Dhabriya Polywood Ltd — Q4 FY26
Dhabriya Polywood delivered a strong FY26 with consolidated revenue of ₹264.5 crore (+12.5% YoY), driven by robust EBITDA growth of 45.6% to ₹54.6 crore and PAT growth of 67.2%...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
88%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Revenue and margin breakup by segment (PVC/UPVC/modular)
Asked by Hershett Kadka, Robo Capital
Management provided specific revenue and margin percentages for each segment.
Read the exchange
Question
the 264 crores of revenue that we have blocked just wanted to understand like can you give the segmental breakup of it that how much has come from PVC UPVC and modular and I'll be glad if you can also give the margin breakup of them.
Management (not specified)
84% revenue came from polymer based product PVC and UPVC and 16% around 43 crores came from modular furniture. EBITDA margin for polymer division was 16.6% and for modular furniture around 9%.
Partial answer
High priority
Peak revenue from current capacity and timeline
Asked by Hershett Kadka, Robo Capital
Management gave a revenue figure but did not specify the year when peak revenue would be achieved.
no timeline given
Read the exchange
Question
what is the peak revenue that we're expecting from this capacity and what is the timeline that we are expecting that in what year will we be able to achieve the peak revenue
Management (not specified)
with the existing capacity itself we can surely achieve more than 450 crores of revenue for the profile itself and that would be on 85% of the overall capacity utilization
Answered
High priority
Sustainability of 20% EBITDA margin
Asked by Hershett Kadka, Robo Capital
Management explicitly stated confidence in sustaining 20%+ EBITDA margin.
Read the exchange
Question
the consolidated EBITDA that we have of 20% right now. So was this sustain or how do you see the margins going forward for 27 and 28 year at least?
Management (not specified)
we are quite confident that 20% plus EBITDA margin is sustainable in longer run also
Answered
High priority
Reason for shortfall in growth target
Asked by Vishinder Singh, Prudent Equity
Management provided specific reasons for the shortfall.
Read the exchange
Question
I wanted to ask on the growth that we have achieved in FY26. We were projecting somewhere around 20-25%. So can you comment on the shortfall of the target that you previously mentioned?
Management (not specified)
supplies were deferred for couple of the projects large projects especially in Maharashtra and one of the projects in Delhi and also from the buyer side they were having the order book but somehow the stays where our products are to be supplied especially the UPVC windows and doors that stays was deferred.
Answered
High priority
Capex bifurcation and capacity additions
Asked by Vishinder Singh, Prudent Equity
Management provided a clear breakdown of capex allocation.
Read the exchange
Question
on the capex side, can you bifurcate on the capacity wise and segment wise what other capacities will be added from this 27 cr capex in this year?
Management (not specified)
WPC door is the first one which we have already executed and trial runs are happening. Second is WPC wall and ceiling panels extrusion planned for Q3 and Q4. Majorly aluminum windows and facade division for which we have already implemented for Bangalore unit and for Jaipur new factory site is under construction.
Answered
High priority
Revenue contribution from new capex in FY27
Asked by Vishinder Singh, Prudent Equity
Management gave specific revenue expectations for new segments.
Read the exchange
Question
can you share some ballpark numbers on the contribution and top line this year from this capex
Management (not specified)
current financial year we are expecting around 15 crores of minimum contribution from WPC door and falsely wall paneling division and maybe somewhere around 40 crores from aluminum windows and facade division.
Partial answer
High priority
Confidence in 30% CAGR growth going forward
Asked by Kesha G, Countercyclical PMS
Management cited new products but did not provide quantitative evidence for doubling growth rate.
no quantitative justification
Read the exchange
Question
what gives you the confidence that we will be able to grow by 30% CAGR going forward which is almost double the CAGR growth that we have done in the past 3 years or even in the past 10 years. So what has changed now?
Mr. Dhabriya (Chairman)
we are looking for this new products mix which is our WPC doors and the facade division which we are going to add. These are the areas where big demand is there and less competition is there.
Partial answer
High priority
Raw material price increase and price hikes taken
Asked by Kesha G, Countercyclical PMS
Management gave a range for cost increase but did not specify exact price hike percentage taken.
no specific raw material price increase percentage
Read the exchange
Question
due to the Iran war the raw material prices have jumped up a lot the petrochem. So what is our starting raw material and how much has it gone up by and how much price hike have we taken recently and how much do we plan to take going forward?
Management (not specified)
around 15 to 18% cost of raw material has already increased and considering all those factors we have already revised our prices three times in fact till 30th April itself.
Answered
Medium priority
Fluted panel revenue in FY26 and margin profile of new capex
Asked by Mahesh Atar, Daria Investment Advisor
Management provided specific revenue figures and margin indication.
Read the exchange
Question
What was the panel revenue in the last year financials? ... the new capex that you're doing the incremental capex is it going to a higher margin thing or lower?
Management (not specified)
panel FY26 it was 54 crores and FY25 it was 38 crores. ... this is probably the same kind of the margin definitely not from the lower margin bracket.
Answered
High priority
Volume growth expectation for FY27
Asked by Runit Kapoor, Invest Investments
Management gave a specific volume growth expectation.
Read the exchange
Question
you're anticipating a 30% revenue growth for FY27. So since your realizations also would have jumped up because you have passed it on to the customers. So I wanted to understand how much volume growth are you expecting for FY27 category wise that PVC profile extrusion?
Management (not specified)
from the volume side 20% we are optimistic that minimum 20% growth we have.
Answered
High priority
Revenue potential and margin for aluminum windows division
Asked by Madhurati, Countercyclical Investments
Management provided specific revenue and margin expectations.
Read the exchange
Question
what is our capacity and with the Jaipur facility that we are commissioning? What would be the revenue potential for this division going forward? And what kind of revenue can we expect from this division for FY27?
Management (not specified)
in FY27 we are expecting a minimum 40 to 50 crores of revenue contribution from this new division. ... 20% EBITDA margin levels are normal for both.
Answered
High priority
Order book split and execution timeline
Asked by Aditya J, Individual Investor
Management provided a clear split and timeline.
Read the exchange
Question
you've mentioned that 174 crores is a current order book. Can you provide the split and also what was this order book last year and what are the execution timelines for this order book?
Management (not specified)
UPVC windows and doors approximately 84 crores, 34 crores modular furniture, remaining 56 crores for aluminum windows. Last year order book was 120-140 crores. Execution timeline 18 to 24 months.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Modular furniture revenue 43 crores | ₹43 cr | ₹69.74 cr | Understated vs filing |
| Polymer division EBITDA margin 16.6% | 16.6% | 21.11% | Understated vs filing |
| Modular furniture EBITDA margin 9% | 9% | 21.11% | Understated vs filing |
| Peak revenue potential of 450 crores from profile | ₹450 cr | ₹69.74 cr | Overstated vs filing |
| WPC door revenue expectation 15 crores in FY27 | ₹15 cr | ₹69.74 cr | Understated vs filing |
| Aluminum windows revenue expectation 40 crores in FY27 | ₹40 cr | ₹69.74 cr | Understated vs filing |
| Fluted panel revenue 54 crores in FY26 | ₹54 cr | ₹69.74 cr | Understated vs filing |
| Fluted panel revenue 38 crores in FY25 | ₹38 cr | ₹69.74 cr | Understated vs filing |
| Volume growth of 20% expected in FY27 | 20% | 12.5% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.