Duroply Industries Ltd

Rating action and instruments

• Long-Term bank facilities upgraded from IND BB+ to IND BBB- with Stable Outlook.
• Short-Term bank facilities upgraded from IND A4+ to IND A3.
• Rating agency: India Ratings and Research Private Limited.

Financial Performance

• Q1 FY27 revenue 99.6 crores, up 6.5% YoY, down 10.7% QoQ.
• PBT 1.04 crores vs 1.88 YoY; 1.31 in Q4 FY26.
• In-house revenue 51.3 crores; +3.7% YoY; -17% QoQ.
• Contract manufacturing revenue 48.3 crores; +9.6% YoY; -2.9% QoQ.
• Gross margin 35.5% in Q1 FY27; 34.1% Q1 FY26; 34.3% Q4 FY26.
• EBITDA 4.82 crores; -10.5% YoY; -7% QoQ.
• EBITDA margin 4.8% of sales; 5.8% YoY; 4.6% QoQ.
• Brand spend near 4% of sales; up from 2.2% YoY.
• Debtor days 38; Inventory days 164; Creditor days 93.
• West Asia war cost pressures mitigated via material usage, cost pass-through, vendor terms.

Operational Trends

• Unit margin improvement reflects strength of brand.
• Margin uplift aided by 18 months of manufacturing efficiency.
• Better product mix and stronger contract-manufacturer relationships.
• Q1 growth below expectations; Q2 upside supported by brand spend.

Working Capital

• Debtor days 38; Inventory 164; Creditor 93.
• Cost pressures from West Asia war mitigated via operational levers.

Outlook and Guidance

• Q2 FY27 expected to deliver double-digit revenue growth.
• Brand spend to be maintained around 4% of sales to support growth.

Q&A

• No audience questions were asked; call ended with closing remarks.

Meeting Details

• Date and time: 17 August 2026, 11:00 AM.
• Type and mode: Earnings webinar (virtual).
• Event: Earnings Webinar.
• Recording: Audio recording available on the company website.

Business Overview

• Core business: premium plywood and decorative veneers in India.
• Pan-India network: 26+ states and 8,000+ retail outlets.
• 70+ years of market presence.

Operational Highlights

• Q1 FY27 revenue: ₹996.14 Mn; YoY +6.49%, QoQ -10.73%.
• EBITDA: ₹48.17 Mn; margin 4.84%.
• PAT: ₹6.08 Mn; margin 0.61%.
• COGS: 64.46% of revenue; Gross margin 35.54%.
• 2,942 channel partners; 15,000+ contractors & carpenters.
• 8,000+ retail outlets; 26+ states.
• 10 Mn sq m plywood sold in FY25-26.

Financial Performance

• Revenue from operation: ₹996.14 Mn in Q1 FY27; YoY +6.49%.
• EBITDA ₹48.17 Mn; margin 4.84%.
• PAT ₹6.08 Mn; margin 0.61%.
• PBT ₹10.41 Mn; margin 1.05%.
• RoCE 5.6% (annualised).

AGM notice and materials

• 69th AGM scheduled for Sept 4, 2026 at 11:00 IST via VC/OAVM.
• Notice and Annual Report available on company website and stock exchange portals.

E-voting schedule

• Cut-off for e-voting Aug 28, 2026; voting window Sept 1–3, 2026.

KYC updates and transfer relodgement

• Shareholders to update KYC and bank mandates; process differs by demat vs physical form.
• SEBI window for relodgement of pre-2019 transfer deeds open Jul 7, 2025 to Jan 6, 2026.

KMP contact details updated

• Board-authorized KMPs for materiality determinations and disclosures updated.
• Sudeep Chitlangia – Executive Chairman.
• Akhilesh Chitlangia – Managing Director & CEO.
• Shashank Hissaria – President-Operations and CFO.
• Komal Dhruv – Company Secretary cum Compliance Officer.
• Contact details: phone 033-2265-2274 and email investors@duroply.com.
• Website now lists the updated KMP contact information.

Financial highlights

• Turnover: Rs 99.61 crores in Q1 FY27; YoY +6.5%, QoQ -10.7%.
• EBIT: Rs 3.03 crores; YoY -25.6%, QoQ -12.4%.
• PBT: Rs 1.04 crores; YoY -44.8%, QoQ -20.6%.

Milestones

• Company marks 70th year milestone in quarter.

Operational factors

• External headwinds: West Asia conflict increased costs and supply-chain pressures.

Outlook / guidance

• No explicit numerical guidance provided.

Committee reconstitution

• Board meeting on August 12, 2026 reconstituted the Nomination and Remuneration Committee.
• Kulvin Suri appointed Chairman; Non-Executive Independent Director.
• Vinay Agarwal named Member; Non-Executive Non-Independent Director.
• Suparna Chakrabortti appointed Member; Non-Executive Independent Director.
• Shivram Sethuraman appointed Member; Non-Executive Independent Director.
• Board requested to take record of the reconstitution.

Financial results & auditor

• Unaudited standalone quarterly results approved for quarter ended 30 June 2026.
• Revenue from operations ₹9,961.42 lakh; total income ₹10,004.13 lakh.
• Net profit after tax ₹60.80 lakh; basic EPS ₹0.56.
• Limited Review Report by SK Agrawal & Co accepted.
• Emphasis of Matter: ₹26.76 lakh advance recoverable under litigation; no impairment.
• Loans recoverable ₹226.76 lakh; no interest charged; recovery expected.
• Single reportable segment; IND AS 108 not applicable.

Appointments & governance

• Shashank Hissaria appointed CFO, effective 12 August 2026.
• Karan Ahuja appointed Senior Management Personnel, effective 12 August 2026.
• Nomination & Remuneration Committee reconstituted: Kulvin Suri (Chairman); Vinay Agarwal, Suparna Chakrabortti, Shivram Sethuraman (Members).