Dhabriya Polywood Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Dhabriya Polywood Ltd filed with BSE on 30 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Dhabriya Polywood reported consolidated revenue of INR264.48 crores for FY26, up 12.5% year-on-year, with EBITDA growing 45.6% and PAT growing 67.2%. Management attributed the margin expansion to product mix improvements and manufacturing efficiencies, while noting that revenue fell short of internal targets due to deferred execution on some large project orders. The company outlined a INR100 crore capex program through FY28 to expand into WPC doors, WPC wall and ceiling panels, and aluminum windows and glazing, alongside an order book of over INR170 crores.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Consolidated revenue: INR264.48 crores (FY26)
p. 4
“For the financial year 2026, consolidated revenue from operations stood at INR264.48 crores versus INR235.11 crores in FY25, registering growth of 12.5%.”
Hitesh Agrawal, page 4 of the filed PDF · View the filing
EBITDA: INR54.59 crores (FY26)
p. 4
“EBITDA increased sharply by 45.6% to INR54.59 crores, while EBITDA margins improved by 460 basis points to 20.6%.”
Hitesh Agrawal, page 4 of the filed PDF · View the filing
Profit after tax: INR30.14 crores (FY26)
p. 4
“Profit before tax grew by 65.3% to INR40.67 crores, and profit after tax increased by 67.2% to INR30.14 crores.”
Hitesh Agrawal, page 4 of the filed PDF · View the filing
Earnings per share: INR27.85 (FY26)
p. 4
“Earnings per share for the year stood at INR27.85 compared to INR16.65 last year.”
Hitesh Agrawal, page 4 of the filed PDF · View the filing
Net worth: INR129.60 crores (FY26)
p. 5
“On the balance sheet side, our net worth increased to INR129.60 crores.”
Hitesh Agrawal, page 5 of the filed PDF · View the filing
Fluted Panel revenue: INR54 crores (FY26)
p. 10
“Yes, Fluted Panel FY26 it was INR54 crores.”
Hitesh Agrawal, page 10 of the filed PDF · View the filing
Fluted Panel revenue: INR38 crores (FY25)
p. 10
“INR38 crores. So INR38 crores to INR54 crores, sir.”
Hitesh Agrawal, page 10 of the filed PDF · View the filing
Modular furniture revenue: INR43 crores (FY26)
p. 6
“16% around INR43 crores came from the modular furniture.”
Hitesh Agrawal, page 6 of the filed PDF · View the filing
PVC and uPVC revenue: INR220 crores (FY26)
p. 19
“PVC and uPVC all together that revenue for the last year, it was INR220 crores.”
Hitesh Agrawal, page 19 of the filed PDF · View the filing
Debt-to-equity ratio: 0.56
p. 16
“See, in the monetary terms I can't say you, but yes, that current level of our debt-to-equity ratio is 0.56.”
Hitesh Agrawal, page 16 of the filed PDF · View the filing
Aluminum windows and facade order book: INR56 crores
p. 12
“INR56 crores is related to the aluminium windows and glazing division.”
Hitesh Agrawal, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — approximately 30% CAGR · long term
stated as an aspiration by Digvijay Dhabriya
p. 4
“Based on our current visibility, we are targeting approximately 30% CAGR revenue growth over the long term while maintaining sustainable EBITDA and PAT margins.”
Digvijay Dhabriya, page 4 of the filed PDF · View the filing
EBITDA margin — 20% plus · FY27
stated firmly by Hitesh Agrawal
p. 9
“See, 20% plus EBITDA margins because see, the kind of the product mix which we have already established and the response that is coming, the order book what we are having for the different product verticals, so this sort of the margin is surely comfortable.”
Hitesh Agrawal, page 9 of the filed PDF · View the filing
Capex — INR100 crores · FY26 to FY28
stated firmly by Digvijay Dhabriya
p. 4
“The Board has approved INR100 crores strategic capital expenditure program to be deployed over financial year '26 to '28.”
Digvijay Dhabriya, page 4 of the filed PDF · View the filing
Capex — INR35 crores to INR40 crores · FY27
stated conditionally by Hitesh Agrawal
p. 14
“So, this financial year also we are projecting around INR35 crores to INR40 crores of capex for this Jaipur facility of aluminum windows and doors and WPC wall and ceiling division, and apart from that, modernization and upgrading our existing lines by high-output extrusion facilities.”
Hitesh Agrawal, page 14 of the filed PDF · View the filing
WPC door revenue contribution — INR15 crores · FY27
stated conditionally by Hitesh Agrawal
p. 8
“Yes, for the current financial year, we are expecting around INR15 crores of minimum contribution from the WPC door and false ceiling wall paneling division, and maybe somewhere around INR40 crores from this aluminum windows and facade division.”
Hitesh Agrawal, page 8 of the filed PDF · View the filing
Aluminum windows and facade division revenue — INR40 crores to INR50 crores · FY27
stated conditionally by Hitesh Agrawal
p. 17
“But in monetary terms in FY27, we are expecting minimum INR40 crores to INR50 crores of revenue contribution from this new division.”
Hitesh Agrawal, page 17 of the filed PDF · View the filing
Volume growth — minimum 20% · FY27
stated conditionally by Hitesh Agrawal
p. 15
“So, from the volume side, 20% we are optimistic that minimum 20 % growth will be there.”
Hitesh Agrawal, page 15 of the filed PDF · View the filing
Modular furniture division growth — 20% to 25%
stated as an aspiration by Hitesh Agrawal
p. 16
“So going forward, furniture division also we are optimistic that it should also have 20% to 25% minimum growth.”
Hitesh Agrawal, page 16 of the filed PDF · View the filing
Fluted Panel division revenue — INR100 crores to INR200 crores · next two years
stated as an aspiration by Hitesh Agrawal
p. 18
“And expecting the level of the INR100 crores to INR200 crores in next two years.”
Hitesh Agrawal, page 18 of the filed PDF · View the filing
PVC profile extrusion revenue potential — more than INR450 crores
stated conditionally by Hitesh Agrawal
p. 6
“But yes, with the existing capacity itself, we can surely achieve more than INR450 crores of revenue for the profile extrusion itself.”
Hitesh Agrawal, page 6 of the filed PDF · View the filing
New capex revenue contribution — INR55 crores to INR60 crores · FY27
stated conditionally by Hitesh Agrawal
p. 19
“So far as the revenue generation from this new capex is concerned, this current FY27, we are projecting somewhere around INR55 crores to INR60 crores revenue addition.”
Hitesh Agrawal, page 19 of the filed PDF · View the filing
Peak borrowings — not to reach 0.75 debt-to-equity
stated firmly by Hitesh Agrawal
p. 16
“So, it definitely it will not reach 0.75.”
Hitesh Agrawal, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said approximately 84% of revenue came from polymer-based PVC/UPVC and 16% from modular furniture, with PBT margin of 16.6% for plastics versus 9% for modular.
Answered by Hitesh Agrawal
Asked by Harshit Khatka: What is the segmental revenue and margin breakup between PVC, UPVC and modular?
p. 6
“So, on PBT level, you can say the modular furniture margins were somewhere around 9% and for the that plastic extrusion and UPVC window, it was 16.6%.”
Hitesh Agrawal, page 6 of the filed PDF · View the filing
Management said the shortfall was due to deferred supplies on a couple of large projects in Maharashtra and Delhi NCR.
Answered by Hitesh Agrawal
Asked by Vishvender Singh: Why did FY26 growth fall short of the 20-25% target previously guided?
p. 7
“Yes, see, that growth was not up to our expectations primarily due to the supplies were deferred for couple of the projects, large projects, especially in the Maharashtra and one or two projects in Delhi NCR also from the buyer side basically.”
Hitesh Agrawal, page 7 of the filed PDF · View the filing
Management pointed to new product verticals like WPC doors and the facade division as high-demand, low-competition areas.
Answered by Digvijay Dhabriya
Asked by Keshav Garg: What gives confidence in achieving 30% CAGR growth versus historical rates?
p. 8
“So, we are very sure that we will get all this because we have a vast experience of construction line. So, we will get a good CAGR around 30% from these sectors, adding these sectors to our existing capacities.”
Digvijay Dhabriya, page 8 of the filed PDF · View the filing
Management said raw material costs rose 15-18% for their business and prices were revised three times, with margins expected to remain above 20%.
Answered by Hitesh Agrawal
Asked by Keshav Garg: How much has raw material cost increased and can margins be sustained?
p. 9
“So as a whole, if we concentrate on our line of business, we can say around 15% to 18% cost of raw material has already increased.”
Hitesh Agrawal, page 9 of the filed PDF · View the filing
Management said price growth is not a reliable factor given volatile raw material costs, and expects minimum 20% volume growth.
Answered by Hitesh Agrawal
Asked by Runit Kapoor: How much of FY27 growth will come from price versus volume?
p. 15
“So, price growth is not the factor which especially in our line of product.”
Hitesh Agrawal, page 15 of the filed PDF · View the filing
Management said aluminum pricing is pass-through, linked to NALCO base rates, so price fluctuations do not create risk.
Answered by Hitesh Agrawal
Asked by Deepak Verma: How does aluminum price volatility affect the business given prices are near all-time highs?
p. 23
“So that risk is not there. In the aluminum business particularly, that price fluctuation risk is doesn't exist because it is a well-accepted practice throughout all the real estate sector.”
Hitesh Agrawal, page 23 of the filed PDF · View the filing
Management said current net advances are over INR7 crores, versus roughly INR5 crores last year.
Answered by Hitesh Agrawal
Asked by Aditya Jain: What advances does the company hold against the current order book?
p. 25
“On current on the net basis, I think it is more than INR7 crores worth of advances we are having with us.”
Hitesh Agrawal, page 25 of the filed PDF · View the filing
Management said focus had been on improving profitability rather than revenue growth, and PBT margin for the division rose about 80%.
Answered by Hitesh Agrawal
Asked by Madhur Rathi: Why has the modular furniture division grown slowly from INR40 crores to INR43 crores?
p. 18
“In fact, our PBT margin they have gone up by about 80% plus as compared to the FY25.”
Hitesh Agrawal, page 18 of the filed PDF · View the filing
Risks flagged
Deferred execution on large project orders affected revenue growth
p. 3
“This shortfall was primarily driven by deferred execution related to the project supply for some of the large project orders.”
Digvijay Dhabriya, page 3 of the filed PDF · View the filing
Raw material supply disruption from the West Asia crisis affecting extrusion inputs linked to crude oil
p. 5
“During the financial year 2026, we consciously took strategic decisions to strengthen our supply chain and vendor ecosystem amid disruption caused by the West Asia crisis in the Q4.”
Hitesh Agrawal, page 5 of the filed PDF · View the filing
Raw material price increases of 15-40% depending on commodity due to crude oil and energy-linked inputs
p. 9
“We all know that you can say in the range of the 15% to 40% price hike has already happened depending on the different commodity pricing.”
Hitesh Agrawal, page 9 of the filed PDF · View the filing
Working capital temporarily increased due to strategic stocking and faster supplier payments
p. 5
“As a result, working capital temporarily increased during the year.”
Hitesh Agrawal, page 5 of the filed PDF · View the filing
Aluminum prices at lifetime highs due to Middle East crisis
p. 15
“In aluminum windows and doors also, currently that LME on the LME aluminum is on the lifetime high.”
Hitesh Agrawal, page 15 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.