516003
Duroply Indust. financials
- Market cap
- ₹119 Cr
- Sector
- Consumer Durables
- Calls analysed
- 6
Duroply Indust. Q4 FY26
What went well
- FY26 Annual Revenue stood at ₹402.6 crores, up 8.3% over the same period last year.
- FY26 EBITDA was ₹22.4 crores, an increase of 25.3% compared to ₹17.9 crores last year.
- Working capital management improved significantly: days debtor reduced to 42 days (from 47), days inventory to 146 days (from 169), and days payable to 72 days (from 117).
What to watch
- Q4 FY26 Profit Before Tax was ₹1.03 crores, including an exceptional one-time loss of ₹27.5 lakh due to changes in the wages code.
- Q4 FY26 Gross Margin stood at 34.3%, down from 37% in Q3 FY26.
What Duroply Indust. does
Duroply Industries manufactures plywood, blockboards, decorative veneers and flush doors under the Duro brand at its manufacturing facility in Rajkot, Gujarat, sourcing timber from certified sustainable forests worldwide. It sells through a network of over 8,000 retail outlets and dealers/distributors across India, serving architects, carpenters, contractors and end consumers. The company combines in-house manufacturing with outsourced/contract production at third-party manufacturing partners to scale capacity without major capital expenditure, and also undertakes contract manufacturing for other brands.
Segments
- Plywood
- Blockboards
- Decorative veneers
- Flush doors
- Contract/outsourced manufacturing
- Manufacturing capacity — plywood
- 6,82,520 sheets/yr
- Manufacturing capacity — decorative veneers
- 6,74,064 sq. m/yr
- Manufacturing capacity — blockboards
- 1,32,920 sheets/yr
- Manufacturing capacity — flush doors
- 62,053 doors/yr
- Retail outlets
- 8,000+
- Plywood sold
- 10 Million+ sq. m (FY25-26)
Guidance record · Q4 FY26
what the last two calls moved 12 tracked 2 delivered 6 missed 4 open- Inventory Days delivered said Q4 FY25 Promised: Inventory days to come down over the next couple of quarters from 165 days. Q4 FY26: Achieved. Full year inventory days reduced to 146, a significant improvement from 169 last year and below the original 165-day level.
- EBITDA Margin (Long-term) missed said Q4 FY25 Promised: Reach 8.5%-9.5% EBITDA margin in 2 years. Q4 FY26: FY26 EBITDA margin came in at 5.56%, missing the annual target of 6-6.5%. This makes the long-term revised goal of 6.5-7% for FY27 more challenging.
- Revenue Growth open said Q4 FY26 Promised: Return to double-digit growth in FY27. Q4 FY26: Management stated they are looking to return to double-digit growth in FY27.
All 12 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 6.5%, net profit down 60.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 91 | 90 | 106 | 94 | 104 +15% | 93 +4% | 112 +5% | 100 +6% |
| EBITDA | 4 | 4 | 5 | 5 | 6 +61% | 5 +23% | 5 −10% | 4 −15% |
| Net profit | 1 | 1 | 3 | 2 | 2 +382% | 1 +17% | -2 −190% | 1 −61% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −37.6% 1Y
1Y: ₹178.1 on 10 Sept 2025 → ₹111.2. High ₹194.65 (23 Oct 2025), low ₹98 (27 Aug 2026).
How the price took the results
close before → close after
- Q4 FY26
- −1.2%
- 27 May
- Q3 FY26
- 0.0%
- 4 Feb
- Q2 FY26
- −2.6%
- 17 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 10.0% a year over 3 years, FY23 to FY26. Operating margin held at 5.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹302 Cr | ₹323 Cr | ₹372 Cr | ₹403 Cr |
| Operating profit | ₹16 Cr | ₹12 Cr | ₹17 Cr | ₹21 Cr |
| Operating margin | 5.3% | 3.8% | 4.6% | 5.2% |
| Interest | ₹7 Cr | ₹8 Cr | ₹7 Cr | ₹9 Cr |
| Depreciation | ₹3 Cr | ₹4 Cr | ₹5 Cr | ₹6 Cr |
| Net profit | ₹5 Cr | ₹1 Cr | ₹8 Cr | ₹3 Cr |
| Net margin | 1.7% | 0.3% | 2.1% | 0.7% |
| Cash from operations | ₹2 Cr | ₹-17 Cr | ₹-3 Cr | ₹2 Cr |
| Free cash flow | ₹0 Cr | ₹-18 Cr | ₹-10 Cr | ₹-14 Cr |
| ROCE | 11.0% | 6.0% | 7.0% | 8.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹6 Cr | ₹6 Cr | ₹8 Cr | ₹10 Cr | ₹11 Cr | ₹11 Cr |
| Reserves | ₹64 Cr | ₹57 Cr | ₹81 Cr | ₹117 Cr | ₹141 Cr | ₹141 Cr |
| Borrowings | ₹68 Cr | ₹59 Cr | ₹46 Cr | ₹48 Cr | ₹79 Cr | ₹73 Cr |
| Other liabilities | ₹71 Cr | ₹82 Cr | ₹90 Cr | ₹86 Cr | ₹100 Cr | ₹76 Cr |
| Total liabilities | ₹209 Cr | ₹205 Cr | ₹225 Cr | ₹260 Cr | ₹332 Cr | ₹302 Cr |
| Fixed assets | ₹98 Cr | ₹102 Cr | ₹102 Cr | ₹103 Cr | ₹117 Cr | ₹125 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹9 Cr | ₹1 Cr | ₹2 Cr |
| Other assets | ₹110 Cr | ₹102 Cr | ₹122 Cr | ₹148 Cr | ₹213 Cr | ₹174 Cr |
| Total assets | ₹209 Cr | ₹205 Cr | ₹225 Cr | ₹260 Cr | ₹332 Cr | ₹302 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +5.03 pp while promoters trimmed −5.02 pp.
- Promoters
- 50.2%
- DIIs
- 0.1%
- Public
- 49.7%
Since Jun 2025
- Public +5.03 pp
- Promoters −5.02 pp
- DIIs −0.01 pp
How it drifted, 12 quarters
Over this window the public went from 41.8% to 49.7% — +7.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 58.1%, DIIs 0.1%, Public 41.8%.Dec '23: Promoters 61.5%, DIIs 0.1%, Public 38.4%.Mar '24: Promoters 55.0%, DIIs 0.1%, Public 44.9%.Jun '24: Promoters 55.0%, DIIs 0.1%, Public 44.9%.Sep '24: Promoters 55.0%, DIIs 0.1%, Public 44.9%.Dec '24: Promoters 55.0%, DIIs 0.1%, Public 44.9%.Mar '25: Promoters 55.2%, DIIs 0.1%, Public 44.6%.Jun '25: Promoters 55.2%, DIIs 0.1%, Public 44.6%.Sep '25: Promoters 50.2%, DIIs 0.1%, Public 49.7%.Dec '25: Promoters 50.2%, DIIs 0.1%, Public 49.7%.Mar '26: Promoters 50.2%, DIIs 0.1%, Public 49.7%.Jun '26: Promoters 50.2%, DIIs 0.1%, Public 49.7%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Procheta Consultants Private Limited newly disclosed 6.41% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Duroply Indust. above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Poushali Sales Private Limited | 11.24% | unchanged |
| Aashray Enterprises Pvt Ltd | 6.67% | unchanged |
| Procheta Consultants Private Limited | 6.41% | newly disclosed |
| Archana Chitlangia | 5.55% | unchanged |
| Nikhilesh Chitlangia | 3.60% | unchanged |
| Sunita Chitlangia | 3.55% | unchanged |
| Sudeep Chitlangia | 3.37% | unchanged |
| Akhilesh Chitlangia | 3.36% | unchanged |
| Abhishek Chitlangia | 3.35% | unchanged |
| Porinju Veliyath | 3.31% | unchanged |
| Sheela Chitlangia | 2.50% | unchanged |
| Jalan Family Office Llp | 2.27% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (6)
Read the Q4 FY26 call →Learn to analyse Duroply Indust.
Guides on how to read this kind of business and the numbers that matter.