Mumbai, June 27 -- India Ratings and Research stated that the affirmation continues to reflect DCW's robust business profile, supported by a diversified product mix with multiple end-use applications.

Further, the company's operational profile is supported by the steady increase in the profitability of its specialty chemicals segment over FY21-FY26, which structurally improves its EBITDA profile.

The higher margins and the lower volatility in the specialty chemicals segment help soften the impact of the weakness and volatility in the commodity chemicals segment, which remained weak over FY24-FY26.

The ratings also benefit from DCW's comfortable credit metrics and adequate liquidity profile, driven by the maintenance of cash and equival...