Incorporated in 2002, Sylvan Plyboard (India) Ltd specialises in manufacturing a wide range of wood products, including plywood, block board, flush doors, veneer, and sawn timber across various grades and thicknesses. With 223 authorised dealers spanning 13 states, the company's extensive product line caters to diverse customer needs.
Sylvan Plyboard's offerings include premium products like “Sylvan Z+ Premium Plus,” middle segment products such as “Robusta Premium” and “Primo Plus,” and economical options like “Sylvan Blu.” They also provide Boiling Water-Proof (BWP) and Boiling Water-Resistant (BWR) plywood. The plywood segment, including block boards and flush doors, constitutes approximately 81.74% of the company's revenue.
The company's products adhere to the Bureau of Indian Standards (BIS) and have earned ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications. Their manufacturing facility, strategically located near Kolkata Port Trust in Hooghly, West Bengal, integrates the entire production process in-house, minimising costs and reliance on third parties. The facility includes features such as ponds for timber moisturising, an in-house resin/glue production unit, and a thermic fluid heater unit.
Sylvan Plyboard supplies products to industries such as shipping, construction, real estate, interior decor, furniture, aviation, education, hospitals, transport, banking, and government projects. As of June 2024, the company employs 817 individuals across various departments.
Industry Outlook:
- In 2021, global merchandise trade rebounded by 9.7%, recovering from a 5.2% decline in 2020, driven by economic growth and consumer demand.
- India produced 48.0 million m³ of tropical logs in 2021 and 2022, with state-owned forests contributing about 2 million m³ annually.
Sylvan Plyboard India Limited IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Funding Capital Expenditure towards the purchase of additional plant and machinery
- To meet the Working Capital Requirements
- To meet the Issue Expenses
- General Corporate Purposes
Peer Details
The companies considered by Sylvan Plyboard India as its peers include:
- Archidply Industries Ltd.
- Duroply Industries Ltd.
- The Western India Plywoods Limited
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Contact Details of Sylvan Plyboard India Limited
Registered office: NH-2, Delhi Road, Champsara, Chinnamore, Baidyabati, Hooghly – 712222, West Bengal, India
Phone: +91 33 4801 7916
E-mail: cs@sylvanply.com
Financial Performance
| Particulars | For the period ended on December 31, 2023 | Year ending on March 31, 2023 | Year ending on March 31, 2022 |
|---|---|---|---|
| Total Revenue (in ₹ lakh) | 16,193.24 | 19,915.32 | 17,292.63 |
| Profit After Tax (PAT) (in ₹ lakh) | 447.98 | 352.85 | 305.31 |
| Cash & Cash Equivalents (in ₹ lakh) | 1,653.58 | 310.26 | 558.15 |
| Net Worth (in ₹ lakh) | 9,456.77 | 8,811.78 | 8,283.26 |
| Debt to Equity Ratio(x) | 0.68 | 0.62 | 0.55 |
| Return on Net Worth (%) | 4.74 | 4.00 | 3.69 |
| Return on Capital Employed (RoCE) (%) | 7.56 | 7.53 | 6.56 |
| Earning Per Share (EPS)-in absolute ₹ | 3.14 | 2.53 | 2.24 |
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Strengths
6Experienced promoter in the timber and plywood industry
Integrated manufacturing facility with complete in-house processes.
In-house timber logs procurement to packaging.
Strong presence in West Bengal and Eastern India.
Established the brand image of “Sylvan” for a decade.
Quality products with satisfactory after-sales services.
Risks
6Competition from larger, experienced players with stronger resources.
Increasing focus on MDF products by major competitors.
Rising raw material costs affecting profitability significantly.
Fluctuating demand influenced by economic conditions and trends.
Dependence on suppliers for high-quality timber supply.
High operating costs due to capital investment and labor expenses.
