Reported Earnings • May 26
Full year 2026 earnings released: EPS: ₹7.22 (vs ₹4.79 in FY 2025) Full year 2026 results: EPS: ₹7.22 (up from ₹4.79 in FY 2025). Revenue: ₹1.87b (up 52% from FY 2025). Net income: ₹126.4m (up 69% from FY 2025). Profit margin: 6.8% (up from 6.1% in FY 2025). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹59.60, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 26x in the Building industry in India. Total returns to shareholders of 27% over the past year. Duyuru • May 02
Durlax Top Surface Limited to Report Fiscal Year 2026 Results on May 09, 2026 Durlax Top Surface Limited announced that they will report fiscal year 2026 results on May 09, 2026 New Risk • Feb 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 8.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (8.6% average weekly change). High level of non-cash earnings (21% accrual ratio). Market cap is less than US$10m (₹749.9m market cap, or US$8.31m). Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₹45.10, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 24x in the Building industry in India. Total loss to shareholders of 20% over the past year. New Risk • Dec 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (21% accrual ratio). Market cap is less than US$10m (₹665.9m market cap, or US$7.32m). Minor Risk Share price has been volatile over the past 3 months (6.9% average weekly change). New Risk • Nov 14
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (21% accrual ratio). Market cap is less than US$10m (₹650.1m market cap, or US$7.33m). Duyuru • Nov 06
Durlax Top Surface Limited to Report First Half, 2026 Results on Nov 11, 2025 Durlax Top Surface Limited announced that they will report first half, 2026 results on Nov 11, 2025 Duyuru • Sep 01
Durlax Top Surface Limited, Annual General Meeting, Sep 25, 2025 Durlax Top Surface Limited, Annual General Meeting, Sep 25, 2025, at 12:30 Indian Standard Time. New Risk • Jun 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.7x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (26% accrual ratio). Market cap is less than US$10m (₹797.3m market cap, or US$9.32m). Minor Risk Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹54.60, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 28x in the Building industry in India. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to ₹47.60, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 25x in the Building industry in India. New Risk • Apr 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.7x net interest cover). High level of non-cash earnings (26% accrual ratio). Market cap is less than US$10m (₹671.8m market cap, or US$7.85m). Minor Risk Share price has been volatile over the past 3 months (8.6% average weekly change). Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹56.50, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 28x in the Building industry in India. New Risk • Jan 21
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹854.7m (US$9.87m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.7x net interest cover). High level of non-cash earnings (26% accrual ratio). Market cap is less than US$10m (₹854.7m market cap, or US$9.87m). Board Change • Aug 28
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Non- Executive Independent Director Narayan Samantra was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Aug 24
Durlax Top Surface Limited Approves Board and Committee Changes Durlax Top Surface Limited at its board of directors meeting held on August 22, 2024, approved resignation of Ms. Roxy Rajendra Teniwal and Mr. Abhishek Ravinder Bansal as Independent Directors of the Company with immediate effect; and approved the re-constitution of Committee - Due to resignation of two independent directors viz., Ms. Roxy Teniwal and Mr. Abhishek Bansal the following committees have been re- constituted - Audit Committee: Mr. NARAYAN SAMANTRA – Chairman, Non-Executive Independent Director. Ms. PALAK JAIN – Member, Non-Executive Independent Director. Mr. SHRAVAN SUTHAR – Member, Managing Director. Stakeholders Relationship Committee: Mr. NARAYAN SAMANTRA – Chairman, Non-Executive Independent Director. Ms. PALAK JAIN – Member, Non-Executive Independent Director. Mr. BHAVESH JAIN – Member, Non-Executive Independent Director. Nomination and Remuneration Committee: Mr. NARAYAN SAMANTRA – Chairman, Non-Executive Independent Director. Ms. PALAK JAIN – Member, Non-Executive Independent Director. Mr. BHAVESH JAIN – Member, Non-Executive Independent Director. Duyuru • Aug 23
Durlax Top Surface Limited, Annual General Meeting, Sep 16, 2024 Durlax Top Surface Limited, Annual General Meeting, Sep 16, 2024, at 12:30 Indian Standard Time. 