EBITDA Margin: 20.6%, expanding by 460 basis points
Net Profit (PAT): ₹30.14 crore, representing 67.2% year-on-year growth
PAT Margin: 11.4%
Return on Capital Employed (ROCE): 25.7%
Return on Equity (ROE): 26.3%
Long-term Growth (FY21-FY26): Revenue grown 2.4x, PAT grown 7.5x
Operational Infrastructure and Capacity
Manufacturing Units: Six units across Jaipur, Bangalore, and Coimbatore
Total Manufacturing Area: 5.4 lakh square feet
Extrusion Capacity: 27,600 metric tonnes (MT) per annum
Fabrication Capacity: 30 lakh square feet
Distribution Network: Over 800 dealers and distributors pan-India
Intellectual Property: 15 design patents
Business Segment Analysis
B2B Segment: Represents 55%-60% of total revenue, primarily driven by PVC profile business
Project Business: Accounts for approximately 30% of revenue
Unexecuted Order Book: ₹174 crore
Value-added Products: Fluted and soffit panels contributed ₹45 crore to PVC profile revenue in FY26
Aluminum Division: Venture into aluminum windows, facades, and glazing with dedicated facility operational in Bangalore
Raw Material, Margins, and Working Capital
PVC Resin Pricing: Linked to crude oil volatility; B2B prices frequently revised to align with raw material costs
Project Pricing: For long-term projects (12-24 months), cushions built in for price fluctuations
Aluminum Pricing: Orders linked to NALCO base prices to protect margins
Inventory Strategy: In Q4 FY26, management intentionally increased short-term borrowings to pay off creditors and build inventory to mitigate supply chain disruptions caused by West Asia war and anticipated input cost increases
Subsidiary Loans: ₹8.25 crore in loans and advances provided by subsidiary companies to earn higher interest (9%-10%) than what the company pays on bank borrowings
Strategic Decisions and FY27 Outlook
Capex Allocation: ₹30-40 crore committed for FY27 to upgrade existing product lines and support new manufacturing facilities
Product Launch: WPC (Wood Plastic Composite) doors to be commercially launched in Q2 FY27 following successful trials
Aluminum Expansion: Implementation of aluminum facade division at Jaipur facility to proceed in FY27
Growth Target: 25%-30% top-line growth for FY27, aiming for revenue range of ₹330-350 crore
Risk Assessment
Glass Processing: Company does not currently process its own glass for window products; entry may occur once sufficient volumes are built
Crude Oil Volatility: Sustained high crude prices remain a risk to PVC resin costs, though management believes current volatile scenario has begun to cool off
Environmental Restrictions: Construction bans in NCR around Diwali (GRAP) cause short-term revenue deferrals (temporary delay rather than absolute loss)
Competition: Intense competition from regional players and Chinese imports in wall paneling requires continuous innovation and brand building
Action Items and Deliverables
Commercial launch of WPC bedroom and main doors: Management Team, Deadline Q2 FY27
Implementation of Aluminum Facade and Glazing division in Jaipur: Management, Deadline FY27
Achievement of projected ₹330-350 crore top-line revenue: Sales & Management, Deadline End of FY27
Normalization of working capital and inventory levels following Q4 FY26 supply chain buildup: Finance/CFO, Deadline Current FY
