Ecoboard Industries Ltd

WESTERNBIO

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Market Cap

₹ 103 Cr

P/E

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Performance

MARKET LEADER

Valuation

REASONABLE

Growth

STABLE

Profitability

LOW MARGIN

Technicals

Bullish

Risk

HIGH RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Ecoboard Industries Ltd, formerly Western Bio System, manufactures particle boards using agricultural residues like bagasse and rice husk.

The company is positioned as a major player in biogas technology, having erected several biogas plants across India and exported related technology internationally.

Ecoboard Industries has significantly increased its production capacity, becoming the largest particle board producer in India as of the late 1990s.

The company continues to innovate within its product lines, notably introducing 'EcoRak' in its EcoBuild Division during the 2022-23 fiscal year.

Sector

Diversified

Industry

Diversified - Medium / Small

Market Cap

103 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

35.5

PEG Ratio

—

P/B Ratio

11.7

52W High

51.80

52W Low

22.45

Sales CAGR

-57.26%

-28.45%

1.11%

10Y

-5.94%

Profit CAGR

-151.44%

—

10Y

—

ROE

TTM

-139.43%

-100.41%

-25.13%

10Y

-88.14%

ROCE

TTM

-44.10%

-32.25%

-4.26%

10Y

-5.87%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
TCIIND	1455.50	131 Cr	—	10.56	0.00	-12.06	-8.76	-9.50
WESTERNBIO	44.66	103 Cr	—	11.74	0.00	-139.43	-44.10	-39.26
RAFL	56.96	77 Cr	12.28	1.03	0.00	6.77	8.52	5.16
BOMBCYC	1724.90	69 Cr	77.84	2.46	0.29	3.16	7.78	-8.73
JAMSHRI	99.60	68 Cr	—	0.00	0.00	12.45	4.51	-1.60
PHOENXINTL	41.50	68 Cr	20.83	0.74	0.00	0.93	2.58	0.74
NITESHEST	4.32	63 Cr	—	0.00	0.00	0.63	0.66	4.76

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	3.69	6.49	8.79	11	5.76	3.27	1.87	1.81	1.64	4.91
Expenses	6.33	7.95	8.61	10	6.54	5.64	4.86	4.74	4.44	7.43
Operating Profit	-2.64	-1.46	0.18	0.78	-0.78	-2.37	-2.99	-2.93	-2.80	-2.52
OPM %	-71.54	-22.50	2.05	7.24	-13.54	-72.48	-159.89	-161.88	-170.73	-51.32
Other Income	0.04	0.02	0.03	-2.29	0.01	0.09	-4.80	-2.85	0.07	0.02
Interest	0.31	-0.01	0.15	0.30	0.12	0.12	0.19	0.11	0.35	0.08
Depreciation	0.28	0.28	0.28	0.27	0.29	0.29	0.28	0.28	0.28	0.38
Profit Before Tax	-3.19	-1.70	-0.22	-2.08	-1.17	-2.69	-8.26	-6.16	-3.36	-2.95
Tax %	0.00	0.00	0.00	-3.37	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	-3.19	-1.70	-0.22	-2.15	-1.17	-2.69	-8.26	-6.16	-3.36	-2.95
EPS in Rs	-1.39	-0.74	-0.09	-0.93	-0.51	-1.17	-3.60	-2.64	-0.94	-1.05

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	16	8.92	20	12	15	35	39	30	13	8.59
Expenses	21	15	24	14	16	34	42	33	22	20
Operating Profit	-4.94	-6.38	-3.52	-1.92	-0.76	1.13	-3.50	-3.14	-9.07	-11
OPM %	-30.24	-71.61	-17.28	-15.94	-5.08	3.24	-9.07	-10.55	-71.28	-129.10
Other Income	0.41	0.19	2.33	20	16	4.09	3.74	-2.20	-7.54	-7.49
Interest	4.36	6.36	4.94	2.39	2.97	2.09	2.34	0.74	0.54	0.77
Depreciation	1.47	1.23	1.07	0.95	0.94	0.98	1.04	1.11	1.14	1.13
Profit Before Tax	-10	-14	-7.20	15	11	2.14	-3.14	-7.19	-18	-20
Tax %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-1.03	0.00	0.00
Net Profit	-10	-14	-7.20	15	11	2.14	-3.14	-7.27	-18	-20
EPS in Rs	-4.43	-6.00	-3.13	6.57	4.98	0.89	1.43	-3.15	-7.92	-8.22
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	18	18	18	18	18	18	18	18	18	18
Reserves	-23	-8.29	-22	-29	-14	-2.71	-0.68	2.61	-4.64	-23
Borrowings	39	42	45	48	40	30	24	25	15	22
Other Liabilities	11	13	20	27	18	28	21	17	28	31
Total Liabilities	44	64	61	63	62	73	62	62	56	48
Fixed Assets	16	40	37	35	24	21	20	27	19	18
CWIP	2.34	2.36	2.36	2.36	2.36	2.37	3.45	3.25	0.00	5.23
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	26	22	22	25	36	50	39	32	38	25
Total Assets	44	64	61	63	62	73	62	62	56	48

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-0.24	1.00	0.91	0.38	-6.84	-2.39	-6.21	2.51	0.13	-1.22
Cash from Investing Activity	-0.65	0.06	2.83	1.70	9.21	19	11	0.12	9.54	-5.28
Cash from Financing Activity	1.06	-1.15	-3.71	-1.60	-3.03	-13	-8.11	-1.93	-10	6.76
Net Cash Flow	0.16	-0.09	0.03	0.48	-0.66	3.50	-3.60	0.70	-0.63	0.26

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	57.25%	57.26%	57.18%	57.05%	56.78%	56.78%	56.78%	56.78%	57.37%	57.34%	57.34%	44.52%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	42.75%	42.74%	42.82%	42.95%	43.22%	43.22%	43.22%	43.22%	42.63%	42.66%	42.66%	55.48%
Total Shareholders	11,870	11,838	11,865	12,091	11,944	11,917	11,969	11,858	11,982	11,860	11,731	11,607

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Dec 11, 2025	Vasudevarao dhanekula	Bulk	Buy	50.67	0.65 Cr	1,29,212	0.56
Nov 21, 2024	Jaya lakshmi gottumukkala	Insider - Promoter	Acquisition	22.75	0.08 Cr	35,002	0.19
Nov 21, 2024	Jaya lakshmi gottumukkala	Insider - Promoter	Acquisition	21.02	0.05 Cr	24,885	0.13
Nov 14, 2024	Kailashben ashokkumar patel	Bulk	Sell	23.25	0.28 Cr	1,21,585	0.68
Nov 13, 2024	Kailashben ashokkumar patel	Bulk	Sell	26.36	0.47 Cr	1,78,415	1.00
Nov 13, 2024	Kailashben ashokkumar patel	Bulk	Buy	34.63	0.09 Cr	25,000	0.14
May 03, 2024	Guttikonda vara lakshmi	Bulk	Buy	44.33	0.44 Cr	1,00,000	0.56
May 02, 2024	Shah dipak kanayalal	Bulk	Buy	40.51	0.41 Cr	1,01,499	0.56
Aug 10, 2023	Saurabhtripathi	Bulk	Sell	19.23	0.73 Cr	3,81,136	2.13
Aug 10, 2023	Mansi share & stock advisors ...	Bulk	Buy	18.76	0.19 Cr	1,00,000	0.56

Projection

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Presentations

Investor Presentation

Q1 FY25

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Overall

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Moving Averages

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Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	3.69	6.49	8.79	11	5.76	3.27	1.87	1.81	1.64	4.91
Expenses	6.33	7.95	8.61	10	6.54	5.64	4.86	4.74	4.44	7.43
Operating Profit	-2.64	-1.46	0.18	0.78	-0.78	-2.37	-2.99	-2.93	-2.80	-2.52
OPM %	-71.54	-22.50	2.05	7.24	-13.54	-72.48	-159.89	-161.88	-170.73	-51.32
Other Income	0.04	0.02	0.03	-2.29	0.01	0.09	-4.80	-2.85	0.07	0.02
Interest	0.31	-0.01	0.15	0.30	0.12	0.12	0.19	0.11	0.35	0.08
Depreciation	0.28	0.28	0.28	0.27	0.29	0.29	0.28	0.28	0.28	0.38
Profit Before Tax	-3.19	-1.70	-0.22	-2.08	-1.17	-2.69	-8.26	-6.16	-3.36	-2.95
Tax %	0.00	0.00	0.00	-3.37	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	-3.19	-1.70	-0.22	-2.15	-1.17	-2.69	-8.26	-6.16	-3.36	-2.95
EPS in Rs	-1.39	-0.74	-0.09	-0.93	-0.51	-1.17	-3.60	-2.64	-0.94	-1.05

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	16	8.92	20	12	15	35	39	30	13	8.59
Expenses	21	15	24	14	16	34	42	33	22	20
Operating Profit	-4.94	-6.38	-3.52	-1.92	-0.76	1.13	-3.50	-3.14	-9.07	-11
OPM %	-30.24	-71.61	-17.28	-15.94	-5.08	3.24	-9.07	-10.55	-71.28	-129.10
Other Income	0.41	0.19	2.33	20	16	4.09	3.74	-2.20	-7.54	-7.49
Interest	4.36	6.36	4.94	2.39	2.97	2.09	2.34	0.74	0.54	0.77
Depreciation	1.47	1.23	1.07	0.95	0.94	0.98	1.04	1.11	1.14	1.13
Profit Before Tax	-10	-14	-7.20	15	11	2.14	-3.14	-7.19	-18	-20
Tax %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-1.03	0.00	0.00
Net Profit	-10	-14	-7.20	15	11	2.14	-3.14	-7.27	-18	-20
EPS in Rs	-4.43	-6.00	-3.13	6.57	4.98	0.89	1.43	-3.15	-7.92	-8.22
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	18	18	18	18	18	18	18	18	18	18
Reserves	-23	-8.29	-22	-29	-14	-2.71	-0.68	2.61	-4.64	-23
Borrowings	39	42	45	48	40	30	24	25	15	22
Other Liabilities	11	13	20	27	18	28	21	17	28	31
Total Liabilities	44	64	61	63	62	73	62	62	56	48
Fixed Assets	16	40	37	35	24	21	20	27	19	18
CWIP	2.34	2.36	2.36	2.36	2.36	2.37	3.45	3.25	0.00	5.23
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	26	22	22	25	36	50	39	32	38	25
Total Assets	44	64	61	63	62	73	62	62	56	48

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-0.24	1.00	0.91	0.38	-6.84	-2.39	-6.21	2.51	0.13	-1.22
Cash from Investing Activity	-0.65	0.06	2.83	1.70	9.21	19	11	0.12	9.54	-5.28
Cash from Financing Activity	1.06	-1.15	-3.71	-1.60	-3.03	-13	-8.11	-1.93	-10	6.76
Net Cash Flow	0.16	-0.09	0.03	0.48	-0.66	3.50	-3.60	0.70	-0.63	0.26

Overview

Detailed Summary

Ecoboard Industries Ltd, formerly Western Bio System, manufactures particle boards using agricultural residues like bagasse and rice husk.

The company is positioned as a major player in biogas technology, having erected several biogas plants across India and exported related technology internationally.

Ecoboard Industries has significantly increased its production capacity, becoming the largest particle board producer in India as of the late 1990s.

The company continues to innovate within its product lines, notably introducing 'EcoRak' in its EcoBuild Division during the 2022-23 fiscal year.

Sector

Diversified

Industry

Diversified - Medium / Small

Market Cap

103 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

35.5

PEG Ratio

—

P/B Ratio

11.7

52W High

51.80

52W Low

22.45

Sales CAGR

-57.26%

-28.45%

1.11%

10Y

-5.94%

Profit CAGR

-151.44%

—

10Y

—

ROE

TTM

-139.43%

-100.41%

-25.13%

10Y

-88.14%

ROCE

TTM

-44.10%

-32.25%

-4.26%

10Y

-5.87%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
TCIIND	1455.50	131 Cr	—	10.56	0.00	-12.06	-8.76	-9.50
WESTERNBIO	44.66	103 Cr	—	11.74	0.00	-139.43	-44.10	-39.26
RAFL	56.96	77 Cr	12.28	1.03	0.00	6.77	8.52	5.16
BOMBCYC	1724.90	69 Cr	77.84	2.46	0.29	3.16	7.78	-8.73
JAMSHRI	99.60	68 Cr	—	0.00	0.00	12.45	4.51	-1.60
PHOENXINTL	41.50	68 Cr	20.83	0.74	0.00	0.93	2.58	0.74
NITESHEST	4.32	63 Cr	—	0.00	0.00	0.63	0.66	4.76