WEBSITE BSE:544461 NSE: EUROBOND Inc. Year: 2013 Industry: Aluminium & Aluminium Products My Bucket: Add Stock
Last updated: 15:31
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1. Business Overview
Euro Panel Products Ltd. is an Indian manufacturer of Aluminium Composite Panels (ACPs) and allied building materials. The company specializes in producing decorative and functional panels primarily used for exterior cladding, interior decoration, signage, and other architectural applications in residential, commercial, and industrial buildings. Its core business model revolves around manufacturing a diverse range of ACPs with various finishes (e.g., solid, metallic, marble, wood, mirror) and distributing them through a network of dealers and distributors to architects, builders, fabricators, and contractors. The company makes money by selling these manufactured building materials.
2. Key Segments / Revenue Mix
The company's primary revenue stream is derived from the manufacturing and sale of Aluminium Composite Panels (ACPs). While specific revenue contribution percentages for different product lines are not publicly detailed, ACPs constitute the core product offering. Other allied products and services may contribute but are ancillary to the main ACP business.
3. Industry & Positioning
Euro Panel Products operates in the Indian Aluminium & Aluminium Products industry, specifically within the building materials segment focusing on ACPs. The industry is characterized by a mix of organized and unorganized players. Key competitors include other established ACP manufacturers, both domestic and international, vying for market share. Euro Panel positions itself as a quality manufacturer offering a wide range of designs and finishes, catering to various architectural needs. The market is competitive, driven by product innovation, pricing, distribution reach, and quality standards.
4. Competitive Advantage (Moat)
The company's competitive advantages are likely derived from:
Product Range & Customization: Offering a wide variety of ACP finishes and specifications can cater to diverse design requirements.
Manufacturing Capabilities: Adherence to quality standards and efficient production processes.
Distribution Network: An established network of dealers and distributors across India is crucial for market penetration and reach.
Brand Recognition (Niche): Within specific regional markets or amongst certain customer segments (e.g., architects, builders), the "Eurobond" brand may hold recognition for reliability and quality.
5. Growth Drivers
Infrastructure & Construction Boom: India's robust growth in urban infrastructure, commercial real estate, and housing projects will drive demand for modern building materials like ACPs.
Urbanization & Modernization: Increasing urbanization and a shift towards contemporary architectural designs favor the use of lightweight, durable, and aesthetically versatile materials.
Government Initiatives: Schemes promoting smart cities, affordable housing, and public infrastructure development create a strong demand pipeline.
Product Innovation & Diversification: Introducing new finishes, fire-retardant panels, or panels with enhanced features can open new market segments.
6. Risks
Raw Material Price Volatility: Aluminium, being a key raw material, is subject to global commodity price fluctuations, impacting production costs and profitability.
Intense Competition: The presence of numerous organized and unorganized players can lead to pricing pressures and margin erosion.
Economic Slowdown: A downturn in the construction or real estate sector due to economic factors could significantly impact demand.
Substitution Risk: Evolution of alternative building materials or changing architectural preferences could reduce demand for ACPs.
Regulatory Changes: New building codes or environmental regulations could require costly adaptations to manufacturing processes or product specifications.
7. Management & Ownership
Euro Panel Products Ltd. is promoted by individuals with experience in the building materials industry. The ownership structure typically features a significant stake held by the promoter group, aligning their interests with the company's long-term performance. Specific details on individual management quality would require deeper public disclosures or analyst reports.
8. Outlook
Euro Panel Products Ltd. operates in a sector poised for growth given India's ongoing infrastructure development and construction boom. The demand for modern, durable, and aesthetically pleasing building materials like ACPs is expected to remain strong. However, the company faces inherent challenges from raw material price volatility and intense competition within the fragmented building materials market. Its ability to innovate, maintain product quality, expand its distribution network, and manage costs effectively will be crucial for sustained performance and market share gains against both established and emerging players.
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Market Cap ₹440 Cr.
Stock P/E 23.8
P/B 2.9
Current Price ₹179.4
Book Value ₹ 61.9
Face Value 10
52W High ₹254.2
Dividend Yield 0%
52W Low ₹ 137.6
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Jun 2024 | Jun 2025 |
|---|---|---|
| Net Sales | 100 | 105 |
| Other Income | 0 | 1 |
| Total Income | 101 | 106 |
| Total Expenditure | 93 | 93 |
| Operating Profit | 8 | 13 |
| Interest | 3 | 3 |
| Depreciation | 1 | 2 |
| Exceptional Income / Expenses | 0 | 0 |
| Profit Before Tax | 4 | 8 |
| Provision for Tax | 1 | 2 |
| Profit After Tax | 3 | 6 |
| Adjustments | 0 | -0 |
| Profit After Adjustments | 3 | 6 |
| Adjusted Earnings Per Share | 1.3 | 2.3 |
| #(Fig in Cr.) | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Net Sales | 108 | 142 | 142 | 216 | 330 | 395 | 423 | 205 |
| Other Income | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 |
| Total Income | 109 | 143 | 143 | 217 | 331 | 397 | 424 | 207 |
| Total Expenditure | 96 | 128 | 128 | 189 | 305 | 363 | 381 | 186 |
| Operating Profit | 12 | 15 | 16 | 28 | 26 | 34 | 43 | 21 |
| Interest | 7 | 7 | 7 | 7 | 8 | 10 | 11 | 6 |
| Depreciation | 2 | 2 | 3 | 4 | 4 | 5 | 7 | 3 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 4 | 6 | 6 | 17 | 14 | 20 | 25 | 12 |
| Provision for Tax | 0 | 2 | 2 | 4 | 4 | 5 | 7 | 3 |
| Profit After Tax | 4 | 4 | 4 | 13 | 10 | 15 | 18 | 9 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 4 | 4 | 4 | 13 | 10 | 15 | 18 | 9 |
| Adjusted Earnings Per Share | 0 | 0 | 2 | 5.3 | 4.1 | 6 | 7.5 | 3.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 7% | 25% | 24% | 0% |
| Operating Profit CAGR | 26% | 15% | 23% | 0% |
| PAT CAGR | 20% | 11% | 35% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 7% | 10% | NA% | NA% |
| ROE Average | 15% | 13% | 14% | 15% |
| ROCE Average | 16% | 16% | 19% | 21% |
| #(Fig in Cr.) | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 22 | 29 | 34 | 90 | 100 | 115 | 133 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 4 | 8 | 11 | 12 | 11 | 18 | 17 |
| Other Non-Current Liabilities | 21 | 20 | 22 | 4 | 4 | 5 | 6 |
| Total Current Liabilities | 49 | 76 | 76 | 79 | 107 | 144 | 153 |
| Total Liabilities | 95 | 133 | 142 | 185 | 222 | 281 | 310 |
| Fixed Assets | 18 | 27 | 25 | 29 | 27 | 32 | 80 |
| Other Non-Current Assets | 2 | 1 | 4 | 1 | 8 | 34 | 2 |
| Total Current Assets | 75 | 105 | 113 | 155 | 186 | 215 | 228 |
| Total Assets | 95 | 133 | 142 | 185 | 222 | 281 | 310 |
| #(Fig in Cr.) | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 1 | 2 | 3 | 6 | 6 | 5 |
| Cash Flow from Operating Activities | 6 | 10 | 7 | -14 | 18 | 6 | 9 |
| Cash Flow from Investing Activities | -3 | -10 | -4 | -2 | -9 | -31 | -20 |
| Cash Flow from Financing Activities | -2 | 1 | -2 | 19 | -9 | 24 | 11 |
| Net Cash Inflow / Outflow | 1 | 1 | 1 | 3 | -1 | -1 | 0 |
| Closing Cash & Cash Equivalent | 1 | 2 | 3 | 6 | 6 | 5 | 5 |
| # | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0 | 0 | 2.01 | 5.34 | 4.11 | 5.96 | 7.52 |
| CEPS(Rs) | 3.57 | 3.52 | 3.67 | 6.91 | 5.88 | 7.81 | 10.26 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 0 | 0 | 18.65 | 36.89 | 40.97 | 46.89 | 54.38 |
| Core EBITDA Margin(%) | 10.94 | 10.41 | 10.33 | 11.96 | 7.21 | 7.86 | 9.59 |
| EBIT Margin(%) | 9.97 | 9.18 | 8.92 | 10.78 | 6.32 | 7.28 | 8.33 |
| Pre Tax Margin(%) | 3.76 | 4.4 | 4.03 | 7.65 | 4.07 | 4.9 | 5.73 |
| PAT Margin (%) | 3.64 | 2.78 | 2.54 | 5.85 | 3.01 | 3.59 | 4.23 |
| Cash Profit Margin (%) | 5.21 | 4.44 | 4.64 | 7.57 | 4.3 | 4.71 | 5.77 |
| ROA(%) | 4.15 | 3.48 | 2.63 | 8 | 4.95 | 5.81 | 6.24 |
| ROE(%) | 18.09 | 15.53 | 11.49 | 21.12 | 10.57 | 13.58 | 14.86 |
| ROCE(%) | 25.68 | 25.26 | 20.23 | 26.3 | 15.57 | 16.67 | 16.22 |
| Receivable days | 57.26 | 42.35 | 51.43 | 41.78 | 34.58 | 34.11 | 35.93 |
| Inventory Days | 172.09 | 167.24 | 207.57 | 157.04 | 132.61 | 130.68 | 132.58 |
| Payable days | 115.69 | 123.53 | 161.92 | 123.76 | 82 | 74.49 | 66.63 |
| PER(x) | 0 | 0 | 0 | 20.74 | 26.13 | 27.43 | 20.94 |
| Price/Book(x) | 0 | 0 | 0 | 3 | 2.62 | 3.49 | 2.9 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.32 | 0.34 | 0.32 | 1.36 | 0.94 | 1.22 | 1.16 |
| EV/Core EBITDA(x) | 2.8 | 3.1 | 2.87 | 10.52 | 12.15 | 14.18 | 11.46 |
| Net Sales Growth(%) | 0 | 31.81 | -0.04 | 51.94 | 52.39 | 19.93 | 7.07 |
| EBIT Growth(%) | 0 | 21.39 | -2.93 | 90.15 | -12.23 | 39.6 | 22.71 |
| PAT Growth(%) | 0 | 0.74 | -8.91 | 262.42 | -23.01 | 44.97 | 26.14 |
| EPS Growth(%) | 0 | 0 | -8.91 | 166.26 | -23.01 | 44.97 | 26.14 |
| Debt/Equity(x) | 0.93 | 1.1 | 0.9 | 0.32 | 0.52 | 0.76 | 0.84 |
| Current Ratio(x) | 1.53 | 1.38 | 1.5 | 1.97 | 1.74 | 1.5 | 1.49 |
| Quick Ratio(x) | 0.5 | 0.34 | 0.43 | 0.57 | 0.5 | 0.4 | 0.45 |
| Interest Cover(x) | 1.61 | 1.92 | 1.82 | 3.45 | 2.81 | 3.06 | 3.2 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0.11 | 0.2 | 0.22 | 0.29 |
| # | Sep 2023 | Mar 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Aug 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 62.81 | 62.81 | 63.38 | 63.38 | 63.38 | 63.38 | 63.38 | 63.38 | 63.38 | 63.93 |
| FII | 0 | 0 | 0 | 0.89 | 0.89 | 0.89 | 0.89 | 0 | 0 | 0 |
| DII | 0 | 0.92 | 0.98 | 1.24 | 1.36 | 1.29 | 1.29 | 1.29 | 1.29 | 1.29 |
| Public | 37.19 | 36.27 | 35.64 | 34.49 | 34.38 | 34.44 | 34.44 | 35.33 | 35.33 | 34.78 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2023 | Mar 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Aug 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.54 | 1.54 | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 | 1.57 |
| FII | 0 | 0 | 0 | 0.02 | 0.02 | 0.02 | 0.02 | 0 | 0 | 0 |
| DII | 0 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
| Public | 0.91 | 0.89 | 0.87 | 0.84 | 0.84 | 0.84 | 0.84 | 0.87 | 0.87 | 0.85 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.45 | 2.45 | 2.45 | 2.45 | 2.45 | 2.45 | 2.45 | 2.45 | 2.45 | 2.45 |
* The pros and cons are machine generated.
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