NSE: STYLAMIND · BSE: 526951
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Domestic laminates, Export laminates, Third plant (Panchkula) laminates, Wood-panel adjacencies (planned). Asset-heavy laminates manufacturer; capex at 17% of FY26 revenue; zero-debt; planning adjacency move into wood-panel products
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 659 | 952 | 914 | 1,025 | 1,129 |
| EBITDA (ex other income) | 104 | 155 | 183 | 185 | 221 |
| margin % | 15.7 | 16.3 | 20.1 | 18.1 | 19.5 |
| Owners' profit | 61 | 96 | 128 | 0 | 150 |
| EPS, as reported (₹) | 36.06 | 56.63 | 75.77 | 71.46 | 88.25 |
| ROE % · ROCE % | 19.3 · 26.1 | 23.3 · 31.7 | 24.0 · 30.5 | 18.5 · 25.2 | 18.6 · 25.0 |
| Debt / equity (x) | 0.21 | 0.09 | 0.00 | 0.05 | 0.04 |
| Cash from operations | 11 | 66 | 113 | 107 | 177 |
| Capex | (14) | (26) | (19) | (108) | (192) |
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 | 263 | 255 | 265 | 283 | 292 | 271 | 283 | 326 |
| Profit before tax | 47 | 42 | 38 | 41 | 51 | 59 | 52 | 65 |
| Net profit | 34 | 30 | 30 | 28 | 37 | 46 | 38 | 48 |
| EPS (₹) | 19.66 | 17.55 | 17.51 | 16.57 | 22.17 | 27.16 | 22.35 | 28.37 |
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. % |
|---|---|---|---|---|---|---|---|---|
| CENTURY PLYBOARDS (I) LTD | 14,363 | 49.3 | 5.46 | 24.4 | 10.2 | 11.0 | 20.4 | 12.8 |
| GREENLAM INDUSTRIES LTD. | 5,459 | 58.6 | 4.63 | 19.7 | 4.8 | 4.5 | 20.5 | 10.8 |
| STYLAM INDUSTRIES LIMITED ◆ | 4,867 | 28.7 | 6.03 | 21.2 | 18.6 | 24.6 | 18.9 | 21.5 |
| GREENPLY INDUSTRIES LTD | 3,698 | 37.4 | 4.13 | 15.2 | 10.0 | 12.0 | 18.6 | 11.1 |
| GREENPANEL INDUSTRIES LTD | 1,613 | 11.3 | 1.22 | 6.9 | 10.8 | 10.9 | — | 14.8 |
| RUSHIL DECOR LIMITED | 442 | 19.1 | 0.68 | 9.3 | 1.0 | 1.2 | — | 8.4 |
| ARCHIDPLY IND. LTD | 185 | 14.2 | 1.65 | 8.6 | 7.1 | 6.2 | — | 7.5 |
| ECOBOARD INDUSTRIES LTD. | 165 | — | 7.32 | — | (44.7) | (43.3) | — | (31.2) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.7 | 23.9 | 6 of 10 | 44% |
| P/B | 6.0 | 3.0 | 12 of 13 | 8% |
| ROCE | 24.6 | 4.5 | 1 of 13 | 100% |
| ROE | 18.6 | 4.8 | 1 of 13 | 100% |
| Debt / Equity | 0.0 | 0.4 | 1 of 13 | 100% |
| EBITDA margin | 21.5 | 7.5 | 1 of 13 | 100% |
| Revenue growth | 15.4 | 18.2 | 8 of 13 | 42% |
| Profit growth | 70.3 | 32.2 | 4 of 13 | 75% |
| Market cap | 4867 | 185 | 3 of 13 | 83% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Stylam approves 1-to-5 share split and constitution change | general | medium | — | — |
| 28 Oct 2026 · Board approves five-way share split to Rs 1 face value | corporate actions | high | — | — |
| 28 Oct 2026 · Q2 revenue rises 16%, H1 net profit jumps 38%; 1:5 split proposed | results | medium | — | — |
| 28 Oct 2026 · September quarter profit after tax up 13%; half-year up 38%; five-for-one split proposed | results | medium | — | — |
| 26 Oct 2026 · Stylam Industries to review September results and securities proposal | results | low | — | — |
| 21 Oct 2026 · Board Meeting Scheduled on Oct 28 to Consider Q2 and H1 FY27 Results | results | low | — | — |
| 13 Oct 2026 · RTA submits dematerialization compliance certificate for September 2026 quarter | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 22 Sept 2026 · Commercial production starts at new laminate plant Manak Tabra-2 | capex operations | high | — | — |
| 29 Aug 2026 · Stylam Industries 35th AGM: all 15 resolutions passed | board shareholder meetings | low | — | — |
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 |
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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.