National Plywood Industries Limited

Basic Materials — Lumber & Wood Production · BSE

₹2.71+₹0.05 (+1.88%)

DalalBaazaar Score

32 / 100

🔴 Weak

Verdict

CAUTION

Risk

High

Driven by short-term liabilities exceed short-term assets, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, but sales are shrinking. Short-term liquidity is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:26 pm

Understanding the Business

Company site ↗

The 60-second version of National Plywood Industries Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

National Plywood Industries Limited manufactures and sells plywood, laminates, and other allied products in India.

IndustryLumber & Wood Production

SectorBasic Materials

Who are its competitors?

The closest listed comparisons in its industry are TATA STEEL LIMITED, JSW STEEL LIMITED, ULTRATECH CEMENT LIMITED, ASIAN PAINTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of the level reported are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE22.3%

DalalBaazaar Score

32/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ The business is lossmaking at the net level

Quality vs. Valuation

Company Quality

33/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

20/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

—

PEG

—

Red Flags

1 item require attention · 1 watch

🟡Short-term liquidity is tightFinancial
Current ratio of 0.73 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Free cash flow remains positive✗ not reported
Profit that never becomes cash eventually stops being profit.

Investment Checklist

3 / 7 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

1 good · 7 neutral · 3 weak

Market Cap

₹7 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹-1.2

Loss-making

Negative earnings per share — the business is losing money

ROE

34.0%

Strong

Strong capital efficiency

ROCE

Not available

No data

Source didn't return this field

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

-79.4%

Shrinking

Sales are contracting

Profit Growth (YoY)

Not available

No data

Source didn't return this field

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

Not available

No data

Source didn't return this field

More Metrics

Operating Margin

-29.0%

Weak

Thin margins leave little room for error

Net Margin

-4.7%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.73

Tight

Tight short-term liquidity

Beta (vs Nifty)

-0.24

Defensive

Steadier than the market

52W Range Position

18%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

2.6 / 2.7

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

60.6

Neutral momentum

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

62.4%

Peer Comparison

Company	P/E	ROE
TATA STEEL LIMITED	19.8x	10.8%
JSW STEEL LIMITED	12.0x	24.7%
ULTRATECH CEMENT LIMITED	37.6x	11.1%
ASIAN PAINTS LIMITED	46.9x	22.3%

Recent News

6 general

Davangere Sugar Company promoters declare no share encumbrance in FY26

scanx.trade, 20 Jun

Organised plywood industry flags diversion of agriculture-grade urea

Business Standard, 26 May

India seeks 1.7 MT urea imports as West Asia conflict hits supply

Business Standard, 27 May

NGT directs Ministry to frame laws to curb pollution by plywood industries

The Hindu, 30 May

Mint Explainer: Why India’s plywood industry faces an environmental crackdown

Livemint, 04 Jun

Power ply

The Times of India, 28 Nov

Watch Items

Revenue growth is negative (-79.4%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
5 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

MiddlingGrowth · Profitability · Risk

WeakBusiness Quality · Financial Health · Valuation

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation.

1 of 1 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑