Stylam Industries Limited Q3FY26 Concall Decoded: Laminates shining abroad, margins sweating at home, management says “all part of the design.”

1. Opening Hook

While global furniture shows were busy handing out glossy brochures and free coffee, Stylam was quietly counting export invoices. FY26 hasn’t been about dramatic announcements or flashy capex slides—just laminates, shipped steadily, with management smiling politely. Domestic demand played hard to get, exports did the heavy lifting, and margins… well, they behaved like a badly cut laminate edge.

Management sounded confident, almost too calm, as if cost pressures were just temporary décor issues. Growth was highlighted, discipline was promised, and optimism flowed generously.

If you think this is another boring building-materials call, read on. The interesting bits are hidden between exhibitions in Germany and quietly rising costs back home.

2. At a Glance

• Revenue growth steady – No fireworks, just laminates moving consistently across borders.
• Exports gaining share – Overseas buyers clearly like Indian surfaces more than local dealers do.
• Domestic sales softer – Indian demand paused, possibly waiting for a festival discount.
• Margins under pressure – Raw materials reminded everyone they don’t follow PowerPoint guidance.
• Volumes improving QoQ – At least factories didn’t sit idle admiring samples.

3. Management’s Key Commentary

“Exports continue