1. At a Glance
Archidply makes plywood, but its profits are thinner than the sheets it sells. With Q1 FY26 net profit of just ₹0.57 Cr and ROE at -6.8%, investors are wondering if the company is building furniture or just burning cash.
2. Introduction with Hook
Imagine building a house of cards during a hurricane—that’s Archidply trying to maintain margins. Sales were ₹147.9 Cr, up 48% YoY, but profits? Barely a rounding error. When plywood prices rise, Archidply’s margins vanish faster than free Wi-Fi at an airport.
3. Business Model (WTF Do They Even Do?)
They slice trees, glue them, press them, and call it “premium plywood.” Basically, they do carpentry at an industrial scale and market it like Apple markets iPhones. They also sell laminates (fancy plastic sheets that scream “budget interior”).
4. Financials Overview
- Revenue (Q1FY26): ₹147.9 Cr
- Operating Profit: ₹8.6 Cr (OPM 5.8%)
- Net Profit: ₹0.57 Cr (margin 0.38%)
Margins? Tighter than jeans after Diwali.
Debt? ₹196 Cr—heavier than the wardrobes they make.
5. Valuation
- P/E? Ha! There’s no E to give it a P/E.
- EV/EBITDA: Around 18x—paying this multiple is like paying ₹500 for a cutting chai.
Fair Value Range: ₹70–₹110.
If you think it’s worth more, you probably buy bottled water at multiplex prices.
6. What’s Cooking – News, Triggers, Drama
- Appointed Mrs. Anchal Mittal as independent director (fresh air in the boardroom).
- Contingent liabilities ₹134 Cr (because why not add spice?).
- Profitability swinging like a Bollywood plot twist—losses last year, a bit of profit this quarter.
7. Balance Sheet
| (₹ Cr) | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Assets | 199 | 248 | 327 | 392 |
| Liabilities | 199 | 248 | 327 | 392 |
| Borrowings | 54 | 83 | 148 | 196 |
| Net Worth | 92 | 104 | 112 | 104 |
Debt is not Titanic-level, but the ship is wobbling.
8. Cash Flow – Sab Number Game Hai
| (₹ Cr) | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Operating CF | 11 | 21 | 11 | -23 |
| Investing CF | -1 | -49 | -69 | -5 |
| Financing CF | -15 | 26 | 56 | 27 |
| Net Cash | -5 | -2 | -2 | -1 |
Cash flow looks like your freelancer friend—always working, never seeing the money.
9. Ratios – Sexy or Stressy?
| Metric | Value |
|---|---|
| ROE | -6.8% |
| ROCE | 3.6% |
| D/E | 1.9x |
| OPM | 5.8% |
ROCE is so low, even FD investors are laughing.
10. P&L Breakdown – Show Me the Money
| (₹ Cr) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 417 | 432 | 556 |
| EBITDA | 24 | 22 | 22 |
| PAT | 12 | 7 | -7 |
PAT grew only if you use a microscope.
11. Peer Comparison
| Company | Rev (₹ Cr) | PAT (₹ Cr) | P/E |
|---|---|---|---|
| Century Ply | 4528 | 193 | 85x |
| Greenlam | 2569 | 66 | 96x |
| Greenply | 2488 | 92 | 45x |
| Archidply | 591 | -4 | N/A |
Archidply is the sober guest at a wedding where everyone else is tipsy on profits.
12. Miscellaneous – Shareholding, Promoters
- Promoters: 69.9% (strong control, like overbearing landlords).
- Public: 30.1%.
No FIIs—because they like companies that actually make money.
13. EduInvesting Verdict™
Archidply is like that cousin who tries stand-up comedy—occasionally funny, mostly awkward. With debt piling up and margins gasping for air, this is a pit stop, not a highway to wealth. Track it if you like plywood drama.
Written by EduInvesting Team | 26 July 2025
Tags: Archidply Industries, Plywood, Laminates, Q1 FY26 Results, EduInvesting Premium, Financial Analysis
