Ecoboard Industries Ltd (ECOBOAR)

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Ecoboard Industries Ltd (ECOBOAR) · mywealthgrid

About

Ecoboard Industries manufactures plywood and laminates for the consumer durables and building materials segment. With a ₹155.1 Cr market cap and quarterly revenues typically ₹2–7 Cr, it is a small-cap discretionary player. Recent quarters show sharp recovery from a 2020 contraction (₹0.62 Cr in Jun 2020), but earnings remain volatile.

Face value: ₹10

Market cap

₹156 Cr

P/E

13.8×

P/B

6.9×

Dividend yield

ROE

-44.7%

ROCE

-67.2%

Debt / equity

0.34

OPM

-38.9%

EPS (TTM)

₹4.3

Book value

₹8.5

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme profitability swings: net profit ranged from -₹1.4 Cr (Jun 2020) to +₹14.56 Cr (Mar 2021); OPM reached -120.97% at trough and recovered to 6.98%. Verify structural causes and cyclicality.
High debt-to-equity ratio (1.42) combined with history of deep margin compression (OPM -120.97%) leaves limited cushion during downturns; verify debt maturity, covenants, and refinancing risk.
Small scale (₹155.1 Cr market cap, single-digit Cr quarterly revenue) and zero institutional holding (0% FII, 0% DII) constrain capital access and trading liquidity.
Discretionary sector exposure: verify correlation between company revenues and housing cycles, construction spending, and consumer durables demand.

Generated analysis · source review pending

Growth drivers

Revenue recovered 10.8× from ₹0.62 Cr (Jun 2020 trough) to ₹6.73 Cr (Mar 2021); verify whether this reflects structural stabilization or a cyclical rebound.
Operating margin improved to 6.98% (Mar 2021) from -120.97% (Jun 2020), enabling positive net profit; verify if this margin level is defensible in a downturn.
Housing and construction recovery would expand discretionary materials demand; verify company's addressable market exposure and demand elasticity relative to residential construction cycles.

Generated analysis · source review pending

1,884 historical price candles were omitted because the exchange source has not been verified.

₹58.9-2.8%1Y

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Low return on equity of -179% (3-yr avg)
−Modest revenue growth of 9.7% a year over the last 5 years
−Weak interest coverage of -42×
−Promoter holding fell 12.5 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

53/100

Business quality: 17
Growth: 67
Valuation: 76

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Century Plyboards (India) LimitedCENTURYPLYCENTURYPLY	₹14,809 Cr	₹16,439 Cr	₹5,789 Cr	₹720 Cr	12.1%	₹291 Cr	5%	15.4%	10.6%	131
Greenlam Industries LimitedGREENLAMGREENLAM	₹5,449 Cr	₹6,496 Cr	₹3,169 Cr	₹361 Cr	10.7%	₹93 Cr	1.8%	9.7%	4.9%	92
Stylam Industries LimitedSTYLAMINDSTYLAMIND	₹5,442 Cr	₹5,471 Cr	₹1,173 Cr	₹237 Cr	19.5%	₹170 Cr	13.3%	27.6%	20.5%	150
Greenply Industries LimitedGREENPLYGREENPLY	₹3,793 Cr	₹4,282 Cr	₹2,863 Cr	₹287 Cr	9.9%	₹99 Cr	3.3%	18%	10.5%	35
Greenpanel Industries LimitedGREENPANELGREENPANEL	₹1,944 Cr	₹2,212 Cr	₹1,567 Cr	₹246 Cr	15.7%	₹143 Cr	9.1%	12.4%	11.4%	55
Rushil Decor LimitedRUSHILRUSHIL	₹467 Cr	₹726 Cr	₹912 Cr	₹90 Cr	8.1%	₹23 Cr	0.7%	4.9%	1%	-124
Archidply Industries LimitedARCHIDPLYARCHIDPLY	₹203 Cr	₹382 Cr	₹712 Cr	₹48 Cr	6.3%	₹13 Cr	1.2%	17%	7.4%	93
Ecoboard Industries LtdECOBOARECOBOAR	₹156 Cr	₹163 Cr	₹15 Cr	₹-1 Cr	-38.9%	₹11 Cr	-42.2%	-67.2%	-44.7%	119
Duroply Industries LtdDUROPLYDUROPLY	₹105 Cr	₹170 Cr	₹181 Cr	₹-2 Cr	5.2%	₹-2 Cr	0.7%	9.5%	2.1%	115
Archidply Decor LimitedADLADL	₹41 Cr	₹58 Cr	₹46 Cr	₹2 Cr	4.3%	₹-0 Cr	0%	3.6%	0%	417
Adhata Global LtdADHHATAADHHATA	₹10 Cr	₹10 Cr	₹17 Cr	₹2 Cr	-43.3%	₹2 Cr	-49.5%	-48.5%	-79.6%	408

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	22	16	9	20	12	15	35	39	30	13	24
COGS	-15	-7	8	18	-5	7	17	21	19	8	13
Gross profit	—	—	1	3	—	8	17	18	10	4	11
	43	26	8	6	19	9	16	22	14	13	20
	-6	-3	-6	-4	-2	-1	1	-4	-3	-9	-9
OPM %	-27%	-21.2%	-73.3%	-17.3%	-16%	-5.1%	3.3%	-9.1%	-10.5%	-71.2%	-38.9%
Depreciation	1	—	1	1	1	1	1	1	1	1	2
Interest	5	4	6	5	2	3	2	2	1	1	0
	1	-1	0	2	2	16	4	4	-2	-8	1
Profit before tax	-15	-10	-14	-7	15	11	2	-3	-7	-18	-10
Tax	—	—	0	0	—	0	0	0	0	0	0
Tax %	—	—	0%	0%	—	0%	0%	0%	1%	0%	0%
	-15	-10	-14	-7	15	11	2	-3	-7	-18	-10
PAT margin %	-67.5%	-61%	-157.1%	-35.3%	125.2%	75%	6.2%	-8.1%	-24.4%	-143.7%	-42.2%
EPS (₹)	-8.4	—	-7.7	-4	8.5	6.4	1.1	1.8	-4.1	-10.3	-3.9
EPS adjusted (₹)	—	—	-7.8	-4	—	6.3	1.2	-1.8	-4.1	-10.3	-3.8
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	18	18	18	18	18	18	18	26
Reserves	-22	-29	-3	-1	3	-5	-23	-4
	45	48	30	24	25	15	22	8
	20	27	15	18	17	28	31	31
Total equity & liabilities	61	63	60	59	62	56	48	61
	37	35	21	20	27	19	18	23
CWIP	2	2	2	3	3	0	5	2
Investments	0	0	0	0	0	0	0	0
	22	25	37	36	32	38	25	36
Total assets	61	63	60	59	62	56	48	61

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	13.8%	—	54.6%	50.1%	46.8%	35.2%	33.7%	46.5%
EBITDA margin %	-17.3%	-16%	-5.1%	3.3%	-9.1%	-10.5%	-71.2%	-38.9%
EBIT margin %	-22.6%	-23.8%	-11.4%	0.4%	-11.8%	-14.2%	-80.2%	-45.5%
PAT margin %	-35.3%	125.2%	75%	6.2%	-8.1%	-24.4%	-143.7%	-42.2%
Working capital
Receivable days	0	—	153	78	61	109	105	67
Inventory days	268	—	824	406	304	263	264	322
Payable days	256	—	370	77	154	138	393	270
NWC days	12	—	606	407	211	234	-24	119
Leverage
Current ratio	0.32	—	0.72	1.13	1.47	0.85	0.33	0.6
Debt to EBITDA	—	—	—	21.62	—	—	—	—
Debt to equity	-4.19	—	1.99	1.42	1.22	1.16	-4.43	0.34
Interest coverage	-0.8	-0.4	-0.1	0.6	-1.2	-5.5	-17	-42
Asset turnover	0.32	—	0.25	0.59	0.62	0.53	0.27	0.39
Return ratios
Return on assets %	-11.4%	—	18.7%	3.6%	-5%	-12.9%	-38.2%	-16.5%
Return on capital employed %	-39.6%	—	-1%	3.8%	-7.2%	-11.7%	-53.5%	-67.2%
Return on equity %	63%	—	74.5%	12.5%	-15.4%	-55.1%	362%	-44.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	57.05%	56.78%	56.78%	56.78%	56.78%	57.37%	57.34%	57.34%	44.52%	44.52%	44.87%	44.84%
FII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
DII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	42.95%	43.22%	43.22%	43.22%	43.22%	42.63%	42.66%	42.66%	55.48%	55.48%	55.13%	55.16%
No. of shareholders	—	—	—	—	—	—	—	—	11,614	11,524	11,493	11,485

Promoter holding down 12.21 percentage points since Sep 2023.

13 deals · 13 Aug 2021 – 11 Dec 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
11 Dec 2025	VASUDEVARAO DHANEKULA	Bulk	BSE	Buy	1,29,212	₹50.67	₹0.65 Cr
14 Nov 2024	KAILASHBEN ASHOKKUMAR PATEL	Bulk	BSE	Sell	1,21,585	₹23.25	₹0.28 Cr
13 Nov 2024	KAILASHBEN ASHOKKUMAR PATEL	Bulk	BSE	Sell	1,78,415	₹26.36	₹0.47 Cr
13 Nov 2024	KAILASHBEN ASHOKKUMAR PATEL	Bulk	BSE	Buy	25,000	₹34.63	₹0.09 Cr
3 May 2024	GUTTIKONDA VARA LAKSHMI	Bulk	BSE	Buy	1,00,000	₹44.33	₹0.44 Cr
2 May 2024	SHAH DIPAK KANAYALAL	Bulk	BSE	Buy	1,01,499	₹40.51	₹0.41 Cr
10 Aug 2023	SAURABHTRIPATHI	Bulk	BSE	Sell	3,81,136	₹19.23	₹0.73 Cr
10 Aug 2023	MANSI SHARE & STOCK ADVISORS PRIVATE LIMITED	Bulk	BSE	Buy	1,00,000	₹18.76	₹0.19 Cr
10 Aug 2023	MANSI SHARE & STOCK ADVISORS PRIVATE LIMITED	Bulk	BSE	Sell	10,002	₹20.40	₹0.02 Cr
26 Sept 2022	SAURABHTRIPATHI	Bulk	BSE	Buy	93,292	₹60.44	₹0.56 Cr

1–10 of 13

1 / 2

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. RAMA KRISHNA RAJU GOTTUMUKKALAExecutive Director-Chairperson-CEO-MD
Mr. PRAVEEN KUMAR RAJU GOTTUMUKKALAExecutive Director
Mrs. SUJANI VENKATA INDUKURINon-Executive - Non Independent Director
Mr. RAM MOHAN BOBBILINon-Executive - Independent Director
Mrs. GEETA CHANDRAKANT KAKADENon-Executive - Independent Director
Mrs. BHAGYASHRI DHARMASA ZADNon-Executive - Independent Director
Ms. Ritu Nandkumar MandoreCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Ecoboard Industries Ltd. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

2

Final dividend24 Sept 2009 · ex-date₹1
Dividend dividend22 Sept 2008 · ex-date₹1

1

Board meeting to consider results10 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

14 announcementsExport CSV

30 Sept 2026, 6:42 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

30 Sept 2026, 1:24 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

5 Sept 2026, 3:10 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

5 Sept 2026, 10:48 amAGM/EGM

Intimation Of Book Closure And E-Voting Information

AGM PDF

4 Sept 2026, 3:25 pmAGM/EGM

Notice Of The Thirty-Fifth (35Th) Annual General Meeting ('AGM') And Annual Report For The Financial Year 2025-26 Of Ecoboard Industries Limited

AGM PDF

4 Sept 2026, 3:21 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

3 Sept 2026, 3:02 pmCompany Update

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

Award of Order / Receipt of Order PDF

19 Aug 2026, 11:42 amCompany Update

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

Award of Order / Receipt of Order PDF

Date	Category	Subject	Filing
30 Sept 2026, 6:42 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
30 Sept 2026, 1:24 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	13.8%	—	54.6%	50.1%	46.8%	35.2%	33.7%	46.5%
EBITDA margin %	-17.3%	-16%	-5.1%	3.3%	-9.1%	-10.5%	-71.2%	-38.9%
EBIT margin %	-22.6%	-23.8%	-11.4%	0.4%	-11.8%	-14.2%	-80.2%	-45.5%
PAT margin %	-35.3%	125.2%	75%	6.2%	-8.1%	-24.4%	-143.7%	-42.2%
Working capital
Receivable days	0	—	153	78	61	109	105	67
Inventory days	268	—	824	406	304	263	264	322
Payable days	256	—	370	77	154	138	393	270
NWC days	12	—	606	407	211	234	-24	119
Leverage
Current ratio	0.32	—	0.72	1.13	1.47	0.85	0.33	0.6
Debt to EBITDA	—	—	—	21.62	—	—	—	—
Debt to equity	-4.19	—	1.99	1.42	1.22	1.16	-4.43	0.34
Interest coverage	-0.8	-0.4	-0.1	0.6	-1.2	-5.5	-17	-42
Asset turnover	0.32	—	0.25	0.59	0.62	0.53	0.27	0.39
Return ratios
Return on assets %	-11.4%	—	18.7%	3.6%	-5%	-12.9%	-38.2%	-16.5%
Return on capital employed %	-39.6%	—	-1%	3.8%	-7.2%	-11.7%	-53.5%	-67.2%
Return on equity %	63%	—	74.5%	12.5%	-15.4%	-55.1%	362%	-44.7%

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-0	1	1	0	-7	-2	-6	3	0	-1	-18
	-1	0	3	2	9	19	11	0	10	-5	-4
	1	-1	-4	-2	-3	-13	-8	-2	-10	7	21
Net cash flow	0	-0	0	0	-1	3	-4	1	-1	0	-0
Free cash flow	—	—	1	0	-7	-2	-8	2	-0	-6	-22
CFO / Operating profit %	—	—	—	—	—	—	-549.6%	—	—	—	—

Ecoboard Industries Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Dividends2

Board meetings1

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Dividends2

Board meetings1

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

2

1

2

1