KOKUYOCMLN - Kokuyo Camlin
📢 Recent Corporate Announcements
Ms. Anagha Subhash Dandekar has officially withdrawn her request to be reclassified from the 'Promoter Group' to the 'Public' category. This reversal comes shortly after her initial application made on January 7, 2026. The decision is reportedly based on provisions within a Share Purchase Agreement dated August 4, 2015, originally executed by her late father. Consequently, the existing promoter group structure remains intact, and she will continue to be classified as a promoter.
- Withdrawal of reclassification request originally submitted on January 7, 2026
- Ms. Anagha Subhash Dandekar to remain part of the 'Promoter Group' category
- Decision influenced by a Share Purchase Agreement dated August 4, 2015
- The company has formally notified BSE and NSE regarding this status quo
Kokuyo Camlin Limited has filed its quarterly compliance certificate for the period ended December 31, 2025, as per SEBI (Depositories and Participants) Regulations. The filing confirms that all share certificates received for dematerialization were processed, mutilated, and cancelled within the prescribed timelines. The Registrar and Transfer Agent, MUFG Intime India Private Limited, verified that the depository's name was correctly substituted in the company's records. This is a standard administrative procedure to ensure the integrity of the shareholding system.
- Compliance certificate filed for the quarter ended December 31, 2025.
- Securities received for dematerialization were processed within stipulated timelines.
- Registrar MUFG Intime India Private Limited confirmed the mutilation and cancellation of physical certificates.
- The depository's name has been substituted in the records as the registered owner.
Kokuyo Camlin Limited has received an intimation regarding the transmission of 1,00,000 equity shares (0.10% of paid-up capital) to Ms. Anagha S. Dandekar following the demise of promoter Mr. Subhash Digambar Dandekar. While the transmission classifies her as part of the promoter group, she has formally requested a reclassification to the 'Public' category. The company has stated that the aggregate holding of the promoter and promoter group remains unchanged after this transaction. The reclassification process will proceed subject to SEBI (LODR) Regulation 31A compliance.
- Transmission of 1,00,000 equity shares representing 0.10% of total paid-up capital.
- Ms. Anagha S. Dandekar inherited the shares from Late Mr. Subhash Digambar Dandekar.
- Formal request submitted to move from 'Promoter' category to 'Public' category.
- Total promoter group shareholding percentage remains unchanged by this transmission.
- Compliance filed under SEBI SAST Regulation 10(6) and LODR Regulation 31A.
Ms. Anagha S. Dandekar has acquired 100,000 equity shares of Kokuyo Camlin Limited through transmission from her late father, Mr. Subhash D. Dandekar, a former promoter. This transaction represents approximately 0.10% of the company's total share capital. The acquisition is exempt from open offer requirements under Regulation 10(1)(g) of the SEBI (SAST) Regulations, 2011. This is a routine regulatory filing following the demise of a promoter and does not impact the company's business operations or overall promoter group holding.
- Transmission of 100,000 equity shares of Rs. 1 each to Ms. Anagha S. Dandekar
- Shares transferred from Late Mr. Subhash D. Dandekar (Promoter) to his daughter
- Acquirer's post-transaction holding stands at 100,000 shares, representing 0.10% stake
- Transaction is exempt under SEBI (SAST) Regulations for inheritance and succession
- Reporting date of the disclosure to stock exchanges is January 6, 2026
Kokuyo Camlin Limited has announced the closure of its trading window for designated persons starting January 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the Q3 financial results for the period ending December 31, 2025. The window will remain closed until 48 hours after the unaudited financial results are declared to the exchanges. The specific date for the board meeting to approve these results will be communicated at a later time.
- Trading window closure begins on January 1, 2026, for all designated persons and relatives.
- Closure is mandatory for the consideration of Unaudited Financial Results for the quarter ended December 31, 2025.
- The window will reopen 48 hours after the official announcement of the Q3 results.
- The announcement follows the Company's Code of Conduct and SEBI insider trading regulations.
Kokuyo Camlin Limited has received a GST assessment order for FY 2021-22 from the Deputy Commissioner of State Tax in Patna, Bihar. The total demand amounts to ₹95.42 lakh, which includes the base tax, interest, and a penalty. The company has clarified that the order was passed without a personal hearing despite the submission of necessary documents. Management intends to file an appeal with the Commissioner of Appeals and expects no material impact on financial or operational activities.
- Total demand of ₹95,41,840 raised by Bihar GST authorities for FY 2021-22
- Demand breakdown includes ₹54.17 lakh in tax, ₹35.83 lakh in interest, and ₹5.42 lakh in penalty
- Tax component consists of IGST (₹23.23 lakh), CGST (₹15.47 lakh), and SGST (₹15.47 lakh)
- Company to contest the order via appeal as a personal hearing was not granted
- Management states there is no material impact on the company's financials or operations
Financial Performance
Revenue Growth by Segment
The company registered a 26% CAGR over the last three fiscals, reaching INR 816 Cr in FY24. However, revenue for the first half of FY25 declined by approximately 6% YoY due to a high base, with 9M FY25 revenue standing at INR 562 Cr compared to INR 604 Cr in the previous year.
Geographic Revenue Split
Pan-India presence with a distribution network of over 300,000 retail outlets. The company is also focusing on strengthening its export segment to boost future revenue, though specific regional percentage splits are not disclosed.
Profitability Margins
Gross and operating margins are sensitive to raw material costs. Operating margin improved by 244 basis points to 9.46% in FY24 from ~7% in FY23. Net Profit After Tax (PAT) margin improved from 3.15% in FY23 to 5.37% in FY24.
EBITDA Margin
EBITDA margin was 9.46% in FY24 but declined significantly to 3.7% during the first nine months of FY25. This sharp drop was primarily caused by an inventory loss of INR 22.73 Cr and increased raw material prices.
Capital Expenditure
Planned capital expenditure of INR 40 Cr for fiscal 2025, primarily funded through internal cash accruals. The company avoids large debt-funded capex to maintain its financial risk profile.
Credit Rating & Borrowing
CRISIL upgraded the long-term rating to 'CRISIL A/Stable' and reaffirmed the short-term rating at 'CRISIL A1'. The company is currently debt-free after prepaying term debt in FY23, with an interest coverage ratio of 18.30 times in FY24.
Operational Drivers
Raw Materials
Key raw materials include plastic, paper, and pigments, which account for a major portion of the production cost. Fluctuations in these materials directly impact the 9-10% targeted operating margin.
Import Sources
Not specifically disclosed, but the company is focusing on localization and import substitution to manage input cost variations and mitigate global supply chain volatility.
Capacity Expansion
Manufacturing plants are located in Tarapur and Patalganga (Maharashtra) and Samba (Jammu). While specific MTPA figures are not provided, the company manages over 2,500 stock keeping units (SKUs).
Raw Material Costs
Raw material costs are a significant portion of expenses; for H1 FY25, cost of materials consumed was INR 166.22 Cr against total revenue of INR 401.77 Cr (~41% of revenue).
Manufacturing Efficiency
Efficiency is driven by cost-reduction techniques and technical collaboration with the parent company to widen product offerings and optimize production at the three main plants.
Logistics & Distribution
Distribution is handled through a massive network of 300,000+ retail outlets and 2,500+ SKUs to ensure pan-India availability of Camel and Camlin products.
Strategic Growth
Expected Growth Rate
26%
Growth Strategy
Growth is targeted through strengthening the export segment, diversifying the portfolio with digital and hybrid stationery to counter digital adoption, and expanding the 300,000+ retail outlet network. The company also leverages technical collaboration with Kokuyo Japan for new product development.
Products & Services
Stationery and art products including pencils, geometry boxes, scholastic colours, notebooks, office supplies, and office furniture.
Brand Portfolio
Camel, Camlin, and Kokuyo.
New Products/Services
Focusing on digital and hybrid stationery offerings and expanding the artistic/creative tool segment for professionals and hobbyists.
Market Expansion
Expansion is focused on the domestic Indian market and increasing the footprint in the export segment over the medium term.
Market Share & Ranking
Leading market position across core product segments in the Indian stationery industry.
Strategic Alliances
Strategic alliance with Kokuyo S&T (Japan), which holds a 74.99% stake as of December 2024, providing technical, operational, and financial backing.
External Factors
Industry Trends
The industry is seeing a rise in the creative economy and E-commerce/D2C shifts. However, it faces disruption from digital tools, necessitating a shift toward hybrid stationery products.
Competitive Landscape
Intense competition from organized players, fragmented unorganized segments (pens/pencils), and low-cost Chinese imports.
Competitive Moat
Sustainable moat built on 77+ years of brand recall for 'Camel' and 'Camlin', a massive distribution reach of 300,000+ outlets, and 74.99% ownership by Kokuyo Japan providing technical superiority.
Macro Economic Sensitivity
Highly sensitive to inflation in raw material prices (plastic, paper, pigments) and changes in the creative economy spend.
Consumer Behavior
Increasing adoption of digital tools among students and professionals is reducing traditional stationery usage, while hobbyists are increasing spend on creative tools.
Geopolitical Risks
Exposure to competition from cheap, non-branded variants and Chinese stationery imports which pressure pricing and market share.
Regulatory & Governance
Industry Regulations
Subject to GST regulations and standard manufacturing norms in Maharashtra and Jammu. Recent regulatory focus includes GST audits and compliance.
Environmental Compliance
The company monitors ESG-related risks through its Risk Management Committee.
Taxation Policy Impact
The company is subject to standard Indian corporate tax rates; PAT was INR 44 Cr on PBT of ~INR 59 Cr in FY24 (~25% effective rate).
Legal Contingencies
The company received multiple demand orders in November 2025 for Goods and Service Tax (GST) along with interest and penalty from authorities in Delhi, Mumbai (South East), and Kolkata North.
Risk Analysis
Key Uncertainties
Inventory losses (INR 22.73 Cr impact in FY25) and raw material price volatility (High severity) are the primary uncertainties affecting profitability.
Geographic Concentration Risk
Manufacturing is concentrated in Maharashtra and Jammu, while sales are distributed pan-India.
Third Party Dependencies
Dependency on a wide network of 2,500+ stockists and distributors for sales fulfillment.
Technology Obsolescence Risk
Medium risk from digital tools replacing traditional paper-based stationery; company is mitigating this through hybrid product development.
Credit & Counterparty Risk
Receivables are managed through an established dealer-distributor network; working capital cycle improvement is a key monitorable for credit rating upgrades.