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Duroply Industries Ltd

DUROPLY

BSE

₹100.30-2.62%19 Oct 2026

Reports

Decoratives Wood based

Duroply Industries Ltd

DUROPLY

BSE

₹100.30

-2.62%

19 Oct 2026

SOICxStockScans Reports

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Decoratives Wood based

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.

Duroply Industries is one of India’s oldest plywood manufacturers, built on a 68‑year legacy that began with tea chests in Assam and now focuses entirely on making homes durable. The company was founded in 1957 and renamed Duroply in 2018, then made a clean break from its tea business in 2021 to concentrate on wood panels - a third‑generation family enterprise that calls itself the “Gold Standard” in plywood. Its recurring approach is to sell premium and mid‑market interior materials through a hybrid model: it makes its flagship Duro products in‑house at a single Gujarat plant, while outsourcing the faster‑growing Tower brand to tax‑compliant third parties, so it can scale without tying up capital in factories.

Business segments

Two engines that feed the same customer - a premium in‑house brand and a mid‑market outsourced brand, both sold through one dealer network to the same home‑builder end market.

1. Premium plywood and doors: the in‑house flagship

The Duro brand commands a lifetime guarantee and a price premium in its North Indian stronghold, and every sheet is made at the company’s own Rajkot plant under a single quality roof.

Made, not just bought - the Rajkot factory produces all premium plywood, blockboards, veneers and flush doors, with a combined capacity of over 6.8 lakh plywood sheets, 1.3 lakh blockboard sheets, 6.7 lakh square metres of veneer and 62,000 doors a year. In‑house manufacturing carries a gross margin of 43%, roughly double that of outsourced production, which is why the company is shifting more volume back to its own plant.
A guarantee competitors did not offer - Duroply was the first in the industry to introduce a lifetime guarantee against insect infestation on premium products in 2016, and it backs that promise with a 9‑layer protection system called Duro Advantage that includes five heat treatments, fire‑shield technology and QR‑based fraud protection.
Designed for the influencer, not the walk‑in buyer - 95% of revenue comes from B2B sales to over 2,600 channel partners, but demand is created by more than 8,000 architects and designers and 15,000 carpenters and contractors who specify Duro products for residential projects. The company runs a loyalty app for contractors and a podcast series for architects to keep the brand in their workflow.
North India pays a premium; the rest of India pays less - in its 60‑year stronghold of North India, Duro sells at a premium even to the two market leaders; outside that region it sells at a discount, which has helped it push into South and West India so that North India now accounts for only about 13% of revenue, down from over 60% a few years ago.

2. Tower brand: the outsourced growth engine

Tower is the mid‑market brand that taps the fastest‑growing segment of the plywood market without requiring Duroply to build a second factory - it is made by third parties with spare capacity, to Duroply’s quality specs.

Rents idle industry capacity - roughly 40% of the Indian plywood industry’s capacity sits unused, so Duroply contracts organised, tax‑compliant manufacturers to produce Tower products rather than investing in its own new lines. That asset‑light model let Tower revenue jump 69% in FY 24‑25 and grow more than fivefold between FY22 and FY23.
Lower margin, but lower risk - contract manufacturing yields a gross margin of about 22%, half the in‑house figure, but it gives the company a way to serve the entry‑level, mid‑priced buyer without the fixed‑cost burden of a second plant. When in‑house capacity frees up, the company can dial contract volumes down - as it did in Q3 FY26, when contract revenue fell 37% quarter‑on‑quarter while own‑plant revenue rose 15%.

Group structure and partners

A standalone listed company with no subsidiaries, controlled by the third‑generation Chitlangia family and backed by a set of institutional and family‑office investors who came in through a preferential issue.

Promoter‑led, professionally run - Indian Promoters hold just over 55% of the equity, with Mr. Sudeep Chitlangia as Chairman, Mr. Akhilesh Chitlangia as Managing Director & CEO, and Mr. Abhishek Chitlangia as President of Manufacturing, the latter also serving on national plywood standards committees.
A single‑entity structure - the company has no subsidiaries, associates or joint ventures, and its shares trade on the BSE under scrip code 516003.
External investors with board rights - in 2024 the company raised up to Rs. 43.90 crore through a preferential allotment to 16 non‑promoter investors including Tusk Investments, Jalan Family Office and several family trusts, who collectively gained the right to nominate one director and hold customary pre‑emptive and tag‑along rights. All warrants were converted by September 2025, leaving Tusk Investments as the largest non‑promoter shareholder at 6.41%.
Tea is gone - the legacy tea processing business in Assam, which had a negative net worth and contributed roughly a tenth of revenue, was sold in a slump sale to Teloijan Techno Agro Limited for Rs. 22 crore, with the deal completed by April 2021, freeing management to focus entirely on plywood.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Mkt Cap

Market Capitalization

₹111Cr

Close Price

₹101.95

Industry

Decoratives Wood based

Price To Earnings

56.02

Price To Sales

0.27

Revenue

₹409Cr

Rev Gr TTM

Revenue Growth TTM

7.42%

PAT Gr TTM

PAT Growth TTM

-66.67%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	83	80	84	85	91	90	106	94	104	93	112	100
Growth YoY Revenue Growth YoY%	10.8	11.3	0.3	11.8	9.0	12.5	25.9	10.3	15.1	3.6	4.9	6.5
Expenses ExpensesCr	80	77	83	81	87	86	101	88	98	88	107	95
Operating Profit Operating ProfitCr	3	3	1	4	4	4	5	5	6	5	5	4
OPM OPM%	4.1	4.1	1.4	4.4	4.2	4.5	5.0	5.5	5.9	5.4	4.3	4.4
Other Income Other IncomeCr	0	0	0	0	0	0	1	0	0	0	0	0
Interest Expense Interest ExpenseCr	2	2	3	2	2	2	2	2	2	2	2	2
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	2	2	2
PBT PBTCr	1	1	-2	1	1	1	3	2	3	1	1	1
Tax TaxCr	0	0	-1	-2	1	0	1	0	0	0	3	0
PAT PATCr	1	0	-1	3	1	1	3	2	2	1	-2	1
Growth YoY PAT Growth YoY%	-45.4	-56.9	-154.4	159.4	-23.1	293.6	321.9	-53.3	382.0	17.2	-189.7	-60.6
NPM NPM%	0.8	0.4	-1.5	3.9	0.6	1.4	2.6	1.7	2.3	1.5	-2.2	0.6
EPS EPS₹	0.8	0.4	-1.4	1.3	1.2	1.2	4.2	1.6	2.4	1.4	-2.6	0.6

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	83	80	84	85	91	90	106	94	104	93	112	100
Growth YoY Revenue Growth YoY%	10.8	11.3	0.3	11.8	9.0	12.5	25.9	10.3	15.1	3.6	4.9	6.5
Expenses ExpensesCr	80	77	83	81	87	86	101	88	98	88	107	95
Operating Profit Operating ProfitCr	3	3	1	4	4	4	5	5	6	5	5	4
OPM OPM%	4.1	4.1	1.4	4.4	4.2	4.5	5.0	5.5	5.9	5.4	4.3	4.4
Other Income Other IncomeCr	0	0	0	0	0	0	1	0	0	0	0	0
Interest Expense Interest ExpenseCr	2	2	3	2	2	2	2	2	2	2	2	2
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	2	2	2
PBT PBTCr	1	1	-2	1	1	1	3	2	3	1	1	1
Tax TaxCr	0	0	-1	-2	1	0	1	0	0	0	3	0
PAT PATCr	1	0	-1	3	1	1	3	2	2	1	-2	1
Growth YoY PAT Growth YoY%	-45.4	-56.9	-154.4	159.4	-23.1	293.6	321.9	-53.3	382.0	17.2	-189.7	-60.6
NPM NPM%	0.8	0.4	-1.5	3.9	0.6	1.4	2.6	1.7	2.3	1.5	-2.2	0.6
EPS EPS₹	0.8	0.4	-1.4	1.3	1.2	1.2	4.2	1.6	2.4	1.4	-2.6	0.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	182	207	218	228	207	181	191	302	323	372	403	409
Growth Revenue Growth%	-10.4	13.8	4.9	5.0	-9.6	-12.2	5.3	58.5	6.9	15.0	8.3	7.4
Expenses ExpensesCr	182	205	214	219	201	183	186	287	311	355	382	388
Operating Profit Operating ProfitCr	0	3	4	10	6	-2	5	16	12	17	21	20
OPM OPM%	0.0	1.3	1.7	4.3	2.8	-0.9	2.4	5.3	3.7	4.6	5.2	5.0
Other Income Other IncomeCr	0	4	1	1	3	10	2	2	1	2		1
Interest Expense Interest ExpenseCr	7	7	7	7	7	10	8	7	8	7	9	9
Depreciation DepreciationCr	2	2	2	2	3	3	3	3	4	5	6	7
PBT PBTCr	-8	-2	-5	1	-2	-5	-5	8	1	7	7	6
Tax TaxCr	-3	0	0	0	2	-2	2	3	0	-1	4	4
PAT PATCr	-6	-2	-5	1	-4	-2	-6	5	1	8	3	2
Growth PAT Growth%	-1,062.6	67.2	-152.6	120.7	-514.9	39.9	-157.4	182.8	-80.7	671.2	-62.2	-66.7
NPM NPM%	-3.1	-0.9	-2.2	0.4	-2.0	-1.4	-3.3	1.7	0.3	2.1	0.7	0.5
EPS EPS₹	-12.7	-4.2	-7.3	1.5	-6.3	-3.8	-9.8	7.4	1.3	7.9	2.8	1.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	182	207	218	228	207	181	191	302	323	372	403	409
Growth Revenue Growth%	-10.4	13.8	4.9	5.0	-9.6	-12.2	5.3	58.5	6.9	15.0	8.3	7.4
Expenses ExpensesCr	182	205	214	219	201	183	186	287	311	355	382	388
Operating Profit Operating ProfitCr	0	3	4	10	6	-2	5	16	12	17	21	20
OPM OPM%	0.0	1.3	1.7	4.3	2.8	-0.9	2.4	5.3	3.7	4.6	5.2	5.0
Other Income Other IncomeCr	0	4	1	1	3	10	2	2	1	2		1
Interest Expense Interest ExpenseCr	7	7	7	7	7	10	8	7	8	7	9	9
Depreciation DepreciationCr	2	2	2	2	3	3	3	3	4	5	6	7
PBT PBTCr	-8	-2	-5	1	-2	-5	-5	8	1	7	7	6
Tax TaxCr	-3	0	0	0	2	-2	2	3	0	-1	4	4
PAT PATCr	-6	-2	-5	1	-4	-2	-6	5	1	8	3	2
Growth PAT Growth%	-1,062.6	67.2	-152.6	120.7	-514.9	39.9	-157.4	182.8	-80.7	671.2	-62.2	-66.7
NPM NPM%	-3.1	-0.9	-2.2	0.4	-2.0	-1.4	-3.3	1.7	0.3	2.1	0.7	0.5
EPS EPS₹	-12.7	-4.2	-7.3	1.5	-6.3	-3.8	-9.8	7.4	1.3	7.9	2.8	1.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	5	5	5	6	6	6	6	8	10	10	11
Reserves ReservesCr	9	44	71	71	66	64	57	81	112	119	141
Current Liabilities Current LiabilitiesCr	93	108	110	113	121	118	117	113	105	132	118
Non Current Liabilities Non Current LiabilitiesCr	8	9	12	16	21	21	24	23	28	27	32
Total Liabilities Total LiabilitiesCr	115	165	199	206	214	209	205	225	260	293	302
Current Assets Current AssetsCr	80	92	90	99	102	98	94	115	148	173	168
Non Current Assets Non Current AssetsCr	35	73	109	108	113	111	110	110	112	120	134
Total Assets Total AssetsCr	115	165	199	206	214	209	205	225	260	293	302

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	5	5	5	6	6	6	6	8	10	10	11
Reserves ReservesCr	9	44	71	71	66	64	57	81	112	119	141
Current Liabilities Current LiabilitiesCr	93	108	110	113	121	118	117	113	105	132	118
Non Current Liabilities Non Current LiabilitiesCr	8	9	12	16	21	21	24	23	28	27	32
Total Liabilities Total LiabilitiesCr	115	165	199	206	214	209	205	225	260	293	302
Current Assets Current AssetsCr	80	92	90	99	102	98	94	115	148	173	168
Non Current Assets Non Current AssetsCr	35	73	109	108	113	111	110	110	112	120	134
Total Assets Total AssetsCr	115	165	199	206	214	209	205	225	260	293	302

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	1	9	14	6	-5	24	2	-17	-3	2
Investing Cash Flow Investing Cash FlowCr	-1	1	-2	-3	-2	4	-2	-2	-10	1	-17
Financing Cash Flow Financing Cash FlowCr	1	-3	-7	-12	-2	-1	-22	0	27	1	15
Net Cash Flow Net Cash FlowCr	-1	0	0	0	1	-1	0	0	1	-1	0
Free Cash Flow Free Cash FlowCr	-1	3	7	14	3	0	22	0	-18	-10	-12
CFO To PAT CFO To PAT%	-7.1	-76.3	-184.7	1,462.2	-139.7	189.6	-378.8	47.1	-1,661.3	-37.7	65.4
CFO To EBITDA CFO To EBITDA%	-2,904.3	52.7	238.5	145.8	99.0	292.6	519.6	15.5	-140.1	-17.3	9.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	1	9	14	6	-5	24	2	-17	-3	2
Investing Cash Flow Investing Cash FlowCr	-1	1	-2	-3	-2	4	-2	-2	-10	1	-17
Financing Cash Flow Financing Cash FlowCr	1	-3	-7	-12	-2	-1	-22	0	27	1	15
Net Cash Flow Net Cash FlowCr	-1	0	0	0	1	-1	0	0	1	-1	0
Free Cash Flow Free Cash FlowCr	-1	3	7	14	3	0	22	0	-18	-10	-12
CFO To PAT CFO To PAT%	-7.1	-76.3	-184.7	1,462.2	-139.7	189.6	-378.8	47.1	-1,661.3	-37.7	65.4
CFO To EBITDA CFO To EBITDA%	-2,904.3	52.7	238.5	145.8	99.0	292.6	519.6	15.5	-140.1	-17.3	9.1

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	23	82	46	54	19	35	58	96	297	171	140	111
Price To Earnings Price To Earnings				54.9				18.3	294.9	22.0	47.5	56.0
Price To Sales Price To Sales	0.1	0.4	0.2	0.2	0.1	0.2	0.3	0.3	0.9	0.5	0.3	0.3
Price To Book Price To Book	1.7	1.7	0.6	0.7	0.3	0.5	0.9	1.1	2.4	1.3	0.9	0.7
EV To EBITDA EV To EBITDA	-5,236.1	49.8	26.2	10.0	11.6	-63.0	24.7	8.7	28.5	13.4	9.5	8.9
Profitability Ratios Profitability Ratios
GPM GPM%	26.7	28.2	28.9	28.6	30.7	26.2	28.1	28.2	26.6	27.9
OPM OPM%	0.0	1.3	1.7	4.3	2.8	-0.9	2.4	5.3	3.7	4.6	5.2	5.0
NPM NPM%	-3.1	-0.9	-2.2	0.4	-2.0	-1.4	-3.3	1.7	0.3	2.1	0.7	0.5
ROCE ROCE%	-2.6	5.2	1.7	6.7	4.1	3.8	3.2	10.8	5.4	7.6	7.4	7.4
ROE ROE%	-42.1	-3.9	-6.3	1.3	-5.6	-3.5	-9.9	5.9	0.8	6.0	1.9	1.9
ROA ROA%	-5.0	-1.1	-2.4	0.5	-1.9	-1.2	-3.1	2.3	0.4	2.6	1.0	1.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	23	82	46	54	19	35	58	96	297	171	140	111
Price To Earnings Price To Earnings				54.9				18.3	294.9	22.0	47.5	56.0
Price To Sales Price To Sales	0.1	0.4	0.2	0.2	0.1	0.2	0.3	0.3	0.9	0.5	0.3	0.3
Price To Book Price To Book	1.7	1.7	0.6	0.7	0.3	0.5	0.9	1.1	2.4	1.3	0.9	0.7
EV To EBITDA EV To EBITDA	-5,236.1	49.8	26.2	10.0	11.6	-63.0	24.7	8.7	28.5	13.4	9.5	8.9
Profitability Ratios Profitability Ratios
GPM GPM%	26.7	28.2	28.9	28.6	30.7	26.2	28.1	28.2	26.6	27.9
OPM OPM%	0.0	1.3	1.7	4.3	2.8	-0.9	2.4	5.3	3.7	4.6	5.2	5.0
NPM NPM%	-3.1	-0.9	-2.2	0.4	-2.0	-1.4	-3.3	1.7	0.3	2.1	0.7	0.5
ROCE ROCE%	-2.6	5.2	1.7	6.7	4.1	3.8	3.2	10.8	5.4	7.6	7.4	7.4
ROE ROE%	-42.1	-3.9	-6.3	1.3	-5.6	-3.5	-9.9	5.9	0.8	6.0	1.9	1.9
ROA ROA%	-5.0	-1.1	-2.4	0.5	-1.9	-1.2	-3.1	2.3	0.4	2.6	1.0	1.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	ECOBOAR	WIPL	MANILAM	DUROPLY	SYLVANPLY	UNIPLY	ADL
Market CapitalizationMkt CapCr	155	137	112	111	95	67	39
Close PriceClose₹	58.72	161.50	51.25	101.95	49.00	4.00	69.80
IndustryIndustry	Decoratives Wood based	Decoratives Wood based	Decoratives Wood based	Decoratives Wood based	Decoratives Wood based	Decoratives Wood based	Decoratives Wood based
Price To EarningsPE		950.00		56.02	13.21
Price To SalesPS	4.63	1.18	1.07	0.27	0.38	124.18	0.84
RevenueRevenueCr	33	116	104	409	253	1	46
Revenue Growth TTMRev Gr TTM%	289.6%	-3.1%		7.4%	4.5%	-99.9%	-9.5%
PAT Growth TTMPAT Gr TTM%	49.3%	-106.3%		-66.7%	4.0%	-571.2%	-184.6%

	ECOBOAR	WIPL	MANILAM	DUROPLY	SYLVANPLY	UNIPLY	ADL
Market CapitalizationMkt CapCr	155	137	112	111	95	67	39
Close PriceClose₹	58.72	161.50	51.25	101.95	49.00	4.00	69.80
IndustryIndustry	Decoratives Wood based	Decoratives Wood based	Decoratives Wood based	Decoratives Wood based	Decoratives Wood based	Decoratives Wood based	Decoratives Wood based
Price To EarningsPE		950.00		56.02	13.21
Price To SalesPS	4.63	1.18	1.07	0.27	0.38	124.18	0.84
RevenueRevenueCr	33	116	104	409	253	1	46
Revenue Growth TTMRev Gr TTM%	289.6%	-3.1%		7.4%	4.5%	-99.9%	-9.5%
PAT Growth TTMPAT Gr TTM%	49.3%	-106.3%		-66.7%	4.0%	-571.2%	-184.6%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26