Dhabriya Polywood Ltd. – FY25 & Q4 FY25 Highlights Financial & Performance Overview: - FY25 Revenue: ₹235.11 crore (+11%) with EBITDA margin at 16% (+130bps); net profit at ₹18.03 crore (+28%). - Q4 FY25: Revenue ₹63.47 crore (+15.9% YoY); EBITDA ₹10.23 crore (+17.5%), margins at 16.1%; net profit ₹5.38 crore (+32%). - Margins & Growth: Despite external challenges, margins are stable and improving, driven by higher-value products and raw material stability. - Cash Position: Maintains strong cash reserves; debt stable at low levels with a clear goal for debt-free status in 4-5 years. Strategic & Market Initiatives: - Indian Expansion: Focus on multi-phase, asset-light growth with new projects in Navi Mumbai (July 2025), Nasik (Dec 2025/Jan 2026), and Pune (next year). Targets >1,000 beds in India and East Africa by FY27, with ~50% revenue contribution from India. - Africa & International Growth: Uganda remains the largest revenue contributor (74.5%), expanding super-specialties, including IVF. Negotiations for a hospital in Tanzania and exit from Nigeria due to macro challenges. - Product Portfolio & Innovation: Strong demand for eco-friendly modular and interior solutions (fluted, soffit panels), with new WPC doors launching soon. Focus on premium, design-led, quick-to-market solutions with patents and innovative designs. Market Dynamics & Outlook: - Industry Tailwinds: Rising urbanization, disposable income, and real estate growth drive demand in India and Africa. - Demand Challenges: FY25 impacted by monsoon delays and construction restrictions (Delhi NCR). Management remains confident of over 25% YoY growth in FY26, supported by a strong order book and new product launches. - Price & Cost Management: Stable raw material prices support margins; project focus on high-margin segments and operational efficiencies. - Capex & Funding: ₹50–60 crore planned in FY26 mainly for land acquisitions and capacity upgrades. Internal accruals and low leverage support growth. Competitive & Strategic Positioning: - Market Position: Leading in eco-friendly modular interiors, with differentiation through design, quick turnaround, and pan-India presence. - Product Differentiation: New WPC doors fill a significant market gap in “wood-free house” solutions; faces limited competition in nascent WPC door segment. - Shareholder Returns: Increased dividend payout to 7%, signaling strong cash flow and confidence in sustainable growth. Risks & Challenges: - External factors like monsoon delays, construction restrictions, and macroeconomic headwinds impacting near-term revenue. - Exit from Nigeria reflects risk mitigation from macroeconomic volatility. - Margin stability relies on raw material prices and operational discipline; focus on expanding high-margin products. Summary: Dhabriya Polywood showcased resilience and operational discipline in FY25 despite external headwinds. The company’s diversified product offering, robust order pipeline, and strategic capacity investments position it well for scalable and profitable growth. Management remains confident of over 25% YoY growth in FY26 with continued focus on innovation, market expansion, and shareholder returns.