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Euro Panel Products Overview

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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Euro Panel Products Key Financials

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

Euro Panel Products Share Price

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Volume
Price

Euro Panel Products Quarterly Price

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Euro Panel Products Peer Comparison

Euro Panel Products Quarterly Results

#(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

Euro Panel Products Profit & Loss

#(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

Growth Rates

# 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%

Euro Panel Products Balance Sheet

#(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

Euro Panel Products Cash Flow

#(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

Euro Panel Products Ratios

# 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

Euro Panel Products Shareholding Pattern

# 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

Euro Panel Products News

Euro Panel Products Pros & Cons

Pros

  • Company has delivered good profit growth of 35% CAGR over last 5 years
  • Debtor days have improved from 74.49 to 66.63days.
  • Company has reduced debt.

Cons

  • Company has a low return on equity of 13% over the last 3 years.
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