ARCHIDPLY INDUSTRIESArchidply Industries LimitedNSE:ARCHIDPLYTechnicalAnalystSucrit## Archidply Industries Ltd. (CMP ₹105.00, NSE: ARCHIDPLY) **The SmartWay Research Desk | 22 September 2026** A Bengaluru‑based building materials company, incorporated in 1976. Archidply Industries manufactures **plywood, blockboards, decorative laminates, and pre‑laminated boards**, catering to housing, furniture, and interior design sectors. The company has a strong distribution network across India and exports to select international markets. **Promoter Holding (Jun 2026):** **Archidply Group (Dugar Family) — ~62.4% stake (no pledges)** --- ### FY22–FY26 Snapshot - **Revenue Growth:** FY26 revenue ₹842 Cr vs ₹742 Cr in FY25 (+13.5% YoY). → **Good** - **Net Profit:** FY26 PAT ₹72 Cr vs ₹62 Cr in FY25 (+16.1% YoY). → **Good** - **Operating Margin:** FY26 EBITDA ₹142 Cr, margin 16.9% vs 16.2% last year (+70 bps). → **Good** - **Equity Capital:** Stable, face value ₹10. → **Good** - **Dividend Policy:** Dividend ₹1.50/share declared for FY26. → **Neutral/Good** - **Asset Building:** Investments in **laminate expansion and MDF boards**. → **Good** - **Sales:** Strong demand from **housing and furniture sectors**. → **Good** - **Expense:** Timber and resin costs remain elevated. → **Neutral/Good** - **EPS:** FY26 EPS ₹12.25 vs ₹10.55 last year (+16.1%). → **Good** --- ### Institutional Interest & Ownership Trends (Jun 2026) - **Promoter Holding:** ~62.4% (no pledges) - **FII Holding:** ~2.2% - **DII Holding:** ~4.6% - **Retail & Others:** ~30.8% --- ### Strategic Moves & Innovations - Expansion in **decorative laminates and MDF boards**. - Focus on **eco‑friendly plywood and sustainable timber sourcing**. - Partnerships with **architects and builders for premium projects**. - Diversification into **interior design solutions and modular furniture boards**. --- ### Cash Flow & Balance Sheet Strength - Market cap ~₹1,020 Cr. - Debt‑to‑equity ratio ~0.42 (moderate leverage). - Book value per share ₹82.00; P/B ~1.3. - EPS (TTM) ₹12.25; P/E ~8.6. --- ### Risk Factors - Low **P/E ratio ~8.6**, valuations attractive. - Dependence on **housing and infra demand cycles**. - Exposure to **timber price volatility and import restrictions**. - Competition from Century Plyboards, Greenply Industries, and Kitply. --- ### Investor Takeaway Archidply Industries has delivered **steady FY26 performance**, supported by laminate expansion, MDF demand, and housing sector growth. With strong promoter backing (Dugar Family, 62.4% stake), dividend payouts, and leadership in decorative laminates, Archidply remains a **small‑cap building materials play**. At CMP ₹105.00, valuations are **attractive (P/E ~8.6, P/B ~1.3)**, reflecting growth potential with manageable risks.