Flair Writing Industries Ltd Q1 FY26 (Jun 2025) FY25 – 27 Cr PAT Quarter, 970 Cr Sales Full Year, ROE 11.9%: Pens, Pierre Cardin & Penalty Notices
1. At a Glance
Ladies and gentlemen, presenting Flair Writing Industries – India’s own Hogwarts of ball pens, gel pens, and apparently… GST notices. With a Market Cap of ₹3,350 Cr, the stock sits pretty at ₹318, up 21% in the last 3 months like a gel pen smoothly gliding on A4 paper. EPS is ₹10.8 annualized, which gives us a P/E of ~29.5 – not cheap, but hey, you’re paying for Ranveer Singh’s hair flips. ROE is 11.9%, ROCE 15.6%, and debt is so low (₹39 Cr) that the auditor might die of boredom checking their balance sheet. Dividend yield? A royal 0.31%, or about one Flair pen free with your DMart shopping.
2. Introduction
You know how desi kids grow up with two pens – one “pilot” that leaks like a broken water tap and another “Flair” that your tuition teacher stole? That childhood trauma now trades on NSE as FLAIR.
Founded in 1976, Flair isn’t some naya IPO kid; it’s been around longer than your dad’s Bata chappals. But unlike those chappals, Flair reinvented itself – from ₹5 roadside pens to Pierre Cardin premium imports that make you feel like you’re signing million-dollar deals while actually filling out a Swiggy delivery slip.
The company is now a top-3 pen player in India, exporting to 115 countries (yes, even Germans buy Indian pens, while we still import their beer). With 1,126 products and 2,536 SKUs, their catalogue is longer than a CA Final syllabus.
But here’s the catch: with great SKU comes great GST notices. Flair has been slapped with more tax notices in FY24 than the number of times you’ve lost a pen cap. Still, the company keeps writing (pun intended) its growth story, one gel refill at a time.
3. Business Model – WTF Do They Even Do?
Think of Flair as the Big Bazaar of stationery – if it writes, highlights, erases, or leaks ink, Flair makes it.
Pens (77% revenue) – Ball pens, gel pens, roller pens, fountain pens, metal pens. Basically, the Avengers of stationery.
Creative Segment (16%) – Highlighters, crayons, markers, correction pens. Aka “we’ll sell you stress relief after our pens cause exam anxiety.”
Steel Bottles & Houseware (4%) – Because apparently pens weren’t sexy enough, so they diversified into casseroles.
OEM (13%) – Flair also does contract manufacturing, which is just corporate lingo for “tu brand bech, pen hum banayenge.”
They have 11 manufacturing plants (Gujarat, Maharashtra, Daman, Dehradun). Capacity utilization? Creatives at 70%, bottles at 40%. Translation: plants have free time to doodle TikTok logos on notepads.
4. Financials Overview
Here’s the quarterly math for Q1 FY26 (Jun 2025):
Source table
Metric
Latest Qtr (Jun 25)
YoY Qtr (Jun 24)
Prev Qtr (Mar 25)
YoY %
QoQ %
Revenue
242
222
257
9.0%
-5.8%
EBITDA
38
35
39
8.6%
-2.6%
PAT
27
26
28
3.8%
-3.6%
EPS (₹)
2.57
2.44
2.61
5.3%
-1.5%
Annualised EPS = ₹2.57 × 4 = ₹10.28. P/E = 318 ÷ 10.28 = ~31x. Not your cheap exam-hall pen; this one’s Parker-level valuation.
Commentary: Revenue grew 9% YoY, which is fine, but QoQ dip shows India’s exam season ended in March. PAT margins at ~11% are stable, but not thrilling. Basically, Flair is growing like a school notebook – steady pages, no surprises.
