1. At a Glance
Dhabriya Polywood — where PVC meets profit. With 30% profit CAGR and margins smoother than their modular wardrobes, this ₹400 Cr market cap smallcap is quietly becoming the IKEA of industrial India. ROE at 20%, OPM inching toward 20%, and Q1 PAT up 41% YoY — furniture’s never looked so investible.
2. Introduction with Hook
Imagine a furniture company that doesn’t sell sofas on Instagram but still mints money like a kitchen trolly on wheels. That’s Dhabriya Polywood. They turn plastic into everything from false ceilings to fancy doors — and they do it with 20%+ ROCE. While you were busy assembling IKEA shelves, they were assembling wealth.
Two juicy facts:
- Q1 FY26 OPM: 19.9% (yeah, higher than Astral Plastics)
- EPS: ₹6.04 this quarter — up from ₹2.86 a year ago. Knock knock, profitability’s here.
3. Business Model (WTF Do They Even Do?)
Dhabriya Polywood makes uPVC profiles, doors, panels, partitions, kitchen cabinets, and anything else that sounds like it belongs in a corporate tender for an airport toilet.
Brands:
- Polywood: OG line of uPVC products.
- Dynasty Modular Furniture: Because even boardrooms deserve branding.
- uPVC Fluted Panels & SPC Flooring: Because wood is out and plastic is in.
In short: They’re in the business of turning industrial plastic into interior glamour.
4. Financials Overview
| Metric | FY23 | FY24 | FY25 | TTM |
|---|---|---|---|---|
| Revenue (Cr) | ₹171 | ₹211 | ₹235 | ₹239 |
| Net Profit (Cr) | ₹8 | ₹14 | ₹18 | ₹20 |
| OPM | 11% | 15% | 16% | 17% |
| ROE | 12% | 19% | 20% | 20% |
Commentary:
- Sales CAGR (3Y): 21%
- PAT CAGR (3Y): 53%
- Q1 FY26 Net Profit: ₹6.54 Cr — highest ever.
Basically, they’re compounding harder than your DIY compound wall.
5. Valuation
| Metric | Value |
|---|---|
| CMP | ₹383 |
| P/E | 20.8x |
| Book Value | ₹92.3 |
| P/B | 4.14x |
Fair Value Range:
- Based on 15–18x FY26E EPS (₹22–24): ₹330–₹430
You’re paying 4x book — for what is essentially a scaled-up plywood business. But when that plywood is pushing 20% ROE… we ain’t complaining.
6. What’s Cooking – News, Triggers, Drama
- New Orders Galore:
- DLF Group: ₹14.09 Cr + ₹4.54 Cr (modular furniture)
- Aditya Birla: ₹3.98 Cr (windows/doors)
- Mahindra, M3M, Puravankara — all got some poly in their lives.
- Solar Plant Operationalised (Jul 2024): 1.3 MW = savings + ESG cred
- Promoter Holding Down by 6.5% in 3 years — red flag or institutional grooming?
Q: What’s driving order wins?
A: uPVC is cheaper, weatherproof, and doesn’t get termites. So yes — plastic is the new teak.
7. Balance Sheet
| FY | Equity | Reserves | Borrowings | Total Assets |
|---|---|---|---|---|
| FY23 | ₹11 Cr | ₹58 Cr | ₹57 Cr | ₹145 Cr |
| FY25 | ₹11 Cr | ₹89 Cr | ₹53 Cr | ₹181 Cr |
- Borrowings stable despite scaling — healthy sign.
- Net worth doubled in 3 years.
- No major CWIP = no capex party = high free cash flows.
8. Cash Flow – Sab Number Game Hai
| FY | Ops CF | Inv CF | Fin CF | Net CF |
|---|---|---|---|---|
| FY23 | ₹14 Cr | -₹13 Cr | -₹1 Cr | ₹1 Cr |
| FY25 | ₹17 Cr | -₹12 Cr | -₹5 Cr | ₹1 Cr |
Key point: Cash from Ops is consistent.
Financing outflows suggest debt is being repaid, not added.
Working capital cycle improved — not stellar, but steady.
9. Ratios – Sexy or Stressy?
| Metric | Value |
|---|---|
| ROCE | 20.4% |
| ROE | 19.8% |
| OPM | 17% |
| D/E | ~0.6x |
| P/E | 20.8x |
Verdict:
If ratios were Tinder profiles, Dhabriya would be “low-key cute with a great career.”
10. P&L Breakdown – Show Me the Money
| FY | Sales | EBITDA | PAT |
|---|---|---|---|
| FY23 | ₹171 Cr | ₹18 Cr | ₹8 Cr |
| FY24 | ₹211 Cr | ₹31 Cr | ₹14 Cr |
| FY25 | ₹235 Cr | ₹38 Cr | ₹18 Cr |
| Q1 FY26 | ₹62 Cr | ₹12.35 Cr | ₹6.54 Cr |
Q1 run-rate suggests FY26 PAT could hit ₹24–26 Cr — that’s ₹22–24 EPS.
This isn’t linear growth. It’s compounding disguised as cabinets.
11. Peer Comparison
| Company | CMP | P/E | ROE | OPM |
|---|---|---|---|---|
| Supreme Ind | ₹4313 | 61x | 17.1% | 13.1% |
| Astral | ₹1440 | 74x | 15.3% | 16.2% |
| Time Tech | ₹449 | 26x | 14.2% | 14.4% |
| Dhabriya | ₹383 | 20.8x | 19.8% | 17% |
Smallest fish in the pond, but punching above its plastic weight.
Not the loudest brand, but has Supreme aspirations.
12. Miscellaneous – Shareholding, Promoters
| Quarter | Promoter | FIIs | Public |
|---|---|---|---|
| Jun ’25 | 67.75% | 1.51% | 30.37% |
Trends:
- Public shareholding rising — retail waking up to the PVC goldmine?
- FIIs trickling in (from 0% in 2023 to 1.5%)
- Promoter stake still healthy at 68%, but the dip from 74% stings.
13. EduInvesting Verdict™
Dhabriya Polywood isn’t your average plastic products company. With 20% OPM, ROE near 20%, and a flurry of B2B orders from real estate majors, it’s quietly becoming a cash flow machine in the furniture-industrial space.
- Not flashy like Astral.
- Not massive like Supreme.
- But boy, does it grind.
Final Take:
“A solid modular play in an unsexy sector. Might not be a multibagger overnight, but it sure looks like a multi-door opportunity.”
Written by EduInvesting Team | 25 July 2025
Tags: Dhabriya Polywood Ltd, Q1 FY26, PVC Products, Modular Furniture, Polywood, EduInvesting Premium
