Earning Call Transcript of Analyst Meeting is attached.
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Dhabriya Polywood reported FY25 revenue of Rs. 235.11 crores, up 11.1% YoY, with EBITDA growing 20.9% to Rs. 37.50 crores and PAT rising 28% to Rs. 18.03 crores. EBITDA margin expanded 130 bps to 16% and PAT margin improved 100 bps to 7.7%, driven by better product mix, operating leverage and stable raw material prices. Q4 FY25 revenue grew 15.9% to Rs. 63.47 crores with PAT up 32.3% at Rs. 5.38 crores. The company has a healthy order book of over Rs. 140 crores in project business (~30% of revenue) and plans Rs. 50-60 crores capex over 2-3 years, mainly for a new WPC Doors facility and South India capacity expansion. Management guided for ~25% revenue growth in FY26 and beyond, targeting debt-free status in 4-5 years through internal accruals. Dividend raised to 7% from 5%.
The earnings show consistent margin expansion and strong order book visibility. Management's 25% growth guidance is ambitious given FY25 delivered only 11% growth (impacted by monsoon delays and GRAP restrictions in Delhi NCR), but the Rs. 140 crore order book, fluted panel growth of ~50%, and capex plans support the outlook. Higher dividend and debt reduction roadmap are positive shareholder actions.