NSE: ARCHIDPLY · BSE: 532994
ARCHIDPLY IND. LTD
Manufactures wood-based panels, with plywood and allied products forming the core at 68.3% of segment revenue (₹346.61 crore) and laminates at 28.7% (₹145.71 crore). Medium density fibreboard (MDF) makes up a small 3.0% slice at ₹15.29 crore. The plywood segment earned an EBIT of ₹46.58 crore and laminates ₹33.71 crore in FY26, while MDF was a marginal contributor at ₹0.17 crore. Consolidated revenue totalled ₹670.70 crore for FY26 with an EBITDA margin of 6.30%. Raw materials are the single biggest cost at 31.4% of revenue, followed by other operating expenses (18.6%) and employee costs (8.6%), with capex running at just 0.2% of revenue. The business operates in the consumer durables sector under the plywood boards and laminates basic industry. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Plywood & Allied Products (68%), Laminate & Allied Products (29%), Medium Density Fibre Board (3%). Asset-light wood panel maker in consumer durables, cyclically exposed to real estate and construction demand
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 306 | 422 | 436 | 556 | 671 |
| EBITDA (ex other income) | 19 | 24 | 22 | 22 | 41 |
| margin % | 6.4 | 5.7 | 5.0 | 3.9 | 6.1 |
| Owners' profit | 9 | 12 | 7 | (7) | 8 |
| EPS, as reported (₹) | 4.27 | 6.17 | 3.55 | (3.70) | 4.02 |
| ROE % · ROCE % | 9.2 · 16.8 | 11.8 · 20.0 | 6.3 · 10.3 | (7.1) · 5.8 | 7.1 · 15.9 |
| Debt / equity (x) | 0.58 | 0.80 | 1.31 | 1.85 | 1.60 |
| Cash from operations | — | 7 | 11 | (23) | 34 |
| Capex | — | (36) | (77) | (5) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 151 | 162 | 148 | 176 | 168 | 179 | 189 | 198 |
| Profit before tax | (2) | 1 | 1 | 3 | 2 | 4 | 7 | 8 |
| Net profit | (2) | (0) | 1 | 3 | 2 | 3 | 6 | 6 |
| EPS (₹) | (0.88) | (0.05) | 0.29 | 1.33 | 0.81 | 1.59 | 2.83 | 3.12 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Plywood & Allied Products | 96 | 14.3 |
| Laminate & Allied Products | 37 | 5.4 |
| Medium Density Fibre Board | 78 | 11.6 |
| Unallocated | 0 | 0.0 |
| Others | 0 | 0.0 |
| (a) Plywood and Allied Products | 166 | 24.8 |
| (b) Laminates and Allied Products | 74 | 11.0 |
| (c) Medium Density Fibre Board | 104 | 15.4 |
| (e) Others | 0 | 0.0 |
| (d) Others | 0 | 0.0 |
| Plywood and allied products | 84 | 12.6 |
| Laminates and allied products | 32 | 4.8 |
| Total, before eliminations | 671 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CENTURY PLYBOARDS (I) LTD | 14,264 | 49.0 | 5.42 | 24.4 | 10.2 | 11.0 | 20.4 | 12.7 |
| STYLAM INDUSTRIES LIMITED | 5,335 | 30.6 | 5.95 | 24.0 | 10.1 | 13.0 | 18.9 | 16.8 |
| GREENLAM INDUSTRIES LTD. | 5,193 | 55.8 | 4.40 | 19.0 | 4.8 | 4.5 | 20.5 | 10.0 |
| GREENPLY INDUSTRIES LTD | 3,314 | 26.4 | 3.42 | 14.0 | 8.3 | 8.5 | 18.6 | 11.2 |
| GREENPANEL INDUSTRIES LTD | 1,735 | 12.2 | 1.32 | 8.0 | 10.8 | 10.9 | — | 12.9 |
| RUSHIL DECOR LIMITED | 568 | 20.6 | 0.86 | 11.8 | 1.8 | 1.6 | — | 9.6 |
| ARCHIDPLY IND. LTD ◆ | 185 | 11.1 | 1.49 | 8.6 | 9.6 | 7.6 | — | 5.7 |
| ECOBOARD INDUSTRIES LTD. | 157 | — | 6.95 | — | (44.7) | (43.3) | — | (26.2) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.1 | 25.2 | 1 of 10 | 100% |
| P/B | 1.5 | 3.0 | 5 of 13 | 67% |
| ROCE | 7.6 | 4.5 | 5 of 13 | 67% |
| ROE | 9.6 | 4.8 | 4 of 13 | 75% |
| Debt / Equity | 1.5 | 0.4 | 13 of 13 | 0% |
| EBITDA margin | 5.7 | 7.2 | 8 of 13 | 42% |
| Revenue growth | 12.5 | 16.1 | 8 of 13 | 42% |
| Profit growth | 134.0 | 3.8 | 3 of 13 | 83% |
| Market cap | 185 | 185 | 7 of 13 | 50% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 4 Nov 2026 · KFin Technologies moves corporate office effective December 1, 2026 | general | minimal | — | — |
| 4 Nov 2026 · Newspaper notice published for September 2026 quarterly results | compliance | minimal | — | — |
| 3 Nov 2026 · Consolidated revenue up 12.5%, profit after tax up 134% in Sep 2026 quarter | results | high | — | — |
| 3 Nov 2026 · Consolidated quarter ended 30 September 2026: revenue up 12.5%, profit after tax up 134% | results | high | — | — |
| 27 Oct 2026 · Share transfer compliance certificate filed for September quarter | compliance | minimal | — | — |
| 27 Oct 2026 · Board to approve Q2 and half-year results on November 3, 2026 | results | low | — | — |
| 30 Sept 2026 · Archidply AGM 2026 voting results: Both resolutions passed with over 99% approval | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 31st AGM held; financials and director re-appointment resolutions tabled | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 4 Sept 2026 · Archidply publishes newspaper notice for 31st AGM on 29 Sep 2026 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.