Transcript of the conference call with investors and analysts held on Tuesday, May 12, 2026.
STYLAMIND · price
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Stylam Industries held its Q4 FY26 earnings call where management announced the third greenfield laminate plant in Manak Tabra will start commercial production by end of June/mid-July 2026, after delays due to environment clearance from Ministry of Environment. The INR334 crore capex plant is expected to contribute INR300-400 crores revenue in FY27 (30-40% utilization by Q2) and INR600-700 crores in FY28 (80% utilization). The company achieved its first-ever 3-figure quarterly sales in Q4 with 49% gross margins. The new plant is guided to deliver 22-24% EBITDA margins. Raw material prices (phenol, crude-linked) have increased, prompting 3-5% price hikes in domestic and selective export markets, with management expecting limited margin impact of 1-3% due to price pass-through, favorable exchange rates (dollar near INR96, euro at INR112), and reduced ocean freight. FY26 revenue mix was 75% exports and 25% domestic. Japanese strategic partner AICA's open offer is complete with no changes to management structure, though technology sharing in HPL products is expected in 2-3 months.
The delayed but near-complete new plant provides clear revenue visibility with INR300-400 crores incremental FY27 revenue, supporting 20-25% overall growth guidance. Margin guidance of 22-24% from the new plant and limited impact from raw material inflation should sustain profitability, though execution risk on plant ramp-up remains.