💰 Financial Performance

Revenue Growth by Segment

Total revenue grew to INR 423 Cr in FY25, driven by a volume growth of over 8% in the Aluminium Composite Panel (ACP) segment. The company expects strong revenue growth to continue in FY26 as capacity utilization increases.

Geographic Revenue Split

The company maintains a PAN India presence with a robust global network exporting to 20+ countries. While specific regional percentages are not disclosed, the company has established a subsidiary in Qatar and recently launched 'Eurobond Europe' to penetrate the European market.

Profitability Margins

Operating Profit Margin improved to 8.30% in FY25 from 6.93% in FY24, representing a 19.69% YoY increase. Net profit rose to INR 18.43 Cr in FY25 from INR 14.61 Cr in FY24, a growth of 26.14% due to higher turnover and better operational efficiency.

EBITDA Margin

The PBILDT margin is expected to remain in the range of 11%-12% over the medium term, driven by increased scale and backward integration. A sustained margin above 10.50% is identified as a positive factor for credit rating upgrades.

Capital Expenditure

Planned capital expenditure of INR 17-18 Cr is scheduled for FY2026, to be funded through a mix of term loans and internal accruals. This follows recently completed capex that expanded manufacturing capabilities to 10 million sq.mt. annually.

Credit Rating & Borrowing

Assigned CARE BBB+; Stable for long-term bank facilities and CARE A3+ for short-term facilities as of July 18, 2025. CRISIL also maintains a Stable outlook based on the company's comfortable financial risk profile and healthy net worth of over INR 130 Cr.

⚙️ Operational Drivers

Raw Materials

Primary raw materials include Aluminium coils and core materials for Aluminium Composite Panels (ACP). Specific percentage of total cost for each material is not disclosed, but profitability is noted as highly susceptible to volatile raw material prices.

Import Sources

Not specifically disclosed in the provided documents, though the company manages foreign exchange rate fluctuations, suggesting international sourcing.

Capacity Expansion

Current installed annual production capacity is 10 million sq.mt. at the Gujarat facility. Future growth is expected to be supported by increased utilization of this capacity and planned capex of INR 17-18 Cr in FY26.

Raw Material Costs

Raw material costs are a significant portion of the cost structure; the company faces risks from price volatility which can impact the 8.30% operating margin. Procurement strategies focus on backward integration to stabilize margins.

Manufacturing Efficiency

Operating margins improved by 239 basis points over the last three fiscal years due to better operational efficiency and the utilization of production facilities at optimum levels to compete with regional manufacturers.

Logistics & Distribution

Distribution is managed through a PAN India network and a subsidiary in Qatar. Efficient logistics are vital to maintain the Debtors Turnover ratio, which stood at 9.86 in FY25.

📈 Strategic Growth

Expected Growth Rate

8%

Growth Strategy

Growth will be achieved through entry into the European market via 'Eurobond Europe', launching value-added products like 'Eurodual' (Engineered Solid Panels), expanding the domestic depot network to Dehradun, and migrating from the NSE SME platform to the Main Board to enhance capital access.

Products & Services

Aluminium Composite Panels (ACP), Engineered Solid Panels (Eurodual), and various panel solutions in different categories, colors, and textures.

Brand Portfolio

EUROBOND, EURODUAL.

New Products/Services

Launched 'EURODUAL', becoming one of the first Indian brands to produce Engineered Solid Panels. This is expected to increase the contribution of value-added products to the total revenue.

Market Expansion

Expansion into Europe with the launch of Eurobond Europe in November 2025. Domestic expansion includes new depots in Ranchi, Hubli, and Dehradun to penetrate the Indian market further.

Market Share & Ranking

The company is an established player in the highly fragmented ACP industry with a brand presence of over two decades. Specific market share percentage is not disclosed.

Strategic Alliances

Partnered with Sander Dekker (CEO Eurobond Europe), Sorub Gaind, and Sander de Roo for the European market expansion.

🌍 External Factors

Industry Trends

The ACP industry is currently growing but remains cyclical and highly competitive. Trends show a shift toward sustainable and fire-safe 'Engineered Solid Panels', where Eurobond is positioning itself as a first-mover with Eurodual.

Competitive Landscape

Operates in a highly fragmented market with intense competition from both organized players and local/regional manufacturers.

Competitive Moat

The moat is built on a 20-year brand legacy ('EUROBOND'), a large 10 million sq.mt. production capacity, and an extensive PAN India distribution network. These advantages are sustainable due to the high capital intensity required for similar scale.

Macro Economic Sensitivity

The company is positioned to leverage India’s economic momentum and infrastructure growth, which drives demand for ACP products in construction and design.

Consumer Behavior

Increasing consumer demand for diverse textures, colors, and sustainable building materials is driving the company's frequent new product launches.

Geopolitical Risks

Operations in Qatar and the new entry into Europe expose the company to regional geopolitical stability and international trade regulations.

⚖️ Regulatory & Governance

Industry Regulations

Complies with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the Companies Act, 2013. The company is migrating to the NSE Main Board, requiring stricter regulatory adherence.

Environmental Compliance

The company has a Corporate Social Responsibility (CSR) Committee and a CSR Policy focused on sustainable development and social welfare.

Taxation Policy Impact

Not specifically disclosed, though the company complies with standard Indian corporate tax requirements and filing with regulatory authorities.

⚠️ Risk Analysis

Key Uncertainties

Volatility in raw material prices and foreign exchange rates are primary uncertainties that could impact the targeted 11-12% operating margins.

Geographic Concentration Risk

While expanding globally, a significant portion of manufacturing is concentrated at a single state-of-the-art facility in Gujarat, India.

Third Party Dependencies

Relies on a network of channel partners and a Registrar & Share Transfer Agent for shareholder services.

Technology Obsolescence Risk

The company mitigates technology risks by investing in 'state-of-the-art' manufacturing facilities and launching innovative products like Eurodual to stay ahead of traditional ACP norms.

Credit & Counterparty Risk

Debtors Turnover ratio of 9.86 indicates active management of receivables, though high working capital intensity remains a constraint on the credit profile.