Dhabriya Polywood bags Rs 24.72 crore in Emaar India and Godrej Properties façade orders

Dhabriya Polywood Ltd has received work orders and letters of intent worth a combined Rs 24.72 crore from Emaar India Ltd and Godrej Properties Ltd for the supply and installation of aluminium doors, windows and façade works.

The orders provide fresh execution visibility for Dhabriya Polywood’s aluminium windows and façade vertical, which management has identified as one of its newer growth businesses alongside its established uPVC and PVC product operations.

Emaar India has awarded the larger order, valued at Rs 21.83 crore including GST. The work is to be completed over 18 months and will be carried out in multiple tranches according to the terms of the order. Godrej Properties has separately placed an order worth Rs 2.89 crore including GST, with execution scheduled within 12 months through phased deliveries and installation.

The aggregate value of the two contracts is equivalent to about 9.3 per cent of Dhabriya Polywood’s FY26 consolidated net sales of Rs 264.48 crore. While the contracts will be recognised over their respective execution periods rather than immediately, they add to the company’s project-based revenue pipeline in a segment that management has been seeking to scale.

In its latest investor communication, the company said its project Order Book had reached around Rs 174 crore, its highest reported level, including approximately Rs 56 crore linked to aluminium windows and façade works. Management had indicated that the aluminium division, which has commenced operations from its Bengaluru unit, could contribute around Rs 40 crore to Rs 50 crore of revenue in FY27. The latest orders underline the company’s efforts to widen its offerings to Real Estate developers beyond uPVC windows and doors and modular furniture.

The aluminium business differs from Dhabriya Polywood’s conventional polymer-led manufacturing operations because it involves fabrication, project coordination and site installation. This makes the pace of Construction at customer sites, timely material procurement and execution across tranches important variables for revenue conversion.

The company had earlier said that delays in the construction schedules of large customer projects, particularly in Maharashtra and Delhi NCR, had affected the conversion of certain uPVC windows and doors orders in FY26. The current contracts also carry staggered execution schedules, meaning the timing of billing will depend partly on project progress and contractual milestones.

Dhabriya Polywood’s financial performance has nevertheless improved in recent periods. In the June 2026 quarter, net sales rose 10.02 per cent year-on-year to Rs 68.31 crore. Profit after Tax increased 35.46 per cent to Rs 8.86 crore, while PBIDT margin improved to 23.07 per cent from 19.90 per cent a year earlier. The company has attributed its improving profitability to product mix, manufacturing efficiencies and operating leverage.

The company disclosed that both new contracts have been awarded by domestic entities. It further stated that neither its promoter, promoter group nor group companies have any interest in Emaar India or Godrej Properties, and that the transactions do not qualify as related-party transactions.

As of 2:56 pm on October 14, 2026, Dhabriya Polywood shares were trading at Rs 475.00, up 1.01 per cent from the previous close of Rs 470.25. The stock remains about 19.1 per cent below its 52-week high of Rs 587.10, though it has gained 16.88 per cent over the past year compared with a 5.70 per cent decline in the BSE 500 over the same period.

Disclaimer: The article is for informational purposes only and not investment advice.