Duroply Industries Limited , a leading player in India's plywood manufacturing sector, has reported a significant increase in its financial performance for the second quarter of fiscal year 2026, along with a notable corporate action.

Financial Highlights

For the quarter ended September 30, 2025, Duroply Industries posted a net profit of Rs 24.08 crore, marking a substantial 55.5% increase from Rs 15.49 crore in the previous quarter. This impressive growth in profitability comes alongside a 11.7% quarter-on-quarter increase in revenue, which rose to Rs 104.49 crore from Rs 93.54 crore in Q1 FY26.

The company's performance shows significant improvement when compared to the same quarter of the previous year:

All figures in Rs crore

Operational Performance

Duroply Industries demonstrated strong operational efficiency, with its EBITDA margin improving to 6.18% in Q2 FY26, up from 5.76% in Q1 FY26 and 4.52% in Q2 FY25. This improvement in margins, coupled with revenue growth, indicates the company's ability to manage costs effectively while expanding its business.

Corporate Action: Warrant Conversion

In a significant move, Duroply Industries converted 9,85,220 warrants into an equivalent number of equity shares. This conversion was executed at an issue price of Rs 203 per warrant, raising approximately Rs 1,999.99 crore. The transaction was completed on September 25, 2025, following the receipt of the balance subscription money representing 75% of the issue price, amounting to Rs 1,499.99 crore.

As a result of this conversion, the company's paid-up equity share capital has increased to Rs 108.51 crore. The newly issued shares rank pari passu with the existing equity shares of the company.

Management Commentary

Akhilesh Chitlangia, Managing Director and Chief Executive Officer of Duroply Industries, commented on the results: "We are pleased to report a strong second quarter performance driven by broad-based momentum across our portfolio. Revenue grew by 15% in Q2 and 12% for H1, underscoring the effectiveness of our focused strategy and consistent outperformance of the industry average."

He added, "With a sharper organizational structure, improved margins, and sustained demand momentum, we remain confident of accelerating our growth trajectory in the coming quarters while maintaining our focus on profitability and financial discipline."

Future Outlook

The company's improved financial performance, coupled with the successful conversion of warrants, positions Duroply Industries for potential growth. The additional capital raised through the warrant conversion may provide the company with resources to invest in expansion, innovation, or debt reduction, depending on its strategic priorities.

As Duroply Industries continues to navigate the competitive plywood manufacturing sector, investors and market observers will be watching closely to see how the company leverages its improved financial position and operational efficiencies to drive long-term growth and shareholder value.

Duroply Industries has seen a significant change in its shareholding structure as Tusk Investments Limited increased its stake through a warrant conversion. This corporate action, coupled with an upcoming board meeting, signals important developments for the company.

Warrant Conversion and Stake Increase

Tusk Investments Limited has strengthened its position in Duroply Industries by converting warrants into equity shares. Here are the key details of the transaction:

This acquisition has led to a notable increase in Tusk Investments' stake in Duroply Industries, moving from their previous position to a more substantial 6.41% of the company's total voting capital.

Impact on Duroply Industries' Share Capital

The warrant conversion has also affected Duroply Industries' overall equity structure:

This expansion in the company's equity base represents a significant change in its capital structure, potentially impacting various financial metrics and shareholder dynamics.

Upcoming Board Meeting

In addition to this shareholding change, Duroply Industries has announced an important board meeting:

• Date: Friday, November 14, 2025
• Key Agenda: To consider and approve the Unaudited Financial Results for Q2 and H1 FY2026 (ended September 30, 2025)

Trading Window Closure

In compliance with regulatory requirements, Duroply Industries has implemented a trading window closure:

• Closure Period: October 1, 2025, until 48 hours post results announcement
• Applicable to: All Designated Persons and their immediate relatives

This measure ensures fair trading practices and prevents insider trading during the sensitive period leading up to the financial results announcement.

Investors and market participants may want to keep a close watch on Duroply Industries' upcoming financial results, which could provide further insights into the company's performance and the potential impact of the recent changes in shareholding structure.