Ecoboard Industries Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Particle Board: 51.9% • Bio-Gas Plant: 48.1%
AI Sector View
AI GENERATEDConsumer Durables
Urban discretionary demand is mixed but investable. Credit card transactions rose 27.0% YoY (2026-06), urban CMIE sentiment was 109.5 (2026-07), and consumer spending remained large at INR 44743 billion (Jun/26), even though formal consumer confidence fell to 88.3 points (Jul/26) and debit card transactions were -9.0% YoY (2026-06). Heavy sector inflows of INR 13175 crore over 3 months to 2026-08-31 indicate strong investor positioning behind the theme.
PROS
- Company is almost debt free
- Working capital cycle has improved - days down from -54 to -772
- Company generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- Net worth is negative - accumulated losses have eroded equity
- Operating cash flow has been negative in recent years
- Company has a low return on capital employed of -43.2%
- Company has a low return on equity of -29.8% over last 3 years
- Interest coverage is weak at -32.9x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| CENTURYPLY | 717.90 | 54.78 | 15949.80 | 0.14 | 83.30 | 57.39 | 1561.38 | 33.52 | 11.66 | 12.67 |
| GREENPLY | 289.45 | 36.66 | 3615.29 | 0.17 | 37.61 | 32.16 | 724.89 | 20.65 | 13.47 | 10.01 |
| GREENPANEL | 153.45 | 13.19 | 1881.72 | 0.33 | 29.80 | -56.76 | 396.60 | -10.15 | -0.40 | 12.94 |
| ORIRAIL | 124.00 | 17.65 | 831.53 | 0.08 | 10.75 | 82.98 | 137.58 | 16.69 | 12.04 | 15.23 |
| ARCHIDPLY | 102.60 | 15.65 | 203.81 | 0.00 | 5.62 | 888.91 | 189.01 | 27.84 | 3.62 | 7.37 |
| WESTERNBIO | 59.61 | 0.00 | 157.41 | 0.00 | -3.65 | -8.54 | 11.21 | 583.23 | -107.36 | -26.16 |
| ADL | 74.75 | 0.00 | 41.61 | 0.00 | -2.50 | -1636.11 | 110.51 | 899.19 | 3.34 | -0.16 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4 | 6 | 9 | 11 | 6 | 3 | 2 | 2 | 2 | 5 | 9 | 8 | 11 | |
| 6 | 8 | 9 | 10 | 7 | 6 | 5 | 5 | 4 | 7 | 10 | 11 | 15 | |
| Operating Profit | -3 | -1 | 0 | 1 | -1 | -2 | -3 | -3 | -3 | -3 | -1 | -3 | -4 |
| OPM % | -71.54% | -22.50% | 2.05% | 7.24% | -13.54% | -72.48% | -159.89% | -160.44% | -170.73% | -51.32% | -7.39% | -41.44% | -32.71% |
| 0 | 0 | 0 | -2 | 0 | 0 | -5 | -3 | 0 | 0 | 0 | 1 | 0 | |
| Interest | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | -3 | -2 | -0 | -2 | -1 | -3 | -8 | -6 | -3 | -3 | -1 | -3 | -4 |
| Tax % | -0.00% | -0.00% | -0.00% | -3.37% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% |
| Net Profit | -3 | -2 | -0 | -2 | -1 | -3 | -8 | -6 | -3 | -3 | -1 | -3 | -4 |
| -1.75 | -0.95 | -0.12 | -1.20 | -0.06 | -1.51 | -4.63 | -3.46 | -1.22 | -1.05 | -0.34 | -0.30 | -1.38 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 22 | 16 | 9 | 20 | 12 | 15 | 35 | 39 | 30 | 13 | 33 | |
| 28 | 21 | 15 | 24 | 18 | 16 | 34 | 43 | 33 | 22 | 44 | |
| Operating Profit | -6 | -5 | -6 | -4 | -6 | -1 | 1 | -4 | -3 | -9 | -10 |
| OPM % | -26.94% | -30.24% | -73.24% | -17.44% | -48.99% | -7.78% | 3.24% | -10.18% | -10.76% | -73.72% | -30.34% |
| -2 | 0 | 0 | 2 | 24 | 16 | 4 | 5 | -2 | -7 | 1 | |
| Interest | 5 | 4 | 6 | 5 | 2 | 3 | 2 | 3 | 1 | 1 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 |
| Profit before Tax | -15 | -10 | -14 | -7 | 15 | 11 | 2 | -3 | -7 | -18 | -10 |
| Tax % | -0.00% | -0.00% | -0.00% | -0.00% | 0.00% | 0.00% | 0.00% | -0.00% | -1.03% | -0.00% | -0.00% |
| Net Profit | -15 | -10 | -14 | -7 | 15 | 11 | 2 | -3 | -7 | -18 | -10 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 8.46 | 6.42 | 1.14 | 1.84 | -4.07 | -10.25 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -3%
- 5 Years:
- 1%
- 3 Years:
- -28%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- -181%
- 5 Years:
- 9%
- 3 Years:
- -30%
- Last Year:
- 0%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 |
| -23 | -8 | -22 | -29 | -14 | -3 | -1 | 3 | -5 | -23 | |
| 39 | 43 | 49 | 48 | 41 | 30 | 24 | 24 | 14 | 22 | |
| Trade Payables | 5 | 6 | 6 | 12 | 9 | 7 | 4 | 9 | 7 | 9 |
| 5 | 6 | 9 | 14 | 8 | 20 | 18 | 9 | 21 | 22 | |
| Total Liabilities | 44 | 64 | 61 | 63 | 62 | 73 | 62 | 62 | 56 | 48 |
| 16 | 40 | 37 | 35 | 24 | 21 | 20 | 27 | 19 | 18 | |
| Capital Work in Progress | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 0 | 5 |
| 18 | 16 | 14 | 13 | 17 | 15 | 19 | 17 | 14 | 6 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9 | 4 | |
| Cash & Bank | 1 | 0 | 0 | 1 | 0 | 4 | 0 | 1 | 0 | 0 |
| 7 | 5 | 7 | 12 | 18 | 30 | 19 | 14 | 15 | 15 | |
| Total Assets | 44 | 64 | 61 | 63 | 62 | 73 | 62 | 62 | 56 | 48 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0 | 1 | 1 | 0 | -7 | -2 | -6 | 3 | 0 | -1 | |
| Cash from Investing | -1 | 0 | 3 | 2 | 9 | 19 | 11 | 0 | 10 | -5 |
| Cash from Financing | 1 | -1 | -4 | -2 | -3 | -13 | -8 | -2 | -10 | 7 |
| 0 | -0 | 0 | 0 | -1 | 3 | -4 | 1 | -1 | 0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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News
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