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Ecoboard Industries Ltd (WESTERNBIO)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 523732 NSE: WESTERNBIO Wood & Wood Products | Small Cap | Ecoboard Inds Share Price

₹58.60 2.88 (5.17%)

As on 12-Jun'26 12:24

Ecoboard Industries Ltd (WESTERNBIO)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 523732 NSE: WESTERNBIO Wood & Wood Products | Small Cap | Ecoboard Inds Share Price

₹58.60 2.88 (5.17%)

As on 12-Jun'26 12:24

Key Metrics
Valuation Multiples
Market Cap
₹147 Cr.
Current Price
₹58.6
52-Week Low / High
₹27 / 78
TTM EPS
₹-3.8
TTM Sales
₹23.9 Cr.
Book Value per Share
₹2.1
P/E Ratio
0.00
Industry PE
55.4
Price to Book (P/B)
26.98
Higher than its 5-year historical median
Price to Sales (P/S)
6.16
Higher than its 5-year historical median
EV/EBITDA
-17.31
Lower than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
0.00%
Underperforms industry median
Return on Capital Employed (ROCE)
-107.36%
Underperforms industry median
Return on Assets (ROA)
-35.16%
Operating Profit Margin
-73.7%
Net Profit Margin
-143.76%
Gross Profit Margin
-67.5%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-57.26%
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
44.87%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹-21 Cr.
Equity
₹26.4 Cr.
Face Value
₹10
All Time Low / High
₹0.65 / 135.00

Ecoboard Industries stock performance

Key Ratios
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Check Before You Invest

Valuation

Overvalued

Price Trend

Weak
Q.1 Is Ecoboard Industries Ltd a good quality company?
Ecoboard Industries Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Ecoboard Industries Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Ecoboard Industries Ltd vs industry peers?
Ecoboard Industries Ltd revenue CAGR is 1.10%, compared to the industry median CAGR of 1.10%, indicating stable growth and maintaining its market share.
Q.1 Promoter shareholding and pledge status of Ecoboard Industries Ltd?
Promoters hold 44.87% of the Ecoboard Industries Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Ecoboard Industries Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 35.1% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Ecoboard Industries Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % -25.3%-14.1%-16.3%-5.8%43.5%31.9%9.8%-1%-21.1%-107.4%-
Value Creation
Index
NA-2.0NANA2.11.3-0.3-1.1-2.5NA-

Growth Parameters

Sales 22.116.38.820.4121534.738.629.812.724
Sales YoY Gr.--25.9%-46%130.8%-40.9%24.8%131.2%11.2%-22.9%-57.3%-
Adj EPS -8.4-5.9-7.8-4.14.20.6-0-2.7-3.1-6.9-3.8
YoY Gr.-NANANANA-84.8%-103.2%NANANA-
BVPS (₹) -3.15.4-2.4-6.42.18.59.67.93.8-6.42.1
Adj Net
Profit
-14.9-10.4-13.9-7.27.41.1-0-4.8-5.6-12.3-10
Cash Flow from Ops. -0.210.90.4-6.8-2.4-6.22.50.1-1.2-
Debt/CF from Ops. -16041.949.1125.5-5.9-12.6-3.99.9114.3-18.3-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales -5.9%1.1%-28.5%-57.3%
Adj EPS NA-210.7%NANA
BVPSNA-225.4%-187.3%-266.4%
Share Price 36% 66.5% 43% 60.6%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
-805.6-529.4-520.692.5-190.911.9-0.2-25.7-33-302.1176.4
Op. Profit
Mgn %
-26.9-30.2-72.7-17.4-43.7-7.83.3-10.2-10.5-73.7-38.9
Net Profit
Mgn %
-67.6-63.9-156.8-35.561.57.5-0.1-12.5-18.7-96.7-42.2
Debt to
Equity
-74.4-10.6-4.21121.41.82.2-20
Working Cap
Days
471521876412910987408285338579213
Cash Conv.
Cycle
322330542152215312189179183334-91

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales2216920121535393013
Operating Expenses + 28211524181634433322
Manufacturing Costs7432359965
Material Costs1510818571721198
Employee Cost 2222223333
Other Costs 45328341057
Operating Profit -6-5-6-4-6-11-4-3-9
Operating Profit Margin (%) -26.9%-30.2%-73.2%-17.4%-49.0%-7.8%3.2%-10.2%-10.8%-73.7%
Other Income + 1000621301
Exceptional Items -3002181432-2-9
Interest 5465232311
Depreciation 1111111111
Profit Before Tax -15-10-14-715112-3-7-18
Tax 0000000000
Profit After Tax -15-10-14-715112-3-7-18
PAT Margin (%) -67.6%-63.4%-157.0%-35.3%125.2%74.9%6.2%-8.1%-24.4%-143.0%
Adjusted EPS (₹)-8.4-5.8-7.8-4.08.56.31.2-1.8-4.1-10.3
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Valuation of Ecoboard Inds - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + -610-4-11415172013-5
Share Capital 18181818181818181818
Reserves -23-8-22-29-14-3-13-5-23
Debt +39424548403024241422
Long Term Debt13131521302121221212
Short Term Debt2629302710932210
Minority Interest0000000000
Trade Payables56612974979
Others Liabilities 6714148211892122
Total Liabilities 44646163627362625648

Fixed Assets

Net Fixed Assets +16403735242120271918
Gross Block821029695727171786969
Accumulated Depreciation66625960495051525152
CWIP 2222223305
Investments 0000000000
Inventories1816141317151917146
Trade Receivables3315467694
Cash Equivalents 1001040100
Others Assets 426614241281515
Total Assets 44646163627362625648

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + -0110-7-2-630-1
PBT -15-10-14-715112-3-7-18
Adjustment 7886-13-1212612
Changes in Working Capital 8462-9-2-9425
Tax Paid 000-0-0-0-0-0-0-0
Cash Flow From Investing Activity + -103291911010-5
Capex -10328-0-0010-5
Net Investments 0000000000
Others 0-000119110-10
Cash Flow From Financing Activity + 1-1-4-2-3-13-8-2-107
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 000000-10-30
Interest Paid -5-2-3-3-3-2-2-1-1-0
Dividend Paid 0000000000
Others 60-02-0-11-5-1-77
Net Cash Flow 0-000-13-41-10

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)N/A-525.38N/AN/A0119.813.26-20.12-69.37N/A
ROCE (%)N/A-14.12N/AN/A43.4931.949.83-1.04-21.11N/A
Asset Turnover Ratio0.460.30.140.330.190.220.510.620.50.24
PAT to CFO Conversion(x)N/AN/AN/AN/A-0.47-0.18-3N/AN/AN/A
Working Capital Days
Receivable Days43.4065.8084.9058.80142.8012772.2065.8094.20180.30
Inventory Days352378.70626.70244.60459.50398.60182.20172190.20286.80
Payable Days125.90200.40277.40188.40805.70437.50111.20109.40151.10354.40

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Ecoboard Industries Ltd FAQs

The current trading price of Ecoboard Inds on 12-Jun-2026 12:24 is ₹58.60.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 11-Jun-2026 the market cap of Ecoboard Inds stood at ₹147.1 Cr

The latest P/E ratio of Ecoboard Inds as of 11-Jun-2026 is 0.00.

The latest P/B ratio of Ecoboard Inds as of 11-Jun-2026 is 26.98.

The 52-week high of Ecoboard Inds is ₹77.80 and the 52-week low is ₹26.50.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Ecoboard Inds is ₹23.91 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Ecoboard Industries Ltd is a below average quality company.

The key valuation ratios of Ecoboard Industries Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Ecoboard Industries Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Ecoboard Industries Ltd

Ecoboard Industries was established in 1986 by like-minded promoters who have been associated with the cause of environmental control. Ecoboard Industries Limited today is in the forefront to provide consultancy and supply of efficient effluent treatment systems on turnkey basis.

To prevent the environment from damage, Ecoboard Industries Limited brings the state-of-the-art technology, to treat effluent and turn it into a useful non-conventional energy resource.

ECOBOARD’ is a 100% Woodfree tough alternative to conventional particle boards, plywood and other panel products. In keeping with its commitment towards a Greener Earth, Ecoboard Industries Ltd. brought a Revolutionary Concept in Design and Decor.

'ECOBOARD' is a versatile all purpose particle board. Its homogeneous processing and usage of fibre-reinforcement system with 11% resin content ensures a much higher bonding strength which is as good as natural wood. Ecoboard Industries Ltd., in collaboration with nature, is in the pursuit of converting the planet into a good earth obviating the side effects of industrial revolution.

Ecoboard Industries has set up two state-of-the-art, modern manufacturing facilities at Jambhulwadi in Sangli district and Velapur in Solapur district of Maharashtra.

Spread over 30 acres of land, the Jambhulwadi plant has been set up at a cost of Rs 2800 lakh and has a production capacity of 120 cubic metres per day. About 100,000 tonnes of bagasse per annum, which would otherwise go waste, is consumed by the plant to produce ECOBOARD. The machinery includes supplies from 'Siempelkamp' 'Wurtex' DRIAS, Becker Von HULLUEN of Germany and IMEAS of Italy.

Spread over 90 acres of land, the Velapur plant has been set up at a cost of Rs 55 crore. The plant is much more sophisticated and automated. Most of its machinery is imported from Germany and U.K. The plant has on-line changing options for various thickness boards. Its production capacity is 36 lakh sq.mts.per annum.

Ecoboard Industries Ltd. (Bio Systems Division) is in the forefront of generating renewable non-conventional energy from organic industrial effluents for the past 20 years. Its CSTR Anaerobic Plant (Biogas Plant) is most effective in controlling environmental pollution due to industrial effluents, and in generating substantial biogas a valuable resource of renewable energy.

Product range of the company includes:

  • Plain Particle Board- 100% wood free smooth surface and excellent bonding strength, High durability, Easy maintenance, Excellent machinability, Dimensional stability, More economical, saves time and labor, No wrapping or deformation, Moisture resistance, Fire retardant, High resistance to abrasion, Termite resistance, Excellent screw holding capacity.
  • Laminated Particle Board- 100% wood free and laminated with imported paper. High durability, Easy maintenance, Excellent machinability, Dimensional stability, More economical, saves time and labor, No wrapping or deformation, Moisture resistance, Fire retardant, High resistance to abrasion, Termite resistance, Excellent screw holding capacity.
  • Furniture includes- Manger's Table, Executive Table, Reception Table, Discussion Table and Storage Unit.

Different divisions of the company are:

  • Particle Board
  • Bio System
  • Furniture

Awards/Achievements

The ISO 9001 and ISO 14001 certified company.

Other achievements

Ecoboard conserves tree resources and forest wealth, it saves environment from pollutants it promotes rural economy and employment it helps farmers getting remunerative price for their sugarcane it promotes self-employment among carpenters, artisans etc and it prevents exodus from rural to urban areas.

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