Stylam Industries Ltd. share price target

over FY26 - 28E : Stylam is entering a new phase of growth with the commissioning of its Manak Tabra manufacturing facility (~52.5MSM), which has now commenced production in September 2026. Management is targeting ~300 crore in additional revenue in FY27, with the facility expected to generate 700-1,000 crore in incremental annual revenue as utilization scales up over the subsequent two to three years. In addition, it has announced a 3-5% price hike. Hence, we estimate Stylam's revenue to grow at a CAGR of ~19.4% over FY26-28E, supported by incremental...

Far better realizations led to Stylam’s Q1 revenue surging 16.7% y/y to Rs 2.8bn, even as offtake was lower. Gross profit rose 16.8% y/y to Rs1.3bn.

More volumes pushed up Stylam’s Q4 FY25 revenue 10.6% y/y to ~Rs2.7bn, though blended realisation were soft. High input costs and product-mix changes pulled gross profit down 7.1% y/y to Rs1.1bn.

Aided by higher offtake overall (up 8.2% y/y to 3.04m sheets) and better blended realisations (up 9.6% y/y to Rs822/sheet), Stylam’s Q3 revenue stepped up 18.6% y/y to Rs2.5bn.

Stylam Industries (Stylam) Q2FY25 results beat our estimates. Revenue at Rs 2,627 mn ? increased by 12.3% yoy & 8.3% qoq. Sales volume at 3.2 mn sheets.

Stylam Industries Ltd. (Stylam) manufactures high pressure plain and decorative Laminates for home and office purpose with under the brand name of STYLAM. Stylam was started by Late Mr. N R Aggarwal in 1991 and is currently promoted by two brothers Mr. Jagdish Gupta (Managing Director) and Mr Satish Gupta (Executive Director) who are primarily focused on the export market and domestic market. Stylam is primarily engaged in manufacturing high pressure laminates. However, since FY15, Stylam has upgraded its product profile and started manufacturing decorative laminates (Brand name: VIOLAM), exterior cladding (Brand name:...