NSE: DHABRIYA · BSE: 538715
DHABRIYA POLYWOOD LTD.
Manufactures and installs uPVC profiles, doors and windows, wood-plastic composite (WPC) doors and wall/ceiling panels, fluted panels, and aluminum windows and facades, and through a wholly owned subsidiary makes modular kitchens, wardrobes and furniture under the Studio Arezzo and Dynasty brands. Revenue comes from two segments: Plastic Products (FY26 segment revenue of ₹221.95 crore), covering PVC/uPVC profiles, WPC products, fluted panels and the new aluminum glazing line; and Modular Furniture (FY26 segment revenue of ₹43.59 crore), executed mainly through subsidiaries Dynasty Modular Furnitures and Polywood Green Building Systems. Customers are real-estate developers, builders, contractors, architects, interior designers and retail walk-ins, served through more than 800 channel partners and Studio Arezzo showrooms. Raw materials are the largest cost at 50.6% of FY26 revenue, followed by employees at 15.9% and other operating expenses at 15.0%. The company is mid-investment-cycle, with a ₹100 crore capex programme running from FY26 to FY28, of which ₹27 crore was deployed in FY26, directed at new extrusion capacity, an aluminum windows plant and a WPC door line. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Plastic Products, Modular Furniture. Multi-product building-materials and modular-furniture manufacturer exposed to real-estate and interiors demand
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 134 | 171 | 212 | 235 | 264 |
| EBITDA (ex other income) | 14 | 18 | 31 | 38 | 55 |
| margin % | 10.3 | 10.8 | 14.7 | 16.0 | 20.6 |
| Owners' profit | 5 | 8 | 14 | 18 | 30 |
| EPS, as reported (₹) | 4.70 | 7.84 | 13.01 | 16.65 | 27.85 |
| ROE % · ROCE % | 8.4 · 12.6 | 12.3 · 15.4 | 17.1 · 23.0 | 18.0 · 23.2 | 23.3 · 28.9 |
| Debt / equity (x) | 0.77 | 0.83 | 0.64 | 0.53 | 0.59 |
| Cash from operations | 10 | 14 | 32 | 17 | 8 |
| Capex | (7) | (13) | (20) | (12) | (27) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 59 | 58 | 55 | 63 | 62 | 67 | 66 | 70 |
| Profit before tax | 6 | 6 | 5 | 7 | 9 | 10 | 10 | 12 |
| Net profit | 5 | 4 | 4 | 5 | 7 | 8 | 8 | 8 |
| EPS (₹) | 4.29 | 3.86 | 3.53 | 4.97 | 6.04 | 7.03 | 7.08 | 7.69 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Plastic Products | 61 | 23.1 |
| Modular Furniture | 9 | 3.2 |
| PLASTIC PRODUCTS | 161 | 60.5 |
| MODULAR FURNITURE | 35 | 13.2 |
| Total, before eliminations | 266 | 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. % |
|---|---|---|---|---|---|---|---|---|
| SUPREME INDUSTRIES LTD | 41,024 | 39.5 | 6.65 | 25.3 | 15.5 | 17.9 | 12.0 | 15.0 |
| ASTRAL LIMITED | 36,600 | 63.5 | 9.02 | 33.0 | 13.2 | 16.9 | 15.6 | 15.5 |
| GARWARE HI-TECH FILMS LTD | 16,621 | 42.9 | 6.26 | 33.0 | 12.7 | 16.4 | 16.5 | 30.3 |
| KINGFA SCI & TEC IND LTD. | 9,296 | 41.2 | 6.64 | — | 13.2 | 17.7 | — | 16.9 |
| FINOLEX INDUSTRIES LTD | 8,740 | 14.2 | 1.41 | 10.3 | 9.6 | 11.8 | 3.5 | 20.6 |
| TIME TECHNOPLAST LTD. | 8,001 | 15.7 | 1.92 | 9.0 | 11.4 | 14.0 | 15.2 | 13.3 |
| PRINCE PIPES FITTINGS LTD | 2,861 | 28.0 | 1.74 | — | 4.5 | 5.6 | — | 13.3 |
| APOLLO PIPES LIMITED | 2,122 | — | 2.38 | 28.1 | 0.5 | 1.0 | — | 1.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.4 | 14.4 | 29 of 46 | 38% |
| P/B | 3.8 | 1.6 | 35 of 42 | 17% |
| ROCE | 25.5 | 7.0 | 2 of 56 | 98% |
| ROE | 23.3 | 7.6 | 2 of 45 | 98% |
| Debt / Equity | 0.6 | 0.2 | 35 of 45 | 23% |
| EBITDA margin | 22.4 | 11.6 | 4 of 43 | 93% |
| Revenue growth | 9.9 | 10.6 | 26 of 49 | 48% |
| Profit growth | 54.9 | 20.7 | 16 of 47 | 67% |
| Market cap | 494 | 126 | 14 of 55 | 76% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board meeting set for November 6 to approve September results | results | low | — | — |
| 16 Oct 2026 · Work order worth Rs 11.79 Crore from Conscient Group | business updates | high | — | — |
| 14 Oct 2026 · Work order worth Rs 24.72 Crore from Emaar India and Godrej Properties | business updates | high | — | — |
| 7 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for September 2026 quarter | compliance | minimal | — | — |
| 2 Oct 2026 · Dhabriya Polywood 34th AGM: all 7 resolutions passed, dividend declared | compliance | minimal | — | — |
| 1 Oct 2026 · Dhabriya Polywood bags Rs 4.75 Cr uPVC order from NCC Urban | business updates | high | — | — |
| 30 Sept 2026 · 34th AGM held; dividend declared, director remuneration revised | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Dhabriya Polywood bags Rs 17.40 Cr work order from M3M Group | business updates | high | — | — |
| 29 Sept 2026 · Trading Window Closure for Q2 FY26-27 Results | compliance | minimal | — | — |
| 16 Sept 2026 · Dhabriya Polywood to meet analysts on 23 Sept 2026 | board shareholder meetings | low | — | — |
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.