BSE: 516003
DUROPLY INDUSTRIES LIMITED
Manufactures and sells plywood and allied wood-panel products under the Duro (premium) and Tower (mid) brands through both in-house production and contract manufacturing. The in-house facility at Rajkot was running at around 70% utilization in early FY26, with management targeting 85%, while contract manufacturing surged 17% in FY26 and in-house grew 2.3%. Duroply Industries also retains a legacy tea segment. The biggest cost driver is raw materials — 30.4% of FY26 revenue — particularly resin and chemical inputs, with roughly 40% of India's plywood chemical inputs imported from the Gulf. FY26 revenue was ₹402.6 crore, with EBITDA at ₹22.4 crore (margin 5.5%, up from 4.8% the prior year), though net profit dropped 62% on higher tax and finance costs. Working capital tightened materially: debtor days fell to 42, inventory to 146 days, and payables to 72 days. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Plywood and allied products (90%), Tea (10%). Cyclical, asset-light plywood manufacturing combining in-house production with contract manufacturing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 191 | 302 | 323 | 372 | 403 |
| EBITDA (ex other income) | 5 | 16 | 12 | 18 | 21 |
| margin % | 2.4 | 5.2 | 3.7 | 4.8 | 5.2 |
| Owners' profit | (6) | 5 | 1 | 8 | 3 |
| EPS, as reported (₹) | (9.77) | 7.40 | 1.25 | 7.88 | 2.83 |
| ROE % · ROCE % | (9.9) · 4.5 | 5.9 · 13.1 | 0.8 · 5.9 | 5.8 · 8.9 | 1.9 · 8.7 |
| Debt / equity (x) | 0.83 | 0.47 | 0.32 | 0.39 | 0.43 |
| Cash from operations | 24 | 2 | (17) | (3) | 2 |
| Capex | (2) | (3) | (1) | (7) | (14) |
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 | 85 | 91 | 90 | 106 | 94 | 104 | 93 | 112 |
| Profit before tax | 1 | 1 | 1 | 3 | 2 | 3 | 1 | 1 |
| Net profit | 3 | 0 | 1 | 3 | 2 | 2 | 1 | (2) |
| EPS (₹) | 1.28 | 1.16 | 1.22 | 4.22 | 1.57 | 2.43 | 1.45 | 2.62 |
Exhibit 3: 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 | 14,295 | 49.1 | 5.44 | 24.3 | 10.2 | 11.0 | 20.4 | 12.8 |
| GREENLAM INDUSTRIES LTD. | 5,416 | 58.2 | 4.59 | 19.6 | 4.8 | 4.5 | 20.5 | 10.8 |
| STYLAM INDUSTRIES LIMITED | 4,918 | 29.0 | 6.09 | 21.5 | 18.6 | 24.6 | 18.9 | 21.5 |
| GREENPLY INDUSTRIES LTD | 3,621 | 36.6 | 4.04 | 14.9 | 10.0 | 12.0 | 18.6 | 11.1 |
| GREENPANEL INDUSTRIES LTD | 1,633 | 11.4 | 1.24 | 6.9 | 10.8 | 10.9 | — | 14.8 |
| RUSHIL DECOR LIMITED | 443 | 19.1 | 0.68 | 9.3 | 1.0 | 1.2 | — | 8.4 |
| ARCHIDPLY IND. LTD | 182 | 13.9 | 1.63 | 8.5 | 7.1 | 6.2 | — | 7.5 |
| ECOBOARD INDUSTRIES LTD. | 156 | — | 6.91 | — | (44.7) | (43.3) | — | (31.2) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.3 | 25.6 | 2 of 10 | 89% |
| P/B | 0.7 | 3.1 | 3 of 13 | 83% |
| ROCE | 3.8 | 4.5 | 8 of 13 | 42% |
| ROE | 1.9 | 4.8 | 8 of 13 | 42% |
| Debt / Equity | 0.4 | 0.4 | 8 of 13 | 42% |
| EBITDA margin | 4.4 | 7.5 | 9 of 13 | 33% |
| Revenue growth | 4.9 | 18.2 | 9 of 13 | 33% |
| Profit growth | (189.7) | 32.2 | 12 of 13 | 8% |
| Market cap | 108 | 187 | 11 of 13 | 17% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · High Court sets aside Rs 58.27 crore tax demand for AY 2018-19 | regulatory legal | high | — | — |
| 6 Oct 2026 · Routine SEBI compliance certificate for Q2 and H1 FY26-27 demat requests | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closes Oct 1 ahead of H1 FY27 results | compliance | minimal | — | — |
| 22 Sept 2026 · Special window for demat of physical shares - newspaper notice | compliance | minimal | — | — |
| 9 Sept 2026 · Duroply Industries launches DURO HDMMR, enters MDF/HDF category | business updates | medium | — | — |
| 4 Sept 2026 · Duroply 69th AGM: Both resolutions approved with near-unanimous majority | compliance | minimal | — | — |
| 4 Sept 2026 · 69th AGM held on September 4, 2026; voting results pending | board shareholder meetings | medium | — | — |
| 20 Aug 2026 · Duroply Industries: Credit Rating Upgraded by India Ratings | credit debt | high | — | — |
| 18 Aug 2026 · Q1 FY27 earnings: revenue up 6.5% YoY, gross margins improve to 35.5% | investor communications | medium | — | — |
| 17 Aug 2026 · Audio recording of Q1 FY27 earnings webinar made available | investor communications | 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.