STYLAMIND - Stylam Industrie

📊 NSE: STYLAMIND 🏢 Miscellaneous 📅 Last Updated: 12/14/2025 13:45

💰 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.