1. At a Glance – The Laminate That Ate Plywood’s Lunch
Stylam Industries today sits at a ₹3,672 Cr market cap, trades around ₹2,169, and casually throws around 27.4% ROCE like it’s pocket change. In the last 3 months, the stock is up ~14.7%, and over 5 years, it has compounded at ~36% CAGR, which is basically equity market cardio.
Latest Q3 FY26 results show ₹271 Cr revenue (+6.5% YoY) and ₹46 Cr PAT (+51% YoY). Margins remain smug at ~21% OPM, debt is zero, and EPS for the quarter came in at ₹27.14.
This is not a story of “hope and expansion PowerPoint slides.” This is a story of capacity sweating at 74%, export dominance (71% exports in H1 FY25), and a company that quietly moved from ₹71 Cr net debt in FY22 to net cash nirvana in FY24.
Stylam doesn’t scream. It compounds. And if laminates could talk, these ones would say: “Beta, ROCE dekh.”
2. Introduction – From Boring Sunmica to Global Flex
Decorative laminates are supposed to be boring. Stylam clearly didn’t get the memo.
While competitors are busy discounting sheets to move volume, Stylam focused on design depth (1,200+ SKUs), process innovation (PU+ Hot Coating), and exports before it was cool. Today, it sells across 80+ countries, touches 2,000+ cities, and runs one of Asia’s largest single-location laminate plants on 80 acres.
Between FY22 and FY24, revenue grew 39%, driven by 30% volume growth and higher realizations (₹724 → ₹775 per sheet, now
₹820 in Q2 FY25). Translation: not just more sheets, but better sheets at better prices.
Ask yourself: how many Indian building-material companies manage pricing power + export dominance + zero debt simultaneously? Exactly.
3. Business Model – WTF Do They Even Do?
Stylam makes decorative laminates that go on furniture, kitchens, offices, hospitals, airports, and that fancy café charging ₹420 for cold coffee.
Product buckets include:
- High-pressure laminates
- Compact laminates
- Performance & specialty surfaces
- Acrylic solid surfaces (pioneer in India)
- PU+ lacquer-coated laminates (global pioneer)
The real flex? Design + process. Over 1,200 designs, multiple textures, finishes, and value-added products that protect margins. This is not commodity plywood masquerading as premium.
They sell via 300+ distributors domestically and 6,000+ dealers globally. Stylam doesn’t chase every contractor—it builds a brand architects respect.
Lazy investor version: Stylam sells prettier, tougher sheets at higher prices to richer customers across the world.
4. Financials Overview – The Numbers Don’t Lie (Unlike Some Annual Reports)
Q3 FY26 – Standalone (₹ Cr)
| Metric | Latest Qtr (Q3 FY26) | YoY Qtr (Q3 FY25) | Prev Qtr (Q2 FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 271 | 255 | 292 | +6.5% | -7.2% |
| EBITDA | 56 | 46 | 57 | +21.7% | -1.8% |
| PAT | 46 | 30 | 37 | +51.2% | +24.3% |
| EPS (₹) | 27.14 | 17.94 | 22.03 | +51.3% | +23.2% |
