Dhabriya Polywood targets 30% annual growth on ₹174 cr order book
The uPVC maker is entering WPC doors and aluminium facades with ₹100 cr in capex planned through FY28. FY26 profit jumped 67%.
— 6 earlier stories on Dhabriya Polywood Ltd. →What's new
- Management guided for ~30% annual revenue growth over the long term.
- New WPC door and aluminium facade segments already have ₹56 cr in orders.
- ₹100 cr capex plan running through FY28 will fund the expansion.
Why this matters
Dhabriya is pivoting from a niche uPVC player into adjacent building-materials segments. The ₹56 crore in initial orders for these new verticals is a concrete first test of whether the ₹100 crore capex bet pays off. For a nano-cap, committing that level of capital before generating revenue from the new products is a high-conviction call.
What we're watching
- Execution on the ₹56 cr new-segment orders and first revenue recognition.
- Margin impact from aluminium facades, a likely lower-margin business than uPVC.
- Timeline for the ₹100 cr capex deployment and capacity ramp.
The full read
Dhabriya Polywood is spending ₹100 crore to break into WPC doors and aluminium facades. The bet is already partly validated: the company has locked in ₹56 crore in orders for these new products, which equals nearly a third of its ₹174 crore record order book. Management guided for ~30% annual revenue growth over the long term, a steep target for a company that just posted ₹264.5 crore in FY26 revenue. The core uPVC business is profitable: consolidated net profit jumped 67% to ₹30.1 crore and EBITDA margins widened to 20.6%. The open question is whether Dhabriya can maintain those margins as it shifts mix toward aluminium, a structurally lower-margin product. For a nano-cap committing ₹100 crore in capex, the next 12 months of execution on those ₹56 crore orders is the only proof that matters.
Questions answered
- How large is the new-segment order book relative to the total?
- The ₹56 crore in orders for WPC doors and aluminium facades is about 32% of the total ₹174 crore order book. That's a significant chunk of a new business with no revenue history yet.
- What is the current profitability profile?
- FY26 consolidated net profit was ₹30.1 crore on ₹264.5 crore revenue, a 67% year-on-year jump. EBITDA margins expanded to 20.6%, showing the core uPVC business is operating well as the company enters new segments.
- How aggressive is the 30% growth target?
- The company is targeting 30% annual revenue growth over the long term. On a ₹264.5 crore FY26 base, that implies reaching about ₹615 crore in five years, fueled by the ₹100 crore capex and the new building-materials verticals.
- When will the new verticals start generating revenue?
- Management expects the WPC and aluminium facade businesses to contribute ₹55-60 crore in revenue during the current financial year (FY27). That would represent about 21-23% of last year's total revenue if fully realized.
Story so far
All notes on DHABRIYA →- 30 May 2026 · 3:09 PM IST Dhabriya Polywood targets 30% annual growth on ₹174 cr order book
- 2d ago Dhabriya Polywood lands ₹15.17 cr order for aluminum fixtures
- 3d ago Dhabriya Polywood targets 30% growth with ₹100 cr expansion plan
- 4d ago Dhabriya Polywood profit jumps 67% as expansion plans take shape
- 4d ago Dhabriya Polywood profit jumps 67% as revenue hits ₹264.5 crore