STYLAM INDUSTRIES LIMITED

Manufactures decorative laminates, sold domestically and exported to markets including Europe, APAC, the Middle East and the US. In Q1 FY27, revenue was Rs 326.47 crore, up 15% year-on-year, split between domestic sales of Rs 247 crore and exports of Rs 79 crore. A third laminate plant in Panchkula, Haryana is set to begin commercial production on 1 September 2026, with a targeted revenue contribution of INR250-300 crore in FY27 at 25-30% year-one capacity utilisation. Raw materials — chiefly phenol and melamine, sensitive to West Asia tensions — made up 54.4% of FY26 revenue, the largest cost line. Q1 FY27 EBITDA margin crossed 21%, above the prior perceived 20% ceiling, on operating leverage rather than inventory gains, with management guiding to 19-20%+ even after the new plant ramps up. Japanese partner Aica Kogyo, holding 27.12%, sits on the board in a strategic and technology-transfer role, and the company is zero-debt. The next major capex announcement, deferred to Q2 FY27, is expected to focus on domestic wood-panel adjacencies (plywood, MDF, particle board) given management's view that core laminate is approaching saturation.