Durlax Top Surface Limited (DURLAX)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Durlax Top's revenue was ₹56.0 Cr (+89.2% year on year, -27.1% on the previous quarter), and net profit ₹2.8 Cr (+118.4% year on year); the operating margin was 4.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹56.0 | +89.2% | -27.1% |
| Operating profit | ₹2.7 | -20.5% | -76.3% |
| Net profit | ₹2.8 | +118.4% | -66.4% |
| EPS (₹) | 0.95 | +115.9% | -76.6% |
| Operating margin | 4.9% | — | — |
DURLAX delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 68.18% of the DURLAX shares traded on NSE were taken to delivery, against the stock's own 20-session average of 53.89%. That is close to its usual level. Turnover was only ₹54 lakh, so a handful of trades can move this figure. Volume was 0.5 times its average, well below normal. 6 bulk or block deals were reported in DURLAX in the last 60 days: ₹8 Cr bought and ₹9 Cr sold.
Delivery in the last 5 sessions: 75.8% · 35.0% · 28.9% · 63.3% · 68.2%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 30 Sep | Sell | Harshil Hitesh Doshi | ₹5.53 Cr | ₹65.72 | 842,000 | Bulk |
| 30 Sep | Buy | Harshil Hitesh Doshi | ₹5.03 Cr | ₹66.86 | 752,000 | Bulk |
| 30 Sep | Sell | Hi Growth Corporate Services Pvt Ltd | ₹1.94 Cr | ₹66.83 | 290,000 | Bulk |
| 30 Sep | Buy | Hi Growth Corporate Services Pvt Ltd | ₹1.93 Cr | ₹65.80 | 294,000 | Bulk |
| 30 Sep | Sell | Anchal Bansal | ₹1.09 Cr | ₹66.74 | 164,000 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Durlax Top Surface Limited announced the voting results and scrutinizer report for its 16th Annual General Meeting held on September 24, 2026. A total of 14,892,661 votes were polled, representing 51.47% of total outstanding shares (28,932,198 shares). All four ordinary resolutions, including the adoption of FY26 financial statements and director re-appointment, were passed with 100% of polled votes in favor.
- All 4 ordinary resolutions approved with 100% favorable votes polled
- Total votes polled stood at 14,892,661 shares, representing 51.4744% of total outstanding shares
- Promoter group polled 14,884,661 votes (100% of promoter holding voted)
- Public non-institutional participation was modest at 8,000 votes (0.0578% of category shares)
Acuité Ratings & Research has upgraded Durlax Top Surface Limited's bank loan ratings across Rs 50.00 crore of existing facilities and assigned ratings to an additional Rs 26.00 crore, bringing total rated facilities to Rs 76.00 crore. Long-term ratings were upgraded to 'ACUITE BBB/Stable' from 'ACUITE BBB-', while short-term ratings improved to 'ACUITE A3+' from 'ACUITE A3'. The upgrade reflects FY26 revenue growth of 50.58% to Rs 184.55 crore (from Rs 122.56 crore in FY25) and EBITDA expansion to Rs 24.57 crore with debt/EBITDA improving to 1.65x. Net worth surged to Rs 116.51 crore as of March 31, 2026, driven by an equity rights issue and IPO proceeds.
- Long-term bank facility rating upgraded from ACUITE BBB- to ACUITE BBB with Stable outlook; short-term upgraded to ACUITE A3+
- Total rated bank facilities increased to Rs 76.00 crore (Rs 50.00 crore upgraded, Rs 26.00 crore freshly assigned)
- FY26 operating revenue expanded 50.58% to Rs 184.55 crore, with EBITDA rising to Rs 24.57 crore (13.31% margin)
- Gearing improved to 0.35x as of March 31, 2026, from 0.79x in FY25, supported by a net worth increase to Rs 116.51 crore
- Q1FY26 revenue came in at Rs 58.93 crore compared to Rs 29.59 crore in Q1FY25
Durlax Top Surface Limited has issued notice for its 16th Annual General Meeting (AGM) to be held virtually on September 24, 2026, setting September 17, 2026 as the record date. Key agenda items include the adoption of FY26 audited financial statements, the reappointment of Managing Director Shravan Suthar (who drew ₹1.20 Cr annual remuneration and holds 1.13 Cr shares), and the appointment of Cost and Secretarial Auditors. The filing notes that the company crossed ₹100 Cr in turnover and ₹25 Cr in paid-up capital during FY26, triggering statutory audit requirements.
- AGM scheduled for September 24, 2026, with the record date set as September 17, 2026.
- Share transfer books and register of members closed from September 18, 2026 to September 24, 2026.
- Re-appointment of Managing Director Mr. Shravan Suthar, whose last drawn remuneration was ₹1,20,00,000 p.a.
- Appointment of Cost Auditor (M/s H. S. Bajaj & Co.) at ₹70,000 fee, triggered by FY26 turnover exceeding ₹100 Cr.
- Appointment of Secretarial Auditor for a 5-year term (FY27–FY31) following paid-up capital crossing ₹25 Cr on March 06, 2026.
Durlax Top Surface Limited has issued notice for its 16th Annual General Meeting scheduled for September 24, 2026 via video conferencing. Key resolutions include the adoption of FY26 financial statements, the reappointment of Managing Director Shravan Suthar retiring by rotation, and the appointment of cost and secretarial auditors. The filing notes that statutory cost audit became applicable as the company's turnover crossed Rs 100 Crore in FY26, and SEBI Reg 24A became applicable after paid-up capital crossed Rs 25 Crore on March 6, 2026.
- 16th AGM scheduled on September 24, 2026; Share Transfer Books closed from September 18 to September 24, 2026
- Cost audit triggered under Section 148 as FY26 turnover reached or exceeded Rs 100 Crore
- Paid-up capital crossed Rs 25 Crore threshold on March 06, 2026, triggering SEBI LODR Regulation 24A compliance
- Reappointment of MD Shravan Suthar, whose last drawn remuneration was Rs 1.20 Crore (Rs 1,20,00,000 p.a.)
Durlax Top Surface reported a 100.6% YoY jump in standalone revenue from operations to ₹59.34 Cr (₹5,933.90 Lakhs) for Q1 FY27, compared to ₹29.59 Cr in Q1 FY26. Standalone net profit rose 118.7% YoY to ₹2.75 Cr from ₹1.26 Cr in the year-ago quarter, though it declined sequentially from ₹8.19 Cr in Q4 FY26. Basic EPS for the quarter came in at ₹0.98 compared to ₹0.76 in Q1 FY26. The board also submitted statements confirming nil deviation in the utilization of ₹49.22 Cr raised via public issue and ₹49.00 Cr via preferential issue.
- Revenue from operations grew 100.6% YoY to ₹5,933.90 Lakhs (₹59.34 Cr) vs ₹2,958.68 Lakhs in Q1 FY26
- Net profit increased 118.7% YoY to ₹275.23 Lakhs (₹2.75 Cr) vs ₹125.80 Lakhs in Q1 FY26
- Sequential contraction observed vs Q4 FY26 revenue of ₹7,681.28 Lakhs and PAT of ₹819.46 Lakhs
- Confirmed zero deviation in fund utilization for ₹4,921.80 Lakhs public issue and ₹4,900.00 Lakhs preferential issue
Durlax Top Surface Limited reported an 82.2% YoY increase in revenue from operations to ₹53.90 Cr (₹5,390 Lakhs) for the quarter ended June 30, 2026, compared to ₹29.59 Cr in Q1 FY26. Net profit surged 118.8% YoY to ₹2.75 Cr (₹275.23 Lakhs) from ₹1.26 Cr in the corresponding quarter last year, though it moderated sequentially from ₹8.19 Cr in Q4 FY26. Basic EPS for the quarter was ₹0.95 on an expanded paid-up share capital of ₹28.93 Cr following recent equity allotments. The board also submitted statement of deviation reports confirming zero deviations in the utilization of ₹49.00 Cr preferential issue funds and ₹49.22 Cr public issue proceeds.
- Revenue from operations grew 82.2% YoY to ₹53.90 Cr (₹5,390.00 Lakhs) vs ₹29.59 Cr in Q1 FY26.
- Net profit rose 118.8% YoY to ₹2.75 Cr (₹275.23 Lakhs) vs ₹1.26 Cr in Q1 FY26.
- Basic EPS stood at ₹0.95 for the quarter vs ₹0.76 in the corresponding prior-year quarter.
- Reported zero deviation in deployment of ₹49.00 Cr preferential issue proceeds allocated toward Sanitaryware (₹14.50 Cr), DLZINC (₹16.50 Cr), and TRUDO expansion (₹18.00 Cr).
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.
Geographic Concentration Risk
Manufacturing is concentrated in Vapi, Gujarat, making operations sensitive to regional industrial policies or disruptions.
Third Party Dependencies
Dependency on suppliers for raw materials and chemicals used in solid surface production.
Technology Obsolescence Risk
Risk of new surfacing technologies (like advanced ceramics or engineered stone) reducing demand for traditional solid surfaces.
Credit & Counterparty Risk
Significant exposure to trade debtors (INR 60.32 Cr), which exceeds the company's total reserves and surplus (INR 44.24 Cr) as of September 2025.
