Recently, while screening for stocks for our Premium Members, I came across Dhabriya Polywood.
What I found interesting was there’s been good growth in Sales and PAT since FY 21, no equity dilution and no major increase in debt.
The company deals in PVC and UPVC windows and profiles, UPVC furniture, fluted walls and ceiling panels, etc.
Below, we have shared notes from Q4 FY 25 concall of the company to understand management’s perspective on Product segment, industry outlook, capacity utilization and growth plans.
Before that: Here’s the list of new stock recommendations made recently:
- On 3rd Jul’25, we released a new recommendation under “Insider Bets” subscription. Herein the Promoters have infused substantial capital into the company and all through preferential allotment of shares to themselves. You can read about it by clicking HERE
- On 9th Jul’25, we released a new Special situation opportunity for our Alpha + members. It’s based on Promoter change in a company with downside protection through open offer price. You can read about it by clicking HERE
- On 30th Jul’25, we released a new long term stock recommendation for our Alpha/Alpha + members. It’s a chemical company trading at deep valuation discount and Promoter recently bought shares from open market. You can read about it by clicking HERE
Dhabriya Polywood Q4 FY 25 concall notes
- Strategic & Operational Highlights
- Brand Marketing:
- Participated in 10 exhibitions in FY25; 9 lined up for FY26.
- Marketing spend rose 50% YoY to ₹3.26 crore.
- Enhanced visibility and brand recall, particularly for fluted/soffit panels and modular furniture.
- Digital & Retail Strategy:
- Strengthened online and social media presence to appeal to younger, design-conscious consumers.
- Positioned Studio Arezzo and Dynasty as leaders in modular interiors.
- Product Traction:
- Strong demand for fluted and soffit panels in residential/commercial spaces.
- Order Book:
- Healthy order book of ₹140+ crore (~30% of revenue).
- ₹99+ crore in UPVC/Aluminium windows
- Balance in modular furniture
- Financial Performance
- Q4 FY25 (YoY):
- Revenue: ₹63.47 crore (+15.9%)
- EBITDA: ₹10.23 crore (+17.5%) | Margin: 16.1% (+20bps)
- PAT: ₹5.38 crore (+32.3%) | Margin: 8.5% (+110bps)
- FY25 (YoY):
- Revenue: ₹235.11 crore (+11.1%)
- EBITDA: ₹37.5 crore (+20.9%) | Margin: 16% (+130bps)
- PAT: ₹18.03 crore (+28%) | Margin: 7.7% (+100bps)
- Segmental Revenue (FY25):
- PVC Profiles: ₹135.11 crore (+10.4%) – 58% of revenue
- UPVC Windows: ₹59.83 crore (+10%) – 25% of revenue
- Modular Furniture: ₹40.17 crore (+15.4%) – 17% of revenue
- Fluted/Soffit Panels: ~₹44 crore (+~50%)
- Segmental Commentary & Profitability
- PVC Profiles (B2B):
- Largest contributor (58%); high-margin value-added designs.
- Best return on capital despite higher CAPEX.
- UPVC Windows:
- Steady growth; project business impacted by external disruptions.
- Modular Furniture:
- Fastest-growing; margins 2–3% lower due to lower scale, but improving with volume.
- Fluted/Soffit Panels:
- High demand; revenue target of ₹100 crore in 2–3 years.
- Geography:
- South India: 40%+ revenue share.
- New showroom opened in Mumbai to tap under-penetrated West.
- Capacity, Expansion & Capital Allocation
- Capacity Utilization:
- PVC: 53%
- UPVC Windows: 40%
- Furniture: Not standardized
- Revenue Potential: Current capacity can support ₹450–500 crore topline; post-expansion up to ₹650–700 crore.
- CAPEX Plan:
- ₹50–60 crore over 2–3 years.
- Focus: WPC Doors and South India expansion.
- FY26 capex: ~₹15 crore (may increase if projects advance).
- Maintenance CAPEX: ₹3–4 crore/year.
- Funding: Primarily from internal accruals; ₹25 crore+ cash profit in FY25.
- Debt Outlook: ₹53 crore debt; aim to be debt-free in 4–5 years.
- Route-to-Market & Distribution
- Revenue Mix:
- 60% B2B (PVC)
- 30% Project-based (UPVC/Modular)
- 7% Retail, 2.5% Exports
- Sales Team: Expanded to 700+ (from 500+), with focus on Bangalore and showroom expansion.
- Studio Arezzo Expansion:
- 2 showrooms (Jaipur, Gurgaon); 2 more planned (South, West India).
- Marketing:
- Spend to increase to 2% of topline.
- Focus on digital, exhibitions, and field sales—not celebrity endorsements.
- FY25 Challenges & FY26 Outlook
- FY25 Growth Miss: Reported 11% growth vs. 25% guided.
- Due to extended monsoon and NCR construction bans (pollution-related).
- Outlook for FY26:
- Confident of achieving 25%+ growth.
- Strong order book and improving project execution support this.
- Margins: Expected to sustain or improve, aided by stable raw material costs and product mix.
- Product Development & Competitive Landscape
- WPC Doors:
- New product line; CAPEX for dedicated plant planned.
- Strategic fit in “wood-free” housing solution.
- Competition:
- Few organized players; only Kaka Industries is listed.
- Modular furniture segment has both organized/unorganized competition—Dhabriya leverages design, customization, and pan-India reach.
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Disclaimer: This is not a recommendation to buy/sell any of the stocks mentioned above. The securities quoted are for illustration only and are not recommendatory.
Ekansh Mittal
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