Dhabriya Polywood Ltd (DHABRIYA)
🎯 Key Takeaways
- Dhabriya Polywood Ltd is in a clear expansion and scaling phase, transitioning from a mature plastic products manufacturer to a growth-oriented player with ambitions in high-margin aluminum and composite segments. Management is actively investing in capacity and diversification to target 30% CAGR and INR450+ crores revenue by FY28, supported by a record order book and margin expansion.
- Revenue declined 2.1% QoQ to ₹68 in Q1FY27.
- ⚠️ 1) Execution risk in scaling new aluminum and WPC segments amid rising competition and margin pressure. 2) Dependence on project-based supply in key r
- Market Cap
- ₹519
- P/E Ratio
- 16.0
- P/B Ratio
- 4.00
- ROE
- 25.0%
- ROCE
- 23.9%
- Debt/Equity
- 0.59
- Div Yield
- 0.15%
- Promoter
- 67.8%
📖 The Story
Dhabriya Polywood Ltd is in a clear expansion and scaling phase, transitioning from a mature plastic products manufacturer to a growth-oriented player with ambitions in high-margin aluminum and composite segments. Management is actively investing in capacity and diversification to target 30% CAGR and INR450+ crores revenue by FY28, supported by a record order book and margin expansion. The company is leveraging strong profitability and low leverage to fund growth organically.
📰 What's Happening
In its March 2026 earnings call, management highlighted a consolidated revenue of ₹264 crores (12.5% YoY growth), EBITDA of ₹54.59 crores (45.6% growth), and PAT of ₹30.14 crores (67.2% growth), with EBITDA margin expanding to 20.6% and PAT margin to 11.4%. A record INR174 crores order book was driven by new aluminum windows and facade division, with INR56 crores specifically tied to this segment. The company plans to deploy INR27 crores of capex in FY26 for capacity expansion in PVC/WPC extrusion, aluminum glazing, and automation, targeting 30% long-term revenue CAGR and INR450+ crores revenue by FY28 at 85% utilization. Margins are expected to sustain above 20% EBITDA. Short-term revenue shortfall in Maharashtra and Delhi NCR was addressed through expanded builder partnerships and order book diversification.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 62 | 67 | 66 | 70 | 68 |
| Operating Profit | 10 | 11 | 11 | 12 | 13 |
| OPM % | 16.2% | 16.6% | 17.4% | 17.2% | 19.3% |
| Net Profit | 7 | 8 | 8 | 8 | 9 |
| EPS | ₹6.05 | ₹7.03 | ₹7.08 | ₹7.69 | ₹8.18 |
Quarterly revenue has shown a steady upward trend, rising from ₹62 crores in June 2025 to ₹70 crores in March 2026, with operating profit and margins also improving. EBITDA margin expanded from 16.2% in June 2025 to 19.3% in June 2026, and PAT grew from ₹7 crores to ₹9 crores over the same period, reflecting operational efficiency and scale. This trajectory aligns with management's disclosed capex-driven expansion and order book growth, indicating that profitability gains are being driven by both volume growth and margin accretion from higher-value segments like aluminum.
🔮 Management Outlook & What's Next
Management has explicitly targeted 30% long-term revenue CAGR, aiming for INR450+ crores in revenue by FY28 at 85% capacity utilization, with sustained EBITDA margins above 20%. Capex of INR27 crores is being deployed in FY26 for capacity expansion in PVC/WPC extrusion, aluminum glazing, and automation, underpinning the growth strategy. The company views its new aluminum windows and facade division as a key contributor to future margin sustainability and segmental diversification.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 11 | 11 | 11 | 11 |
| Reserves | 89 | 80 | 119 | 103 |
| Borrowings | 53 | 49 | 76 | 55 |
| Total Liabilities | 181 | 176 | 226 | 199 |
| Fixed Assets | 77 | 80 | 90 | 84 |
| Investments | 2 | 0 | 0 | 0 |
| Total Assets | 181 | 176 | 226 | 199 |
The balance sheet shows a stable capital structure with equity and reserves at ₹11 + ₹119 crores as of March 2026, while borrowings increased to ₹76 crores from ₹55 crores a year ago, indicating modest leverage to fund expansion. Total assets grew to ₹226 crores from ₹199 crores, reflecting investments in capacity. Despite rising debt, leverage remains low at D/E of 0.53, and equity remains stable, suggesting capital is being deployed cautiously with manageable financial risk.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +17 |
| Investing | -12 |
| Financing | -5 |
| Net Cash Flow | +1 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 67.8% | 67.8% | 67.8% | 67.8% |
| FII | 1.5% | 1.5% | 1.5% | 1.5% |
| DII | 0.4% | 0.4% | 0.4% | 0.5% |
| Public | 25.2% | 25.2% | 25.1% | 24.2% |
| # Shareholders | 7,547 | 7,417 | 7,235 | 7,032 |
Promoter holding remains stable at 67.75% over the last four quarters, indicating confidence from management. FII shareholding is minimal at 1.51% but consistent, while DII has slightly increased from 0.37% to 0.45% in Q1FY27, suggesting modest institutional interest. The number of public shareholders has gradually increased from 7,032 to 7,547, reflecting retail broadening. No significant exits or accumulations are evident, but the stable promoter stake and gradual retail expansion may support long-term stability.
⚖️ Peer Comparison — Plastic products
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| SUPREMEIND | 44,023 | 42.6 | 22.1% | — | 0.00 |
| ASTRAL | 36,950 | 64.2 | 20.0% | — | 0.04 |
| SHAILY | 13,990 | 79.1 | 33.8% | — | 0.34 |
| FINPIPE | 9,385 | 15.2 | 12.7% | — | 0.07 |
| TIMETECHNO | 9,075 | 17.8 | 20.9% | — | 0.22 |
| KINGFA | 8,827 | 39.1 | 39.9% | — | 0.05 |
| SAFARI | 7,011 | 42.5 | 19.8% | — | 0.00 |
| RESPONIND | 4,504 | 44.5 | 7.5% | — | 0.12 |
| VIPIND | 4,171 | — | -43.7% | — | 1.42 |
| PRINCEPIPE | 2,820 | 27.1 | 8.0% | — | 0.17 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Execution risk in scaling new aluminum and WPC segments amid rising competition and margin pressure. 2) Dependence on project-based supply in key regions like Maharashtra and Delhi NCR, which can cause revenue volatility. 3) Capex deployment may strain cash flows if order book growth slows or project delays persist. 4) Low institutional coverage and limited float could lead to higher volatility and limited liquidity.
📋 Recent Filings
- 🔴 Announcement2026-09-30Dhabriya Polywood Ltd announced it received a work order from M3M Group for aluminum doors and windows facade works valued at ¥ 17.40 Crore including …
- Announcement2026-09-29Dhabriya Polywood Ltd announced the closure of its trading window from October 1, 2026, until 48 hours after the release of un-audited Q2 and H1 2026 …
- 🔴 Announcement2026-09-16Dhabriya Polywood Ltd announced an analyst and institutional investor meeting scheduled for Wednesday, 23 September 2026, conducted via video conferen…
- 🟡 Board Meeting2026-09-09Dhabriya Polywood Ltd announced that September 23, 2026 will be the record date for determining shareholders eligible for remote e-voting at the upcom…
- 🔴 annual report2026-09-08Dhabriya Polywood Ltd revised its FY 2025-26 annual report to correct a cover page error listing FY 2026-27. The report highlights record revenue and …
- 🟡 Board Meeting2026-09-07Dhabriya Polywood Ltd announced its 34th Annual General Meeting will be held on September 30, 2026 via video conference. Shareholders will vote on ado…
- 🔴 annual report2026-09-07Dhabriya Polywood reported record FY25-26 performance with ₹3,014 crore net profit and ₹27.85 EPS, driven by strong segment growth. Chairman Digvijay …
- 🟡 Board Meeting2026-09-07Dhabriya Polywood announced a book closure from September 24 to 30, 2026, to finalize records for a final dividend payment and the upcoming Annual Gen…
- 🟡 concall transcript2026-03-31Dhabriya Polywood reported consolidated revenue of **₹264 crores** (12.5% YoY growth), EBITDA of **₹54.59 crores** (45.6% growth) and PAT of **₹30.14 …
🧠 Analyst's Read
Dhabriya Polywood is executing a clear growth strategy backed by strong profitability, rising margins, and a growing order book, with management targeting 30% CAGR and margin sustainability above 20%. The company is transitioning into a higher-growth phase through capacity expansion and product diversification, but investor attention should focus on execution of new segment ramp-up and sustainability of margin gains amid competitive pressures.
Based on filing content and financial data. Not a recommendation.
Read the full analysis
Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.
Sign Up Free — Unlock Full Analysis2 free AI queries per day.
Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-30.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
📡 Get AI alerts when DHABRIYA files new disclosures
Track DHABRIYA filings, board meetings, and corporate actions. Free email alerts at 5 PM.
Track DHABRIYA — FreeFree account · 2 AI queries/day