Earning Call Transcript of Analyst Meeting is attached.
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Dhabriya Polywood reported its strongest-ever quarter with Q2 FY26 revenue of INR 67 crores (+15.4% YoY), EBITDA of INR 13.7 crores (+48.9%), and PAT of INR 7.6 crores (+82%). EBITDA margin jumped 460 bps to 20.4% and PAT margin rose 420 bps to 11.4%, driven by premium product mix and stable input costs. H1 FY26 revenue was INR 129.1 crores (+10.6%) with PAT at INR 14.2 crores (+60.3%). The company has an unexecuted order book of ~INR 127 crores, plans INR 15-18 crores capex this year (with INR 50-60 crores over 2-3 years for new WPC doors, fluted panels and Southern India expansion), and is targeting INR 50+ crores from fluted/soffit panels. Management reaffirmed confidence in achieving 20% revenue growth in FY26 and 20-25% growth over the next 3-4 years.
Strong margin expansion and record profitability are positive for shareholders, signaling successful shift to premium products. However, slower-than-expected top-line growth (H1 at ~11% vs. 20-25% target) and management's selective approach on revenue may keep growth-sensitive investors cautious despite margin strength.