Financial Performance - Q2 FY27

Revenue & Profitability

  • Revenue from operations: ₹122.22 Crore (₹1,222.42 Mn), representing 16.99% YoY growth from Q2 FY26 (₹1,044.92 Mn) and 22.72% QoQ growth from Q1 FY27 (₹996.14 Mn)
  • Cost of Goods Sold: ₹800.07 Mn (65.5% of revenue), compared to 65.2% in Q2 FY26 and 64.5% in Q1 FY27
  • Gross Margin: ₹422.36 Mn (34.55% margin)
  • EBITDA: ₹86.20 Mn, up 33.39% YoY from ₹64.62 Mn in Q2 FY26
  • EBITDA Margin: 7.05%, improved from 6.18% YoY and 4.84% QoQ
  • EBIT Margin: 5.5%, improved from 4.8% YoY and 3.0% QoQ
  • PBT: ₹48.58 Mn (3.97% margin), up 82.07% YoY from ₹26.68 Mn
  • PAT: ₹43.75 Mn (3.58% margin), up 81.68% YoY from ₹24.08 Mn and 619.59% QoQ from ₹6.08 Mn
  • Other Income: ₹0.10 Mn, decreased significantly from ₹4.27 Mn QoQ and ₹2.97 Mn YoY

Operational Highlights

  • Own Manufacturing grew by 18.5% YoY
  • Contract Manufacturing grew by 15.4% YoY
  • Interest expense: ₹18.68 Mn, decreased 21.46% YoY and 6.07% QoQ
  • Depreciation: ₹18.93 Mn, increased 33.81% YoY and 5.92% QoQ

Financial Performance - H1 FY27

  • Revenue from operations: ₹2,218.57 Mn, up 12.0% YoY from ₹1,980.31 Mn in H1 FY26
  • Cost of Goods Sold: ₹1,442.21 Mn, up 11.2% YoY
  • Gross Margin: ₹776.36 Mn (34.99% margin)
  • EBITDA: ₹134.37 Mn (6.06% margin), up 13.4% YoY from ₹118.52 Mn
  • PBT: ₹58.98 Mn (2.66% margin), up 29.5% YoY from ₹45.53 Mn
  • PAT: ₹49.83 Mn, up 25.9% YoY from ₹39.57 Mn
  • Interest: ₹38.57 Mn, decreased 15.5% YoY
  • Depreciation: ₹36.81 Mn, increased 34.6% YoY

Historical Financial Performance (Annual)

Income Statement Trends (₹ Mn)

| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |

| Revenue | 1,908.85 | 3,024.61 | 3,234.23 | 3,717.92 | 4,026.70 |

| COGS | 1,192.27 | 1,960.01 | 2,145.37 | 2,427.02 | 2,616.40 |

| Gross Margin % | 37.54% | 35.20% | 33.67% | 34.72% | 35.02% |

| EBITDA | 67.85 | 184.10 | 128.54 | 178.97 | 224.34 |

| EBITDA Margin % | 3.55% | 6.09% | 3.97% | 4.81% | 5.57% |

| PAT | (63.10) | 52.26 | 10.07 | 77.70 | 29.37 |

| PAT Margin % | (3.31%) | 1.73% | 0.31% | 2.09% | 0.73% |

Balance Sheet Trends (₹ Mn)

| Metric | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |

| Share Capital | 64.64 | 77.76 | 98.66 | 98.66 | 108.51 |

| Shareholders' Funds | 639.18 | 884.20 | 1,264.45 | 1,335.45 | 1,522.70 |

| Total Borrowings | 531.52 | 414.56 | 410.33 | 521.11 | 648.46 |

| Fixed Assets + CWIP | 1,020.56 | 1,016.52 | 1,030.11 | 1,085.10 | 1,203.38 |

| Inventories | 638.12 | 719.09 | 876.16 | 1,096.03 | 1,038.86 |

| Trade Receivables | 200.32 | 286.38 | 345.03 | 475.90 | 462.51 |

Management Commentary

Mr. Akhilesh Chitlangia, Managing Director & CEO, stated: \"We are extremely pleased with our results in Q2 FY 27 with strong revenue growth and our most profitable quarter till date. This year we are also celebrating 70 years of Excellence and I take this opportunity to thank all our stakeholders for their trust and support.\" He added \"We also forayed into a new product launch of Duro HDMMR in the MDF category.\"

Business Overview & Operational Metrics

  • Company established in 1957 as Sarda Plywood Industries, renamed to Duroply Industries Limited
  • 70 years of operations in FY27
  • Product portfolio: Premium Plywood, Blockboards, Decorative Veneers, Flush Doors
  • Accreditations: ISO 9001, ISO 14001, OHSAS 18001, CARB Certification, Member of Indian Green Building Council (IGBC)
  • Distribution network: 8,000+ retail outlets, 2,942 channel partners, 15,000+ contractors & carpenters network
  • Geographic coverage: 26+ States & Union Territories
  • Manufacturing capacity: 10+ Million Sq. m. plywood sold in FY 2025-26
  • Employee strength: 350+ Duro experts across India

Recent Milestones

  • 2023: Introduced Duro Advantage, a 9-layer protection system
  • 2025: SAP digital transformation went live; CARE credit rating upgraded to BB+/A4+
  • 2026: Record Q4 revenue of ₹111.6 Cr in previous year; Introduced Duro HDMMR

Document Availability

The presentation is available on the company's website at www.duroply.in