Dhabriya Poly.

Dhabriya Polywood Limited delivered a robust financial performance in FY26, with consolidated revenue growing 12.5% year-on-year to INR264.48 crores. This growth was accompanied by significant profitability improvements, as EBITDA increased by 45.6% to INR54.59 crores, and PAT surged by 67.2% to INR30.14 crores. The EBITDA margin expanded by 460 basis points to 20.6%, while PAT margin improved from 7.7% to 11.4%, primarily due to better product mix, manufacturing efficiencies, and disciplined execution.

The Board approved a strategic capital expenditure program of INR100 crores to be deployed over FY26-28. In FY26, approximately INR27 crores were already deployed towards expanding PVC and WPC profile extrusion lines, building infrastructure for the aluminum glazing and window division, and modernizing existing lines. The company is actively diversifying into new verticals such as WPC doors, WPC wall and ceiling panels, and aluminum windows, doors, and glazing systems, which are expected to significantly expand its addressable market.

The company achieved its highest-ever order book of INR174 crores, providing strong revenue visibility for the next 18-24 months. This order book is composed of INR84 crores from uPVC windows/doors, INR34 crores from Modular Furniture, and INR56 crores from the newly added aluminum windows and facade division. The aluminum windows and glazing division has already secured over INR50 crores in orders, indicating strong market traction for the new offerings.

Despite strong profitability, FY26 revenue growth of 12.5% fell short of the initial 20-25% target due to deferred execution of large project orders, particularly in Maharashtra and Delhi NCR. The company also experienced a temporary increase in working capital during FY26, attributed to strategic raw material stocking and faster supplier settlements in response to the West Asia crisis. Management expects the working capital cycle to normalize in FY27 as inventories are consumed and supplier payment terms return to normal.

Dhabriya Polywood is highly optimistic about its future, targeting approximately 30% CAGR revenue growth over the long term^⏳. Management is confident in maintaining sustainable EBITDA and PAT margins, with EBITDA margins expected to remain above 20%. This confidence is underpinned by a refined product mix, improved operating leverage, and enhanced manufacturing efficiencies. The new product verticals are expected to contribute significantly to this growth, with INR55-60 crores in additional revenue projected from new capacities in FY27.

The company maintains a diversified brand portfolio, with 'Polywood' serving as the umbrella for polymer-related products, 'Dynasty' for B2B projects, 'Studio Arezzo' for end-to-end interior solutions, and 'D-Stona' for stone substitute products. This strategy allows for product bifurcation and direct client connection. In new segments like WPC doors and aluminum windows/facade, the company leverages its existing builder relationships and a cost-plus pricing model with pass-through clauses to manage raw material price volatility and maintain competitiveness.