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Dhabriya Polywood Ltd

DHABRIYA

NSE

₹509.55+1.35%19 Oct 2026

Reports

Plastics Others

Dhabriya Polywood Ltd

DHABRIYA

NSE

₹509.55

+1.35%

19 Oct 2026

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Plastics Others

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Deep Dive Report: In-depth business analysis.

Dhabriya Polywood Ltd is a manufacturer that turns PVC-a plastic derived partly from salt, not just oil-into building materials designed to replace wood, aluminium, and plywood in Indian homes and offices. Founded in 1992 by an environmentalist with the motto “to save trees,” the company has spent three decades building a “One Point Solution” for interiors and exteriors, from wall panels and doors to modular kitchens, all under the “Zero Wood. Modern Living.” promise. The recurring approach is to take a product category dominated by imports or traditional materials, manufacture it domestically with its own extrusion and fabrication lines, and distribute it through a network of dealers and direct project contracts-claiming first-in-India launches for several products along the way.

Business segments

Three engines built on the same manufacturing backbone-a core extrusion business that makes the raw profiles and panels, a fenestration business that fabricates them into windows and doors for large projects, and a modular furniture arm that turns them into kitchens and wardrobes.

1. Profile extrusion: the material factory that feeds everything else

This is where the company makes the PVC and uPVC sheets, panels, and profiles that become walls, ceilings, doors, and floors-and it is the largest revenue driver, moving through a network of over 750 dealers.

Makes the building blocks, not just one product - the extrusion lines produce PVC profiles for doors and furniture, wall and ceiling panels (fluted, soffit, and flat), SPC flooring, PVC foam boards, and engineered marble sheets under the D-Stona brand, creating a catalogue of over 40,000 SKUs.
First-mover in import substitution - the company began manufacturing PVC fluted panels domestically in 2022, breaking what it describes as a Chinese monopoly, and later claimed another first with Indian-made soffit panels at its Bangalore facility, directly substituting imports under the Make in India programme.
Design protected by patents - an in-house design and printing team uses imported machines to create surface textures and patterns, with 15 design patents registered with the Indian Patent Office to protect those designs from copycats.
Raw material is a managed vulnerability - the key input is imported PVC resin, which exposes the company to exchange-rate swings, but long-standing supplier relationships and the ability to source from multiple geographies give it bargaining power, while anti-dumping duties on resin imports strengthen the domestic manufacturing case.
Distribution is dealer-driven - PVC profiles reach the market through 490 dealers across North, West, and East India and another 260 in the South, supported by a sales team that regularly visits architects and interior designers to generate demand.

2. Windows, doors and glazing: the project-order engine

This business fabricates uPVC and aluminium windows and doors for builders and end users, operating on a direct B2C model with an order book that gives multi-quarter revenue visibility.

Fabrication, not extrusion - the company does not extrude aluminium; it takes aluminium profiles and fabricates them into window and façade systems using specialised machines and technology, while for uPVC it uses world-class profiles from partners like Kommerling (Germany) to build finished windows and doors.
The order book is the moat - as of May 2026, the company held an order book of more than ₹170 crores, with named project wins from Tata Projects, Godrej Group, and DLF, providing a locked-in revenue stream that contrasts with the flow-based dealer business.
Cost advantage over wood - uPVC windows cost ₹250-₹800 per square foot compared to ₹500-₹1,500 for wood, and factory-finished modular assembly cuts costs by another 20-30%, making the product accessible to mid-premium residential projects.
Direct to the building site - unlike the extrusion business, uPVC windows are sold directly to builders and end users, not through the dealer network, which means the company manages installation and after-sales service itself.

3. Modular furniture: the wood-free interior solution

Run through a wholly-owned subsidiary under the Dynasty and Studio Arezzo brands, this segment makes kitchens, wardrobes, and office furniture from the same PVC-based materials, targeting both institutional projects and retail buyers.

A subsidiary with its own factory - Dynasty Modular Furnitures Private Limited operates a 34,883-square-foot plant in Jaipur, manufacturing executive tables, workstations, kitchen cabinets, and wardrobes that substitute wood with polymer-based panels.
Project wins alongside the window business - the furniture subsidiary has secured its own marquee orders, including a share of a ₹25.30-crore order from Godrej Group (received jointly with Dhabriya Polywood Limited) and a ₹4.54-crore order from DLF for kitchens and vanities, showing it can win standalone mandates.
Margins mirror the parent - gross margins in furniture sit in the same 40-47% range as the PVC and uPVC segments, with only a 5-7% deviation, because the underlying material is the same and the value-add comes from design and installation.
Installation by semi-skilled labour - like the rest of the company’s products, modular furniture is positioned as easier and faster to install than traditional wood, which requires skilled carpenters, making it attractive to large project developers facing labour shortages.

Manufacturing and supply chain backbone

Six factories spread across Jaipur, Bangalore, and Coimbatore-totalling 5.4 lakh square feet-form the production base, supported by an in-house design team, a real-time order tracking system, and a pan-India network of over 800 channel partners.

Capacity built for the product mix - the extrusion plants in Jaipur, Bangalore, and Coimbatore have a combined PVC profiles and sheets capacity of 27,600 metric tonnes as of FY26, up from 20,400 two years earlier, with a ₹100-crore capex programme underway to add WPC door lines and expand in South India.
Design and printing in-house - a digital printing and lamination unit in Kolkata, operational since 2024, feeds the surface-design capability that differentiates panels and furniture, using imported machines from global leaders to apply wood-grain, marble, and fabric textures.
Order-to-supply tracked in real time - a centralised order management system follows every transaction from placement to delivery, giving the company and its dealers live visibility on fulfilment, which matters when managing 40,000-plus SKUs across multiple factories.
Raw material sourcing is global but concentrated - PVC resin is largely imported, creating exposure to the US dollar and global petrochemical cycles, but the company’s long-standing supplier relationships and multi-geography procurement capability help it manage price volatility.
Demand generated through architects and exhibitions - a sales team spread across India maintains regular contact with dealers and accompanies them on visits to architects and interior designers, while the company participates in trade exhibitions in metro and Tier-2 cities to build its specification pipeline.

Group structure and partners

Dhabriya Polywood Limited is the listed parent, with three wholly-owned subsidiaries that house the modular furniture, South Indian profile extrusion, and a trading entity-each mapped to a distinct operational role.

Polywood Profiles Private Limited - incorporated in 2006, this subsidiary runs the PVC profile extrusion plant in Coimbatore, Tamil Nadu, extending the company’s manufacturing footprint into South India.
Dynasty Modular Furnitures Private Limited - incorporated in 1995, this is the modular furniture manufacturing arm, operating from Jaipur under the registered Dynasty brand and serving both project and retail customers.
Polywood Green Building Systems Private Limited - incorporated in 2012, this subsidiary trades uPVC doors, windows, and PVC profiles, acting as a distribution vehicle within the group.
Fabrication partnerships with German system suppliers - the company is an authorised window fabricator for Kommerling and Alupure profile systems from Germany, and a member of the UPVC Window and Door Manufacturers Association, giving it technical credibility in the project market.
Promoter experience spans three decades - the founding family’s promoters have more than 30 years in PVC product manufacturing, with the second generation now in key managerial roles including the Chairman and Managing Director and three Whole-Time Directors.

Quick Ratios

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Profit & Loss

Balance Sheet

Cash Flow

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Quick Ratios

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Profit & Loss

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Ratios

Peer Comparison

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Mkt Cap

Market Capitalization

₹552Cr

Close Price

₹509.90

Industry

Plastics Others

Price To Earnings

17.01

Price To Sales

2.04

Revenue

₹271Cr

Rev Gr TTM

Revenue Growth TTM

13.50%

PAT Gr TTM

PAT Growth TTM

63.03%

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	55	52	55	59	58	55	63	62	67	66	70	68
Growth YoY Revenue Growth YoY%	24.9	29.5	8.5	16.9	6.2	5.5	15.9	5.8	15.4	19.6	9.9	10.0
Expenses ExpensesCr	47	44	46	49	49	46	53	50	53	52	55	53
Operating Profit Operating ProfitCr	8	8	9	9	9	9	10	12	14	14	15	16
OPM OPM%	13.9	15.0	15.9	15.7	15.8	16.1	16.1	19.9	20.4	21.1	21.1	23.1
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	1	0
Interest Expense Interest ExpenseCr	1	1	1	1	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	2	2	2	2	2	2	2	2	3	2	3	3
PBT PBTCr	5	5	6	6	6	5	7	9	10	10	12	12
Tax TaxCr	1	2	2	2	2	2	2	2	2	3	3	3
PAT PATCr	4	3	4	5	4	4	5	7	8	8	8	9
Growth YoY PAT Growth YoY%	67.8	47.8	17.7	50.0	16.4	14.4	32.3	40.6	82.1	100.5	55.1	35.5
NPM NPM%	6.6	6.4	7.4	7.9	7.2	7.0	8.5	10.5	11.4	11.7	11.9	13.0
EPS EPS₹	3.3	3.1	3.8	4.3	3.9	3.5	5.0	6.0	7.0	7.1	7.7	8.2

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	55	52	55	59	58	55	63	62	67	66	70	68
Growth YoY Revenue Growth YoY%	24.9	29.5	8.5	16.9	6.2	5.5	15.9	5.8	15.4	19.6	9.9	10.0
Expenses ExpensesCr	47	44	46	49	49	46	53	50	53	52	55	53
Operating Profit Operating ProfitCr	8	8	9	9	9	9	10	12	14	14	15	16
OPM OPM%	13.9	15.0	15.9	15.7	15.8	16.1	16.1	19.9	20.4	21.1	21.1	23.1
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	1	0
Interest Expense Interest ExpenseCr	1	1	1	1	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	2	2	2	2	2	2	2	2	3	2	3	3
PBT PBTCr	5	5	6	6	6	5	7	9	10	10	12	12
Tax TaxCr	1	2	2	2	2	2	2	2	2	3	3	3
PAT PATCr	4	3	4	5	4	4	5	7	8	8	8	9
Growth YoY PAT Growth YoY%	67.8	47.8	17.7	50.0	16.4	14.4	32.3	40.6	82.1	100.5	55.1	35.5
NPM NPM%	6.6	6.4	7.4	7.9	7.2	7.0	8.5	10.5	11.4	11.7	11.9	13.0
EPS EPS₹	3.3	3.1	3.8	4.3	3.9	3.5	5.0	6.0	7.0	7.1	7.7	8.2

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	69	94	131	121	112	106	134	171	212	235	264	271
Growth Revenue Growth%	-3.6	36.0	39.4	-8.0	-7.3	-4.9	25.6	28.1	23.6	11.1	12.5	13.5
Expenses ExpensesCr	59	80	113	105	97	93	120	153	181	198	210	213
Operating Profit Operating ProfitCr	11	15	18	16	15	13	14	18	31	38	55	58
OPM OPM%	15.3	15.5	13.9	13.2	13.1	12.7	10.3	10.8	14.7	15.9	20.6	21.4
Other Income Other IncomeCr	0	0	0	0	0	1	0	0	1	1	1	1
Interest Expense Interest ExpenseCr	3	4	5	5	5	4	4	4	5	5	5	5
Depreciation DepreciationCr	2	3	4	4	4	3	3	4	7	9	10	10
PBT PBTCr	6	8	10	8	6	6	7	11	20	25	41	44
Tax TaxCr	2	3	3	2	2	2	2	2	5	7	11	11
PAT PATCr	4	5	7	6	4	4	5	8	14	18	30	32
Growth PAT Growth%	6.2	37.0	38.5	-18.9	-20.7	1.4	13.7	66.8	65.9	28.0	67.2	63.0
NPM NPM%	5.2	5.3	5.2	4.6	3.9	4.2	3.8	5.0	6.7	7.7	11.4	12.0
EPS EPS₹	3.5	4.7	6.3	5.1	4.1	4.1	4.7	7.8	13.0	16.6	27.9	30.0

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	69	94	131	121	112	106	134	171	212	235	264	271
Growth Revenue Growth%	-3.6	36.0	39.4	-8.0	-7.3	-4.9	25.6	28.1	23.6	11.1	12.5	13.5
Expenses ExpensesCr	59	80	113	105	97	93	120	153	181	198	210	213
Operating Profit Operating ProfitCr	11	15	18	16	15	13	14	18	31	38	55	58
OPM OPM%	15.3	15.5	13.9	13.2	13.1	12.7	10.3	10.8	14.7	15.9	20.6	21.4
Other Income Other IncomeCr	0	0	0	0	0	1	0	0	1	1	1	1
Interest Expense Interest ExpenseCr	3	4	5	5	5	4	4	4	5	5	5	5
Depreciation DepreciationCr	2	3	4	4	4	3	3	4	7	9	10	10
PBT PBTCr	6	8	10	8	6	6	7	11	20	25	41	44
Tax TaxCr	2	3	3	2	2	2	2	2	5	7	11	11
PAT PATCr	4	5	7	6	4	4	5	8	14	18	30	32
Growth PAT Growth%	6.2	37.0	38.5	-18.9	-20.7	1.4	13.7	66.8	65.9	28.0	67.2	63.0
NPM NPM%	5.2	5.3	5.2	4.6	3.9	4.2	3.8	5.0	6.7	7.7	11.4	12.0
EPS EPS₹	3.5	4.7	6.3	5.1	4.1	4.1	4.7	7.8	13.0	16.6	27.9	30.0

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	10	11	11	11	11	11	11	11	11	11	11
Reserves ReservesCr	13	20	30	35	40	44	49	58	71	89	119
Current Liabilities Current LiabilitiesCr	30	40	47	46	46	40	45	48	58	54	66
Non Current Liabilities Non Current LiabilitiesCr	18	21	20	22	18	23	24	28	25	27	30
Total Liabilities Total LiabilitiesCr	71	92	107	115	115	117	130	145	165	181	226
Current Assets Current AssetsCr	38	51	63	70	69	67	76	81	87	99	120
Non Current Assets Non Current AssetsCr	34	41	44	44	45	50	54	64	78	82	106
Total Assets Total AssetsCr	71	92	107	115	115	117	130	145	165	181	226

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	10	11	11	11	11	11	11	11	11	11	11
Reserves ReservesCr	13	20	30	35	40	44	49	58	71	89	119
Current Liabilities Current LiabilitiesCr	30	40	47	46	46	40	45	48	58	54	66
Non Current Liabilities Non Current LiabilitiesCr	18	21	20	22	18	23	24	28	25	27	30
Total Liabilities Total LiabilitiesCr	71	92	107	115	115	117	130	145	165	181	226
Current Assets Current AssetsCr	38	51	63	70	69	67	76	81	87	99	120
Non Current Assets Non Current AssetsCr	34	41	44	44	45	50	54	64	78	82	106
Total Assets Total AssetsCr	71	92	107	115	115	117	130	145	165	181	226

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	5	7	10	8	12	8	10	14	32	17	8
Investing Cash Flow Investing Cash FlowCr	-10	-7	-5	-5	-5	-8	-7	-13	-20	-12	-26
Financing Cash Flow Financing Cash FlowCr	4	0	-6	-2	-8	0	-1	-1	-10	-5	17
Net Cash Flow Net Cash FlowCr	0	1	-1	1	0	0	2	1	2	1	-1
Free Cash Flow Free Cash FlowCr	-6	0	6	3	8	-1	3	1	11	5	-19
CFO To PAT CFO To PAT%	137.4	149.5	150.7	148.0	280.6	169.6	192.9	164.6	225.5	94.7	27.1
CFO To EBITDA CFO To EBITDA%	46.9	50.9	56.8	51.8	84.4	56.3	71.6	75.8	102.4	45.5	15.0

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	5	7	10	8	12	8	10	14	32	17	8
Investing Cash Flow Investing Cash FlowCr	-10	-7	-5	-5	-5	-8	-7	-13	-20	-12	-26
Financing Cash Flow Financing Cash FlowCr	4	0	-6	-2	-8	0	-1	-1	-10	-5	17
Net Cash Flow Net Cash FlowCr	0	1	-1	1	0	0	2	1	2	1	-1
Free Cash Flow Free Cash FlowCr	-6	0	6	3	8	-1	3	1	11	5	-19
CFO To PAT CFO To PAT%	137.4	149.5	150.7	148.0	280.6	169.6	192.9	164.6	225.5	94.7	27.1
CFO To EBITDA CFO To EBITDA%	46.9	50.9	56.8	51.8	84.4	56.3	71.6	75.8	102.4	45.5	15.0

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	57	180	132	77	29	54	91	135	275	338	310	552
Price To Earnings Price To Earnings	15.9	36.4	19.3	13.9	6.6	12.1	18.0	15.9	19.6	18.8	10.3	17.0
Price To Sales Price To Sales	0.8	1.9	1.0	0.6	0.3	0.5	0.7	0.8	1.3	1.4	1.2	2.0
Price To Book Price To Book	2.5	5.9	3.3	1.7	0.6	1.0	1.5	2.0	3.4	3.4	2.4	4.3
EV To EBITDA EV To EBITDA	8.1	14.8	9.4	7.4	4.6	7.0	10.3	10.2	10.4	10.2	7.0	10.6
Profitability Ratios Profitability Ratios
GPM GPM%	35.8	34.7	34.9	35.2	35.2	33.3	29.1	29.5	34.8	37.5	42.0	42.0
OPM OPM%	15.3	15.5	13.9	13.2	13.1	12.7	10.3	10.8	14.7	15.9	20.6	21.4
NPM NPM%	5.2	5.3	5.2	4.6	3.9	4.2	3.8	5.0	6.7	7.7	11.4	12.0
ROCE ROCE%	16.1	17.3	17.9	14.2	12.3	10.8	9.3	11.9	18.2	19.2	22.4	22.4
ROE ROE%	15.4	16.3	16.9	12.1	8.8	8.1	8.4	12.3	17.1	18.0	23.3	23.3
ROA ROA%	5.1	5.4	6.4	4.8	3.9	3.8	3.9	5.8	8.6	9.9	13.4	13.4
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	57	180	132	77	29	54	91	135	275	338	310	552
Price To Earnings Price To Earnings	15.9	36.4	19.3	13.9	6.6	12.1	18.0	15.9	19.6	18.8	10.3	17.0
Price To Sales Price To Sales	0.8	1.9	1.0	0.6	0.3	0.5	0.7	0.8	1.3	1.4	1.2	2.0
Price To Book Price To Book	2.5	5.9	3.3	1.7	0.6	1.0	1.5	2.0	3.4	3.4	2.4	4.3
EV To EBITDA EV To EBITDA	8.1	14.8	9.4	7.4	4.6	7.0	10.3	10.2	10.4	10.2	7.0	10.6
Profitability Ratios Profitability Ratios
GPM GPM%	35.8	34.7	34.9	35.2	35.2	33.3	29.1	29.5	34.8	37.5	42.0	42.0
OPM OPM%	15.3	15.5	13.9	13.2	13.1	12.7	10.3	10.8	14.7	15.9	20.6	21.4
NPM NPM%	5.2	5.3	5.2	4.6	3.9	4.2	3.8	5.0	6.7	7.7	11.4	12.0
ROCE ROCE%	16.1	17.3	17.9	14.2	12.3	10.8	9.3	11.9	18.2	19.2	22.4	22.4
ROE ROE%	15.4	16.3	16.9	12.1	8.8	8.1	8.4	12.3	17.1	18.0	23.3	23.3
ROA ROA%	5.1	5.4	6.4	4.8	3.9	3.8	3.9	5.8	8.6	9.9	13.4	13.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	ALLTIME	BAIKAKAJI	MANIKA	DHABRIYA	MITSU	OMG	KAKA
Market CapitalizationMkt CapCr	1,310	629	559	552	311	296	295
Close PriceClose₹	200.00	294.00	48.00	509.90	229.00	87.25	215.70
IndustryIndustry	Plastics Others	Plastics Others	Plastics Others	Plastics Others	Plastics Others	Plastics Others	Plastics Others
Price To EarningsPE	36.10	36.21	24.74	17.01	13.49		15.70
Price To SalesPS	2.13	1.73	1.28	2.04	0.86	2.38	1.12
RevenueRevenueCr	614	365	436	271	360	124	263
Revenue Growth TTMRev Gr TTM%	4.8%			13.5%	6.7%		33.1%
PAT Growth TTMPAT Gr TTM%	-27.9%			63.0%	208.6%		45.9%

	ALLTIME	BAIKAKAJI	MANIKA	DHABRIYA	MITSU	OMG	KAKA
Market CapitalizationMkt CapCr	1,310	629	559	552	311	296	295
Close PriceClose₹	200.00	294.00	48.00	509.90	229.00	87.25	215.70
IndustryIndustry	Plastics Others	Plastics Others	Plastics Others	Plastics Others	Plastics Others	Plastics Others	Plastics Others
Price To EarningsPE	36.10	36.21	24.74	17.01	13.49		15.70
Price To SalesPS	2.13	1.73	1.28	2.04	0.86	2.38	1.12
RevenueRevenueCr	614	365	436	271	360	124	263
Revenue Growth TTMRev Gr TTM%	4.8%			13.5%	6.7%		33.1%
PAT Growth TTMPAT Gr TTM%	-27.9%			63.0%	208.6%		45.9%