DCMSHRIRAM · Diversified
DCM Shriram Ltd. reported revenue of ₹3,193 cr for January to March 2026, +11.0% on the year and −16.2% on the quarter. Over the last four quarters revenue comes to ₹13,538 cr, +12.1% on the four before.
Operating profit (EBITDA) was ₹353 cr, a margin of 11.1%, −302 bps on the year and −290 bps on the quarter. Over the last 8 quarters the margin has ranged from 6.1% to 14.7%, averaging 10.9%. Operating costs grew +14.9%, faster than revenue at +11.0%, so operating profit grew less than sales.
Net profit was ₹371 cr, +107.3% on the year and +74.2% on the quarter, with earnings per share of ₹23.72. Profit before other income, one-offs and tax fell 29.3%, so 137 points of the headline growth came from outside the core business. The tax rate was −46% against an average of 34% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹857 cr, +41.9% on the four before.
On earnings per share of ₹54.72 over the last four quarters, the stock at ₹907.20 trades at 16.6 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.
Most of the profit growth did not come from the business. What lifted the gap?
Source: Quarterly statements
A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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 ₹3,193 cr (+11.0% on the year) and net profit of ₹371 cr (+107.3% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved −29.3% on the year, against +107.3% for reported profit.
4 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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