Duroply Industries Ltd

BSE: 516003

₹ 97.95-2.05%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 106 crWebsite: www.duroply.inUpdated: 24 Oct 2026

About

Duroply Industries makes and sells branded plywood and allied products, including the premium Duro brand and the mid-segment Tower brand. It sells both goods made in its own plants and goods from contract manufacturers. Its main plant is at Rajkot, and North India is its strongest market. FY26 revenue was Rs 402.67 crore.^[1][2][3][4]

Business mix

In Q4 FY26, revenue from goods made in-house was ₹61.9 crores, up 2% QoQ, and contract manufacturing revenue was ₹49.7 crores, up about 50% QoQ.^[5]
In FY26, contract manufacturing revenue grew 17%, against 2.3% growth for in-house revenue.^[5]
Goods made in-house were 64% of revenue in Q3 FY26. Management guided to a mix of about 65:35 in-house to contract in FY27.^[6]
Gross margin was about 22% on contract manufacturing and about 44% on in-house manufacturing in Q2 FY26.^[3]
In FY21, plywood and allied products were 89.6% of revenue and tea was 10.4%.^[4]

Brands

The mid-segment brand Tower grew 61% YoY in Q2 FY26, while the premium Duro segment grew 5% YoY.^[3]
The premium to mid-segment revenue mix was about 66:34 in Q2 FY26. Management expects it to move to 50:50 over 2-3 years.^[3]
In Q1 FY26, Tower grew 45% YoY and the Duro segment grew 2% YoY.^[2]

Manufacturing and capacity

The main plant at Rajkot ran at about 70% utilisation in Q1 FY26. Management said it can reach about 85%.^[2]
Factory utilisation was 68-70% in Q2 FY26. Annualised capacity of about ₹260 crores could rise to ₹300-320 crores by mid-FY27 without major capex, according to management.^[3]
Chemicals for resin (melamine, urea, phenol) come from petrochemicals. Plants in western India depend on imported raw material, per the Q4 FY26 call.^[5]

Key operating numbers

Gross margin was 35% in FY26 vs 34.7% in FY25. In Q4 FY26 it was 34.3% vs 34.9% in Q4 FY25.^[5]
Marketing spend was 3.2% of sales in FY26. Employee cost was 12.2% of sales in FY26.^[5]
Debtor days were 42 in FY26 vs 47 a year earlier. Inventory days were 146 vs 169, and payable days were 72 vs 117.^[5]
Volume grew about 9% in Q1 FY26.^[2]

Markets and distribution

North India is the company's strongest market. In Q3 FY26, construction bans in Delhi NCR cost more than 14-15 working days.^[2][6]
The company expanded its frontline sales force across India and is reviewing its loyalty programmes, as of Q4 FY26.^[5]
B2B customers and project sales, which were not a focus area before, are to be a focus area in FY27.^[5]

Industry and regulation

The government's Quality Control Order has restricted plywood imports, which were about 15% of the industry, according to the Q2 FY26 call.^[3]
After the import curbs, the unorganised domestic sector in Yamuna Nagar and Kerala partly revived, as noted in Q3 FY26.^[6]

Recent developments

The company finished implementing the SAP Business One ERP system in Q3 FY26.^[6]
Management said in Q2 FY26 that it plans no move into new segments for at least the next 1-1.5 years.^[3]
Management targets 9-12% volume growth over the next two years, as stated on the Q4 FY26 call.^[5]

Market Cap

₹106 Cr

High / Low

₹205 / 94

Stock P/E

53.2

Price / Book

0.7

Book Value

₹140

EPS

₹2.7

No. of Shares

1.08 Cr

ROCE

7.9%

ROE

2.1%

OPM

4.0%

Debt / Equity

0.43

Sales

₹403 Cr

Net Profit

₹3 Cr

Promoter holding

50.2%

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