EUROBOND

Euro Panel financials

Market cap
₹367 Cr
Sector
Capital Goods

What Euro Panel does

Euro Panel Products Limited makes Aluminium Composite Panels (ACP), Aluminium HPL Panels, Zinc Composite Panels and Fire Retardant panels used for façade cladding, wall cladding, interior paneling, ceilings, signage and partitions. Manufacturing is done at its Umbergaon (Gujarat) facility across five production lines plus an in-house 3-coat 2-bake continuous colour coating line. Products reach customers through a network of distributors, depots and retail touchpoints across India, with exports to more than 20 countries.

Segments

  • Aluminium Composite Panel (ACP)
  • Aluminium HPL Panel (AHPL)
  • Zinc Composite Panel (ZCP)
  • Fire Retardant Panels
Manufacturing production lines
5 (Umbergaon, Gujarat)
Daily production capacity
7,000 sq. m/day (upgraded from 5,000 sq. m/day)
Annual production volume (FY25)
49,38,001 sq. m
Coating line capacity
750 tonnes/month (3-coat 2-bake continuous line)
Distributor network
100+
Retail touchpoints
5,000+
Founded 2002Headquarters Mumbai, MaharashtraEmployees 512 (FY25) Company website

Quarterly results

Q1 FY27: revenue up 14.1%, net profit down 13.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue99 106 118 105 130 +31%128 +21%141 +20%120 +14%
EBITDA9 12 13 12 15 +59%13 +16%15 +16%13 +9%
Net profit5 4 6 6 7 +45%6 +36%9 +41%5 −13%
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 −35.5% 1Y

₹140₹160₹180₹200₹220₹240Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹233.28 on 10 Sept 2025 → ₹150.46. High ₹233.78 (11 Sept 2025), low ₹136.68 (30 Mar 2026).

Financials, as filed

Revenue grew 19.1% a year over 1 year, FY25 to FY26. Operating margin widened to 11.0%.

Year endingFY25FY26
Revenue₹423 Cr₹504 Cr
Operating profit₹42 Cr₹56 Cr
Operating margin9.9%11.0%
Interest₹11 Cr₹12 Cr
Depreciation₹7 Cr₹9 Cr
Net profit₹18 Cr₹27 Cr
Net margin4.4%5.4%
Cash from operations₹9 Cr₹-3 Cr
Free cash flow₹-12 Cr₹-21 Cr
ROCE16.0%17.0%
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₹18 Cr₹24 Cr₹24 Cr₹24 Cr₹24 Cr₹24 Cr
Reserves₹14 Cr₹66 Cr₹76 Cr₹90 Cr₹121 Cr₹136 Cr
Borrowings₹54 Cr₹32 Cr₹55 Cr₹92 Cr₹129 Cr₹161 Cr
Other liabilities₹55 Cr₹63 Cr₹67 Cr₹75 Cr₹66 Cr₹66 Cr
Total liabilities₹141 Cr₹185 Cr₹222 Cr₹281 Cr₹341 Cr₹388 Cr
Fixed assets₹25 Cr₹29 Cr₹27 Cr₹32 Cr₹84 Cr₹92 Cr
Capital work in progress₹3 Cr₹0 Cr₹5 Cr₹32 Cr₹1 Cr₹3 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹1 Cr
Other assets₹113 Cr₹156 Cr₹189 Cr₹218 Cr₹256 Cr₹293 Cr
Total assets₹141 Cr₹185 Cr₹222 Cr₹281 Cr₹341 Cr₹388 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, FIIs trimmed −0.89 pp while promoters added +0.55 pp. The shareholder count grew 187% to 3,107.

Promoters
63.9%
DIIs
1.3%
Public
34.8%

Since Jun 2025

  • FIIs −0.89 pp
  • Promoters +0.55 pp
  • Public +0.34 pp

How it drifted, 12 quarters

Over this window the public fell from 39.3% to 34.8% — −4.5 pp.

Sep '22Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '22: Promoters 60.6%, DIIs 0.1%, Public 39.3%.Mar '23: Promoters 60.6%, Public 39.4%.Sep '23: Promoters 62.8%, Public 37.2%.Mar '24: Promoters 62.8%, DIIs 0.9%, Public 36.3%.Sep '24: Promoters 63.4%, DIIs 1.0%, Public 35.6%.Dec '24: Promoters 63.4%, FIIs 0.9%, DIIs 1.2%, Public 34.5%.Mar '25: Promoters 63.4%, FIIs 0.9%, DIIs 1.4%, Public 34.4%.Jun '25: Promoters 63.4%, FIIs 0.9%, DIIs 1.3%, Public 34.4%.Sep '25: Promoters 63.4%, DIIs 1.3%, Public 35.3%.Dec '25: Promoters 63.4%, DIIs 1.3%, Public 35.3%.Mar '26: Promoters 63.9%, DIIs 1.3%, Public 34.8%.Jun '26: Promoters 63.9%, DIIs 1.3%, Public 34.8%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

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

HolderStakeChange
Rajesh Nanalal Shah 27.48%unchanged
Krishna Rajesh Shah 16.34%unchanged
Divyam Rajesh Shah 9.07%unchanged
Rajesh Nanalal Shah Huf 4.90%unchanged
Yashvi Rajesh Shah 3.26%unchanged
Divya Ply Agency Private Limited 2.86%unchanged
Suresh Gada 2.70%unchanged
Rinkal Rahul Gada 2.69%unchanged
Paresh Chimanlal Shah 1.68%unchanged
Bhavesh Chimanlal Shah 1.68%unchanged
Vinesh Chimanlal Shah 1.68%unchanged
Rakesh Chimanlal Shah 1.68%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 ₹150, this stock must grow earnings at 5% every year for 7 years. Our analysis caps realistic growth at ~43%. At that growth it is worth ₹1008 — upside of 570%.

Growth the price implies
5.2% a year
for 7 years, fading to 4%
It has actually compounded at
43.1% a year
net profit, FY25–FY26 · EPS 43.1%
The gap
-0.4 pp
570% downside if it only repeats history
Price today ₹150.46 Value at the reference growth ₹1,007.72

Change the assumptions yourself →

Learn to analyse Euro Panel

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