WEBSITE BSE:0 NSE: Inc. Year: 2010 Industry: Ceramics/Marble/Granite/Sanitaryware My Bucket: Add Stock
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1. Business Overview
Durlax Top Surface Ltd. is engaged in the manufacturing and sale of Sintered Stone, a premium and advanced surface material. These products are large-format porcelain slabs/tiles known for their durability, low porosity, resistance to scratches, heat, and stains, and aesthetic appeal. They are utilized in a variety of applications including kitchen countertops, bathroom vanities, flooring, wall cladding, facades, and furniture. The company's core business model involves industrial-scale production of these engineered surfaces and their distribution to architects, interior designers, builders, fabricators, and end-consumers, primarily generating revenue through product sales.
2. Key Segments / Revenue Mix
The company primarily operates within the segment of Sintered Stone manufacturing. Detailed information on specific product lines, application segments, or geographical revenue contribution is not publicly available to break down a precise revenue mix. However, its focus remains on the premium segment of large-format surface materials.
3. Industry & Positioning
The Indian ceramics and tile industry is a large and evolving market, characterized by a mix of organized and unorganized players. While traditional ceramic and vitrified tiles are widely produced, the Sintered Stone segment is a more specialized and premium niche. Durlax Top Surface Ltd. positions itself as a manufacturer of high-quality, technologically advanced Sintered Stone products. It competes with other domestic players venturing into large-format tiles and imported premium surface materials, aiming to cater to the growing demand for luxury and durable architectural surfaces in residential, commercial, and hospitality projects.
4. Competitive Advantage (Moat)
Durlax Top Surface Ltd. may derive competitive advantages from:
Specialized Manufacturing: The production of Sintered Stone requires advanced technology and processes, which can act as an entry barrier for new players and ensure product quality and consistency.
Product Quality & Design: Ability to offer a wide range of designs, finishes, and large formats that meet the aesthetic and functional demands of architects and designers for premium projects.
Brand Building: For premium products, establishing brand recognition and trust among specifiers (architects, interior designers) and high-net-worth customers can create a loyal customer base.
Distribution Network: Developing an efficient distribution network tailored for premium, large-format products to ensure timely delivery and installation support.
5. Growth Drivers
Premiumization Trend: Increasing disposable incomes and evolving consumer preferences are driving demand for high-end, aesthetically pleasing, and durable building materials in India.
Urbanization & Infrastructure Development: Rapid urbanization, growth in residential and commercial construction, and government focus on infrastructure projects will create sustained demand for building materials.
Renovation Market: A significant portion of demand also comes from the renovation and refurbishment of existing homes and commercial spaces, where consumers often upgrade to premium surfaces.
Export Opportunities: Indian manufactured tiles and surfaces have growing acceptance in international markets, offering potential for export growth.
Product Innovation: Continuous development of new designs, textures, and larger formats can capture market share and drive demand.
6. Risks
Cyclicality of Construction/Real Estate: The company's performance is closely tied to the health of the construction and real estate sectors, which are inherently cyclical.
Raw Material & Energy Price Volatility: Significant dependence on raw materials (like clays, feldspar, silica) and energy (natural gas) means price fluctuations can impact manufacturing costs and margins.
Intense Competition: The ceramics and surfaces market in India is competitive, with both domestic and international players vying for market share, including those offering alternative premium surfaces.
Technological Obsolescence: Rapid advancements in manufacturing technology and changing product trends could necessitate continuous capital expenditure for upgrades.
Import/Export Policies & Tariffs: Changes in trade policies, duties, or non-tariff barriers can affect its ability to import raw materials or export finished goods.
7. Management & Ownership
Durlax Top Surface Ltd. is likely a promoter-driven company, common in the Indian manufacturing sector. The promoters typically hold a significant stake, guiding the long-term vision and strategic direction. While specific details on individual management quality require deeper due diligence, the success in a specialized segment like Sintered Stone suggests a focus on quality and market understanding. The ownership structure would typically involve a substantial promoter holding, with the remaining shares held by the public and institutional investors post-listing.
8. Outlook
The outlook for Durlax Top Surface Ltd. is influenced by the robust growth expected in the premium segment of the Indian building materials market. The increasing demand for aesthetically superior and durable surfaces, driven by urbanization, rising disposable incomes, and the premiumization trend in real estate, provides a significant tailwind. The company's focus on Sintered Stone, a relatively advanced and higher-value product, positions it to capitalize on this shift. However, the company operates in a competitive industry susceptible to the cyclical nature of the construction sector and volatility in raw material and energy costs. Its ability to continuously innovate, maintain product quality, expand its distribution network, and effectively manage cost pressures will be crucial for sustained growth amidst competitive intensity from both domestic and international players.
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Market Cap ₹86 Cr.
Stock P/E 11.4
P/B 1.4
Current Price ₹51.6
Book Value ₹ 36.9
Face Value 10
52W High ₹54
Dividend Yield 0%
52W Low ₹ 28.1
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) |
|---|
| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|
| Net Sales | 20 | 47 | 67 | 91 | 123 | |
| Other Income | 0 | 0 | 0 | 0 | 2 | |
| Total Income | 20 | 47 | 67 | 91 | 125 | |
| Total Expenditure | 15 | 41 | 59 | 81 | 109 | |
| Operating Profit | 5 | 7 | 8 | 10 | 16 | |
| Interest | 3 | 3 | 3 | 4 | 4 | |
| Depreciation | 2 | 3 | 2 | 2 | 2 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 0 | 1 | 2 | 4 | 10 | |
| Provision for Tax | 1 | 0 | 0 | 0 | 2 | |
| Profit After Tax | -1 | 0 | 2 | 4 | 7 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | -1 | 0 | 2 | 4 | 7 | |
| Adjusted Earnings Per Share | -0.7 | 0.4 | 1.7 | 3.2 | 4.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 35% | 38% | 0% | 0% |
| Operating Profit CAGR | 60% | 32% | 0% | 0% |
| PAT CAGR | 75% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 8% | NA% | NA% | NA% |
| ROE Average | 19% | 18% | 10% | 10% |
| ROCE Average | 15% | 12% | 10% | 10% |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Shareholder's Funds | 12 | 13 | 17 | 22 | 58 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 26 | 19 | 17 | 21 | 7 |
| Other Non-Current Liabilities | 1 | 0 | 1 | 1 | 1 |
| Total Current Liabilities | 19 | 39 | 42 | 62 | 50 |
| Total Liabilities | 58 | 72 | 77 | 106 | 115 |
| Fixed Assets | 24 | 22 | 19 | 20 | 18 |
| Other Non-Current Assets | 1 | 1 | 1 | 1 | 4 |
| Total Current Assets | 32 | 49 | 57 | 84 | 92 |
| Total Assets | 58 | 72 | 77 | 106 | 115 |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | -3 | 2 | 4 | -17 | -7 |
| Cash Flow from Investing Activities | -0 | -0 | -0 | -4 | -4 |
| Cash Flow from Financing Activities | 3 | -1 | -4 | 21 | 10 |
| Net Cash Inflow / Outflow | 0 | 0 | -0 | 0 | 0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 |
| # | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -0.7 | 0.41 | 1.69 | 3.21 | 4.51 |
| CEPS(Rs) | 1.13 | 2.65 | 3.56 | 5.01 | 5.98 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 9.78 | 10.92 | 13.48 | 17.22 | 34.58 |
| Core EBITDA Margin(%) | 23.45 | 14.02 | 11.71 | 11.1 | 11.41 |
| EBIT Margin(%) | 13.41 | 8.54 | 8.38 | 8.71 | 11.18 |
| Pre Tax Margin(%) | 0.4 | 1.64 | 3.23 | 4.54 | 8.13 |
| PAT Margin (%) | -4.22 | 1.02 | 3.14 | 4.4 | 6.11 |
| Cash Profit Margin (%) | 6.82 | 6.62 | 6.62 | 6.87 | 8.11 |
| ROA(%) | -1.43 | 0.75 | 2.82 | 4.38 | 6.81 |
| ROE(%) | -7.13 | 3.95 | 14.13 | 20.96 | 19 |
| ROCE(%) | 5.34 | 7.99 | 10.57 | 11.65 | 14.79 |
| Receivable days | 95.25 | 81.94 | 87.6 | 92.41 | 96.9 |
| Inventory Days | 459.05 | 210.98 | 187.72 | 176.51 | 147.67 |
| Payable days | 196.3 | 120.46 | 133.6 | 108.28 | 55.22 |
| PER(x) | 0 | 0 | 0 | 0 | 6.88 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0.9 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.9 | 0.81 | 0.72 | 0.79 | 0.82 |
| EV/Core EBITDA(x) | 7.75 | 5.74 | 6.1 | 7.09 | 6.23 |
| Net Sales Growth(%) | 0 | 142.29 | 40.92 | 36 | 35.13 |
| EBIT Growth(%) | 0 | 54.43 | 38.27 | 41.35 | 73.39 |
| PAT Growth(%) | 0 | 158.68 | 332.55 | 90.67 | 87.72 |
| EPS Growth(%) | 0 | 158.69 | 312.73 | 90.26 | 40.31 |
| Debt/Equity(x) | 3.24 | 3.04 | 2.21 | 2.84 | 0.8 |
| Current Ratio(x) | 1.72 | 1.26 | 1.34 | 1.34 | 1.85 |
| Quick Ratio(x) | 0.4 | 0.48 | 0.43 | 0.55 | 0.85 |
| Interest Cover(x) | 1.03 | 1.24 | 1.63 | 2.09 | 3.66 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0.82 |
| # | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|
| Promoter | 60.38 | 60.39 | 60.57 | 51.45 |
| FII | 1.24 | 0.07 | 0.07 | 0.85 |
| DII | 0.11 | 0 | 0 | 0 |
| Public | 38.27 | 39.54 | 39.36 | 47.71 |
| Others | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 |
| # | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|
| Promoter | 1 | 1 | 1.01 | 1.49 |
| FII | 0.02 | 0 | 0 | 0.02 |
| DII | 0 | 0 | 0 | 0 |
| Public | 0.64 | 0.66 | 0.65 | 1.38 |
| Others | 0 | 0 | 0 | 0 |
| Total | 1.66 | 1.66 | 1.66 | 2.89 |
* The pros and cons are machine generated.
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