DURLAX - Durlax Top

📊 NSE: DURLAX 🏢 Miscellaneous 📅 Last Updated: 12/13/2025 21:42

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment (Top Solid Surface Sheets), which saw revenue grow 35.13% YoY from INR 9,076.42 Lakhs in FY24 to INR 12,265.25 Lakhs in FY25.

Geographic Revenue Split

Not specifically disclosed in available documents, though the company maintains a factory in Vapi, Gujarat and a registered office in Mumbai, Maharashtra.

Profitability Margins

Net Profit Margin improved from 4.40% in FY24 to 6.11% in FY25. Profit after tax grew 87.7% from INR 399.34 Lakhs to INR 749.66 Lakhs during the same period.

EBITDA Margin

PBILDT margin was reported at 11.71% in FY23, a decline from 13.80% in FY22 due to operational cost shifts, though PAT margins improved to 3.93% in FY23.

Capital Expenditure

Capital Work in Progress was recorded at INR 17.40 Cr as of September 30, 2025, indicating ongoing investment in manufacturing infrastructure.

Credit Rating & Borrowing

Interest expenses remained stable at INR 3.35 Cr in FY25 compared to INR 3.36 Cr in FY24, despite a significant reduction in long-term debt.

⚙️ Operational Drivers

Raw Materials

Specific chemical names not disclosed; however, raw materials for solid surface sheets typically include acrylic resins and pigments, which are critical to the manufacturing process.

Capacity Expansion

Current capacity not specified in units; however, Tangible Assets stood at INR 17.38 Cr and Capital Work in Progress at INR 17.40 Cr as of September 2025, suggesting a doubling of asset base is underway.

Raw Material Costs

Not explicitly broken out as a percentage of revenue, but the company is heavily inventory-dependent with stock valued at INR 49.94 Cr as of March 2025.

📈 Strategic Growth

Expected Growth Rate

35%

Growth Strategy

The company plans to achieve growth through an enhanced product portfolio in premium categories, improved cross-selling to existing distribution networks, and expanded reach among architects, OEMs, and retail customers.

Products & Services

Manufacturing and trading of Solid Surface Sheets used in interior surfacing and countertops.

Brand Portfolio

DURLAX

New Products/Services

Focusing on premium-category offerings to improve margins and brand equity.

Market Expansion

Targeting expanded reach among architects and contractors to increase market penetration.

🌍 External Factors

Industry Trends

The industry is shifting toward branded, high-quality solid surfaces as consumers move away from unorganized sector products for home and commercial interiors.

Competitive Landscape

Competes with both domestic manufacturers and importers of solid surface materials.

Competitive Moat

The company's moat is built on its established brand presence and distribution network among architects and OEMs, which is sustainable but requires constant product innovation.

Macro Economic Sensitivity

Highly sensitive to the construction and interior infrastructure cycle in India.

Consumer Behavior

Increasing preference for premium, durable, and aesthetically versatile surfacing materials in urban residential projects.

Geopolitical Risks

Potential impact on raw material imports if global supply chains for specialized resins are disrupted.

⚖️ Regulatory & Governance

Industry Regulations

Subject to manufacturing standards and safety norms for chemical-based products; the company maintains proper records for property and intangible assets as per the Companies Act 2013.

Taxation Policy Impact

Current tax expense for FY25 was INR 259.35 Lakhs, representing an effective tax rate of approximately 26% on profit before tax.

Legal Contingencies

The company reported no pending litigations that would impact its financial position as of March 31, 2025.

⚠️ Risk Analysis

Key Uncertainties

Working capital management is a key uncertainty, as trade receivables increased from INR 35.03 Cr in March 2025 to INR 60.32 Cr in September 2025, a 72.18% increase in six months.