LAMOSAIC - Lamosaic India

📊 NSE: LAMOSAIC 🏢 Miscellaneous 📅 Last Updated: 12/14/2025 9:10

💰 Financial Performance

Revenue Growth by Segment

Standalone revenue from operations grew 183.3% YoY to INR 143.49 Cr in FY25, up from INR 50.65 Cr in FY24. Growth was driven by both the Trading segment (decorative laminates, acrylic sheets, plywood) and the Manufacturing segment (flush doors).

Geographic Revenue Split

Not disclosed in available documents, though the company maintains a network across Vadodara, Ahmedabad, Nadiad, Anand, Indore, and Fatehnagar.

Profitability Margins

Net Profit Ratio declined significantly by 88.55%, falling from 15.09% in FY24 to 1.73% in FY25. This compression was primarily due to a 248% increase in total expenses, specifically a massive 846% jump in 'Other Expenses' to INR 10.35 Cr.

EBITDA Margin

EBITDA margin fell from 25.54% in FY24 to 4.78% in FY25, representing a core profitability decline of over 2,000 basis points YoY due to higher procurement and operational costs.

Capital Expenditure

The company raised INR 61.20 Cr through its IPO in FY25, with INR 35.00 Cr specifically allocated to meet incremental working capital requirements. Historical fixed asset depreciation grew 18.7% YoY to INR 0.39 Cr.

Credit Rating & Borrowing

Not disclosed in available documents; however, finance costs increased 37.6% YoY to INR 3.05 Cr, while the Debt-Equity ratio improved significantly from 1.16 to 0.09 following the IPO equity infusion.

⚙️ Operational Drivers

Raw Materials

Key raw materials include timber, adhesives, acrylic sheets, and imported paper. Cost of materials consumed grew 86% YoY to INR 8.51 Cr, while purchase of stock-in-trade rose 191% to INR 125.48 Cr.

Import Sources

The company specifically identifies 'imported paper' as a critical raw material, though specific countries of origin are not listed in the provided documents.

Capacity Expansion

The company operates a manufacturing workshop at Chembur, Mumbai, for flush doors and customized door solutions. Specific installed capacity figures or planned expansion units are not disclosed.

Raw Material Costs

Raw material and stock-in-trade costs represent approximately 93% of total revenue in FY25, up from 94% in FY24. Procurement strategy focuses on supplier diversification to mitigate volatility in timber and adhesive prices.

Manufacturing Efficiency

The company aims to optimize manufacturing processes at its Chembur workshop to improve order fulfillment and cost efficiency as demand for engineered doors scales.

Logistics & Distribution

The company relies on a dealer-driven distribution model; distribution costs are impacted by rising transportation costs and supply chain disruptions.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

Growth will be pursued through a hybrid model of trading and manufacturing, expanding the product range in decorative materials, increasing the customer base, and strengthening the manufacturing function for customized door solutions.

Products & Services

Flush doors, customized door solutions, decorative laminates, acrylic sheets, printed/base paper, and plywood.

Brand Portfolio

LAMOSAIC

New Products/Services

Focusing on expanding the range of customized door solutions and higher-margin decorative materials; specific revenue contribution percentages for new launches are not disclosed.

Market Expansion

Positioned to capitalize on demand for modular interiors and engineered wood products across residential and commercial real estate sectors.

🌍 External Factors

Industry Trends

The industry is growing due to urbanization and a preference for modular interiors. Future shifts include a move toward engineered wood products and increased competition from low-cost global manufacturers.

Competitive Landscape

Key competitors include organized national brands, unorganized regional manufacturers, and low-cost importers of decorative laminates.

Competitive Moat

Moat is based on a hybrid business model (trading plus manufacturing customization) and a diversified product portfolio. Sustainability is challenged by low-cost imports and pricing pressure from unorganized regional players.

Macro Economic Sensitivity

Highly sensitive to real estate activity, urbanization trends, and consumer spending on interior design.

Consumer Behavior

Shift toward demand for modular interiors and customized, ready-to-install door solutions.

Geopolitical Risks

Global trade and geopolitical tensions are cited as threats that could impact the supply chain for imported materials.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to government policies related to wood-based manufacturing and import/export restrictions on timber and paper.

Taxation Policy Impact

The effective tax rate for FY25 was approximately 27.6%. The company faces a significant issue regarding the non-payment of self-assessment tax.

Legal Contingencies

The company has not paid Self-Assessment Tax for AY 2024-25 amounting to INR 4.70 Cr as of March 31, 2025. Additionally, there is a Key Audit Matter regarding communications from the Directorate General of GST Intelligence (DGGI) concerning a potential contingent liability.

⚠️ Risk Analysis

Key Uncertainties

The 92% drop in inventory turnover and 88% drop in net profit ratio represent significant operational uncertainties. The DGGI investigation and unpaid tax of INR 4.70 Cr pose regulatory risks.