Any current/future new fundraising through debt or equity?

Currently, there are no plans for raising new loans or debt, as stated by CFO Hitesh Agarwal. The company has completed payments for the Bangalore factory and procured machines without requiring new loans. Any regular capex planned will be funded through internal accruals, not external borrowing. Existing EMI-based loans of around INR 25-26 crores are being repaid regularly, with about INR 6-7 crores repaid annually. There was a promoter shareholding reduction for personal reasons, but no further promoter holding sale is currently planned. No mention of equity fundraising was made in the call

Any current/future capex/capital investment/strategic investment?

No new large-scale capex planned for Jaipur or Coimbatore plants as current capacities have been enhanced and fully implemented. Bangalore factory: Ongoing capex for UPVC door, profile, and fluted panel extrusion; machines being procured and installed to cater to growing demand for fluted panels. Current regular capex will be funded from internal accruals; no plans for new loans. Existing loan repayments ongoing (~INR6-7 crores per year), primarily EMI-based loans totaling around INR25-26 crores. Modular furniture vertical has plans for expansion of retail stores (already 2 stores operational;

Future growth expectations in sales/revenue/volumes?

The company expects a revenue growth of about 20% to 25% for the financial year 2024 compared to 2023. PVC fluted panel product sales have shown strong growth, with revenues increasing from around INR3 crores in FY23 H1 to over INR10 crores in H1 FY24; full-year revenue for fluted panels is projected at INR25 crores with expectations to double next year. Order book for project-related business stands at around INR120 crores, reflecting growing demand. Capacity utilization can increase from current ~60% to 85-90% without additional expansion. New product launches and market expansion (e.g., flu

Future growth expectations in earnings/operating earnings/profits/EPS?

Company projects revenue growth of 20% to 25% for the full financial year 2024 compared to 2023. EBITDA margins have improved significantly from 9% in FY23 to 14% in H1 FY24, indicating margin expansion. Operating margin improvement driven by normalization of input prices, especially PVC, and growth in higher-margin products like fluted panels. Fluted panels revenue expected to reach INR 25 crores in FY24 and likely to double in the next year, contributing to future earnings growth. Strong order book of over INR 100 crores in project-related business supports sustained revenue visibility. The

Current/ Expected Orderbook/ Pending Orders?

As of September 30, 2023, the company had an order book of approximately INR 120 crores. This includes execution of about INR 40 crores from the earlier INR 100 crores order book as of March 31, 2023. New orders worth INR 60 crores were added in the first half of the current financial year, leading to a total order book of INR 120 crores. The order book is split between UPVC windows and doors and modular furniture projects. Order inflows for the current financial year (six months) are around INR 60 crores. Order conversion cycles typically range from 12 to 30 months depending on the project sc

Dhabriya Polywood LtdQ2 FY24Industrial Products

Dhabriya Polywood Ltd Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹436.35P/E: 14.6Market Cap: ₹472 CrSector: Industrial Products

Management growth scorecard

Revenue

Category 2

Margin

Category 1

Fundraise

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

The company expects a revenue growth of about 20% to 25% for the financial year 2024 compared to 2023.
PVC fluted panel product sales have shown strong growth, with revenues increasing from around INR3 crores in FY23 H1 to over INR10 crores in H1 FY24; full-year revenue for fluted panels is projected at INR25 crores with expectations to double next year.
Order book for project-related business stands at around INR120 crores, reflecting growing demand.
Capacity utilization can increase from current ~60% to 85-90% without additional expansion.
New product launches and market expansion (e.g., fluted panels extrusion starting in Bangalore and increased extrusion in Coimbatore) support growth.
UPVC window and door sales, modular furniture segment, and new stores planned indicate diversified growth avenues.

Margin guidance

Category 1

Company projects revenue growth of 20% to 25% for the full financial year 2024 compared to 2023.
EBITDA margins have improved significantly from 9% in FY23 to 14% in H1 FY24, indicating margin expansion.
Operating margin improvement driven by normalization of input prices, especially PVC, and growth in higher-margin products like fluted panels.
Fluted panels revenue expected to reach INR 25 crores in FY24 and likely to double in the next year, contributing to future earnings growth.
Strong order book of over INR 100 crores in project-related business supports sustained revenue visibility.
The company expects steady repayment of loans, funded mainly by internal accruals, supporting financial stability for future growth.
Management emphasizes ongoing market penetration and capacity utilization improvements without immediate plans for major capex, indicating efficient growth.
Overall earnings growth is supported by higher volumes, better product mix, and operational efficiencies.

See what Dhabriya Polywood Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Currently, there are no plans for raising new loans or debt, as stated by CFO Hitesh Agarwal.
The company has completed payments for the Bangalore factory and procured machines without requiring new loans.
Any regular capex planned will be funded through internal accruals, not external borrowing.
Existing EMI-based loans of around INR 25-26 crores are being repaid regularly, with about INR 6-7 crores repaid annually.
There was a promoter shareholding reduction for personal reasons, but no further promoter holding sale is currently planned.
No mention of equity fundraising was made in the call or document.

Order book

Yes

As of September 30, 2023, the company had an order book of approximately INR 120 crores.
This includes execution of about INR 40 crores from the earlier INR 100 crores order book as of March 31, 2023.
New orders worth INR 60 crores were added in the first half of the current financial year, leading to a total order book of INR 120 crores.
The order book is split between UPVC windows and doors and modular furniture projects.
Order inflows for the current financial year (six months) are around INR 60 crores.
Order conversion cycles typically range from 12 to 30 months depending on the project scale.
The company is currently servicing large builders like DLF, Mahindra Lifespaces, and L&T with repeated orders stemming from multiple projects.

See what Dhabriya Polywood Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

No new large-scale capex planned for Jaipur or Coimbatore plants as current capacities have been enhanced and fully implemented.
Bangalore factory: Ongoing capex for UPVC door, profile, and fluted panel extrusion; machines being procured and installed to cater to growing demand for fluted panels.
Current regular capex will be funded from internal accruals; no plans for new loans.
Existing loan repayments ongoing (~INR6-7 crores per year), primarily EMI-based loans totaling around INR25-26 crores.
Modular furniture vertical has plans for expansion of retail stores (already 2 stores operational; a new Delhi store planned by H1 2025).
Overall, focus on incremental expansions to support new product lines and growing demand rather than large strategic capital investments.

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