Revenue and Profit Growth
Over the seven-year period ending March 2025, Dhabriya Poly. has seen its net sales rise from ₹120.77 crores in March 2019 to ₹235.11 crores in March 2025, reflecting a robust compound growth trend. The total operating income mirrors this growth, with no other operating income reported, indicating a focused core business operation.
Raw material costs have increased in line with sales, rising from ₹69.16 crores in 2019 to ₹122.31 crores in 2025, while employee costs have also grown steadily, reaching ₹37.11 crores in the latest fiscal year. Other expenses have similarly increased, consistent with the company’s expanding scale.
Operating profit before depreciation and interest (PBDIT) has more than doubled from ₹15.91 crores in 2019 to ₹38.10 crores in 2025, with the operating profit margin improving to 15.95% in the latest year from around 13.17% in 2019. This indicates enhanced operational efficiency despite rising costs.
Profit before tax has shown a significant rise, from ₹7.84 crores in 2019 to ₹24.61 crores in 2025, while profit after tax has more than tripled, reaching ₹18.03 crores in the latest year. Correspondingly, earnings per share have increased from ₹5.14 to ₹16.66, reflecting improved returns to shareholders.
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Balance Sheet Strength and Asset Management
Dhabriya Poly.’s shareholder funds have grown substantially from ₹55.02 crores in 2021 to ₹99.91 crores in 2025, supported by rising reserves which stood at ₹89.08 crores in the latest year. The company’s total assets have expanded from ₹114.53 crores in 2020 to ₹181.13 crores in 2025, reflecting ongoing investment in fixed assets and working capital.
Net block of fixed assets has nearly doubled over five years, reaching ₹77.41 crores in 2025, indicating capital expenditure to support growth. Inventories and sundry debtors have also increased, consistent with higher sales volumes, while cash and bank balances have improved to ₹7.48 crores, enhancing liquidity.
Total liabilities have risen in tandem with assets, with total debt standing at ₹53.38 crores in 2025, slightly higher than previous years but well managed relative to equity. The company’s book value per share has increased from ₹46.57 in 2020 to ₹92.3 in 2025, signalling strong net asset growth per share.
Cash Flow and Financial Discipline
Cash flow from operating activities has shown positive trends, with ₹17 crores generated in 2025, although lower than the ₹31 crores recorded in 2024. Investing activities have consistently been cash outflows, reflecting ongoing capital investments, while financing activities have seen modest outflows, indicating repayment or reduced borrowing.
Net cash inflow/outflow has remained stable, with closing cash and cash equivalents improving to ₹7 crores in 2025 from ₹2 crores in 2021, supporting operational flexibility and financial stability.
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Summary and Investor Considerations
Overall, Dhabriya Poly. has exhibited a commendable financial performance over recent years, with consistent revenue growth, improving profitability margins, and strengthening balance sheet metrics. The company’s ability to increase earnings per share and book value per share underscores its value creation for shareholders.
While debt levels have risen, they remain proportionate to the company’s asset base and equity, suggesting prudent financial management. The steady cash flow generation and investment in fixed assets indicate a focus on sustainable growth.
Investors seeking exposure to a steadily growing micro-cap in the industrial plastics sector may find Dhabriya Poly.’s historical performance encouraging, though it is advisable to consider peer comparisons and sector dynamics before making investment decisions.
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