External broker reports(aggregated public sources), HDFC Securities

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Equity Bottom-Up

<ul><li>We interacted with the Stylam Industries (Stylam) promoter</li><li>Management is targeting to double its revenue in the next 4 years</li><li>It is confident domestic sales will pick up in next 2-3 quarters</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We interacted with the Stylam Industries (Stylam) promoterManagement is targeting to double its revenue in the next 4 yearsIt is confident domestic sales will pick up in next 2-3 quartersContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stylam Industries: Strong Revenue Visibility from Upcoming Plant. Maintain BUY

<ul><li>In Q2FY25, revenue grew 12% YoY owing to a higher export mix and improvement in realisation</li><li>Volume remained flat YoY as a 17% growth in export volume was offset by a 17% decline in domestic volume</li><li>Gross margin expanded by 220/450 bps YoY/QoQ to 49% owing to better product mix. So, EBITDA grew by 15/30% YoY/ QoQ</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q2FY25, revenue grew 12% YoY owing to a higher export mix and improvement in realisationVolume remained flat YoY as a 17% growth in export volume was offset by a 17% decline in domestic volumeGross margin expanded by 220/450 bps YoY/QoQ to 49% owing to better product mix. So, EBITDA grew by 15/30% YoY/ QoQContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stylam Industries (Q2FY25): Superior Product Mix – Strong Margin Delivery. Maintain BUY

<ul><li>We interacted with the Stylam Industries (Stylam) promoter</li><li>Management is confident of doubling its revenue in the next 3-4 years</li><li>It has major plans to ramp up sales in the US market, which will accelerate the company’s growth rates</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We interacted with the Stylam Industries (Stylam) promoterManagement is confident of doubling its revenue in the next 3-4 yearsIt has major plans to ramp up sales in the US market, which will accelerate the company’s growth ratesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stylam Industries: Growth to Pick up from FY26. Maintain BUY

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

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<a href="https://www.smartkarma.com/entities/stylam-industries-ltd" target="_blank" data-smartkarma-citation="entities:13492:1" rel="noopener">Stylam Industries (SYIL IN)</a> reported its best-ever EBITDA margin of 22.3% Vs 16.8% due to a raw material price decline. Revenues continued to remain soft, with growth of -8% YoY.</li>
<li>The company completed its brownfield expansion to increase the plant capacity by 40% and is now embarking on a capacity expansion of 200 crores in FY25, effectively doubling its revenues. </li>
<li>
<a href="https://www.smartkarma.com/entities/stylam-industries-ltd" target="_blank" data-smartkarma-citation="entities:13492:1" rel="noopener">Stylam Industries (SYIL IN)</a> trades at 22x/19x FY24e/25e, with a potential for doubling of revenues over the next 3-5 years.</li>
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Stylam Industries (SYIL IN) reported its best-ever EBITDA margin of 22.3% Vs 16.8% due to a raw material price decline. Revenues continued to remain soft, with growth of -8% YoY.
The company completed its brownfield expansion to increase the plant capacity by 40% and is now embarking on a capacity expansion of 200 crores in FY25, effectively doubling its revenues. 

Stylam Industries (SYIL IN) trades at 22x/19x FY24e/25e, with a potential for doubling of revenues over the next 3-5 years.


Stylam Industries (SYIL IN) 3QFY24: Concall Highlights, Margin Expansion

<ul><li>We recently met Stylam’s promoter, Jagdish Gupta, MD, and Kishan Nagpal, CFO, during a visit to their manufacturing plant, which is Asia’s largest single-location manufacturing facility in Chandigarh</li><li>The management senses a revival in export market demand and expects an uptick in domestic demand soon</li><li>For exports, it expects Q3FY24 volume to take a hit owing to the war situation in Israel</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We recently met Stylam’s promoter, Jagdish Gupta, MD, and Kishan Nagpal, CFO, during a visit to their manufacturing plant, which is Asia’s largest single-location manufacturing facility in ChandigarhThe management senses a revival in export market demand and expects an uptick in domestic demand soonFor exports, it expects Q3FY24 volume to take a hit owing to the war situation in IsraelContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stylam Industries: Demand to Revive Soon, Expansion on Track. Maintain BUY

India

Stylam Industries Limited is a leading manufacturer and exporter of decorative laminates, solid surface panels, and other allied surfacing products for residential, commercial, and industrial interior design needs. Their product portfolio includes high-pressure laminates, compact laminates, specialty laminates, and acrylic solid surfaces. The company is headquartered in Chandigarh, India, and was founded in 1991.

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Stylam Industries (SYIL IN)

Stylam Industries: Strong Revenue Visibility from Upcoming Plant. Maintain BUY

We interacted with the Stylam Industries (Stylam) promoter. Management is targeting to double its revenue in the next 4 years. It is confident...

HDFC Securities

Stylam Industries (Q2FY25): Superior Product Mix – Strong Margin Delivery. Maintain BUY

We maintain a BUY rating on Stylam with a higher target price of INR 3,525/sh (30x its Sep’26E consolidated EPS). Stylam remains our top pick in...

HDFC Securities

Stylam Industries: Growth to Pick up from FY26. Maintain BUY

We interacted with the Stylam Industries (Stylam) promoter. Management is confident of doubling its revenue in the next 3-4 years

HDFC Securities