Dhabriya Polywood has received a confirmed work order worth Rs 4.75 crore from NCC Urban Infrastructure Ltd. The contract covers the supply and installation of uPVC doors and windows with an execution period of 12 months. It was disclosed to the exchange on October 1, 2026.

Order in Financial Context

The Rs 4.75 crore order value constitutes approximately 7.0% of the company's average quarterly revenue of Rs 68.05 crore. The total disclosed order book stands at Rs 43.70 crore across 4 orders in the last 3 fiscal quarters. This translates to a book-to-bill ratio of 0.16x based on trailing twelve-month revenue. Consequently, the current backlog provides coverage for 0.64 quarters of average quarterly revenue, indicating a need for continued order inflows to maintain utilization levels.

Company Order Track Record

The company has maintained a steady pace of order acquisitions in recent quarters, securing deals from multiple domestic real estate and infrastructure entities. The new order from NCC Urban Infrastructure Ltd. complements previous wins from M3M Group and Godrej Properties Ltd.

Note: The Q2FY27 total includes the Rs 4.75 crore order from NCC Urban Infrastructure Ltd. disclosed on Oct 1, 2026, alongside prior Q2FY27 inflows.

Recent Order History:

Execution and Revenue Quality

Recent quarterly results indicate robust execution capabilities with expanding margins. Net profit has grown consistently quarter-over-quarter, while operating profit margins have improved significantly, suggesting better cost management or higher-value project mix.

Revenue Growth - Order Wins Translating to Revenue

As Dhabriya Polywood has sustained order wins, with consistent inflows from domestic real estate developers, 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 trend aligns with the historical pattern where order inflows have supported double-digit top-line expansion.

Working Capital and Execution Capacity

The company maintains a healthy liquidity position with a Current Ratio of 1.82x and Total Liabilities/Equity of 0.74x, providing sufficient buffer for working capital requirements. Operating cashflow was positive at Rs 17.10 crore in FY25, although free cashflow was lower at Rs 5.20 crore due to capital expenditure, indicating that backlog conversion to cash is ongoing but moderated by investment activities.

What to Watch

• Execution Rate: Monitor quarterly revenue run-rate against the Rs 43.70 crore disclosed order book to assess if backlog is converting into revenue at the expected pace.
• Margin Trajectory: Track whether the OPM improvement seen in Q1FY27 (23.07%) sustains as new facade works execute, given the competitive nature of construction materials.
• Client Diversification: While M3M Group accounts for two major recent orders, the addition of NCC Urban Infrastructure Ltd. and Godrej Properties Ltd. helps mitigate client-specific risks.
• Order Inflow Velocity: With 0.64 quarters of backlog coverage, sustained new order wins are critical to maintain revenue visibility beyond the next two quarters.

Dhabriya Polywood Limited will host an interaction with analysts and institutional investors on Wednesday, September 23, 2026. The session will be conducted via video conference.

The company disclosed this schedule in a filing with BSE Limited on September 16, 2026. Officials from Dhabriya Polywood will participate in the meeting to address queries from market participants.

Disclosure Details

The intimation was issued pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation mandates timely disclosure of price-sensitive information to stock exchanges.

The company noted that the scheduled date is subject to change due to exigencies on the part of the company or the analysts and investors involved.

Investor Resources

Dhabriya Polywood has uploaded the copy of the investor presentation on its website and the stock exchanges for public access. The document is available for review by members of the public and market participants ahead of the meeting.