Hello Sir,

Hope you are doing well.

Recently, I was going through the details on Stylam Industries.

It’s amazing to see the consistency with which the co. has grown sales and profits year on year.

It’s always good to look at companies which have this uncanny ability of growing year after year and being highly profitable in highly competitive sectors.

Below, we have shared notes from the Investor presentation and Q3 FY 24 con-call of the company. Hope you find the details useful for your own investments or to add the stock to your watch list.


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Stylam Industries – Notes from Investor presentation and Q3 FY 24 concall

– Company

  • Stylam Industries is one of the fastest growing companies in the high-quality decorative laminates
  • Operates one of the largest single location laminate manufacturing plants in Asia, spread across 58 acres having an annual capacity of 16 million sheets
  • They are also a Pioneer in India for Solid Acrylic Surfaces, setting up the first production line to manufacture these products in India
  • Stylam is setting up a new plant for the manufacturing of laminate sheet adjoining to its existing plant in Manak Tabra, Panchkula Haryana

– Vision 2025-2027

  • Company has reached about 73% capacity utilization level in the laminates division. They had completed modular expansion at the existing facilities that has increased their capacity. This had entailed a total investment of INR 30 Cr
  • Company has become a net debt free company and will ensure to maintain the debt free level even after setting up the new plant
  • Setting up of their new Plant for the manufacturing of laminate sheet as announced previously is progressing well; plant is expected to be operational in the third quarter

– Q3 FY 24 performance

  • Stylam clocked sales of INR 215 crore in Q3 FY 24 quarter, with a decline of 8.30% YoY
  • Sales declined from exports, which is INR 144 crore (6.5% YoY decline) and domestic sales which is 71 crores (11.25% YoY decline)
  • Net debt stood at INR 0 as on 31ST December 2023. Net worth stands at INR 502 crores

– Exports

  • In export there was a damage of almost INR 18 to 20 Crore in Q3 FY 24 due to the Palestine and Israel war
  • US is a very big market for them

– Domestic

  • They are weak in domestic market and are trying to improve it.

– New Laminates Plant

  • They will get immediate sale from that and initial target is around 200-225 crore
  • total capacity will be minimum 800 Crores, but they do not know it will take 2 year or 3 year to utilize the whole capacity

– Solid Acrylic surface business

  • Company is expecting 200-300 crore business from this unit; however, the current utilization is < 10%
  • Company reported 5.37 crore sales in Q3 and around 20 crore in 9M FY 24
  • Govt. has started investigation regarding anti-dumping duty on China and Korea



Disclaimer: This is not a recommendation to buy/sell Stylam Industries. The securities quoted are for illustration only and are not recommendatory.


Best Regards,

Ekansh Mittal
Research Analyst
Web: https://www.katalystwealth.com/


SEBI Research Analyst Registration No. INH100001690
Research Analyst Details

Name: Ekansh Mittal     Email Id: [email protected]    Ph: +91 727 5050062

Details of Associate: Not Applicable

Analyst Certification: The Analyst certify (ies) that the views expressed herein accurately reflect his (their) personal view(s) about the subject security (ies) and issuer(s) and that no part of his (their) compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this research report.

Disclaimer: http://www.katalystwealth.com (here in referred to as Katalyst Wealth) is the domain owned by Ekansh Mittal. Mr. Ekansh Mittal is the sole proprietor of Mittal Consulting and offers independent equity research services to investors on subscription basis. SEBI (Research Analyst) Regulations 2014, Registration No. INH100001690

Address – 7, Panch Ratan, 7/128, Swaroop Nagar, Kanpur – 208002, Contact No. – +91-7275050062

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“Investment in securities market are subject to market risks. Read all the related documents carefully before investing.”

The views expressed are based solely on information available publicly and believed to be true. Investors are advised to independently evaluate the market conditions/risks involved before making any investment decision

This report is for the personal information of the authorized recipient and does not construe to be any investment, legal or taxation advice to you. Ekansh Mittal/Mittal Consulting/Katalyst Wealth is not soliciting any action based upon it. This report is not for public distribution and has been furnished to you solely for your information and should not be reproduced or redistributed to any other person in any form. This document is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. Ekansh Mittal or any of its affiliates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Neither Ekansh Mittal, nor its employees, agents nor representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. Ekansh Mittal/Mittal Consulting or any of its affiliates or employees do not provide, at any time, any express or implied warranty of any kind, regarding any matter pertaining to this report, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and non-infringement.

The recipients of this report should rely on their own investigations. Ekansh Mittal/Mittal Consulting and/or its affiliates and/or employees may have interests/ positions, financial or otherwise in the securities mentioned in this report. Mittal Consulting has incorporated adequate disclosures in this document. This should, however, not be treated as endorsement of the views expressed in the report.

We submit that no material disciplinary action has been taken on Ekansh Mittal by any regulatory authority impacting Equity Research Analysis.

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