Financial Performance Highlights

Q2 FY27 Consolidated Performance (₹ Crores):

  • Revenue from Operations: ₹77.8 (vs ₹67.0 in Q2 FY26, +16.1% YoY; vs ₹68.3 in Q1 FY27)
  • EBITDA: ₹16.4 (vs ₹13.7 in Q2 FY26, +19.9% YoY; vs ₹15.8 in Q1 FY27)
  • EBITDA Margin: 21.1% (vs 20.4% in Q2 FY26, +70 bps; vs 23.1% in Q1 FY27)
  • Profit After Tax: ₹9.2 (vs ₹7.6 in Q2 FY26, +20.9% YoY; vs ₹8.9 in Q1 FY27)
  • PAT Margin: 11.8% (vs 11.4% in Q2 FY26, +40 bps; vs 13.0% in Q1 FY27)
  • Basic Earnings Per Share: ₹8.51 (vs ₹7.03 in Q2 FY26)

Segment-wise Performance (Q2 FY27)

Plastic Products (uPVC/PVC) Segment:

  • Revenue: ₹69.5 crore (+13.7% QoQ)
  • Share of Turnover: 89.2% (vs 81.4% in Q2 FY26)
  • Segment Result: ₹12.9 crore
  • Segment Margin: 18.6% (vs 17.9% in Q2 FY26)

Modular Furniture Segment:

  • Revenue: ₹8.4 crore (+13.2% QoQ)
  • Share of Turnover: 10.8% (vs 18.6% in Q2 FY26)
  • Segment Result: ₹0.9 crore
  • Segment Margin: 10.3% (vs 11.7% in Q2 FY26)

Total Segment Performance:

  • Total Revenue: ₹77.8 crore
  • Total Segment Profit before Interest & Tax: ₹13.8 crore
  • Total Segment Margin: 17.7%

Key Ratios

  • PBT Margin: 16.0% in Q2 FY27 (vs 14.7% in Q2 FY26, +130 bps)
  • Interest Coverage: 9.3x in Q2 FY27 (vs 7.6x in Q2 FY26)

Capital Expenditure and Balance Sheet

  • H1 FY27 net cash used in investing activities: ₹36.5 crore
  • Property, plant and equipment: ₹117.2 crore as of September 30, 2026 (vs ₹88.4 crore as of March 31, 2026)
  • Capital work-in-progress: ₹8.9 crore
  • Capex programme funded through internal accruals and debt with no equity dilution
  • Multi-year programme covers modernization and expansion of extrusion capacity, new WPC doors and panel lines, and aluminium windows and façade facility at Jaipur

Operational Highlights

  • Order book reached all-time high of ₹240+ crore as of November 6, 2026
  • Includes ₹100+ crore in Aluminium Windows & Façade division
  • Revenue conversion from aluminium division expected from Q4 FY27 onwards
  • Extrusion capacity: 27,600 MTPA (upgraded from 24,000 MTPA in FY26)
  • Manufacturing units: 6 units across Jaipur, Bengaluru and Coimbatore
  • Channel partners: 800+ showrooms and depots pan-India

Credit Rating and Financial Position

  • CRISIL upgraded bank facilities to BBB+/Stable in July 2026
  • Net worth: ₹147.7 crore as of September 30, 2026 (vs ₹129.6 crore as of March 31, 2026)
  • Debt/equity: 0.68x

Historical Performance Context

  • Between FY21 and FY26: Revenue multiplied roughly 2.4 times, PAT multiplied roughly 7.5 times
  • Q2 FY27 represents highest quarter in company's 34-year history

Management Commentary

Management stated that Q2 FY27 marks the highest quarter in the Company's history with record revenue, EBITDA, PAT and EPS alongside expanding margins. The quality of growth continues to improve driven by premiumisation, richer product mix and operating efficiencies. Growth visibility has strengthened with the total order book reaching an all-time high of ₹240+ crore. With the second half typically being seasonally stronger and the order book providing a clear runway, the company remains well positioned to deliver sustained performance through FY27 and beyond.