Euro Panel Products Limited (EUROBOND)
₹123.00 -4.47% today, as of 13:29 IST · NSE, refreshed every 5 minutes while the market is open
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Euro Panel's revenue was ₹120 Cr (+14.3% year on year, -15.1% on the previous quarter), and net profit ₹4.8 Cr (-16.4% year on year); the operating margin was 10.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹120 | +14.3% | -15.1% |
| Operating profit | ₹12.8 | +7.4% | -15.5% |
| Net profit | ₹4.8 | -16.4% | -43.9% |
| EPS (₹) | 1.95 | -16.3% | -44.0% |
| Operating margin | 10.6% | — | — |
EUROBOND delivery percentage
NSE end-of-day data for
On Thu, 22 Oct 2026, 76.78% of the EUROBOND shares traded on NSE were taken to delivery, against the stock's own 20-session average of 77.27%. That is close to its usual level. Turnover was only ₹2 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 74.5% · 63.4% · 53.3% · 55.8% · 76.8%
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
Euro Panel Products Limited has submitted its confirmation certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited for the quarter and half-year ended September 30, 2026. It confirms that securities received for dematerialisation during the period were processed and listed on stock exchanges within prescribed timelines. This is a recurring regulatory compliance requirement with no impact on company operations.
- Compliance certificate received under Regulation 74(5) for the quarter ended September 30, 2026
- Certificate issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 03, 2026
- Confirmed that dematerialised shares were duly listed on stock exchanges where existing shares trade
- Submitted to NSE and BSE on October 09, 2026
Euro Panel Products Limited announced that its shareholders approved key leadership appointments at the 13th AGM held on September 28, 2026. Mr. Rajesh Nanalal Shah was re-appointed as Managing Director for a 5-year term, and Mr. Divyam Rajesh Shah was re-appointed as Whole-Time Director and CFO for 5 years. Additionally, two Non-Executive Independent Directors—Mr. Rajesh Nagardas Gandhi and Mr. Samarth Ishwar Bhimani—were appointed for 5-year tenures, alongside the re-appointment of the Cost Auditor. The corporate governance structure remains heavily anchored by the promoter family.
- Re-appointment of Mr. Rajesh Nanalal Shah as Managing Director approved for a 5-year tenure
- Re-appointment of Mr. Divyam Rajesh Shah as Whole-Time Director and CFO approved for a 5-year tenure
- Appointment of two Independent Directors, Mr. Rajesh Gandhi and Mr. Samarth Bhimani, approved for 5 years each
- Re-appointment of M/s. Ritesh Jayswal & Associates as Cost Auditor ratified for 1 year
Euro Panel Products Limited has notified the exchanges that it is sending letters to shareholders whose email addresses are not registered with the company or depositories. The communication provides exact web links to access the Annual Report for FY 2025-26 and the Notice convening the 13th Annual General Meeting (AGM). The company also provided contact details for its Registrar and Share Transfer Agent, MUFG Intime India Private Limited, for members requesting physical copies.
- Dispatched intimations to shareholders without registered emails under Regulation 36(1)(b)
- Provides access links for the FY 2025-26 Annual Report and 13th AGM Notice
- Shareholders can request physical copies via RTA MUFG Intime India Private Limited
Euro Panel Products Limited has announced Monday, September 21, 2026, as the cut-off date to determine shareholder eligibility for e-voting at its 13th Annual General Meeting (AGM). The AGM is scheduled for September 28, 2026, at 11:00 AM IST via video conferencing. Additionally, the Register of Members and Share Transfer Books will be closed from September 22, 2026, to September 28, 2026.
- Cut-off date for AGM e-voting fixed as September 21, 2026
- 13th Annual General Meeting to take place on September 28, 2026, at 11:00 AM IST
- Book closure period scheduled from September 22, 2026, to September 28, 2026
Euro Panel Products Limited has published its Annual Report for FY26 and scheduled its 13th Annual General Meeting (AGM) for September 28, 2026, via Video Conferencing. In the report, the company highlighted FY26 revenue crossing the ₹500 crore milestone to ₹503.20 crore (up ~19% YoY) and Profit After Tax growing 46% YoY to ₹26.84 crore. The company also noted its successful migration from the SME platform to the Main Boards of NSE and BSE during the year.
- 13th Annual General Meeting scheduled for Monday, September 28, 2026, at 11:00 AM IST via VC/OAVM
- FY26 Revenue from Operations reached ₹503.20 crore, up ~19% compared to ₹423 crore in FY25
- FY26 Profit After Tax increased 46% to ₹26.84 crore driven by operational efficiencies and improved product mix
- Independent Directors Mr. Rajesh Nagardas Gandhi and Mr. Samarth Ishwar Bhimani appointed effective August 14, 2026
CARE Ratings has reaffirmed the credit ratings for Euro Panel Products Limited's total bank facilities amounting to ₹160.00 crore. Long-term bank facilities of ₹26.61 crore and long-term/short-term facilities of ₹133.39 crore were reaffirmed at 'CARE BBB+; Stable' and 'CARE A3+'. The total rated facilities represent nearly all of the company's existing debt of ₹161 crore and approximately 30.8% of its TTM revenue of ₹519 crore. The reaffirmation reflects stable credit standing following operational performance reviews for FY26 and Q1FY27.
- CARE Ratings reaffirmed long-term facility rating of ₹26.61 crore at 'CARE BBB+; Stable'
- Long-term/short-term bank facility limits of ₹133.39 crore reaffirmed at 'CARE BBB+; Stable / CARE A3+'
- Total rated bank facilities stand at ₹160.00 crore across term loans (₹26.61 crore) and working capital limits (₹133.39 crore)
- Rating review incorporates audited FY26 financial performance and unaudited Q1FY27 results
Euro Panel Products reported a 14.3% YoY increase in consolidated revenue to ₹119.81 Cr for Q1 FY27, up from ₹104.84 Cr. However, net profit declined 16.4% YoY to ₹4.78 Cr, primarily due to higher finance costs (₹3.72 Cr vs ₹3.07 Cr) and employee expenses. The company also announced the appointment of two Independent Directors, Rajesh Gandhi and Samarth Bhimani, for 5-year terms. A significant operational risk was disclosed regarding inventory damage at the factory due to heavy rains, with insurance claims currently being assessed.
- Consolidated revenue grew 14.3% YoY to ₹119.81 Cr in Q1 FY27.
- Net profit fell 16.4% YoY to ₹4.78 Cr, down from ₹5.72 Cr in Q1 FY26.
- Finance costs increased by 21.3% YoY to ₹3.72 Cr, impacting the bottom line.
- Two new Independent Directors appointed for 5-year terms effective August 14, 2026.
- Inventory damage reported at the factory due to heavy rains; loss quantification is in progress.
Euro Panel Products reported a 14.3% YoY increase in Q1 FY27 revenue to ₹119.81 Cr, though PAT declined 16.4% YoY to ₹4.78 Cr. The profitability dip was driven by higher employee benefits (up 30% YoY) and finance costs (up 21% YoY). Sequentially, the performance was significantly weaker, with revenue and PAT falling 15% and 44% respectively compared to Q4 FY26. The company also disclosed unquantified inventory damage due to heavy rains, for which insurance claims are being processed.
- Revenue from operations grew 14.3% YoY to ₹119.81 Cr in Q1 FY27 from ₹104.84 Cr.
- Net Profit (PAT) decreased 16.4% YoY to ₹4.78 Cr compared to ₹5.72 Cr in Q1 FY26.
- Finance costs rose to ₹3.72 Cr, representing a 21% increase over the previous year's quarter.
- Appointed Mr. Rajesh Gandhi and Mr. Samarth Bhimani as Independent Directors for 5-year terms.
- Incorporated a new 70% subsidiary, Eurobond Dimensions Private Limited, on July 15, 2026.
Euro Panel Products (Eurobond) reported a 14.3% YoY increase in consolidated revenue to ₹119.81 Cr for Q1 FY27. However, net profit declined by 16.4% YoY to ₹4.78 Cr, down from ₹5.72 Cr in Q1 FY26, primarily due to higher finance costs and employee benefits. The company also announced the appointment of two new Independent Directors for 5-year terms and disclosed inventory damage at its factory due to heavy rains, for which insurance claims are being processed.
- Consolidated revenue from operations grew 14.3% YoY to ₹119.81 Cr in Q1 FY27.
- Net profit for the quarter fell to ₹4.78 Cr from ₹5.72 Cr in the same period last year.
- Finance costs rose to ₹3.72 Cr in Q1 FY27, up from ₹3.07 Cr in Q1 FY26.
- Incorporated a new 70% subsidiary, Eurobond Dimensions Private Limited, on July 15, 2026.
- Appointed Rajesh Gandhi and Samarth Bhimani as Independent Directors for 5-year terms.
Euro Panel Products reported a 14.3% YoY increase in consolidated revenue to ₹119.81 Cr for Q1 FY27. However, net profit declined by 16.4% YoY to ₹4.78 Cr, down from ₹5.72 Cr in the same period last year. The bottom line was impacted by higher finance costs (₹3.72 Cr vs ₹3.07 Cr YoY) and increased employee benefits expenses. Sequentially, the performance was significantly weaker, with revenue and net profit dropping 15.1% and 43.9% respectively compared to Q4 FY26.
- Consolidated revenue grew 14.3% YoY to ₹119.81 Cr, representing ~24% of TTM revenue.
- Net profit fell 16.4% YoY to ₹4.78 Cr, with EPS dropping to ₹1.95 from ₹2.34.
- Finance costs increased to ₹3.72 Cr, a 21% rise compared to the ₹3.07 Cr reported in Q1 FY26.
- Incorporated a new 70% subsidiary, Eurobond Dimensions Private Limited, on July 15, 2026.
- Reported inventory damage at the factory due to heavy rains; insurance claim assessment is underway.
Euro Panel Products has commissioned a 2.2 MW solar plant in Surat, bringing its total captive solar capacity to 3.6 MW. This expansion allows the company to offset 50% of its factory power requirements, a significant increase from the previous 20% offset capability. The plant is expected to generate 30 lakh units of clean electricity annually, which should help stabilize operating costs against rising grid tariffs. This move strengthens the company's ESG profile, which is increasingly relevant for supplying to green-certified construction projects.
- Commissioned 2.2 MW solar plant in Surat, reaching a cumulative 3.6 MW captive capacity
- Power offset capability increased from 20% to 50% of total factory requirements
- Expected annual generation of 30 lakh units of clean electricity from the new facility
- Reclaimed 1,322,500 litres of treated water over the last six months via Zero Liquid Discharge operations
- Expanded in-house laboratory NABL accreditation scope from 16 to 51 parameters
Euro Panel Products Limited has incorporated a new subsidiary, Eurobond Dimensions Private Limited, on July 15, 2026, holding a 70% majority stake. The subsidiary has an initial capital of ₹25,00,000 and will focus on manufacturing and fabricating Aluminium Composite Panels (ACP) and allied metal products. This move is intended to strengthen the company's manufacturing presence in Maharashtra and create operational synergies. Given the parent company's TTM revenue of ₹504 Cr, this initial investment is small but aligns with its core business strategy.
- Acquired a 70% majority stake in the newly formed Eurobond Dimensions Private Limited
- Initial capital of the subsidiary is set at ₹25,00,000
- Subsidiary incorporated on July 15, 2026, in the state of Maharashtra
- Parent company TTM revenue stands at ₹504 Cr with a net worth of ₹160 Cr
- Business focus remains on core ACP manufacturing, processing, and designing
Euro Panel Products Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that for the quarter ended June 30, 2026, the company's Registrar and Share Transfer Agent (RTA), MUFG Intime India Private Limited, processed all dematerialization requests. The RTA verified that physical certificates were mutilated and cancelled, and the depositories' names were updated in the register of members within prescribed timelines. This is a standard administrative procedure for listed companies.
- Compliance certificate issued for the quarter ended June 30, 2026
- RTA MUFG Intime India Private Limited (SEBI Regn. No. INR000004058) confirmed the processing
- Verification that security certificates were mutilated and cancelled after dematerialization
- Confirmation that depositories were substituted in the register of members as registered owners
Euro Panel Products (EUROBOND) has significantly expanded its in-house laboratory's NABL accreditation from 16 to 51 parameters across mechanical and chemical testing. This makes it the only Indian Aluminium Composite Panel (ACP) brand with such extensive third-party verified testing capabilities, which is critical for supporting 10-20 year product warranties required in architectural projects. The accreditation follows ISO/IEC 17025 standards and is globally recognized via ILAC and APAC MRA, supporting the company's export strategy to over 23 countries. While not a direct revenue event, it strengthens the brand's competitive moat in a fragmented industry where quality verification is often self-certified.
- Accreditation scope expanded from 16 to 51 comprehensive testing parameters for mechanical and chemical testing
- Certification supports the technical requirements for 10 to 20 year warranties on exterior architectural panels
- Company maintains a 10 million sq.mt. annual production capacity at its Gujarat facility
- Global recognition through ILAC and APAC MRA facilitates exports to over 23 countries across Americas, Europe, and MEA
- Compliance requires mandatory retention of technical assessments and quality documents for a minimum of 3 years
Euro Panel Products Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This is a standard regulatory procedure under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the quarter ended June 30, 2026. The window will remain closed until 48 hours after the results are officially declared. The company recently reported a revenue of ₹141.09 Cr for the quarter ended March 2026.
- Trading window closure effective from July 1, 2026.
- Applies to Directors, KMPs, Promoters, and identified employees.
- Window to reopen 48 hours after the announcement of Q1 FY27 results.
- Company reported TTM revenue of ₹504 Cr and TTM PAT of ₹27 Cr.
- Previous quarter (Mar 2026) revenue stood at ₹141.09 Cr with an EPS of ₹3.48.
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.
