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1. At a Glance
DMCC Speciality Chemicals makes sulphuric acid, and then makes chemicals out of sulphuric acid. Revenue for the three months to June 2026 was ₹252.99 crore. The same quarter a year earlier brought in ₹127.02 crore. That is an increase of 99.2%, reported by a company trading since 1919.
Operating profit, the profit from trading before financing and tax, was ₹34.76 crore. A year earlier the figure was ₹16.88 crore. Net profit was ₹20.41 crore, against ₹7.75 crore. That is a rise of 163.4%. Earnings per share, the profit attached to each share, were ₹8.18 against ₹3.11.
For scale, the June 2026 quarter did more revenue than the whole of the 2016-17 financial year. That year brought in ₹175.12 crore. The single quarter was roughly one and a half times larger. The share count has not moved by a single unit since 2017, so the per-share figures carry no dilution.
The company also filed the notice for its 105th annual general meeting, set for 11 September 2026. Few Indian listed companies have occasion to write the ordinal “105th” on an exchange filing. This one wrote it in the same fortnight that it reported its largest quarter on record.
Bulk chemicals and speciality chemicals are the two halves of what the company sells, from plants at Roha and Dahej. Management’s press release of 13 August attributes the quarter’s revenue to higher sulphur prices.
2. Introduction
DMCC Speciality Chemicals Limited was incorporated in 1919, as The Dharamsi Morarji Chemical Company Limited. The old name sounds exactly as old as the company is. It was the first producer of sulphuric acid and phosphate fertilisers in India, a credential that tends to come with a plaque.
The fertiliser business, sold under the “Ship” brand, was discontinued in 2007, according to Crisil, a credit-rating agency. What remains is a fully integrated speciality chemicals business across sulphur, boron and ethanol chemistry. It operates from Roha in Maharashtra and Dahej in Gujarat. The Dahej site arrived through the amalgamation of Borax Morarji Ltd, effective 1 April 2016. A group company folding into its parent is less a merger than a family reunion with paperwork.
Much of the recent news has happened away from the plants. On 1 December 2025 the company disclosed that the Supreme Court had quashed forest declarations over a 52-acre parcel at Nalimbi. Revenue records are to be corrected. In May 2025 the company entered a solar power purchase agreement with AMPYR, a long-term contract to buy electricity, to reduce power costs. That agreement is pending finalisation.
Postal ballot resolutions passed in March 2026. The managing director was re-appointed from 1 April 2026 to 31 March 2029. An independent director was appointed and remuneration was revised. The memorandum and articles of association were altered; those two documents are the company’s founding rulebook.
Crisil reaffirmed its ‘Crisil BBB+/Stable’ rating on 4 May 2026. It enhanced the rated bank loan amount to ₹139.51 crore from ₹130.96 crore. Per Crisil’s report, the rating reflects promoter experience and a large bulk-and-speciality portfolio that limits concentration risk. Crisil’s report also cites an above-average financial risk profile. Against that, it notes moderate working capital requirements, margin susceptibility to raw material prices and regulatory risk.
The subsidiary, DMCC (Europe) GmbH, is wholly owned and based in Germany. Per the auditor’s review report, it recorded total revenues of ₹1.64 lakh for the three months to June 2026.
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3. Business Model: WTF Do They Even Do?
The company makes sulphuric acid, then makes things out of sulphuric acid, then makes things out of those. The model is unusually honest about itself.
Bulk chemicals include sulphuric acid, oleum, chlorosulphonic acid and diethyl ether. Sulphuric anhydride sits on the same list. These go into fertilisers, detergents and dyes. Half of the output is sold externally and half is consumed in-house. The company is one of its own largest customers, in a relationship that presumably never involves chasing payment.
Speciality chemicals are sulphonating agents reacted with organic substrates such as phenol, benzene and methanol. The products include benzene sulphonic acid, benzene sulphonyl chloride and phenol sulphonic acid. 4,4′ dihydroxy diphenyl sulphone is on the list too, among others whose names read as a dare. They serve agrochemicals, detergents, dyes and pigments, and also pharmaceuticals and cosmetics. Somewhere a moisturiser owes its existence to a molecule with a comma in its name.
Boron chemistry is the third line: boric acid, borax pentahydrate, borax decahydrate and trimethyl borate. Zinc borate, Calplus and ammonium pentaborate come off the same line. The buyers are thermal power stations, ceramics and tiles, steel and electroplating.
Roha spans 88,355 square metres and specialises in sulphur chemistry. It runs ten dedicated and three multi-purpose plants and employs 238 people. Dahej focuses on boron and sulphur, with eight dedicated and two multi-purpose plants. It employs 168 people, and half of its land is unutilised. On the May 2026 earnings call with analysts, management confirmed sulphuric acid capacity of roughly 350 tonnes
