Dhabriya Polywood Limited , a multi-vertical wood substitute solutions leader, has unveiled ambitious growth plans during a recent investor meeting. The company, which has been in operation since 1992, is positioning itself for significant expansion across its product lines.

Financial Performance and Targets

Dhabriya Polywood reported strong financial performance for the first half of fiscal year 2026:

The company has set an ambitious target to double its revenue by FY29, supported by mix improvement, strong branding, and available capacity.

Business Segments and Revenue Architecture

Dhabriya Polywood operates across three main segments:

1. PVC Profile Extrusion (Flagship Vertical)

   • Contributes 58-60% of revenues
   • Fully B2B model with 700+ dealers nationwide

2. UPVC Windows & Doors (Project-Focused Vertical)

   • Provides turnkey solutions to major developers
   • Serves North & South zones, Mumbai, Pune, and Goa

3. Modular Furniture

   • Contributes 16-18% of revenues
   • Marquee customers include DLF, Adani, Godrej, M3M

Expansion and Investment Plans

The company has outlined a strategic roadmap for growth:

Competitive Edge and Innovation

Dhabriya Polywood maintains its market position through:

• Product Innovation: Manufacturing fluted soffit panels with 15+ patented designs
• In-house tool room for continuous R&D and monthly mould/design development
• Premium positioning justified by quality, durability, and 30 years of brand trust

Market Opportunities and Risks

The management highlighted several opportunities and potential risks:

Opportunities

• Rising adoption in premium home interiors and renovations
• Growing acceptance of fluted/soffit panels and WPC-based products
• Expansion of dealer network and institutional clients

Risks

• Chinese imports at lower costs affecting Tier 2/3 markets
• High reliance on PVC resin, though sourced from stable suppliers
• Working capital cycles influenced by retention money in project business

Customer Profile and Revenue Diversification

Dhabriya Polywood has a diverse customer base:

• 700+ dealers ensure minimal concentration (top B2B customer contributes 6-7%)
• DLF contributes 15% of revenue across multiple projects
• Rapid addition of marquee real estate developers and corporates

Outlook

Despite potential real estate slowdowns, the management remains confident in maintaining 15-20% annual growth while strengthening profitability. The company's focus on value-added products, particularly fluted & soffit panels, is expected to drive margin expansion over the next 6-8 quarters.

As Dhabriya Polywood continues to leverage its strong market position and innovation capabilities, it appears well-positioned to capitalize on the growing demand for wood substitute solutions in the Indian market.

Dhabriya Polywood Limited , a leading manufacturer of PVC profiles and modular furniture, has reported its strongest quarter ever in Q2 FY26, with significant improvements in revenue, EBITDA, and profitability.

Financial Highlights

• Highest-ever Earnings Per Share (EPS) recorded

Performance Drivers

The company's impressive performance was attributed to:

1. Improved product mix
2. Focus on premium segments
3. Strong performance across all divisions:
   • PVC profiles
   • Modular furniture
   • uPVC windows and doors

Management Insights

During the earnings conference call, Mr. Digvijay Dhabriya, Chairman and Managing Director, highlighted the company's strategic focus on improving profitability and enhancing operating margins. He stated, "This outstanding performance reflects the strength of our diversified product portfolio, our focused execution, and the consistent progress we have made across all business verticals."

Segment Performance

• PVC Profile Extrusion: Currently operating at over 60% capacity utilization of its 24,000 metric ton annual capacity.
• uPVC Windows and Doors: Fabrication capacity of 30 lakh square feet, with current utilization at 35% to 40%.
• Modular Furniture: Contributed around 18% of the overall business in H1 FY26.

Order Book and Future Outlook

• Execution timeline for current orders: 18 to 24 months

The company remains confident in sustaining its growth momentum in the second half of FY26, supported by a healthy order book and robust demand from both retail and institutional customers.

Expansion Plans

Dhabriya Polywood is making targeted investments to enhance capacity and shorten order turnaround time:

1. Setting up a dedicated WPC door manufacturing facility
2. Expanding capacities in Southern India
3. Planning to open two new Studio Arezzo outlets in H2 FY26, with one confirmed in Bangalore

Market Position and Competition

The company maintains a strong presence across India, with significant contributions from the Southern Belt, East, West, and North India regions. Management stated that they have not faced any new competition and that market demand remains healthy.

Conclusion

Dhabriya Polywood's record-breaking Q2 FY26 performance demonstrates the company's ability to capitalize on market opportunities and execute its strategic initiatives effectively. With a focus on premium products, operational efficiency, and expansion plans, the company appears well-positioned for continued growth in the evolving PVC and modular furniture market.