538715

Dhabriya Poly. financials

Market cap
₹545 Cr
Sector
Capital Goods
Calls analysed
3
Latest concall · Q4 FY26 · call held 27 May 2026

Dhabriya Poly. Q4 FY26

Consolidated Revenue ₹264.48 cr +13%EBITDA ₹54.59 cr +46%EBITDA Margin 20.6% Profit After Tax ₹30.14 cr +67%

What went well

  • Consolidated revenue for FY26 grew 12.5% YoY to INR264.48 crores, demonstrating robust growth.
  • EBITDA margin expanded significantly by 460 basis points to 20.6% in FY26, reflecting strong operating leverage and product mix improvements.
  • PAT for FY26 increased by 67.2% to INR30.14 crores, leading to an EPS of INR27.85.

What to watch

  • FY26 revenue growth of 12.5% fell short of the initial 20-25% target, primarily due to deferred execution of large projects in Maharashtra and Delhi NCR.
  • Working capital temporarily increased in FY26 due to strategic raw material stocking and faster supplier settlements amidst the West Asia crisis, though expected to normalize in FY27.
Read the full call →

What Dhabriya Poly. does

Dhabriya Polywood manufactures PVC/uPVC extruded profile products (wall & ceiling panels, fluted and soffit panels, foam boards, PVC doors), uPVC and aluminium windows, doors and glazing systems, and modular furniture (modular kitchens, wardrobes, institutional and office furniture) as wood-free alternatives to timber-based building products. It runs six manufacturing facilities across Jaipur, Bangalore and Coimbatore and sells through a pan-India network of channel partners and dealers under its Polywood, Dynasty, Studio Arezzo and D-Stona brands, serving residential, commercial and infrastructure projects. It has also begun in-house PVC fluted-panel production and is adding new categories such as WPC wall & ceiling panels, WPC doors, and aluminium window & facade solutions, including a new aluminium windows & facade division at Bangalore (operational) and Jaipur (under implementation).

Segments

  • Profile Extrusion
  • Windows, Doors & Glazing
  • Modular Furniture
Manufacturing facilities
6 plants — Jaipur (3), Bangalore (2), Coimbatore (1); ~5.4 lacs sq ft total manufacturing area
PVC profile & sheet production capacity
27,600 MT/yr
Channel partners / dealer network
800+
Product SKUs
40,000+
Design patents
15
Registered trademarks
7
Founded 1992Headquarters Jaipur, Rajasthan, India Company website

Guidance record · Q4 FY26

what the last two calls moved 12 tracked 1 delivered 1 missed 10 open
  • FY26 EBITDA Margin delivered said Q2 FY26 Promised: 20% for the whole year Q4 FY26: Achieved full-year FY26 EBITDA margin of 20.6%, exceeding the revised-up target of 20%.
  • FY26 Revenue Growth missed said Q4 FY25 Promised: 25% plus growth Q4 FY26: Achieved 12.5% YoY growth for FY26 (INR 264.48 cr), missing the revised target of 20%. Management attributed the shortfall to deferred execution of large project orders.
  • Long-term Revenue Growth revised up said Q4 FY25 Promised: 20% plus for next 3-5 years Q4 FY26: Management revised the long-term target upwards, now targeting 'approximately 30% CAGR revenue growth over the long term'.

All 12 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 10.0%, net profit up 35.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue58 55 63 62 67 +15%66 +20%70 +10%68 +10%
EBITDA9 9 10 12 14 +49%14 +56%15 +44%16 +28%
Net profit4 4 5 7 8 +82%8 +101%8 +55%9 +35%
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 +37.8% 1Y

₹300₹400₹500₹600Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 12 Nov 2025Q4 FY26 — 27 May 2026

1Y: ₹370.3 on 10 Sept 2025 → ₹510.45. High ₹587.1 (19 Aug 2026), low ₹285.95 (30 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
−2.8%
27 May
Q2 FY26
+0.7%
12 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 15.6% a year over 3 years, FY23 to FY26. Operating margin widened to 20.6%.

Year endingFY23FY24FY25FY26
Revenue₹171 Cr₹212 Cr₹235 Cr₹264 Cr
Operating profit₹18 Cr₹31 Cr₹38 Cr₹55 Cr
Operating margin10.8%14.6%16.0%20.6%
Interest₹4 Cr₹5 Cr₹5 Cr₹5 Cr
Depreciation₹4 Cr₹7 Cr₹9 Cr₹10 Cr
Net profit₹8 Cr₹14 Cr₹18 Cr₹30 Cr
Net margin5.0%6.7%7.7%11.4%
Cash from operations₹14 Cr₹32 Cr₹17 Cr₹8 Cr
Free cash flow₹1 Cr₹11 Cr₹5 Cr₹-19 Cr
ROCE12.0%19.0%20.0%26.0%
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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹11 Cr₹11 Cr₹11 Cr₹11 Cr₹11 Cr₹11 Cr
Reserves₹44 Cr₹49 Cr₹58 Cr₹71 Cr₹103 Cr₹119 Cr
Borrowings₹49 Cr₹54 Cr₹57 Cr₹53 Cr₹55 Cr₹76 Cr
Other liabilities₹14 Cr₹16 Cr₹19 Cr₹29 Cr₹30 Cr₹19 Cr
Total liabilities₹117 Cr₹130 Cr₹145 Cr₹165 Cr₹199 Cr₹226 Cr
Fixed assets₹43 Cr₹45 Cr₹63 Cr₹71 Cr₹84 Cr₹90 Cr
Capital work in progress₹7 Cr₹8 Cr₹0 Cr₹5 Cr₹0 Cr₹6 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹68 Cr₹76 Cr₹83 Cr₹88 Cr₹115 Cr₹129 Cr
Total assets₹117 Cr₹130 Cr₹145 Cr₹165 Cr₹199 Cr₹226 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

The ownership split has held steady since Jun 2025. The shareholder count shrank 6% to 7,032.

Promoters
67.8%
FIIs
1.5%
DIIs
0.5%
Public
30.3%

Since Jun 2025

  • DIIs +0.08 pp
  • Public −0.08 pp
  • Promoters 0.00 pp

How it drifted, 12 quarters

Over this window FIIs went from 0.0% to 1.5% — +1.5 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 67.8%, DIIs 0.5%, Public 31.7%.Dec '23: Promoters 67.8%, DIIs 0.6%, Public 31.6%.Mar '24: Promoters 67.8%, FIIs 0.1%, DIIs 0.6%, Public 31.6%.Jun '24: Promoters 67.8%, DIIs 0.5%, Public 31.7%.Sep '24: Promoters 67.8%, Public 32.2%.Dec '24: Promoters 67.8%, Public 32.2%.Mar '25: Promoters 67.8%, FIIs 1.5%, DIIs 0.4%, Public 30.4%.Jun '25: Promoters 67.8%, FIIs 1.5%, DIIs 0.4%, Public 30.4%.Sep '25: Promoters 67.8%, FIIs 1.5%, DIIs 0.4%, Public 30.4%.Dec '25: Promoters 67.8%, FIIs 1.5%, DIIs 0.4%, Public 30.4%.Mar '26: Promoters 67.8%, FIIs 1.5%, DIIs 0.4%, Public 30.4%.Jun '26: Promoters 67.8%, FIIs 1.5%, DIIs 0.5%, Public 30.3%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Dhabriya Poly. above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Digvijay Dhabriya 59.98%unchanged
Ashish Kacholia 5.32%unchanged
Anita Dhabriya 4.34%unchanged
Digvijay Dhabriya Huf 3.05%unchanged
Meru Investment Fund Pcc-Cell 1 FPI fund1.51%unchanged
Gaurav Jain 1.24%unchanged
Prateek Jain 1.02%unchanged
Sandhya Hiran 0.30%unchanged
Usha Jain 0.08%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.

What the price assumes

Attractive

To justify its price of ₹510, this stock must grow earnings at 10% every year for 7 years. Our analysis caps realistic growth at ~51%. At that growth it is worth ₹3824 — upside of 649%.

Growth the price implies
9.9% a year
for 7 years, fading to 4%
It has actually compounded at
51.3% a year
net profit, FY23–FY26 · EPS 51.3%
The gap
-0.4 pp
649% downside if it only repeats history
Price today ₹510.45 Value at the reference growth ₹3,824.47

Change the assumptions yourself →

All earnings calls (3)

Read the Q4 FY26 call →

Learn to analyse Dhabriya Poly.

Guides on how to read this kind of business and the numbers that matter.