Durlax Top SurfaceShare price, financial results, shareholding and management
- Market cap
- ₹202 cr
- Stock P/E
- 15.9peers 8.6
- Book value
- ₹40.3
- Price to book
- 1.73
- EV / operating profit
- 10.2
- Market cap to sales
- 1.09
- ROCE · FY26
- 17.0%
- ROE · FY26
- 14.5%
- ROE, 3-year average
- 18.4%
- Operating margin · FY26
- 12.1%peers 7.0%
- Sales growth, 3 years
- 40.2%
- Profit growth, 3 years
- 61.5%
- Debt to equity
- 0.35peers 0.32
- Borrowings
- ₹40.4 cr
- Interest cover
- 4.9×
- Cash from business / op. profit
- -56%
- Debtor days
- 127
- Pledged
- 0.00%
- Promoter holding
- 51.45%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,673
- 52-week high / low
- ₹80 / ₹31
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Durlax Top Surface share price chart
Close on 6 Nov 2026 · -6.82% on the day · Vol 64,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +12.4%
- 3 months
- +22.5%
- 6 months
- +36.3%
- 1 year
- +72.0%
- Since IPO
- +2.4%
- Traded a day, 20 days
- ₹1.32 cr
- Taken for delivery
- 59%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +50% | +69% |
| 3 years, a year | +40% | +62% |
About Durlax Top Surface: business, products and customers
Durlax Top Surface makes solid surface sheets, the smooth, seamless slabs used for kitchen counters, washroom vanities and reception desks, at its own plant near Vapi in Gujarat. It markets them under its own brands, mostly through distributors in India, and exports some too.
Durlax Top Surface casts solid surface sheets from acrylic or polyester resin, alumina trihydrate powder, marble chips and colour pigments, then sands, polishes and packs them at its plant at Moti Tambadi near Vapi. The brands are LUXOR (acrylic UV surfaces), ASPIRON (modified surfaces) and, from FY25, HERONITEZ, in more than a hundred shades and thicknesses of four to twenty millimetres. The sheets go into homes, offices, hotels, hospitals and public buildings; the company says its surfaces are installed at more than twenty five airports and at Kartavya Bhavan 3 in Delhi.
Most sales go through distributors, who pass the sheets to dealers, fabricators, architects and contractors, and the rest goes direct to project customers and overseas buyers. Sales are on purchase orders, with no long term agreements on either the customer or the supplier side, and Maharashtra alone brought in most of the revenue before listing.
Read more about the business
Because the company buys its raw materials and holds many colours and sizes in stock, the money tied up in the business is large: raw materials take close to four fifths of sales, stock and unpaid bills stay high, and the company says both cycles remain long because of the number of products it carries. That is why the IPO money went mainly to working capital, and why cash from operations has trailed reported profit.
The offer document names no competitors; it calls the Indian solid surface market fragmented, with rivals that are often larger and offer wider ranges. In March 2025 the government put a five year anti-dumping duty on acrylic solid surfaces imported from China, which the company says levels the field for Indian makers. The plant land is leased for thirty years from Laxmichand Ladhaji Suthar.
From the offer document (red herring prospectus, 2024), the FY25 annual report and the February 2024 rating notes from CARE and CRISIL.
Read the deeper study ↓In its favour
- Sales have grown fast: 40% a year over three years.
To watch
- The FY26 export target of ₹25 cr set in the FY25 annual report (Annual report FY25, p.44).
- The income tax and GST appeals for FY18 and FY19, worth ₹29.5 cr in all at March 2025 (Annual report FY25, p.60).
- Trade receivables of ₹35.0 cr and inventory of ₹49.9 cr at March 2025, which the company says it is working to bring down (Annual report FY25, p.45 and p.64).
- Progress towards the stated aim of ₹1,000 cr of revenue by FY30 (Annual report FY25, p.12).
- Customers take longer to pay than before: 127 days in FY26, against 75 in FY20.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Durlax Top Surface revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months.
Durlax Top Surface half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H1FY26 | |
|---|---|---|
| Sales | 63.22 | 68.19 |
| Expenses | 56.86 | 60.92 |
| Operating profit | 6.36 | 7.26 |
| OPM | 10.1% | 10.7% |
| Interest | 1.73 | 2.06 |
| Depreciation | 1.36 | 1.07 |
| Profit before tax | 5.40 | 4.21 |
| Net profit | 4.10 | 3.18 |
Durlax Top Surface profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 30 | 20 | 47 | 67 | 91 | 122.65 | 184.55 |
| Expenses | 26 | 15 | 41 | 59 | 80 | 108.65 | 162.32 |
| Operating profit | 5 | 5 | 7 | 8 | 11 | 14 | 22.23 |
| OPM | 15.0% | 24.0% | 14.0% | 12.0% | 12.0% | 11.4% | 12.1% |
| Other income | 0 | 0 | 0 | 0 | -1 | 2.17 | 2.32 |
| Interest | 3 | 3 | 3 | 3 | 4 | 3.75 | 4.54 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2.45 | 2.46 |
| Exceptional and other items | -1 | · | -1 | · | · | · | · |
| Profit before tax | -1 | 0 | 1 | 3 | 4 | 9.97 | 17.55 |
| Tax rate | 83.0% | 1125.0% | 0.0% | 0.0% | 0.0% | 24.8% | 28.0% |
| Net profit | -1 | -1 | 1 | 3 | 4 | 7.50 | 12.64 |
| EPS ₹ | -36 | -27.67 | 27 | 1.22 | 1.85 | 4.79 | 7.22 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY24 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY20, FY21) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY23 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Durlax Top Surface profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 15.0% | 24.0% | 14.0% | 12.0% | 12.0% | 11.4% | 12.1% |
| Tax rate | 83.0% | 1125.0% | 0.0% | 0.0% | 0.0% | 24.8% | 28.0% |
| ROCE | · | 6.5% | 8.1% | 11.5% | 11.9% | 14.8% | 17.0% |
| ROE | · | -8.6% | 8.6% | 21.3% | 21.6% | 19.1% | 14.5% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Durlax Top Surface debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Durlax Top Surface balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 0.15 | 0.15 | 0.15 | 12 | 12 | 16.63 | 28.93 |
| Reserves | 12 | 11 | 12 | 4 | 9 | 41.06 | 87.59 |
| Net worth | 12.15 | 11.15 | 12.15 | 16 | 21 | 57.68 | 116.52 |
| Borrowings | 32 | 37 | 39 | 37 | 61 | 45.84 | 40.40 |
| Other liabilities | 13.85 | 9.85 | 20.85 | 25 | 24 | 11.26 | 18.44 |
| Total liabilities | 58 | 58 | 72 | 78 | 106 | 114.78 | 175.36 |
| Fixed assets | 26 | 24 | 22 | 20 | 20 | 18.41 | 29 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1 | 0 | 0 | 0 | 0 | 0.48 | 0.48 |
| Other assets | 31 | 34 | 50 | 58 | 86 | 95.89 | 145.88 |
| Receivables | · | · | · | · | · | 35.03 | 63.97 |
| Inventory | · | · | · | · | · | 49.94 | 42.26 |
| Cash | · | · | · | · | · | 1.15 | 15.95 |
| Trade payables | · | · | · | · | · | 8.21 | 9.18 |
Durlax Top Surface cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | · | -3 | 2 | 4 | -17 | -6.78 | -12.36 |
| Cash from investing | · | 0 | 0 | 0 | -4 | -3.54 | -12.91 |
| Cash from financing | · | 3 | -1 | -4 | 21 | 10.34 | 39.65 |
| Net cash flow | · | 0 | 1 | 0 | 0 | 0.02 | 14.38 |
| Capital spending | · | · | · | · | · | 0.52 | 13.05 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 75 | 95 | 125 | 87 | 121 | 104 | 127 |
| Inventory days | 277 | 759 | 300 | 266 | 253 | 186 | 105 |
| Days payable | 215 | 196 | 178 | 144 | 110 | 31 | 23 |
| Cash conversion cycle | 137 | 658 | 247 | 209 | 264 | 260 | 209 |
| Working capital days | -2 | 241 | 70 | 73 | 81 | 122 | 145 |
Durlax Top Surface peers and competitors
Listed SME companies in the same industryBy sales, Durlax Top Surface is number 18 of the 79 listed SME companies in consumer durables.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Acme Universal Safezone 9 | 221 | - | 204 | -5 | 7.0% | 1.09 |
| Manoj Ceramic | 87 | 7.3 | 203 | 12 | 12.0% | 0.54 |
| Durlax Top Surface | 202 | 15.9 | 185 | 12.6 | 12.1% | 0.35 |
| Clay Craft India | 334 | 12.4 | 179 | 27 | 24.0% | 0.30 |
| Pro FX Tech | 119 | 7.9 | 177 | 15.2 | 11.5% | 0.00 |
| Aspire & Innovative Advertising | 21 | 8.4 | 176 | 2.6 | 1.0% | 0.34 |
| K. V. Toys India | 166 | 18.5 | 174 | 9 | 7.0% | 0.24 |
| Patdiam Jewellery | 147 | 8.6 | 173 | 17 | 10.0% | 0.32 |
| Esprit Stones | 125 | - | 173 | -2.6 | 3.3% | 0.39 |
| Dev Labtech Venture | 127 | 12.7 | 167 | 10 | 7.0% | 0.06 |
| Essen Speciality Films | 301 | - | 163 | -4 | 0.3% | 0.32 |
| Median of the 10 others | 137 | 8.6 | 175 | 9.5 | 7.0% | 0.32 |
Durlax Top Surface shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Durlax Top Surface shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Jun 24 | Sep 24 | Mar 25 | Sep 25 | Mar 26 | Jun 26 | |
|---|---|---|---|---|---|---|
| Promoters | 60.36% | 60.38% | 60.39% | 60.57% | 51.45% | 51.45% |
| Foreign investors (FIIs) | 8.37% | 1.24% | 0.07% | 0.07% | 0.85% | 0.92% |
| Indian institutions (DIIs) | 4.46% | 0.11% | 0.00% | - | - | - |
| HNIs (over ₹2 lakh each) | 2.71% | 5.61% | 7.54% | 8.24% | 21.19% | 22.79% |
| Small holders (up to ₹2 lakh) | 15.59% | 26.71% | 25.23% | 23.86% | 15.30% | 18.32% |
| Companies and others | 8.51% | 5.95% | 6.77% | 7.26% | 11.21% | 6.52% |
| Number of shareholders | 1,441 | 1,683 | 1,460 | 1,378 | 1,488 | 1,673 |
The named holders are at 30 June 2026, beside 31 March 2026, each under the group the pattern files them in.
Durlax Top Surface study: the business from its own documents
Read from 6 of the company's own documentsDurlax Top Surface so far
From the company's own record
- 26 June 2024Listed on NSE Emerge at ₹68
- 30 June 2026Promoters at 51.45%
- 26 June 2024Highest close since listing, ₹93.82
Durlax Top Surface key facts from the filings
Each figure with the document it comes from
- Plant capacity
- 2,40,000 sheets
- Yearly capacity of the Vapi plant after it was doubled for FY24, when it ran at 71.97%, down from 89.17% the year before on half the capacity.Offer document, p.34 and p.123
- Top ten customers
- 77.86%
- Share of FY24 revenue from the ten largest customers, up from 70.97% in FY22.Offer document, p.119
- Maharashtra
- 71.86%
- Share of FY24 revenue from one state; five distributors there alone gave 58.67% of sales.Offer document, p.128
- Exports
- ₹17 cr
- Export revenue in FY25, out of ₹122.65 cr in all, up from 4.49% of revenue in FY24; the company set a target of ₹25 cr for FY26.Annual report FY25, p.44; Offer document, p.127
- Raw materials
- About 79% of sales
- The company's own estimate of what raw materials cost against sales, so resin and mineral prices and the rupee move profit quickly.Annual report FY25, p.45
Show 5 more facts
- Top ten suppliers
- 86.18%
- Share of FY24 purchases from the ten largest suppliers, with no formal supply agreements.Offer document, p.34
- Disputed tax
- ₹29.5 cr
- Income tax of ₹16.5 cr for FY18 and GST of ₹12.98 cr for FY18 and FY19 under appeal at March 2025, against net worth of ₹57.7 cr.Annual report FY25, p.60 and p.64; our arithmetic
- Credit rating
- ACUITE BBB-/A3
- Rating with a stable outlook cited in the FY25 annual report; in February 2024 CARE and CRISIL withdrew earlier D ratings that sat in the issuer not cooperating category.Annual report FY25, p.44; Credit rating note, CARE, Feb 2024, p.1; Credit rating note, CRISIL, Feb 2024, p.1
- Import duty
- Five years
- Length of the anti-dumping duty imposed in March 2025 on acrylic solid surfaces from China, of up to USD 0.18 a kg.Annual report FY25, p.44
- Revenue aim
- ₹1,000 cr by FY30
- The mission the company states in its FY25 annual report, alongside becoming a top three brand in India's premium surfaces space.Annual report FY25, p.12
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
In its FY25 annual report the company set an export target of ₹25 cr for FY26, focused on the Middle East, Europe and the United States, and said it would build online sales teams and hire across departments. It states a mission of crossing ₹1,000 cr of revenue by FY30, becoming a top three brand in India's premium surfaces space and reaching all Indian states and twenty overseas markets.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Durlax Top Surface earns its money casting solid surface sheets under its own brands and placing them through distributors with architects and builders, and it has grown fast since listing.
Its weak spots are reliance on one state and a few large customers, a lot of money stuck in stock and unpaid bills, and large tax disputes from earlier years.
AverageCan it set its own prices?Its sheets are a branded, specified material, which gives some room on price, but raw materials take most of each rupee of sales and the company warns it may not always pass on cost increases.
AverageHow strong is it against rivals?The market is fragmented and many rivals are bigger, but the company says it is India's only maker using German continuous casting technology, and a new duty on Chinese imports helps Indian makers.
WatchWho are its customers?A small group of distributors and project customers, mostly in Maharashtra, brings in most of the sales, with no long term contracts.
WatchDoes it need a lot of money?Yes. Stock and unpaid bills are large next to sales, so the business has used more cash than it made from operations and leans on bank borrowing.
AverageCan it keep finding new work?There is no order book, but the company keeps adding brands and export markets and its products are written into large public projects.
WatchDo good and bad years swing a lot?The business has had weak years before, with falling income and losses, and rating agencies rated its bank loans in default while it did not share information with them.
Who runs Durlax Top Surface?
Promoters, directors and officers; tap a name for the background
SSShravan SutharPromoter, Chairman and Managing Director · holds 39.11%
Holds a diploma in Construction Technology from the Maharashtra State Board of Technical Education and a certificate in interior designing and decoration from Rachna Sansad. With the company since it was formed in 2010 and Managing Director since January 2023; focuses on winning and keeping clients. The offer document states that Shravan Suthar and Lalit Suthar are brothers.
Offer document, p.146 and p.148 to 149; Annual report FY25, p.5LSLalit SutharPromoter and Whole Time Director · holds 6.37%
Completed a certified course in interior designing and decoration; with the company since it was formed, bringing over ten years in sales strategy, territory management and lead generation, and in charge of business development and brand marketing. Whole Time Director since January 2023.
Offer document, p.146 and p.148; Annual report FY25, p.5NSNarayan SamantraIndependent Director
A member of the Institute of Chartered Accountants of India with more than ten years in taxation and audit; earlier worked with R.D Shenvi & Co. and Leela Fintech Services LLP. On the board since November 2022.
Offer document, p.148; Annual report FY25, p.36BRBhavesh Rajendra JainIndependent Director
Joined the board in August 2024, when two of the original independent directors resigned.
Annual report FY25, p.36 to 37PJPalak JainIndependent Director
Joined the board in August 2024.
Annual report FY25, p.36 to 37Durlax Top Surface latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 30 June 2026: promoters unchanged at 51.45%.
Durlax Top Surface announcements
21 on record, latest first; each opens the filing on the exchange
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 24, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 24, 2026PDF ↗
- General UpdatesCredit rating for banking facilitiesPDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Record Datethat Record date for the purpose of Meeting is 17-Sep-2026PDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 24, 2026PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Monitoring Agency ReportFor rights issuePDF ↗
- Outcome of Board MeetingHeld on August 14, 2026PDF ↗
- Outcome of Board Meeting, the financial results for the period ended Jun 30, 2026PDF ↗
- Structural Digital DatabaseCertificate attachedPDF ↗
Durlax Top Surface annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Durlax Top Surface share split, bonus and dividends
From the corporate actions the company announces on the exchange
- Rights issueRIGHTS 37:50 @ PREMIUM RS 30/-ex-date 12 Feb 2026
Checks we ran on Durlax Top Surface's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,89,32,198 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY22 (₹27.00) and FY23 (₹1.22) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY20 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Durlax Top Surface
What does Durlax Top Surface do?
Durlax Top Surface makes solid surface sheets, the smooth, seamless slabs used for kitchen counters, washroom vanities and reception desks, at its own plant near Vapi in Gujarat. It markets them under its own brands, mostly through distributors in India, and exports some too.
What is the share price of Durlax Top Surface?
₹69.7 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Durlax Top Surface?
₹202 cr at the close on 6 Nov 2026, on 2,89,32,198 shares.
What is the P/E of Durlax Top Surface?
15.9 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Durlax Top Surface's revenue and profit?
Revenue ₹185 cr and profit after tax ₹13 cr in FY26.
Who are the promoters of Durlax Top Surface?
Shravan Suthar, Lalit Suthar; promoters held 51.45% at 30 June 2026.
What was the IPO price of Durlax Top Surface?
₹68 a share; it listed on 26 June 2024.
What is Durlax Top Surface's website?
www.durlax.com
More SME companies like Durlax Top Surface
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Every listed SME company in Consumer Durables → · SME companies listed in 2024 →
Built from 3 annual reports, 2 credit rating notes, 1 offer document, 21 exchange announcements, 6 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.