NSE: FLAIR · BSE: 544030
FLAIR WRITING INDUST LTD
Manufactures and sells writing instruments (pens), creative stationery products, and steel bottles and houseware, primarily under its own brands, which made up 91% of FY26 revenue. The legacy Pens segment is targeted for 5% growth in FY27, while the Creative segment grew 74% in FY26 to ₹298 crores and the Steel Bottles and Houseware segment grew 95% to ₹85 crores; together the latter two contributed 31% of FY26 revenue, up from around 11% in FY21. Sales go to domestic retail and large-format stores driven by back-to-school demand, as well as to export OEM and own-brand buyers, with 121 new products launched in FY26 and fresh orders of ₹20 crores secured from large-format stores in Creative and Steel Bottles. A new Valsad manufacturing facility commenced operations in Q1 FY27, with capacity ramp-up by Q3 FY27, taking peak revenue capacity from current and Valsad infrastructure to ₹1,750 crores at optimum utilisation. The biggest input cost is materials at 50.1% of revenue, of which around 35% are crude-linked raw materials whose prices have moved 0–50% on the back of West Asia geopolitics, driving a guided Q1 FY27 EBITDA margin impact of around 4%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Creative stationery, Steel Bottles & Houseware, Writing instruments (Pens). Multi-category own-brand consumer goods in stationery, creative and houseware, transitioning from a pen-centric base.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 979 | 1,080 | 1,250 |
| EBITDA (ex other income) | 191 | 185 | 225 |
| margin % | 19.5 | 17.1 | 18.0 |
| Owners' profit | 119 | 120 | 140 |
| EPS, as reported (₹) | 12.19 | 11.35 | 13.26 |
| ROE % · ROCE % | 13.2 · 17.5 | 11.7 · 15.2 | 12.4 · 15.8 |
| Debt / equity (x) | 0.05 | 0.03 | 0.03 |
| Cash from operations | 78 | 54 | 137 |
| Capex | (110) | (134) | (141) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 270 | 265 | 298 | 289 | 321 | 318 | 323 | 319 |
| Profit before tax | 44 | 39 | 41 | 39 | 54 | 45 | 49 | 39 |
| Net profit | 33 | 29 | 31 | 29 | 43 | 33 | 37 | 29 |
| EPS (₹) | 3.12 | 2.79 | 2.93 | 2.72 | 4.04 | 3.11 | 3.40 | 2.71 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DOMS INDUSTRIES LIMITED | 11,318 | 52.1 | 8.69 | 27.0 | 18.4 | 22.7 | — | 12.9 |
| NAVNEET EDUCATION LTD | 2,664 | 7.1 | 126.94 | 481.8 | 17.6 | 20.2 | (54.0) | 27.5 |
| FLAIR WRITING INDUST LTD ◆ | 2,457 | 17.6 | 2.15 | 10.1 | 12.4 | 15.4 | — | 17.1 |
| KOKUYO CAMLIN LIMITED | 724 | — | 2.91 | 17.0 | 6.1 | 8.0 | — | — |
| LINC LIMITED | 582 | 18.5 | 2.24 | 8.5 | 12.7 | 17.4 | — | 9.0 |
| ALKOSIGN LIMITED | 69 | 5.8 | — | — | — | 4.9 | — | — |
| KSHITIJ POLYLINE LIMITED | 51 | 13.4 | 0.81 | 8.5 | 6.1 | 6.1 | — | 12.4 |
| SUNDARAM MULTI PAP LTD | 50 | — | 0.52 | 5.2 | (0.1) | (0.1) | — | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.6 | 15.5 | 4 of 6 | 40% |
| P/B | 2.1 | 2.2 | 4 of 8 | 57% |
| ROCE | 15.4 | 8.0 | 4 of 9 | 63% |
| ROE | 12.4 | 9.3 | 4 of 8 | 57% |
| Debt / Equity | 0.0 | 0.2 | 3 of 8 | 71% |
| EBITDA margin | 17.1 | 15.0 | 3 of 6 | 60% |
| Revenue growth | 10.6 | 6.0 | 3 of 6 | 60% |
| Profit growth | 0.5 | (4.9) | 3 of 6 | 60% |
| Market cap | 2457 | 582 | 3 of 9 | 75% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Board meeting set for November 2 results and dividend | results | low | — | — |
| 12 Oct 2026 · Flair Writing files RTA dematerialisation certificate for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · GST demand notice for Rs 31.08 lakh received for FY 2022-23 | regulatory legal | high | — | — |
| 24 Sept 2026 · Flair Writing to attend PL Capital Mid and Small Cap Conference 2026 | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Trading Window closed from Oct 1 till 48 hours after Q2 FY27 results | compliance | minimal | — | — |
| 16 Sept 2026 · Flair Writing to meet investors at Anand Rathi G-200 Summit on Sep 22, 2026 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Flair Writing invests Rs 100 crore in wholly-owned subsidiary FWEPL | strategic transactions | medium | — | — |
| 31 Aug 2026 · Flair Writing Industries gets GST Show Cause Notice for FY23 | regulatory legal | high | — | — |
| 29 Aug 2026 · AGM 2026: All 7 resolutions passed, dividend of Rs 0.50 per share approved | compliance | low | — | — |
| 27 Aug 2026 · Re-appointment of two Whole-time Directors for 5 more years | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.