Dhabriya Polywood FY26: PAT up 67%, margin 20.6%

Results snapshot: growth with sharper margins

Dhabriya Polywood Ltd (BSE: 538715) reported a stronger FY26 performance marked by steady revenue growth and a faster rise in profitability. Consolidated revenue from operations increased 12.5% year-on-year to ₹264.48 crore, supported by improved execution and operating leverage. The company reported EBITDA of ₹54.59 crore, up 45.6%, as margins expanded meaningfully. Profit after tax (PAT) rose 67.2% to ₹30.14 crore, reflecting the margin improvement across the P&L. Management also highlighted a record order book and a Board-approved capex programme aimed at capacity expansion and new product lines.

FY26 financial performance: revenue up, profits grew faster

The bigger change in FY26 came from profitability rather than just topline expansion. EBITDA margin improved to 20.6% from 16.0% in FY25, an expansion of 460 basis points. PAT margin improved to 11.4% from 7.7% in FY25, signalling better conversion of revenue into bottom-line profit. Profit before tax (PBT) grew 65.3% to ₹40.67 crore. Earnings per share (EPS) rose to ₹27.85 compared with ₹16.65 in the previous year, as stated in the company’s FY26 numbers.

The company attributed the step-up to operating leverage, manufacturing efficiencies, and a shift towards higher-margin and differentiated offerings. It also indicated that price hikes taken in response to rising raw material costs helped safeguard margins, as discussed in the earnings call context. Gross margin expansion was also visible for the full year, with gross margin rising to 51.5% from 47.5% in FY25.

Q4 FY26: strongest quarter on record

In Q4 FY26, consolidated revenue rose 9.88% year-on-year to ₹69.74 crore, marking the company’s highest-ever quarterly revenue figure as cited in the shared data. Profitability improved at a quicker pace than revenue. EBITDA for the quarter increased 43.9% to ₹14.72 crore, with EBITDA margin at 21.11% (above 21%). PAT for Q4 FY26 rose 54.9% year-on-year to ₹8.33 crore, compared with ₹5.37 crore in the corresponding quarter of the previous year.

Gross margin for Q4 FY26 was stated at 51.1%. The company’s operating profit (PBDIT) excluding other income for Q4 FY26 was also stated at ₹14.72 crore, aligning with the EBITDA figure presented in the dataset.

Segment performance: core plastic products drive the engine

The core plastic product segment remained the main contributor, with management indicating revenue growth of over 13% and profitability growth of 63% in the segment. Additional segment disclosures included plastic products revenue growth of 13.4% to ₹221.95 crore, while modular furniture revenue increased 7.4% to ₹43.59 crore.

A specific growth category mentioned was fluted panels. Management disclosed FY26 fluted panel revenue of ₹54 crore versus ₹38 crore in FY25, indicating a notable year-on-year increase within that category.

Order book and project wins: visibility improves

Dhabriya Polywood reported a strong order book exceeding ₹170 crore, with the earnings call context citing ₹174 crore. The company also disclosed that it secured new project orders valued at ₹50 crore for its aluminium window and glazing division. This combination of existing backlog and new wins was presented as strengthening revenue visibility.

The company submitted the transcript of its earnings conference call conducted on May 27, 2026, under SEBI (LODR) disclosure requirements, as per the provided text. In that context, management discussed expansion initiatives in aluminium facades and WPC doors.

Capex plan: ₹100 crore approved for FY26 to FY28

A key strategic item highlighted was the Board-approved capex plan of ₹100 crore for FY26 to FY28. The plan is intended to expand manufacturing capabilities and enter or scale new verticals, including WPC doors and aluminium windows-doors. Management described this as the most significant capex programme in the company’s history.

The article data also notes a temporary working capital increase as part of the broader operating context, alongside the profitability gains.

Dividend and shareholder signals

Alongside the results, the Board recommended a dividend of ₹0.70 per share. The dividend recommendation was positioned as being backed by stronger profitability and margin expansion in FY26.

Key numbers table: FY26 vs FY25

Quarterly table: Q4 FY26 vs Q4 FY25

Market impact: what the numbers imply

The FY26 performance showed that a moderate double-digit revenue increase translated into much faster growth in EBITDA and PAT, backed by margin expansion. The stated improvement in gross margin for FY26 and Q4 FY26, alongside higher EBITDA margins, indicates stronger operating leverage during the year. The order book of over ₹170 crore and the additional ₹50 crore of new project orders in the aluminium window and glazing division are the key datapoints supporting near-term revenue visibility.

The ₹100 crore capex programme is the main forward operating lever disclosed, with an explicit focus on manufacturing expansion and new categories like WPC doors and aluminium windows-doors. Management also referenced pricing actions taken to manage raw material cost pressures, which it said helped protect margins.

Why this matters: operating leverage meets expansion spending

Two themes stand out from the disclosed information: margin-led earnings growth and an investment cycle aimed at broadening the product portfolio. With EBITDA margin rising from 16.0% to 20.6% and PAT margin moving from 7.7% to 11.4%, FY26 reflected a clear profitability reset versus FY25. At the same time, the company is preparing for expansion through a multi-year capex plan, which management said will support newer verticals.

Management also guided for about 30% CAGR revenue growth, backed by the record order book mentioned in the earnings call context. The operational outcome in FY26, combined with the announced capex and backlog, forms the base for how investors may track execution across FY27 and beyond, based on future disclosures.

Conclusion

Dhabriya Polywood’s FY26 results showed 12.5% revenue growth to ₹264.48 crore, while EBITDA and PAT rose much faster on margin expansion to 20.6% and 11.4%, respectively. Q4 FY26 set a quarterly record for revenue and crossed 21% EBITDA margin. The company has highlighted an order book above ₹170 crore and approved ₹100 crore capex for FY26 to FY28, with expansion plans in WPC doors and aluminium windows-doors. The next updates to watch will be subsequent quarterly execution against the capex plan and order book conversion, as reflected in future Board results and disclosures.