Dhabriya Poly. Q1 FY27 Results (NSE: DHABRIYA)
Signal: Margin expansion
The read
The earnings trajectory strengthened again: consolidated EBITDA margin reached 23.3%, up about 330bps YoY and extending the prior series of margin expansion after 20.6% in FY26; the inflection is increasingly mix-led, with uPVC/PVC and other higher-value products at 89.2% of turnover, but the next proof point is converting the ₹200+ crore order book and new Q2 FY27 product launches without diluting margins.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹68.31 Cr | 10.0% | -2.1% |
| EBIT | ₹13.32 Cr | 30.3% | |
| Net profit | ₹8.86 Cr | 35.5% | |
| EPS | ₹8.18 | 35.4% | |
| EBIT margin | 23.3% |
P&L walk
Consolidated revenue increased 10.0% YoY to ₹68.31 crore, while EBITDA grew 27.2% to ₹15.89 crore and EBITDA margin reached 23.3%; PAT rose 35.5% to ₹8.86 crore, supported primarily by premium product mix rather than other income.
Segments
uPVC/PVC products drove the group, with revenue up 20.0% to ₹61.07 crore and segment profit up 36.8% to ₹12.48 crore, while modular furniture revenue fell to ₹7.41 crore from ₹11.54 crore and segment profit declined to ₹0.84 crore from ₹1.06 crore; the consolidated result also materially exceeded standalone PAT of ₹3.04 crore.
Key positives
- Premiumisation is visible in the segment data: uPVC/PVC products grew 20.0% YoY to ₹61.07 crore, reached 89.2% of turnover versus 81.5% a year earlier, and expanded segment margin to 20.4% from 17.9%.
- EBITDA increased 27.2% YoY to ₹15.89 crore against revenue growth of 10.0% to ₹68.31 crore, while EBITDA margin expanded to 23.3%, a fresh high in the recent series.
- PAT rose 35.5% YoY to ₹8.86 crore and EPS rose 35.4% to ₹8.18, with other income of only ₹0.13 crore and a clean earnings-quality profile.
- Order book reached an all-time high of ₹200+ crore, providing multi-quarter project revenue visibility; disclosed fresh wins include ₹18.59 crore, ₹15.17 crore and ₹13.05 crore orders.
- Interest coverage improved to 9.24x from 7.33x and CRISIL upgraded ₹35 crore bank facilities to BBB+/Stable from BBB/Stable.
Key concerns
- Modular furniture revenue declined to ₹7.41 crore from ₹11.54 crore and segment profit fell to ₹0.84 crore from ₹1.06 crore, partially offsetting the uPVC/PVC-led growth.
- The ₹100 crore FY26-FY28 capex programme and new WPC, panel, aluminium-window and façade verticals raise execution and utilisation requirements before the disclosed growth expectations can be validated.
- Consolidated revenue growth of 10.0% was lower than the 20.0% growth of uPVC/PVC products, indicating that the legacy or non-core mix remains a drag on group growth.
Research and educational content only. Not investment advice.