Parin Enterprises Ltd Q2 FY26 – From Wooden Chairs to Capital Gains: The Furniture King Who Now Sits on a 660 Cr Throne

1. At a Glance

Imagine walking into an airport lounge, school classroom, or hospital waiting area, and the furniture silently whispers, “I’m made by Parin.” That’s Parin Enterprises Ltd for you — a Gujarat-based furniture powerhouse that’s turning plywood into profits. With amarket cap of ₹660 crore, astock price of ₹594, and a3-month return of 32.6%, Parin is not just making chairs, it’s making investors sit up straight.

The company’s latestQ2 FY26 (Sep 2025)numbers showSales of ₹109 croreandPAT of ₹2.6 crore, up193% YoY in salesand136% YoY in profit— an epic glow-up from its modest carpentry roots. TheEPS stands at ₹2.25, annualising to ₹9.0, giving it a rather royalP/E of 78.7x, while the industry’s average sits lazily at 39x.

TheROE of 11.4%andROCE of 11.7%may not sound like fireworks, but remember — this is furniture, not fintech. It’s also trading at nearly10x book value, because apparently, investors believe MDF boards can behave like blue chips.

Parin’s debt of₹97.8 croregives it aDebt-to-Equity of 1.47, but the company’s order book — including multi-crore deals with AAI and government projects — ensures it’s not just sitting idle on liabilities.

So the big question: is Parin just another furniture maker, or has it built an empire one chair leg at a time?

2. Introduction – The Great Indian Furniture Rush

In a world where IKEA still can’t figure out India’s traffic or our love for solid teak wood, Parin Enterprises has built a desi furniture empire that screams“local vibes, global contracts.”

Born in 1983 (when Doordarshan ruled and sofas had floral prints), Parin began as a humble furniture manufacturer. Four decades later, it’s now installing recliners in airports, school benches in classrooms, and hospital beds for everyone who’s tired of life — literally.

The company recentlychanged its name from Parin Furniture Ltd to Parin Enterprises Ltd, signalling its expansion dreams — from furniture to automobiles, electronics retail, and even real estate. Basically, Parin wants to go from “chair to chartered empire.”

And the numbers back it up: Sales have explodedfrom ₹82 crore in FY24 to ₹239 crore TTM, a staggering238% growth, while profits leapt344% YoY.

The latest flex? A series ofcontracts worth over ₹20 croreacrossairports (Leh, Srinagar, Indore, Tirupati)andeducation projects (SSA, Gujarat schools). Who knew the Airports Authority of India needed this many waiting chairs?

The company’s consistency is its biggest glow-up. ROE has gone from a sluggish 7% (3-year average) to a double-digit 11%. The company’sworking capital cyclehas also tightened — debtor days crashed from181 to 99, and working capital days dropped from186 to 106. Someone finally taught them the magic of collecting money faster.

So, what’s the secret sauce behind Parin’s stunning rally and stellar order wins? Let’s break down the business first.

3. Business Model – WTF Do They Even Do?

Parin is not your neighbourhood sofa shop — it’s a full-stack furniture conglomerate.

Their business divides neatly intothree product buckets:

a) Institutional Furniture:The bread and butter. Parin supplies office furniture, classroom desks, and hospital furniture. Their “KG to PG” education projects make them the unofficial furniture vendor for India’s entire learning curve. Hospitals get Fowler beds and isolation setups, while government projects keep the bulk orders flowing.

b) Home Furniture:This is where Parin gets fancy — sofa sets, recliners, dining tables, and beds that range from minimalistic modern to “Saas-Bahu serial luxury.” Their catalogue would make Urban Ladder look like a startup still trying to understand the meaning of ergonomics.

c) Public Seating Systems:Parin’s crown jewel — the company has deliveredseating systems for 10+ AAI airportsincluding Chennai, Port Blair, and Leh. Basically, every time your flight is delayed, you’re probably sitting on a Parin creation.

They recently fired up anew plastic furniture line (Oct 2024)to capture the cafeteria and institutional furniture segment — small ticket, high margin, mass volume. Smart move, considering even schools in Tier 3 towns are modernising their classrooms.

The company’s diversification dreams