Key Financial Results - FY26 (Consolidated)

Revenue from Operations: ₹264.48 crore, up 12.5% YoY from ₹235.11 crore in FY25

*EBITDA:** ₹54.59 crore, up 45.6% YoY from ₹37.50 crore in FY25

  • EBITDA Margin: 20.6% vs 16.0% in FY25 (460 bps expansion)
  • *EBITDA (ex-other income) = PBT + Finance Cost + Depreciation & Amortisation – Other Income

Profit Before Tax (PBT): ₹40.67 crore, up 65.3% YoY from ₹24.61 crore in FY25

Profit After Tax (PAT): ₹30.14 crore, up 67.2% YoY from ₹18.03 crore in FY25

  • PAT Margin: 11.4% vs 7.7% in FY25 (370 bps expansion)

EPS - Basic & Diluted: ₹27.85, up 67.3% YoY from ₹16.65 in FY25

Total Net Worth: ₹129.60 crore, up 29.7% from ₹99.95 crore in previous year

Q4 FY26 Performance

Revenue from Operations: ₹69.74 crore, up 9.9% YoY from ₹63.47 crore in Q4 FY25

*EBITDA:** ₹14.72 crore, up 43.9% YoY from ₹10.23 crore in Q4 FY25

  • EBITDA Margin: 21.1% vs 16.1% in Q4 FY25 (500 bps expansion)

Profit After Tax (PAT): ₹8.33 crore, up 54.9% YoY from ₹5.37 crore in Q4 FY25

  • PAT Margin: 11.9% vs 8.5% in Q4 FY25 (340 bps expansion)

EPS (₹): ₹7.69, up 54.7% YoY from ₹4.97 in Q4 FY25

Segmental Performance - FY26

Plastic Products Segment:

  • Revenue: ₹221.95 crore, up 13.4% YoY
  • Segment PBT: ₹36.94 crore, up 63.0% YoY
  • PBT Margin: 16.6%

Modular Furniture Segment:

  • Revenue: ₹43.59 crore, up 7.4% YoY
  • Segment PBT: ₹3.73 crore, up 88.0% YoY
  • PBT Margin: 8.6%

Total:

  • Revenue: ₹264.48 crore, up 12.5% YoY
  • Segment PBT: ₹40.67 crore, up 65.0% YoY
  • PBT Margin: 15.4%

Dividend Declaration

Board of Directors recommended a dividend of ₹0.70 per equity share of face value ₹10 each for the financial year ended March 31, 2026.

Capital Expenditure

Board approved ₹100 crore capital expenditure plan to be deployed over FY26-FY28. In FY26, ₹27 crore of capex was deployed towards:

  • Expansion of PVC & WPC profile extrusion lines
  • Dedicated manufacturing infrastructure for aluminium glazing & windows division
  • Modernisation and automation of existing lines

Working Capital Analysis

Trade Payables: Declined sharply from ₹9.88 crore to ₹0.38 crore as company settled vendor dues ahead of contractual timelines as a one-time strategic decision to secure preferential pricing and priority supply commitments.

Inventories: Rose from ₹55.75 crore to ₹69.42 crore, reflecting strategic stocking of PVC resin and aluminium sections to lock in input prices.

Trade Receivables: Grew from ₹28.24 crore to ₹31.79 crore, in line with revenue growth.

Management expects working capital cycle to contract meaningfully in FY27, with payment cycles expected to revert to normal contractual terms (45-60 days).

FY27 Outlook & Guidance

Company expects to deliver approximately 30% CAGR Revenue Growth while maintaining sustainable EBITDA & PAT margins over the long term. Growth expected to be driven by:

  • Newly added product verticals of WPC Doors, WPC Wall & Ceiling Panels
  • Aluminium Windows-Doors & Glazing division under leadership of Mr. Vargheese
  • New capex lines commissioning
  • Strong order book for project related business
  • Continued profitability improvement in Modular Furniture segment

Management Commentary

Mr. Digvijay Dhabriya, Managing Director, stated: "FY26 has been a defining year for Dhabriya Polywood. Crossing ₹264 crore in revenue and ₹30 crore in PAT - with EBITDA margin of 20.6% and PAT margin of 11.4% - reflects the disciplined execution of our strategy of premiumisation, operating leverage and prudent capital deployment."