Durlax Top Surface Limited IPO

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Durlax Top Surface Limited is at the forefront of manufacturing solid surface materials, catering to a diverse clientele across India and internationally. Their products are marketed under two prominent brands: LUXOR® and ASPIRON®. The LUXOR® brand is known for its Acrylic UV Solid Surfaces, while ASPIRON® offers Modified Solid Surfaces. These brands epitomize quality and innovation, addressing the varying needs of the customers.

Manufacturing Excellence

Their state-of-the-art manufacturing facility is located in Vapi, equipped with advanced German and South Korean technologies. This facility ensures the production of high-quality solid surface materials, meeting the stringent standards of their industry. Their commitment to utilizing cutting-edge machinery enables them to produce durable and aesthetically pleasing surfaces.

Market Reach

Durlax Top Surface Limited boasts an extensive distribution network that spans across India. In addition to serving the domestic market, they export their products to several international destinations, including Dubai, Bahrain, Greece, and Nepal. Their robust distribution network and direct customer engagements ensure widespread availability and customer satisfaction.

Product Applications

Their solid surfaces are versatile and find applications in various sectors. From residential to commercial spaces, hospitality to healthcare, and even exterior projects, their products are designed to create functional and stylish spaces. Key applications include:
i. Countertops: Durable and elegant solutions for kitchens and bathrooms.
ii. Vanities: High-quality surfaces for residential and commercial use.
iii. Offices and Retail Spaces: Stylish surfaces that enhance the aesthetic appeal and functionality.
iv. Hotels and Hospitals: Robust and hygienic surfaces suitable for high-traffic areas.
v. Outdoor Projects: Weather-resistant materials ideal for exterior applications.


Durlax Top Surface Limited stands as a testament to innovation, quality, and customer-centricity in the solid surface material manufacturing industry. With a rich history of growth, advanced manufacturing capabilities, and a wide range of applications, they are committed to delivering excellence to their customers. Their leadership’s vision and dedication continue to propel them towards greater achievements, making them a preferred choice for solid surface solutions.

Objects of the Durlax Top Surface Limited IPO:

The company intends to utilize the net proceeds from the issue towards the funding of the following objects: i. Part finance the working capital requirements; ii. General corporate purposes; and iii. To meet the offer expenses. Total number of shares issue :- i. Fresh issue is 4,200,000 shares, ii. Offer for sale is 1,800,000 shares.

Durlax Top Surface Limited IPO Details:

Open Date: Jun 19 2024
Close Date: Jun 21 2024
Total Shares: 6,000,000
Face Value: ₹ 10 Per Equity Share
Issue Size: 40.80 Cr.
Lot Size: 2000 Shares
Issue Price: ₹ 65 - 68 Per Equity Share
Listing At: NSE Emerge
Listing Date: Jun 26 2024

Promoters And Management:

Shravan Suthar aged 43 years, is the Chairman and Managing Director of the company. He has been redesignated as Managing Director w.e.f. January 07, 2023. He has completed diploma in Construction Technology from Maharashtra State Board of Technical Education. He has completed a certified course in interior designing and decoration from Rachna Sansad, School of Interior Design. He is associated with the Company since incorporation as a promoter. He brings over 10 years of expertise in day-to-day operations and acts as a guiding force for overall growth and development of the company. His primary focus is to cultivate new clients while maintaining existing customer relationships, ensuring continuous business expansion. Lalit Suthar aged 39 years, is the Whole-Time director of the company. He has been re-designated as Whole Time Director w.e.f. January 07, 2023. He has completed a certified course in interior designing and decoration. He is associated with the Company since incorporation as a promoter. He brings over 10 years of expertise to the team, specializing in sales strategy, territory management and lead generation. He is responsible for managing all aspects of business development efforts for brand marketing solutions and devises innovative sales strategies to drive growth. Abhishek Bansal aged 34 years, is Non- Executive Independent Director of the company. He has been associated with the company w.e.f. November 21, 2022. He holds a B. Com degree from the University of Mumbai as well as Post Graduate Diploma in Financial Management from Institute of Management Technology. Additionally, he is a member of the Institute of Chartered Accountants of India. He holds Certificate of Practice as Chartered Accountant and has been practicing from April 2012. He has teaching experience for course of Chartered Accountancy. He has more than 9 years of experience in Taxation and Audit related matters.

Financials of Durlax Top Surface Limited IPO:

Particulars ( In Lakhs )
Revenue from Operations 4,736 6,674 9,076
Other Income 6 10 8
Total Revenue 4,742 6,684 9,084
Cost of materials consumed 4,021 5,745 7,448
Change in Inventories -356 -465 -330
Employees Benefit Expenses 92 157 170
Other Expenses 315 455 685
EBITDA 670 792 1,111
OPM (%) 14.13% 11.85% 12.23%
Depreciation & Amortisation 265 233 211
EBIT 405 560 900
Finance Cost 327 344 379
PBT 78 216 521
Tax 29 6 16
PAT 48 209 505
NPM (%) 1.02% 3.13% 5.56%
No.of Shares 166.27 166.27 166.27
EPS 0.29 1.25 3.03

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
Durlax Top Surface 91 5 3.03 22.4 68 113
Kaka Industries Limited 170 13 9.52 19.8 189 258
Dhabriya Polywood Limited 212 14 13.01 26.7 348 377
Pokarna Limited 688 87 28.18 21.9 647 2,005
* All the data is as per FY24.

Recommendation on Durlax Top Surface Limited IPO:

Review and Recommendation of Durlax Top Surface by team IZ is 4/10. 1. Durlax Top Surface Limited specializes in manufacturing solid surface materials under two main brands: i. LUXOR® a. Offers Acrylic UV Solid Surfaces. b. Known for its aesthetic appeal and durability, suitable for a variety of applications. ii. ASPIRON® a. Offers Modified Solid Surfaces. b. Designed to provide versatile and resilient solutions for different sectors. 2. Product Applications Durlax's solid surfaces are utilized across multiple sectors, including: i. Residential: Countertops, vanities. ii. Commercial: Offices, retail spaces. iii. Hospitality: Hotels, restaurants. iv. Healthcare: Hospitals, clinics. v. Exterior Projects: Outdoor installations and furniture. 3. Market Presence and Export Durlax distributes its products across India through an extensive network of distributors and direct customers. The company also exports to countries such as Dubai, Bahrain, Greece, and Nepal, expanding its footprint in the global market. 4. Competition The solid surface industry in India is highly fragmented and competitive. Durlax faces competition from both existing and new manufacturers and distributors. Key factors influencing competition include client relationships, reputation, market focus, product quality, and pricing. 5. The Revenue has Increased from Rs.47 Crores in FY22 to Rs.90 Crores in FY24. 6. The EBITDA has Increased from 6 Crores in FY22 to 11 Crores in FY24. 7. The PAT has Increased from 48 Lakhs in FY22 to 5 Crores in FY24. 8. As per FY24, CFO/EBITDA is 0.96, and EPS is 3.03, 9. Market Capitalization is 113 Crores and P/E is 22.38x based on FY24.

Lead Manager of Durlax Top Surface Limited IPO:

  1. Expert Global Consultants Private Limited

Registrar of Durlax Top Surface Limited IPO:

  1. Bigshare Services Private Limited

Company Address:

Durlax Top Surface Limited 301, Jaisingh Commonspace, Dayal Das Road, FP362, W.E. Highway, Vile Parle (East), Mumbai – 400 057 Phone: +91-75067 99831 Email: cs@durlaxindia.com Website: https://www.durlax.com/

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