DCMSHRIRAM · Diversified
DCM Shriram Ltd. reported revenue of ₹3,977 cr for July to September 2026, +21.5% on the year and +11.6% on the quarter. That is faster than this quarter has grown in recent years (+9.9% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹14,545 cr, +13.8% on the four before.
Operating profit (EBITDA) was ₹291 cr, a margin of 7.3%, −213 bps on the year and −214 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 7.3% to 14.7%). Operating costs grew +24.4%, faster than revenue at +21.5%, so operating profit grew less than sales.
Net profit was ₹106 cr, −33.3% on the year and −84.7% on the quarter, with earnings per share of ₹6.72. Profit before other income, one-offs and tax grew faster, at −15.0%; other income, one-offs or tax held the headline back. The tax rate of 31% is in line with its recent average. Profit over the last four quarters totals ₹1,383 cr, +93.7% on the four before.
On earnings per share of ₹88.46 over the last four quarters, the stock at ₹903.15 trades at 10.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,035 cr | ₹2,399 cr | ₹2,876 cr | ₹2,957 cr | ₹3,367 cr | ₹2,877 cr | ₹3,262 cr | ₹3,272 cr | ₹3,811 cr | ₹3,193 cr | ₹3,564 cr | ₹3,977 cr |
| YoY | — | — | +3% | +9% | +11% | +20% | +13% | +11% | +13% | +11% | +9% | +22% |
| EBITDA margin | 14.7% | 11.0% | 8.6% | 6.1% | 14.7% | 14.1% | 9.3% | 9.4% | 14.0% | 11.1% | 9.5% | 7.3% |
| Other income, % of PBT | 9% | 14% | 16% | 56% | 11% | 8% | 13% | 40% | −8% | 31% | 39% | 18% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 38% | 33% | 37% | 34% | 32% | 34% | 33% | 35% | 34% | −46% | — | 31% |
| Net profit | ₹240 cr | ₹118 cr | ₹100 cr | ₹63.0 cr | ₹262 cr | ₹179 cr | ₹114 cr | ₹159 cr | ₹213 cr | ₹371 cr | ₹693 cr | ₹106 cr |
| YoY | — | — | +75% | +97% | +9% | +52% | +14% | +152% | −19% | +107% | +508% | −33% |
| Core profit YoY | — | — | +91% | +68% | −3% | +63% | +12% | +250% | +1% | −29% | +13% | −15% |
| EPS | ₹15.42 | ₹7.55 | ₹6.43 | ₹4.03 | ₹16.81 | ₹11.47 | ₹7.27 | ₹10.13 | ₹13.60 | ₹23.72 | ₹44.42 | ₹6.72 |
| Flags | · | · | ✓ | 3 | ✓ | ✓ | ✓ | ✓ | ✓ | 4 | 2 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
DCM Shriram Ltd. reported revenue of ₹3,977 cr (+21.5% on the year) and net profit of ₹106 cr (−33.3% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved −15.0% on the year, against −33.3% for reported profit.
None of the 7 checks that could run raised a question.
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