Stylam Industries Limited (STYLAMIND)
₹3,371.20 +2.10% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Stylam Industries' revenue was ₹326 Cr (+15.4% year on year, +15.4% on the previous quarter), and net profit ₹48.2 Cr (+70.4% year on year); the operating margin was 21.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹326 | +15.4% | +15.4% |
| Operating profit | ₹68.9 | +30.1% | +22.9% |
| Net profit | ₹48.2 | +70.4% | +26.7% |
| EPS (₹) | 28.37 | +71.3% | +25.7% |
| Operating margin | 21.1% | — | — |
STYLAMIND delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 51.64% of the STYLAMIND shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.7%. That is close to its usual level.
Delivery in the last 5 sessions: 45.5% · 50.0% · 44.4% · 50.2% · 51.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Stylam Industries has commenced commercial production at its new laminate plant adjoining the existing unit in Manak Tabra, Panchkula, effective September 22, 2026. The expansion adds 5.25 crore sq meters (60,000 tonnes per annum) to its existing capacity of 8.60 crore sq meters (80,000 tonnes per annum), representing a ~61% capacity boost. Total capex for the plant is approximately Rs 300 crore, financed entirely via internal accruals, which equates to ~25.6% of TTM revenue (Rs 1,173 crore). With existing capacity operating at ~90% utilization, this commercial launch provides essential headroom for future volume growth.
- Commercial production commenced on September 22, 2026 at Manak Tabra-2, Panchkula
- Added capacity of 5.25 crore sq meters p.a. (60,000 MTPA), boosting existing capacity of 8.60 crore sq meters p.a. by ~61%
- Total investment of approx Rs 300 crore funded completely via internal accruals
- Existing capacity utilization was running high at approximately 90%
Stylam Industries Limited has submitted the scrutinizer's report on the e-voting results for its 35th Annual General Meeting held on August 28, 2026. Shareholders approved all 15 resolutions with the requisite majority, representing 1.16 crore votes polled (68.43% of total voting capital). Key resolutions included adoption of FY26 annual accounts, amendments to the Articles of Association, director appointments, and remuneration revisions for Managing Director Jagdish Gupta and Whole-time Director Manit Gupta.
- All 15 proposed resolutions were passed with the requisite majority at the 35th AGM on August 28, 2026.
- Total votes polled stood at 11,598,131, accounting for 68.4334% of total outstanding voting capital.
- Total shareholder count on the cut-off date (August 21, 2026) was 34,372.
- Shareholders approved remuneration increases and continued tenure for MD Jagdish Gupta and WTD Manit Gupta.
Stylam Industries conducted its 35th Annual General Meeting on August 28, 2026, with 44 members present. The company transacted 15 agenda items, including the adoption of FY26 audited standalone and consolidated financial statements. Key special resolutions put to vote included the continuation and remuneration increase of MD Jagdish Gupta, remuneration revision and re-appointment of WTD Manit Gupta, and appointment of several non-executive directors. Detailed voting results will be announced within two working days.
- AGM concluded with 44 members present via video conferencing on August 28, 2026
- Total of 15 resolutions transacted, including adoption of FY26 financial statements
- Key resolutions included remuneration hikes for Managing Director Jagdish Gupta and Whole-time Director Manit Gupta
- Appointment of multiple new Non-Executive Directors (including international nominees) placed for voting
- Scrutinizer's report and final e-voting results to be declared within 2 working days
Stylam Industries has scheduled its 35th Annual General Meeting (AGM) for August 28, 2026, via video conferencing. The company has issued notices and the Annual Report for FY 2025-26 to shareholders, including those without registered email addresses as of the July 24, 2026 cut-off date. This filing is a procedural requirement under SEBI Regulation 30 and 36. Investors can now access the full audited financials for a year where the company achieved TTM revenue of ₹1,129 Cr and a PAT of ₹150 Cr.
- 35th Annual General Meeting scheduled for August 28, 2026, at 11:30 AM IST
- Cut-off date for identifying shareholders for this communication was July 24, 2026
- Annual Report for FY 2025-26 and AGM Notice made available via specific web links for non-registered email holders
- Mandatory KYC update reminder issued per SEBI circular dated May 07, 2024
- Company reported TTM revenue of ₹1,129 Cr with an Operating Profit Margin of 19.6%
Stylam Industries released its FY 2025-26 Annual Report, confirming a production capacity of over 20 million laminate sheets annually with a 74% utilization rate. The company maintains a zero-debt status and reported a strong export presence across 80+ countries. Geographically, Europe is the largest market contributing 50% (Rs 401 Cr) of regional sales, followed by the Middle East at 18% and North America at 17%. A strategic partnership with AICA was highlighted as a key milestone for expanding advanced surface solution capabilities.
- Annual production capacity reached 20 million+ laminate sheets, up from 14.3 million in previous cycles.
- Europe remains the dominant market, contributing 50% of regional sales totaling Rs 401 Cr.
- Laminates division achieved a 74% capacity utilization rate for the financial year.
- Company maintains a zero-debt balance sheet with an A+ (RWD) credit rating from Care.
- Water discharge increased by 117% year-on-year to 48,506 KL in FY26 from 22,277 KL in FY25.
Stylam Industries released its FY 2025-26 Annual Report, confirming its status as a leading exporter with a presence in 80+ countries. The company reported a TTM revenue of ₹1,129 Cr with a strong OPM of 19.6% and a near-zero debt profile (D/E 0.04). Key operational data shows an annual production capacity of 20 million+ laminate sheets with a 74% utilization rate. Europe remains the dominant market, contributing 50% of sales (₹401 Cr), followed by the Middle East (18%) and North America (17%).
- Global presence expanded to 80+ countries, with Europe contributing ₹401 Cr (50% of regional sales breakdown)
- Annual production capacity reached 20 million+ laminate sheets with a 74% utilization rate in the laminates division
- Maintained a net debt-free balance sheet with a low Debt-to-Equity ratio of 0.04 and high interest coverage
- Promoter holding increased to 56.86% as of June 2026, up from 52.19% in December 2025
- Water discharge increased to 48,506 KL in FY26 from 22,277 KL in FY25, reflecting increased scale
Stylam Industries has scheduled its 35th Annual General Meeting (AGM) for August 28, 2026, to approve FY26 financial results and key leadership changes. A primary agenda item is the amendment of the Articles of Association to incorporate special rights for strategic partner Aica Kogyo Company, Limited, following a December 2025 agreement. The company is also seeking approval for the appointment of several nominee directors from Aica Kogyo, including a Whole-time Director. This follows a strong financial year where TTM revenue reached ₹1,129 Cr and promoter holding increased to 56.86%.
- 35th Annual General Meeting scheduled for August 28, 2026, via video conferencing.
- Cut-off date for e-voting eligibility is set for August 21, 2026.
- Proposed 5-year term for Mr. Tirloki Nath Singla as Independent Director until June 16, 2031.
- Amendment of Articles of Association to incorporate special rights for Aica Kogyo Company, Limited.
- Managing Director Mr. Jagdish Gupta holds 31,64,762 equity shares as of March 31, 2026.
Stylam Industries reported record quarterly exports in Q1 FY27, with EBITDA margins reaching approximately 21%. The company confirmed that its new manufacturing plant in Panchkula will begin commercial production in the first week of September 2026, targeting Rs 300 Cr revenue in the first year. Management expects this facility to scale to Rs 600-700 Cr in its second year, which would represent over 50% of current TTM revenue. While domestic growth remains in low single digits, a restructuring of the distribution network is expected to show results by Q3 FY27.
- New plant commercial production scheduled for the first week of September 2026
- Revenue guidance of Rs 300 Cr for Year 1 and Rs 600-700 Cr for Year 2 from the new facility
- Targeted capacity utilization of 30%+ for the new plant in its first year of operation
- US and Middle East markets each contribute between 10% and 15% of total revenue
- Sustainable EBITDA margins guided at 19% to 20%+ despite logistics challenges
Stylam Industries has published the audio recording of its Q1 FY2027 earnings conference call held on July 24, 2026. This is a standard compliance procedure following the release of quarterly financial results. The company currently operates with a TTM revenue of Rs 1,129 Cr and a strong ROCE of 27.0%. Investors can use this recording to gain insights into management's commentary on the new Panchkula plant and export market outlook.
- Audio recording of the Q1 FY2027 earnings call held on July 24, 2026, is now publicly available.
- Company reported TTM revenue of Rs 1,129 Cr and TTM PAT of Rs 150 Cr as per latest context.
- Maintains a healthy balance sheet with a low Debt-to-Equity ratio of 0.04.
- Operating Profit Margin (OPM) stands at 19.6% for the trailing twelve months.
Stylam Industries released its Q1 FY27 investor presentation, highlighting a 13.21% PAT growth for FY26 compared to FY25. The company has scaled its annual capacity to 20 million sheets at its 80-acre facility, up from 14.3 million in 2023, with a current utilization rate of 74%. A new state-of-the-art manufacturing plant is under development in Panchkula to further augment capacity. The company remains net debt-free with a high ROCE of 27%, supported by a strategic partnership with Japan's Aica Kogyo.
- Annual manufacturing capacity reached 20 million sheets at a single 80-acre location
- Reported 13.21% PAT growth for the full year FY26 compared to FY25
- Current capacity utilization in the laminates division stands at 74%
- Developing a new state-of-the-art manufacturing plant adjacent to the existing Manak Tabra facility
- Maintains a zero-debt balance sheet with a workforce of over 1,200 employees
Stylam Industries has announced its 35th Annual General Meeting (AGM) will be held on August 28, 2026, via video conferencing. The company has established August 21, 2026, as the cut-off date for determining shareholder eligibility for e-voting. This routine administrative event follows a period of strong growth, with TTM revenue reaching ₹1,129 crore and a net profit of ₹150 crore. Investors should monitor the upcoming Annual Report for updates on the Panchkula plant expansion and export strategies.
- 35th Annual General Meeting scheduled for August 28, 2026, at 11:30 A.M.
- Cut-off date for e-voting eligibility set for August 21, 2026.
- Remote e-voting period spans from August 25, 2026 (9:00 A.M.) to August 27, 2026 (5:00 P.M.).
- Company maintains a strong financial position with TTM revenue of ₹1,129 crore and a low debt of ₹29 crore.
Stylam Industries has announced its earnings conference call for the first quarter of FY27, scheduled for July 24, 2026, at 11:00 AM IST. The management, including the Managing Director and CFO, will discuss the unaudited financial results for the period ended June 30, 2026. This follows a period of strong growth, with the company reporting a TTM revenue of ‑1,129 Cr and a healthy OPM of 19.6%. Investors will likely seek updates on the commissioning of the new Panchkula plant and the impact of global trade barriers on export volumes.
- Conference call scheduled for July 24, 2026, at 11:00 AM IST to discuss Q1 FY27 results.
- Management representation includes Managing Director Mr. Jagdish Gupta and CFO Mr. Kishan Nagpal.
- The company reported a TTM PAT of ‑150 Cr and maintains a low Debt/Equity ratio of 0.04.
- Current installed capacity stands at 14.3 million sheets per annum as of the last major update.
- The call will address performance for the quarter ended June 30, 2026.
Stylam Industries has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, have been processed. The company's Registrar and Transfer Agent, MUFG Intime India Private Limited, has verified that the security certificates were mutilated and cancelled after due verification. This is a standard administrative procedure required for all listed companies in India.
- Compliance certificate issued for the quarter ended June 30, 2026
- Verification conducted by Registrar and Transfer Agent MUFG Intime India Private Limited
- Confirmation of adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Filing dated July 13, 2026, following the end of the April-June quarter
Stylam Industries has announced the closure of its trading window effective July 01, 2026, for all designated persons and their relatives. This is a mandatory regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are officially disclosed to the exchanges. This is a standard procedural filing and does not reflect any change in the company's business fundamentals or financial health.
- Trading window closure begins on July 01, 2026
- Closure is in relation to the unaudited financial results for the quarter ended June 30, 2026
- Window will reopen 48 hours after the declaration of the financial results
- Applies to all designated persons including immediate relatives as per SEBI norms
The promoters of Stylam Industries Limited have filed an annual declaration confirming that no equity shares held by them were encumbered or pledged during the financial year ended March 31, 2026. The promoter group collectively holds 91,69,952 shares, representing 54.17% of the company's total equity. Major stakeholders include Aica Kogyo Company Limited with 27.12% and Jagdish Gupta with 18.67%. This disclosure is a standard compliance requirement under SEBI (SAST) Regulations that provides transparency regarding promoter shareholding stability.
- Promoter group confirms zero encumbrance on their total holding of 91,69,952 equity shares.
- The total promoter shareholding stands at 54.17% as of March 31, 2026.
- Aica Kogyo Company Limited is the largest promoter shareholder with a 27.12% stake (45,96,868 shares).
- Individual promoter Jagdish Gupta holds an 18.67% stake (31,64,762 shares).
- The declaration covers the entire financial year, ensuring no indirect or direct pledges were made.
Financial Performance
Revenue Growth by Segment
The company reported a revenue of INR 914 Cr in FY24, a decline of 4% YoY from INR 952 Cr in FY23. For FY25, revenue is projected to grow 12% to INR 1,025 Cr. The primary segment is decorative laminates, which saw a 44% growth in FY23 driven by high export demand.
Geographic Revenue Split
Exports contribute approximately 65%-70% of total revenue, reaching over 80 countries including Europe, the Middle East, and South East Asia. Domestic sales account for the remaining 30%-35%, which saw a 62% increase in FY22.
Profitability Margins
PAT margins improved from 9.14% in FY22 to 10.08% in INR 95.95 Cr in FY23. For 9MFY24, PAT margin improved further due to lower raw material costs. Net profit for H1 FY26 stood at INR 65.61 Cr compared to INR 62.47 Cr in H1 FY25, a 5% increase.
EBITDA Margin
EBITDA margin was 20% in FY24 (INR 183 Cr) compared to 16% in FY23 (INR 155 Cr). The margin is projected to be 18% in FY25 (INR 185 Cr). 9MFY24 PBILDT margin reached 20.29% due to reduced input costs.
Capital Expenditure
The company is expanding manufacturing capacity with a new plant (Works III) in Panchkula, Haryana. While specific INR values for the new plant are not disclosed, historical debt-funded capex is monitored by rating agencies with a threshold of 0.50x-0.80x gearing.
Credit Rating & Borrowing
Long-term bank facilities are rated CARE A+; Stable and short-term facilities at CARE A1 as of March 2025. Interest coverage is exceptionally high at 73.47x in FY24 and 67.40x in 9MFY24, reflecting very low borrowing costs and high solvency.
Operational Drivers
Raw Materials
Raw materials for decorative laminates and acrylic surfaces (including resins and specialized papers) represent a significant portion of costs; 40% of these materials are imported.
Import Sources
Approximately 40% of raw materials are imported from international markets to ensure quality for export-grade products, though specific countries are not listed.
Capacity Expansion
Current installed capacity is 14.3 million sheets per annum as of March 31, 2023. A new plant in Panchkula is under development to augment this capacity.
Raw Material Costs
Raw material costs fluctuated, causing PBILDT margins to moderate to 16.72% in FY22 before recovering to over 20% in 9MFY24 as costs for key inputs decreased.
Manufacturing Efficiency
Capacity utilization currently ranges between 74% and 85%, allowing for production increases even before the new plant is commissioned.
Logistics & Distribution
Distribution is global, covering 80+ countries. Freight costs are a key variable, with increases in FY22 contributing to a margin decline from 20.82% to 16.72%.
Strategic Growth
Expected Growth Rate
12%
Growth Strategy
Growth is targeted through the commissioning of a new manufacturing plant in Panchkula, expansion into new export geographies, and increasing the product mix of high-margin premium products like solid acrylic surfaces and hot-coated laminates.
Products & Services
Decorative laminates, HPL exterior cladding (Fascia), premium laminates (VIOLAM), acrylic solid surfaces, anti-fingerprint boards, high-gloss boards, restroom cubicles, and lockers.
Brand Portfolio
STYLAM, VIOLAM, Fascia.
New Products/Services
The company pioneered hot-coated laminates and was the first to introduce solid acrylic surfaces in India; these premium products contribute to higher export margins.
Market Expansion
Expansion is focused on widening the reach beyond the current 80 countries, specifically targeting advanced economies and the Middle East.
Market Share & Ranking
Recognized as a leading exporter and an 'Export House' by the Government of India; listed by Forbes and Financial Times as a fast-growing company.
Strategic Alliances
The company has an associate entity, Alca Vstyle Sdn.Bhd, Malaysia, and a wholly-owned subsidiary, Stylam Panels Limited.
External Factors
Industry Trends
The domestic industry is highly fragmented. There is a trend toward organized players and increasing demand for specialized, durable surface solutions like anti-fingerprint and high-gloss boards.
Competitive Landscape
Competes with both organized and unorganized players in India and global laminate manufacturers in export markets.
Competitive Moat
Moat is built on technological leadership (hot coating process) and a strong global distribution network. Sustainability is supported by a net debt-free balance sheet and high interest coverage (73.47x).
Macro Economic Sensitivity
Highly sensitive to global economic cycles and the real estate/furniture industries, which drive demand for decorative surfaces.
Consumer Behavior
Increasing consumer preference for premium, aesthetic, and durable building materials in both residential and commercial sectors.
Geopolitical Risks
Trade barriers in advanced economies (US) and geopolitical tensions are cited as primary threats to the CY 2025 export outlook.
Regulatory & Governance
Industry Regulations
Subject to international quality certifications for exports and domestic manufacturing standards under the Companies Act 2013 and SEBI regulations.
Environmental Compliance
The company promotes 'green manufacturing' and utilizes sustainable raw materials, though specific ESG spend is not quantified.
Taxation Policy Impact
Current tax for H1 FY26 was INR 26.37 Cr on a profit before tax of INR 92.09 Cr, implying an effective tax rate of approximately 28.6%.
Risk Analysis
Key Uncertainties
Timely completion and product off-take from the new Panchkula plant; potential 10-15% impact on export revenue if US trade barriers intensify in 2025.
Geographic Concentration Risk
High concentration in exports (65-70%), making the company vulnerable to international trade policy shifts.
Third Party Dependencies
Dependent on an established supplier base for raw materials, with 40% sourced internationally.
Technology Obsolescence Risk
Low risk due to continuous investment in advanced machinery like imported tools and high-precision systems.
Credit & Counterparty Risk
Receivables are managed within an 'elongated operating cycle,' but healthy cash flow from operations (INR 111 Cr) mitigates liquidity risk.
