Analysis: Dhabriya Poly.

What does Dhabriya Poly. do?

• Dhabriya Polywood Limited is a manufacturer of PVC/UPvc profiles, doors, windows, and modular furniture, headquartered in Jaipur, Rajasthan.
• Operates under the Polywood, Dynasty, Studio Arezzo, and D-Stona brand names for polymer and modular products.
• Revenue grew 12.5% YoY to ₹264.48 crore in FY26, with EBITDA margin expanding to 20.6%.
• Planned ₹100 crore capex program (2026-2028) for WPC doors, aluminum windows, and capacity expansion.

• Core segments: PVC/UPvc profiles (82% revenue), modular furniture (18%), and aluminum windows/facades.
• New verticals: WPC doors, WPC wall/ceiling panels, and aluminum glazing systems (launched in FY26).
• Product mix shifted toward premium, design-led solutions for mid-to-high-end residential and commercial projects.

Growth thesis

Dhabriya Polywood manufactures PVC/UPVC building materials and modular furniture, with new high-margin verticals in WPC doors and aluminum windows driving growth. The INR100 crore capex program (FY26-FY28) targets 30% CAGR via WPC door commercialization (INR15 crores FY27), aluminum windows/facade expansion (INR40 crores FY27), and capacity utilization gains. A INR174 crore order book and 20%+ EBITDA margins underpin execution, with working capital normalization and premium product mix sustaining margins. Risks include project execution delays in key markets and competition in aluminum windows.

Why is Dhabriya Poly. stock rising?

• Targeting long-term revenue CAGR of approximately 30%
• INR100 crore strategic capital expenditure program over FY26 to FY28 for new verticals and capacity expansion
• New verticals: WPC doors, WPC wall and ceiling panels, and aluminum windows, doors, and glazing systems
• Aluminum window and glazing division already closed orders worth INR50+ crores, expected to become a meaningful growth driver
• WPC door commercial launch expected in coming quarters

Research report

companyname: Dhabriya Polywood Limited ticker: 538715 sector: Building materials / PVC & uPVC profiles, doors, windows, modular furniture Dhabriya Polywood Limited was incorporated in 1992 and started operations in 1995. It manufactures PVC and uPVC profiles, doors, windows, fluted panels, soffit panels, WPC doors, aluminum windows and glazing, and modular furniture. The company operates three manufacturing facilities -- two in Jaipur (Rajasthan) and one in Bangalore (Karnataka). As of FY25, it...

Catalysts

capex, margin expansion, new product segment, order book surge

Growth guidance

FY27 revenue growth guided at 30% CAGR driven by new product verticals including WPC doors, aluminum windows, and expanded distribution network