Dhabriya Polywood reported a standalone net profit of ₹142.1 crore for FY26, an increase of 85.7% from ₹76.5 crore in the previous year. Consolidated profit after tax reached ₹301.4 crore, rising 67.2% year-on-year.

The company delivered robust top-line growth alongside significant margin expansion. Standalone revenue from operations grew 13.5% to ₹1,478.4 crore, while consolidated revenue increased 12.5% to ₹2,644.8 crore. EBITDA margins expanded by 414 basis points to 18.97% on a standalone basis, reflecting improved operational leverage.

Financial Performance

The financial results highlight strong profitability across both standalone and consolidated metrics. The company declared a final dividend of ₹0.70 per equity share for FY26.

On a consolidated basis, EBITDA grew 45.6% to ₹545.9 crore. The effective tax rate stood at 25.09% for the standalone entity, compared to 22.14% in FY25.

What the Numbers Show

A key divergence exists between operating cash generation and balance sheet leverage. While standalone operating cash flow turned negative at -₹32.7 crore—down from ₹124.5 crore in FY25—due to a ₹1,124.2 crore increase in inventory and a ₹669.7 crore drop in trade payables, the company significantly increased borrowings. Current borrowings rose 58.7% to ₹4,418.3 crore, indicating that working capital requirements were funded through debt rather than operational accruals.

Strategic Expansion

The Board approved a ₹100 crore capital expenditure programme spanning FY26 to FY28 to expand manufacturing capabilities. During FY26, approximately ₹27 crore was deployed towards extrusion line expansion and dedicated infrastructure for aluminium glazing and windows. The company is also diversifying into new verticals including WPC doors and wall panels.

Corporate Governance

The 34th Annual General Meeting will be held on September 30, 2026. Shareholders will vote on the re-appointment of Whole-Time Director Mahendra Karnawat and revisions to the remuneration packages of Chairman & Managing Director Digvijay Dhabriya, along with other executive directors.

Dhabriya Polywood has received a confirmed work order valued at Rs 4.78 crore from Godrej Properties Ltd. for external facade works. The project is scheduled to be completed over 12 months as per the terms of the order. This filing represents a firm contract, meaning the value is executable and revenue recognition can begin upon commencement of work.

What Happened

The company was awarded a work order worth Rs 4.78 crore (tax inclusive) on August 24, 2026. The scope involves external facade works. The execution timeline is spread over 12 months, allowing for phased revenue recognition. This order adds directly to the company's active backlog.

Order In Financial Context

The new order value of Rs 4.78 crore represents approximately 7.0% of the company's average quarterly revenue of Rs 68.05 crore. The total disclosed order book stands at Rs 21.52 crore (sum of the orders disclosed across the last 3 fiscal quarters shown in the table below). This backlog provides coverage of 0.32 quarters of average quarterly revenue.

Company Order Track Record

Order inflow velocity appears stable, with recent wins from key real estate developers including Godrej Properties Ltd., M3M Group, and Arasa Projects. The current order size is consistent with the company's typical per-order magnitude seen in recent filings.

Execution And Revenue Quality

The company has demonstrated improving margin quality over the last three quarters. Operating profit margins expanded from 21.09% in Q3FY26 to 23.07% in Q1FY27, indicating effective cost management or favorable product mix. Net profit also grew sequentially, reaching Rs 8.90 crore in the latest quarter.

Revenue Growth - Order Wins Translating To Revenue

As Dhabriya Polywood has sustained order wins, its annual revenue has grown from Rs 235.70 crore in FY25 to Rs 264.48 crore in FY26, representing a YoY growth of 12.2% based on the latest annual data. This growth trajectory aligns with the consistent order inflows observed in recent quarters, suggesting that past contracts are converting into top-line expansion effectively.

Working Capital And Execution Capacity

The company maintains a strong liquidity position with a current ratio of 1.82x, providing ample cushion to fund working capital requirements for ongoing projects. Total liabilities/equity stands at 0.74x, indicating a conservative capital structure with minimal reliance on external debt. Operating cashflow remained positive at Rs 17.10 crore in FY25, supporting the view that the business model generates cash efficiently despite working capital cycles typical of construction-adjacent sectors.

Key Observations

• New Order: Secured Rs 4.78 crore contract from Godrej Properties Ltd. for external facade works.
• Execution Timeline: Project to be completed over 12 months.
• Margin Expansion: Operating profit margins improved to 23.07% in Q1FY27 from 21.09% in Q3FY26.