revenue contribution from 0.5% in FY16 0.26x Net Debt to Equity Ratio 1.52x

0.5%

3 year PAT CAGR * As on FY24 end FINANCIALS 20% Specialty Chemicals Revenue contribution from 0.5% in FY16 0.26x Net Debt to Equity Ratio 1.52x Net Debt to EBITDA Ratio 6.1% FY24 ROCE 2 Company

0.26x

R * As on FY24 end FINANCIALS 20% Specialty Chemicals Revenue contribution from 0.5% in FY16 0.26x Net Debt to Equity Ratio 1.52x Net Debt to EBITDA Ratio 6.1% FY24 ROCE 2 Company Overview Busin

1.52x

20% Specialty Chemicals Revenue contribution from 0.5% in FY16 0.26x Net Debt to Equity Ratio 1.52x Net Debt to EBITDA Ratio 6.1% FY24 ROCE 2 Company Overview Business Overview Strategic Overvie

6.1%

nue contribution from 0.5% in FY16 0.26x Net Debt to Equity Ratio 1.52x Net Debt to EBITDA Ratio 6.1% FY24 ROCE 2 Company Overview Business Overview Strategic Overview Industry Overview Financial

14.30%

ds specialty chemicals. Operating Revenue (INR Mn) and EBITDA Margins (%) 24,547 26,338 14,643 14.30% 13.23% 16.27% 18,716 14,624 9.38% 9.41% FY21 FY22 FY23 FY24 9M-FY25 • DCW has an extens

13.23%

alty chemicals. Operating Revenue (INR Mn) and EBITDA Margins (%) 24,547 26,338 14,643 14.30% 13.23% 16.27% 18,716 14,624 9.38% 9.41% FY21 FY22 FY23 FY24 9M-FY25 • DCW has an extensive dist

16.27%

micals. Operating Revenue (INR Mn) and EBITDA Margins (%) 24,547 26,338 14,643 14.30% 13.23% 16.27% 18,716 14,624 9.38% 9.41% FY21 FY22 FY23 FY24 9M-FY25 • DCW has an extensive distribution

9.38%

ue (INR Mn) and EBITDA Margins (%) 24,547 26,338 14,643 14.30% 13.23% 16.27% 18,716 14,624 9.38% 9.41% FY21 FY22 FY23 FY24 9M-FY25 • DCW has an extensive distribution network spanning over

“2,153 2,190 2,033 2,475 1,486 37.1% 32.4% 28.4% 38.0% 33.2% FY21 FY22 FY23 FY24 9M-FY25 Production (in MT) & Capacity utilisation (%) * 11,472 11,263 16,651 14,456 106% 104% 94% 103% 9,802 85% FY21 FY22 FY23 FY24 9M-FY25 * utilization is calculated based on weighted average capacity 15 Speciality Chemicals: SIOP • DCW Ltd.”

“Operating Revenue (INR Mn) and EBITDA Margin(%) 1,539 1,649 1,533 34.5% 34.2% 38.0% 1,075 17.1% 598 16.5% FY21 FY22 FY23 FY24 9M-FY25 Production (in MT) & Capacity utilisation (%) 20,809 21,571 19,740 77% 80% 89% 14,678 54% 10,229 38% FY21 FY22 FY23 FY24 9M-FY25 16 Commodity Chemicals: Soda Ash • DCW Ltd.”

“1,787 8.4% 2,024 -0.7% 3,621 18.7% 2,359 8.6% 1,756 4.4% FY21 FY22 FY23 FY24 9M-FY25 Production (in MT) & Capacity utilisation (%) 95,958 90,697 1,04,959 89% 84% 97% 84,123 78% 68,343 84% FY21 FY22 FY23 FY24 9M-FY25 17 Commodity Chemicals: PVC • DCW’s PVC (Poly Vinyl Chloride) integrated plant is located at Sahupuram , Tamilnadu and is operational from 1970.”

“Application Operating Revenue (INR Mn) and EBITDA Margin(%) 12,434 16.1% 9,279 7,082 13.1% 6,914 5,181 FY21 FY22 -0.8% FY23 -0.8% FY24 -1.0% 9M-FY25 • PVC is used extensively in insulation of cables and pipes, windows and profiles, flooring tiles, curtains and everyday Production (in MT) & Capacity utilisation (%) applications including widespread use in building, transport, packaging, electrical and healthcare applications.”

“• Low per capita consumption of PVC and greater economic development in the fast-growing developing countries of FY21 FY22 FY23 FY24 9M-FY25 China, India and Brazil.”

“Synthetic Rutile Segment Operating Revenue (INR Mn) and EBITDA Margins (%) 9,561 27.1% 6,702 10.1% 3,557 4.4% 5,612 3,586 2.8% -3.4% FY21 FY22 FY23 FY24 9M-FY25 Caustic Soda Production (in MT) & Capacity utilisation (%) 62,845 65% 72,035 75% 80,010 83% 72,530 76% 56,680 79% FY21 FY22 FY23 FY24 9M-FY25 • DCW Ltd.”

“CPVC Phase III 20 KT Expected Completion by Sep25 Balance Capacity Expected Completion by Mar26 Capacity Enhancement from 21,600 TPA to 50,000 TPA Project on track.”

“The debt repayments for the SIOP project had also started which only added to the financial stress, which resulted in further elongating the commercialization of SIOP.”

“Given the capital-intensive nature of this project, the long gestation time for commercialization, and the stringent customer validation process, this product has a significant barrier to entry and would benefit the company by generating sustained stability to the bottom line of the company in the upcoming future.”

“25 Company Overview Business Overview Strategic Overview Industry Overview Financial Overview 26 Chemical Industry Landscape Global Markets • • • • • According to Chemicals Global Market Report 2023, the chemicals market is expected to grow from $5079.29 billion in 2023 to $6851.59 billion in 2027 at a CAGR of 7.8%.”

Products Manufactured

2

Strategic Advantage

2

Awards

1

Direct Co-relations

1

Valorem Advisors Disclaimer

1

Awards

• • • Energy-efficient Unit Award Expert Recognition Award-ministry Of Commerce & Industry Safety Award For The Most Prolonged Accident-free Period Manufacturing Process Flow t l a S i a n o m m A Soda Ash Sodium Bicarbonate Mediate Ammonium Bicarbonate Commodity Chemicals Intermediate Chemicals 8 Sahupuram, Tamil Nadu Manufacturing Facility Location: Tamil Nadu, India Area: ~2,500 acres Installed capacity: 4,72,800 MTPA

Products Manufactured

Caustic Soda, PVC, Soda Ash, C-PVC, SIOP, Synthetic Rutile, Liquid Chlorine, Utox , Hydrochloric Acid, Trichloroethylene, Ferric Chloride, Sodium Bicarbonate, Ammonium Bicarbonate.

Strategic Advantage

• This plant is a multi-purpose, self-sufficient, and completely integrated manufacturing plant with cutting-edge technology. • It has the highest level of safety, product quality, productivity, efficiency, and consistency in the end product. • In proximity to the Tuticorin port provides a logistical advantage for the export markets and tactical raw material procurement. • Equipped with a captive power plant with an installed power generation capacity of 58 MW coal-based co-gen) to meet the entire plant’s power consumption demand. 9 Sahupuram Facility Integrated Manufacturing Process Salt Water Hydrogen Caustic Soda Alumina l a o C Bricks M C V Chlorine HCL Processing l 2 C a C r e t a W n e g o r t i N n i s e R C V P n e g y x O Sulfuric Acid C-PVC Plant Boiler Fly Ash PVC Plant Steam Steam 58 MW Power PVC Resin PVC Pipes e r o w a R Ilmenite Chlorine Hydrochloric Acid (HCL) Hydrogen Leaching Steam Scrap Steam Leach Liquor* Synthetic Iron Oxide Pigment (SIOP) Pigments and Dyes Indust

Direct Co-relations

• Caustic Prices with the Net realization of Surplus Chlorine is sold in the market. • The PVC prices have a direct co-relation to the input cost for CPVC. In-direct Hedge • PVC and Caustic generally witness divergent price movements. PVC Operating Revenue (INR Mn) and EBITDA Margin(%) 7,082 16.10% FY21 3,557 4.40% FY21 12,434 13.10% FY22 6,702 10.10% FY22 9,279 -0.80% FY23 9,561 27.10% FY23 6,914 -0.80% FY24 5,612 2.80% FY24 5,181 -1.00% 9M-FY25 3,586 -3.40% 9M-FY25 Caustic Soda Segment Operating Revenue (INR Mn) and EBITDA Margins (%) 23 Capital Expenditure Update Product Planned Date of Capitalisation Actual Date of Capitalisation Change in Capacity Remarks Investment in Renewable Power Project Expected Project Completion H2-FY25 44.5MW group captive power to substitute 25% of power requirements at Sahupuram. Project on track. CPVC Phase III 20 KT Expected Completion by Sep25 Balance Capacity Expected Completion by Mar26 Capacity Enhancement from 21,600 TPA to 50,000 TPA Project on

Valorem Advisors Disclaimer

Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review. For further details, please feel free to contact our Investor Relations Representatives: Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-4903 9500 Email: d