The company has reduced its share count over this period, returning value to shareholders through buybacks.
Diluted shares outstanding: 304.6M (2022) → 295.5M (2026)
DCW Limited, an Indian-based heavy chemical manufacturer, operates through distinct segments including Soda Ash, Caustic Soda, PVC, SIOP, and C-PVC. The company produces an extensive array of chemicals, such as C-PVC, synthetic iron oxide pigment, synthetic rutile, sodium bicarbonate, hydrochloric acid, liquid chlorine, trichloroethylene, soda ash, caustic soda, and PVC. Its international market presence includes exports to the United States, Europe, Japan, Malaysia, and the Netherlands. Founded in 1925 as Dhrangadhra Chemical Works Limited, DCW Limited is headquartered in Mumbai, India.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+14.0% YoY
YoY Growth Rate
Steady revenue growth
+200.0% YoY
YoY Growth Rate
EPS growth accelerating
₹0/ year
↓ Declining (-100% vs prior year)
0.0% of revenue
Below sector average (3%)
R&D spend declining — could signal cost-cutting or efficiency
Cash flow positive
₹0 cash & investments
Company generates more cash than it spends — no dilution risk from fundraising
DCW Limited is a rare growth stock that's already generating positive cash flow while growing at 14%. The Winston Score doesn't fully credit this transition from "burner" to "earner."
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
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ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.
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Earnings growing 25%+ a year. The compounder zone.
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FCF margin between 0% and 10%. Some cash from sales, but not a lot.
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Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.
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P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.
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Modest yield. The bulk of any return needs to come from price appreciation.
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