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1. At a Glance
Quarterly revenue of ₹252.99 crore against ₹127.02 crore a year earlier — a 99.2% increase, which is the kind of number a 107-year-old chemical company is not generally expected to produce without someone checking the arithmetic twice. Operating profit came in at ₹34.76 crore versus ₹16.88 crore. Net profit was ₹20.41 crore against ₹7.75 crore, up 163.4%. EPS: ₹8.18, against ₹3.11.
For scale, the June 2026 quarter alone did more revenue than the company’s entire FY2017 financial year (₹175.12 crore) — no, roughly one and a half times more, which is a strange sentence to write about a business whose share count has not moved a single unit since 2017.
The company also filed its 105th Annual General Meeting notice, scheduled for September 11, 2026. Very few Indian listed companies have to spell out the ordinal “105th” on a stock exchange filing, and fewer still have to do it in the same fortnight they report their largest quarter on record.
Management’s own press release of August 13 attributes the quarter’s revenue to higher sulphur prices. What sulphur was doing, and why the Strait of Hormuz has an opinion about a plant in Raigad district, is where this gets interesting.
2. Introduction
DMCC Speciality Chemicals Limited — formerly The Dharamsi Morarji Chemical Company Limited, a name that sounds exactly as old as it is — was incorporated in 1919. It was the first producer of sulphuric acid and phosphate fertilisers in India, which is the sort of credential that comes with a plaque somewhere.
The fertiliser business, sold under the “Ship” brand, was discontinued in 2007, per Crisil’s report. What remains is a fully-integrated speciality chemical player across sulphur, boron, and ethanol chemistry, operating out of Roha in Maharashtra and Dahej in Gujarat. The Dahej facility arrived via the amalgamation of Borax Morarji Ltd, effective April 1, 2016 — a group company folding into its parent, which in corporate terms is less a merger than a family reunion with paperwork.
The recent stretch has been eventful in ways that mostly happened elsewhere. On December 1, 2025, the company disclosed that the Supreme Court had quashed forest declarations over a 52-acre parcel at Nalimbi, with revenue records to be corrected. In May 2025 it entered a solar power PPA with AMPYR to reduce power costs, pending finalisation. In March 2026, postal ballot resolutions passed: the Managing Director re-appointed for April 1, 2026 to March 31, 2029, an independent director appointed, MOA and AOA altered, remuneration revised.
Crisil reaffirmed its ‘Crisil BBB+/Stable’ rating on May 4, 2026, and enhanced the rated bank loan amount to ₹139.51 crore from ₹130.96 crore. Per Crisil’s report, the rating reflects promoter experience, a large bulk-and-speciality portfolio limiting concentration risk, and an above-average financial risk profile, partially offset by moderate working capital requirements and 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 June 2026 quarter.
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3. Business Model: WTF Do They Even Do?
They make sulphuric acid, and then they make things out of sulphuric acid, and then they make things out of those things. That is the model, and it is unusually honest about itself.
Bulk chemicals — sulphuric acid, sulphuric anhydride, oleum, chlorosulphonic acid, diethyl ether — go into fertilisers, detergents and dyes. Half of this output is sold externally and half is consumed in-house, which means the company is one of its own largest customers, a relationship that presumably never involves chasing payment.
Speciality chemicals are sulphonating agents reacted with organic substrates such as phenol, benzene and methanol: benzene sulphonic acid, benzene sulphonyl chloride, phenol sulphonic acid, 4,4′ dihydroxy diphenyl sulphone, and others whose names are less product listings than a dare. These serve agrochemicals, detergents, dyes, pigments, pharmaceuticals and cosmetics. Somewhere in the world, a moisturiser owes its existence to a molecule with a comma in its name.
Boron chemistry runs a third line — boric acid, borax pentahydrate, borax decahydrate, trimethyl borate, zinc borate, Calplus, ammonium pentaborate — feeding thermal power stations, ceramics and tiles, steel, and electroplating.
Roha spans 88,355 sq. mt., specialises in sulphur chemistry, runs 10 dedicated and 3 multi-purpose plants and employs 238 people. Dahej spans 1,03,32 sq. mt., focuses on boron and sulphur, runs 8 dedicated and 2 multi-purpose plants, employs 168, and has 50% of its land unutilised. On the May 2026 concall, management confirmed sulphuric acid capacity of roughly 350 TPD at each site.
Utilisation splits the personality of the business neatly: bulk chemicals run at 90–95%, speciality at 50–60%. Management stated on the concall that speciality is “not a production limitation… it’s a market limitation” — the plants are ready; the buyers are the constraint.
FY25 segment revenue was 56% bulk and 44% speciality. Management noted on the concall that
