Dhabriya Polywood Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Dhabriya Polywood Ltd trades at ₹559, in a confirmed uptrend and 9 weeks into that stage. That is +45.3% against its own 200-day average. It sits at 100% of a 52-week range of ₹395 to ₹559. On relative strength it has no relative-strength read yet.

Today the stock is in a confirmed uptrend — week 9 of stage 2, confirmed. At ₹559 it trades +45.3% versus its 200-day average and sits at 100% of its 52-week range (₹395–₹559).

Against the market, two honest reads. Cumulative: over the last 1 months the stock moved +41% while the NIFTY 500 moved +1% — ahead of the index over the full window. Recent form: no trailing-13-week read yet — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Dhabriya Polywood Ltd trades at 16.3× P/E, mid-range by its own standards (36th percentile). Its long-run median P/E is 20.2×, measured across 10.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 16.3× is mid-range by its own standards (36th percentile), against a long-run median of 20.2× measured over 10.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Dhabriya Polywood Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE lifting at 26.0% — the per-curve reads carry the story. The read is built from 9 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

No sector-relative score — Dhabriya Polywood Ltd is score temporarily unavailable — [mlaSectorData] ambiguous sector slug "plastics-others": Plastics - Others, Plastics Others for undefined.

The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Dhabriya Polywood Ltd reported ₹68.3 Cr of revenue in the Jun 26 quarter, +10.0% year on year. That is the 9th straight quarter of year-on-year growth. Over 10 years it has compounded at 14.4% a year. The last full year, FY26, came in at ₹264 Cr. The last four reported quarters add to ₹271 Cr.

FY26 revenue came in at ₹264 Cr (+12.3% on the year), capping 10 years at 14.4% compound. The latest quarter (Jun 26) printed ₹68.3 Cr, +10.0% year on year — the 9th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +13.7% growth against the decade's 14.4% — the current year is running in line with its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +13.5% over the last 4 quarters against +10.9%/yr over the last 8 — stabilising; TTM profit +63.0% vs +44.1%/yr — accelerating.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Dhabriya Polywood Ltd's operating margin is 23.1% in the Jun 26 quarter, +3.2 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 12 fiscal years the operating margin has ranged 10.0% to 21.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 23.1%, +3.2 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 10.0%–21.0%, and FY26's 21.0% is the top of that band — a record year.

Why the margin moved: operating margin went +3.2 pp year on year while gross margin went +2.7 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Dhabriya Polywood Ltd earned ₹8.9 Cr of net profit in the Jun 26 quarter, +35.5% year on year. It is the 9th consecutive quarter of growth. Full-year FY26 profit was ₹30.0 Cr. The 10-year compound rate is 22.3%. That is 13.0% of the quarter's revenue. The same quarter a year earlier earned ₹6.5 Cr.

Jun 26 profit was ₹8.9 Cr, +35.5% year on year — the 9th consecutive quarter of growth. On the full year, FY26 printed ₹30.0 Cr (+66.7%), and the 10-year compound rate is 22.3%.

Why profit moved: revenue contributed +10.0% and the margin +3.2 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +68.3% vs revenue +13.7%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 92% of Dhabriya Polywood Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹8.0 Cr of operating cash against ₹30.0 Cr of profit. After ₹27.0 Cr of capital spending, ₹−19.0 Cr was left as free cash.

FY26: operating cash of ₹8.0 Cr against reported profit of ₹30.0 Cr, leaving free cash of ₹−19.0 Cr after ₹27.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 92% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 92%: the cash cycle tightened 30 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 2.3× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Dhabriya Polywood Ltd's cash conversion cycle runs 240 days in FY26, down from 270 days in FY21. Capital spending ran ₹59.0 Cr over the last 3 years. At FY26 sales of ₹264 Cr each day of that cycle holds about ₹0.7 Cr, so roughly ₹174 Cr sits inside the business at any moment.

FY26: debtors at 44 days, inventory at 197 days — roughly 6.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 240 days, tighter than FY21's 270.

The full loop: cash goes out to suppliers and production on day 0; stock waits 197 days to sell; customers pay about 44 days after that; and suppliers themselves are paid at 1 days — netting out to the 240-day cycle.

In money terms: at FY26 sales of ₹264 Cr, each day of the cycle holds about ₹0.7 Cr — so the 240-day loop keeps roughly ₹174 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹59.0 Cr over the last 3 fiscal years against ₹26.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹6.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Dhabriya Polywood Ltd earns a ROCE of 26% in FY26. That is up from a trough of 10% in FY22. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 11.4% net margin on 1.17× asset turns.

FY26 ROCE is 26%, recovered from a FY22 trough of 10% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 11.4% net margin × 1.17× asset turns × 1.74× balance-sheet leverage ≈ 23.2% on equity. Margin does its share; leverage is a meaningful part of the equation.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Dhabriya Polywood Ltd carries ₹76.0 Cr of borrowings against ₹130 Cr of equity in FY26, a debt-to-equity of 0.58. Operating profit covers the interest bill 11×. Over 5 years borrowings went from ₹49.0 Cr to ₹76.0 Cr. Capital spending ran ₹59.0 Cr across the last 3 of those years.

FY26: borrowings of ₹76.0 Cr against equity of ₹130 Cr — a debt-to-equity of 0.58. Operating profit covers the interest bill 11×. Over 5 years borrowings went from ₹49.0 Cr to ₹76.0 Cr while capital spending ran ₹59.0 Cr in just the last 3 — part of the build-out is riding on borrowed money.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions added 1.5 points of Dhabriya Polywood Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 1.5% of the company. Domestic institutions moved −0.1 points over the same window, to 0.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: +1.5 points over 8 quarters to 1.5%; Domestic institutions: −0.1 points over 8 quarters to 0.5%; Promoters: +0.0 points over 8 quarters to 67.8%.

Why the register moved: foreign institutions drove it (+1.5 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Dhabriya Polywood Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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