Dhabriya Polywood LtdQ4 FY26
Dhabriya Polywood Ltd Q4 FY26 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Price: ₹567P/E: 16.7Market Cap: ₹502 CrSector: Industrial Products
Management growth scorecard
Revenue
Category 2
Margin
Category 3
Fundraise
Yes
Order
Yes
Capex
Yes
3 of 5 growth signals are positive.
Full analysisRevenue guidance
Category 2- →Targeting approximately 30% CAGR revenue growth over the long term (Page 4, 13).
- →Expecting minimum 20% volume growth in PVC profile extrusion division for FY27 (Page 14, 15).
- →New product verticals such as WPC doors, WPC wall and ceiling panels, and aluminum windows and facade division to contribute incremental revenue (Page 14, 24).
- →WPC door line commercially launching next quarter, expected INR15 crores revenue contribution in FY27 (Page 24, 25).
- →Aluminum windows and facade division projected to contribute INR40-50 crores in FY27 (Page 17, 25).
- →Plan to improve capacity utilization from 50-60% to over 66% and further to 85% to reach INR450 crores revenue in profile extrusion by FY28 (Page 6, 15).
- →Growth driven by expanding product mix, new verticals, increased geographic reach, and tapping builder/developer markets (Pages 19, 25).
Margin guidance
Category 3- →Targeting approximately 30% CAGR revenue growth over the long term, driven by expansion into new verticals like WPC doors, wall & ceiling panels, and aluminum windows/glazing.
- →EBITDA margins are expected to sustainably remain above 20%, supported by better product mix, operational efficiencies, and upgraded offerings.
- →Profit after tax grew 67.2% in FY26 to INR30.14 crores with EPS rising to INR27.85; expected to maintain growth momentum.
- →New product verticals and capacity expansions projected to strengthen earnings contribution, e.g., INR15 crores from WPC doors and INR40-50 crores from aluminum windows/facade division in FY27.
- →Stable order book above INR170 crores ensures strong revenue visibility and operational leverage.
- →Management confident of sustaining 20%+ EBITDA margins and robust profitability supported by strategic pricing and cost controls.
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Fundraise plans
Yes- →The company plans a capex of INR100 crores, which will be funded partially through borrowings and majorly through internal accruals.
- →Last financial year, they generated around INR50+ crores in cash from operations, indicating strong internal funding capacity.
- →Borrowings will increase somewhat to support timely project implementation but the debt-to-equity ratio is expected to remain below 0.75 (currently at 0.56).
- →No specific mention of equity fundraising was made in the discussion.
- →Working capital increased temporarily due to strategic stocking of raw materials but is expected to normalize in FY27.
- →Overall, the company appears financially comfortable and focused on controlled debt usage for growth.
Order book
Yes- →Current order book stands at INR 174 crores, the highest in company history.
- →Order book breakdown:
- → - uPVC windows and doors: Approximately INR 84 crores
- → - Modular Furniture division: INR 34 crores
- → - Aluminum windows and facade division (new segment): INR 56 crores
- →Previous year order book was in the range of INR 120-140 crores.
- →Execution timelines span current and upcoming quarters, with revenue already starting from Q4 in aluminum windows and facade division.
- →The company aims for about 30% top-line growth driven by increased volumes across existing and new product verticals.
- →Advances received from customers on current orders exceed INR 7 crores.
Capex plans
Yes- →The company has approved a strategic capital expenditure (capex) program of INR 100 crores to be deployed over FY26 to FY28, the largest in its history.
- →Approximately INR 27 crores of capex was already deployed in FY26 for:
- → - Expansion of PVC and WPC profile extrusion lines (PVC extrusion capacity increased from 24,000 to 27,600 metric tons per annum).
- → - Building manufacturing infrastructure for aluminum glazing and window division (Bangalore facility).
- → - Modernizing and automating existing lines.
- →Remaining capex over FY27 and FY28 will focus on:
- → - New verticals including WPC doors, WPC wall and ceiling panels, and aluminum windows, doors, and glazing systems.
- → - Jaipur facility construction and expansion for aluminum windows and facade division (INR 35-40 crores planned in FY27).
- → - Continued modernization and capacity upgrades.
- →Capex will be funded majorly through internal accruals with some borrowings; debt-to-equity ratio expected to stay below 0.75.
- →Expected revenue from the capex investment to be at least 2x in initial years post-completion.
How does Dhabriya Polywood Ltd rank vs peers in Industrial Products?
Pro feature1Dhabriya Polywood Ltd
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