Overview

Detailed Summary

Responsive Industries is an integrated PVC and polymer manufacturer focused on vinyl flooring (SPC/LVP/LVT and resilient sheet), synthetic leather, synthetic ropes and waterproofing membranes, operating large-scale manufacturing in Boisar (India) and Ma’anshan (China) and exporting to 70+ countries while servicing 1,000+ institutional and retail customers with both private-label and branded programs.
Despite a domestic-heavy revenue mix (86% domestic in 9M FY26), the business faces short-term export pressure after higher U.S. import tariffs impacted margins; management calls this a transitory quarter and expects tariff rationalization to restore competitiveness while leveraging the company’s China facility and Greenville distribution to scale exports without significant new capex.
Financially, 9M FY26 revenue of ₹971 crore was down 7% YoY with EBITDA of ₹202 crore (-9% YoY) and PAT of ₹126 crore (-13% YoY); Q3 saw sharper compression as tariffs forced partial cost absorption, but the company generated ₹39 crore free cash flow in 1H FY26 and maintains a low net-debt-to-equity profile.
Operationally the company claims India’s largest integrated vinyl flooring plant, 12,500 MT/month installed capacity, high certifications (ISO, SEDEX, FloorScore, CTPAT) and substantial unused headroom (>50% in certain export lines), positioning Responsive Industries to pursue the U.S. LVP opportunity and deeper domestic penetration without heavy incremental capital investment.
Institutional stickiness (Railways, STUs, bus OEMs, hospitals) provides predictable, recurring demand while product and brand expansion (ALLURE, TRANQUIL, IMPACT, BELLISIMO, RESONATE) plus WPC and new SKUs create upside; however export concentration and trade policy volatility remain near-term risks to earnings volatility.

Sector: Consumer Durables
Industry: Furniture, Home Furnishing
Market Cap: 5,716 Cr
Volatility: High Risk
P/E Ratio: 38.5
Industry P/E: 50.2
PEG Ratio: 1.4
P/B Ratio: 3.7
52W High: 247.45
52W Low: 117.80

Sales CAGR

1Y: 30.45%
3Y: 4.25%
5Y: 5.07%
10Y: -12.62%

Profit CAGR

1Y: 23.31%
3Y: 27.50%
5Y: 5.11%
10Y: 6.61%

ROE

TTM: 9.52%
3Y: 11.13%
5Y: 7.78%
10Y: 4.97%

ROCE

TTM: 10.27%
3Y: 13.22%
5Y: 9.23%
10Y: 6.78%

Technicals

‌

Forecasts

Peers

Consumer Discretionary Consumer Durables Consumer Durables Furniture, Home Furnishing

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SFL		744.50	8,215 Cr	51.47	2.53	0.13	4.91	6.51	2.73
RESPONIND		214.60	5,719 Cr	38.53	3.67	0.05	9.52	10.27	8.01
WAKEFIT		124.30	4,102 Cr	21.68	3.62	0.00	16.71	8.49	10.80
EUROPRATIK		310.10	3,175 Cr	41.18	10.24	0.06	24.87	32.00	19.45
HARDWYN		24.38	1,191 Cr	90.21	2.93	0.00	3.25	4.82	2.83
BIRLANU		1357.60	1,013 Cr	-8.47	0.91	1.12	-14.18	-3.89	-3.89
STANLEY		155.10	887 Cr	73.32	1.90	0.00	3.11	5.95	1.46
Median: 7 Co.	—	214.60	3,175 Cr	41.18	2.93	0.05	4.91	6.51	2.83

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	267	288	320	350	368	381	339	314	311	430
Expenses	201	221	249	277	295	302	266	237	265	384
Operating Profit	66	67	71	73	72	79	73	77	46	46
OPM %	24.86	23.15	22.28	20.75	19.67	20.72	21.43	24.41	14.85	10.77
Other Income	1.48	9.01	2.01	2.24	2.66	1.50	2.15	2.99	1.63	2.77
Interest	5.31	5.06	5.32	5.13	6.63	6.88	5.32	7.04	5.67	7.69
Depreciation	16	21	17	18	18	17	18	18	18	18
Profit Before Tax	47	50	51	52	51	56	52	55	24	24
Tax %	5.11	7.98	4.75	5.43	7.40	3.42	3.41	2.54	7.34	4.24
Net Profit	45	46	48	49	47	54	50	53	22	23
EPS in Rs	1.68	1.72	1.81	1.85	1.76	2.03	1.87	2.00	0.84	0.86

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Sales	2,055	1,264	775	533	756	1,103	974	1,087	1,418	1,437
Expenses	1,846	1,135	660	436	628	994	864	844	1,123	1,140
Operating Profit	208	128	115	97	127	110	110	243	295	296
OPM %	10.13	10.15	14.89	18.28	16.87	9.95	11.30	22.34	20.81	20.62
Other Income	18	14	24	28	-44	24	16	18	8.41	8.55
Interest	23	17	13	21	3.82	18	28	23	24	24
Depreciation	132	87	82	78	64	105	69	66	70	70
Profit Before Tax	22	21	45	27	15	10	28	172	210	211
Tax %	65.66	55.79	34.60	8.03	-63.89	98.46	14.07	6.29	5.20	4.88
Net Profit	7.65	9.36	29	24	24	0.16	24	161	199	200
EPS in Rs	0.55	—	—	0.92	1.54	-0.01	0.95	6.07	7.45	5.57
Dividend Payout %	24.39	24.39	11.01	10.87	6.49	3,703.70	10.99	1.65	134.05	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

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	26	26	26	26	26	26	26	27	27	27
Reserves	855	863	871	896	917	941	942	946	1,110	1,319
Borrowings	312	256	156	107	166	197	236	260	215	256
Other Liabilities	510	389	336	221	232	103	173	102	194	136
Total Liabilities	1,703	1,535	1,389	1,251	1,342	1,268	1,378	1,334	1,546	1,738
Fixed Assets	919	801	765	692	617	915	820	691	815	797
CWIP	7.13	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	14	15	38	19	13	9.77	12	13	11	71
Other Assets	763	718	586	540	712	343	546	630	720	870
Total Assets	1,703	1,535	1,389	1,251	1,342	1,268	1,378	1,334	1,546	1,738

Consolidated Cash Flows (in ₹ Crores)

View Standalone

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	165	107	142	306	90	145	-20	7.04	225	75
Cash from Investing Activity	32	-36	-29	-253	-94	-166	-5.27	-4.83	-156	-102
Cash from Financing Activity	-160	-58	-177	-62	32	25	18	-9.51	-77	18
Net Cash Flow	37	13	-64	-8.64	28	4.41	-7.38	-7.30	-7.91	-8.88

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	58.94%	58.94%	58.94%	58.58%	58.58%	58.58%	58.58%	58.58%	58.58%	58.58%	59.14%	59.14%
FIIs	35.67%	35.44%	35.12%	35.08%	35.11%	34.78%	32.48%	31.62%	31.40%	30.61%	31.23%	32.20%
DIIs	3.56%	3.56%	3.57%	3.58%	3.59%	3.57%	3.51%	3.51%	3.35%	3.30%	3.28%	3.22%
Public	1.83%	2.05%	2.36%	2.76%	2.72%	3.08%	5.44%	6.29%	6.67%	7.51%	6.35%	5.44%
Total Shareholders	6,473	10,237	12,778	14,277	14,974	16,566	18,643	18,028	17,859	17,625	17,106	16,316

Market Transactions

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q3 FY25

Available on Pro Plan