Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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Thematic (Sector/Industry)

<ul>
<li>The full enforcement of Bureau of Indian Standards (BIS) Quality Control Orders (QCO) has triggered a supply shock, collapsing wood panel imports by 90% as of late 2025.</li>
<li>This creates an immediate INR3,000+ crore revenue vacuum. Combined with a K-shaped real estate recovery favoring premium homes, demand is shifting from unorganized sector (70% share) to compliant listed leaders.</li>
<li>The industry is transitioning from a fragmented, low-entry-barrier market into a compliance-driven oligopoly. Organized leaders with scale, certification, and capital efficiency are positioned to capture disproportionate value.</li>
</ul>


The full enforcement of Bureau of Indian Standards (BIS) Quality Control Orders (QCO) has triggered a supply shock, collapsing wood panel imports by 90% as of late 2025.
This creates an immediate INR3,000+ crore revenue vacuum. Combined with a K-shaped real estate recovery favoring premium homes, demand is shifting from unorganized sector (70% share) to compliant listed leaders.
The industry is transitioning from a fragmented, low-entry-barrier market into a compliance-driven oligopoly. Organized leaders with scale, certification, and capital efficiency are positioned to capture disproportionate value.


Thematic Report on Indian Wood Panel Industry: The "Compliance Moat" Supercycle

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

Equity Bottom-Up

<ul>
<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> is a play on the Indian laminate space with a 25% CAGR growth predicated on growth in both international and domestic markets.</li>
<li>The stock trades at 23.6x/19x FY24e/25e. While this is not cheap by any stretch of the imagination, the company is a high grower/best in class amongst its competitors. </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>  is completing an expansion to increase capacity by 40% in FY24 and expanding in a new segment that can double its revenue over FY23-25e. </li>
</ul>



Stylam Industries (SYIL IN) is a play on the Indian laminate space with a 25% CAGR growth predicated on growth in both international and domestic markets.
The stock trades at 23.6x/19x FY24e/25e. While this is not cheap by any stretch of the imagination, the company is a high grower/best in class amongst its competitors. 

Stylam Industries (SYIL IN)  is completing an expansion to increase capacity by 40% in FY24 and expanding in a new segment that can double its revenue over FY23-25e. 


Stylam (SYIL IN): Laminate Growth Play In India with 25% CAGR Growth

<ul>
<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> 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>
</ul>



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>While the profitability of <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> is growing healthily (&gt;30% YoY) in H1 FY24 due to margin expansion, revenues are trending at -4.5% YoY.</li>
<li>The company became net cash in H1 FY24 (73 crore INR)  and zero gross debt. A strong balance sheet would aid in the company's expansion plans. </li>
<li>Trading at 23x/18x FY24e/25e, we see strong growth ahead for the company as it cements its position as one of India's top laminate export players. </li>
</ul>


While the profitability of Stylam Industries (SYIL IN) is growing healthily (&gt;30% YoY) in H1 FY24 due to margin expansion, revenues are trending at -4.5% YoY.
The company became net cash in H1 FY24 (73 crore INR)  and zero gross debt. A strong balance sheet would aid in the company's expansion plans. 
Trading at 23x/18x FY24e/25e, we see strong growth ahead for the company as it cements its position as one of India's top laminate export players. 


Stylam Industries (SYIL IN): Sluggish Exports, FY25 To See Improvements With Expansion

<ul>
<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> reported a good quarter on the profitability front, with PAT up 32.4% YoY but revenues down 4% YoY. </li>
<li>Exports showed degrowth temporarily by 11% YoY due to a slowdown in Europe and other key markets, but the company guided an improvement in subsequent quarters. </li>
<li>Trading at 20x/16x FY24e/25e, the stock is not a steal, but with a remarkable growth profile of 20-25% CAGR, we see tremendous potential as a multibagger for the company.</li>
</ul>



Stylam Industries (SYIL IN) reported a good quarter on the profitability front, with PAT up 32.4% YoY but revenues down 4% YoY. 
Exports showed degrowth temporarily by 11% YoY due to a slowdown in Europe and other key markets, but the company guided an improvement in subsequent quarters. 
Trading at 20x/16x FY24e/25e, the stock is not a steal, but with a remarkable growth profile of 20-25% CAGR, we see tremendous potential as a multibagger for the company.


Stylam Industries Q1 FY24: Slow Revenue Quarter, But Healthy Margin Expansion and 32% Profit Growth

India

Stylam Industries Ltd. manufactures high-pressure laminates.  The Company produces laminates in many colors and that simulate wood grain and metals.

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Stylam Industries (SYIL IN)

Thematic Report on Indian Wood Panel Industry: The "Compliance Moat" Supercycle

BIS enforcement collapses wood panel imports by 90%, creating INR3,000+ crore revenue gap and shifting demand to compliant listed leaders in a...

Nimish Maheshwari

Stylam (SYIL IN): Laminate Growth Play In India with 25% CAGR Growth

Stylam is a high-growth (25% CAGR) player in the laminate industry. This piece highlights its competitive edge and why it's a good long-term...

Sameer Taneja