1. Opening Hook
Europe’s chemical industry is down, boron ships took a 100-day vacation, and DMCC discovered that changing distributors is not as easy as changing Wi-Fi passwords. Q2 FY26 wasn’t ugly—it was educational.
Revenue stayed flat quarter-on-quarter, profits slipped sequentially, and management didn’t bother sugarcoating anything. Logistics failed, Europe stopped consuming, and boron—one of DMCC’s profit engines—simply didn’t show up.
Yet, instead of panic, the call had calm explanations, global context, and a refreshing absence of fantasy projections. China is being cautiously courted, Latin America is warming up, renewables are kicking in, and debt reduction continues quietly in the background.
This is not a “hockey stick” quarter. This is a “survive, adapt, and wait for normalization” quarter.
Read on—because honesty like this is rare, and the recovery hinges on just a few moving parts.
2. At a Glance
- Revenue ₹126 cr: Flat QoQ, up 25% YoY—growth stuck in traffic.
- PBT ₹8.3 cr: Down QoQ—boron forgot to board the ship.
- H1 Revenue ₹250+ cr: Scale intact despite chaos.
- Export hit (~₹40 cr): Europe quietly exited the chat.
- Boron loss ~₹10 cr/month: Logistics taught expensive lessons.
- Renewables >80% at Roha: ESG doing real work, not PPT work.
3. Management’s Key Commentary
“It has been a difficult quarter.”
(Translation: Multiple things broke at once.) 😏
“The new distributor had to start from zero.”
(Translation: No stock, no systems, no speed.)
“Lead time went from days to 100 days.”
(Translation: Working capital nightmare unlocked.)
“Europe consumption has come down, not competition.”
(Translation: Customers didn’t switch—factories shut.)
“About ₹10 crore per month of boron revenue was lost.”
(Translation: Yes, that hurt margins.)
“From the second half of Q3, boron will normalize.”
(Translation: Relief is coming, slowly.) 🙂
“We
