Sylvan Plyboard (India) Limited

Sector n/a · NSE

₹120.85+₹0.05 (+0.04%)

DalalBaazaar Score

53 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with modest growth. Thin profit margins are the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:10 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

The 60-second version of Sylvan Plyboard (India) Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

How does it make money?

Turns over ₹253 Cr a year. Of every ₹100 of sales, about ₹3 reaches shareholders as profit, with ₹8 left at the operating level before interest, tax and depreciation.

EBITDA margin8.5%

Net margin2.8%

What is its competitive advantage?Little sign of one

Returns on capital of 13.3% 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.

ROCE13.3%

ROE5.4%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +28% while net margin moved +60% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+28%

Margin effect+60%

DalalBaazaar Score

53/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal

Quality vs. Valuation

Company Quality

59/ 100

Average

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

Valuation

60/ 100

Fair

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

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

No P/E available

P/E (Trailing)

—

P/B

—

EV/EBITDA

13.9x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 6.5% to 8.5% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on capital is rising
ROCE has improved from 11.2% to 13.3%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 6.5% to 8.5%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹11 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 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

1EBITDA margin holds above 6%✓ 8.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA stays below 2x✗ 3.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
3Interest cover stays above 3x✗ 2.2x
How much operating profit can fall before interest stops being comfortably covered.
4Revenue growth stays above 6% a year✓ 8.5% CAGR
Latest reported year was 4.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
5Free cash flow remains positive✓ ₹11 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

5 / 9 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

2 good · 8 neutral · 1 weak

Market Cap

₹234 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

Not available

No data

Source didn't return this field

ROE

5.4%

Weak

Weak capital efficiency

ROCE

13.3%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.48x

Low

Conservative leverage

Revenue Growth (YoY)

4.5%

Modest

Modest growth

Profit Growth (YoY)

4.2%

Modest

Slow profit growth

Dividend Yield

None

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

Free Cash Flow

₹11 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹120.85

Gross Margin

29.3%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

2.8%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.73

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

50.8 / 51.6

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

1.6

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹198 Cr	₹223 Cr	₹242 Cr	₹253 Cr	+8.5%
EBITDA	₹13 Cr	₹18 Cr	₹21 Cr	₹21 Cr	+18.7%
EBITDA Margin	6.5%	8.1%	8.8%	8.5%	—
PAT (Net Profit)	₹4 Cr	₹6 Cr	₹7 Cr	₹7 Cr	+26.8%
EPS	₹1.82	₹3.15	₹3.8	—	—
ROE	4.0%	6.3%	5.5%	5.4%	—
ROCE	11.2%	15.8%	13.9%	13.3%	—
Total Debt	₹55 Cr	₹55 Cr	₹63 Cr	₹64 Cr	+5.1%
Free Cash Flow	-₹5 Cr	₹8 Cr	-₹9 Cr	₹11 Cr	—

🟢 Revenue has grown at 8.5% a year over 3 years.

🟢 EBITDA has grown at 18.7% a year over 3 years.

🟢 EBITDA Margin has risen from 6.5% to 8.5% over 3 years (+2.0 pts).

🟢 PAT (Net Profit) has grown at 26.8% a year over 3 years.

🟢 ROE has risen from 4.0% to 5.4% over 3 years (+1.4 pts).

🟢 ROCE has risen from 11.2% to 13.3% over 3 years (+2.1 pts).

🔴 Total Debt has grown at 5.1% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹5 Cr to ₹11 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹272 Cr

Total Liabilities

₹139 Cr

Total Debt

₹64 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹13 Cr

Capex

-₹2 Cr

Recent News

1 mixed5 general

Sylvan Plyboard (India) Lower Circuit Today: Price, Data and Peers

Univest, 07 Oct

SYLVAN PLYBOARD (INDIA) L Share Price - Live NSE: SYLVANPLY Stock Price & Chart

Upstox, 05 May

Sylvan Plyboard (India) Ltd Key Financial Ratios – Valuation, Profitability & More

Value Research, 01 Sept

Sylvan Plyboard (India) (NSEI:SYLVANPLY) Stock Forecast & Analyst Predictions

Simply Wall Street, 29 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Sylvan Plyboard (India) Ltd Plans for Rs 28.05 Crore IPO; Public Issue open from June 24-26, 2024

Business Standard, 22 Jun

Sylvan Plyboard IPO sees 80x subscription on enthusiastic retail response

Upstox, 26 Jun

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
3 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

🟡Business QualityAdequate9/20

🟢Financial HealthStrong14.2/20

🟢GrowthStrong16.1/20

🔴ProfitabilityWeak4.5/15

🟡ValuationFair7.5/15

🔴RiskHigh1.8/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you.

This thesis breaks if

✓EBITDA margin holds above 6%8.5%
✗Debt / EBITDA stays below 2x3.0x
✗Interest cover stays above 3x2.2x
✓Revenue growth stays above 6% a year8.5% CAGR
✓Free cash flow remains positive₹11 Cr