Stylam exports nearly double in four years, outpace domestic

Stylam Industries Limited increased export sales by Rs 410 crore, from Rs 421 crore in FY22 to Rs 831 crore in FY26, while domestic sales rose by Rs 60 crore to Rs 298 crore. The FY26 outcome shows that overseas markets supplied most of Stylam’s four-year revenue expansion.

How much did Stylam’s export sales grow over four years?

Stylam’s export sales grew about 97% between FY22 and FY26, rising by Rs 410 crore from Rs 421 crore to Rs 831 crore. Exports rose to Rs 638 crore in FY23, declined to Rs 611 crore in FY24, and then recovered to Rs 731 crore in FY25 before reaching the FY26 level.

The recovery after FY24 added Rs 220 crore over two years, comprising a Rs 120 crore increase in FY25 and a Rs 100 crore increase in FY26. By comparison, the initial FY22-to-FY23 increase was Rs 217 crore, showing that the export channel regained momentum after its FY24 decline.

Stylam lists markets in Europe, the Far East, the Middle East, North America and South America. The presentation names 14 European countries, 10 Far East markets and six North American markets, but it does not disclose revenue by country, region or product within the Rs 831 crore FY26 export total.

Did Stylam’s domestic revenue remain broadly flat?

Stylam’s domestic sales remained within a Rs 20 crore range from FY23 through FY26, ending at Rs 298 crore in FY26 versus Rs 314 crore in FY23. Sales declined from Rs 314 crore to Rs 303 crore in FY24 and Rs 294 crore in FY25, before increasing by Rs 4 crore in FY26.

Across the full FY22-to-FY26 period, domestic sales increased by Rs 60 crore from Rs 238 crore, compared with a Rs 410 crore increase in exports. The difference between export and domestic sales widened from Rs 183 crore in FY22 to Rs 533 crore in FY26, reflecting the differing growth rates of the two channels.

The sales channels reconcile with reported net revenue in each year shown. In FY26, Rs 831 crore of exports plus Rs 298 crore of domestic sales equalled Rs 1,129 crore of net revenue; in FY25, the equivalent figures were Rs 731 crore, Rs 294 crore and Rs 1,025 crore respectively.

Stylam says it strengthened domestic presence through deeper market reach and a stronger brand over the past two years. Domestic sales nevertheless moved only Rs 4 crore higher between FY25 and FY26, and the presentation provides no volume, price or distribution data to explain this movement.

What do quarterly sales show about Stylam’s current mix?

Stylam reported export sales of Rs 247 crore in Q1FY27 and Rs 272 crore in Q2FY27, against domestic sales of Rs 79 crore and Rs 69 crore respectively. In Q2FY27, exports were Rs 203 crore above domestic sales, extending the annual pattern in which export revenue exceeded domestic revenue.

Q2FY27 exports were Rs 58 crore higher than the Rs 214 crore reported in Q2FY26, while domestic sales were Rs 10 crore lower than the Rs 79 crore reported a year earlier. In Q1, exports increased by Rs 42 crore from Rs 205 crore in Q1FY26, whereas domestic sales increased by Rs 1 crore from Rs 78 crore.

The first two reported FY27 quarters produced Rs 519 crore of exports and Rs 148 crore of domestic sales. For the corresponding two quarters, exports were Rs 357 crore in FY25 and Rs 419 crore in FY26, while domestic sales were Rs 149 crore and Rs 157 crore respectively; the presentation does not provide a full-year FY27 sales target.

What capacity plans could support Stylam’s overseas sales?

Stylam reports annual laminate capacity of about 22 million sheets and says groundwork is under way for a third laminate plant next to its existing Manak Tabra facility in Panchkula, Haryana. Management says the greenfield facility is intended to improve the company’s ability to meet rising global demand with greater speed and scale.

The presentation does not disclose the new plant’s capacity addition, project cost or commissioning date. It states that laminate-division utilisation reached about 90% after modular expansions at existing facilities, which provides the reported context for the planned additional plant.

Stylam also reports hot-coating capacity of 1 million laminates a year and 100% acrylic solid-surface capacity of 300,000 panels a year. Its laminate equipment includes a 28-daylight press, a maximum press area of 1,860 by 4,320 millimetres and laminate widths of up to 2,160 millimetres.

The company says it increased the share of value-added products and expanded its product range over the past two years. However, the presentation gives no separate revenue figures for hot-coated laminates, acrylic solid surfaces or other value-added products, so their contribution to FY26 exports of Rs 831 crore is not disclosed.

Conclusion

Stylam’s sales data show that exports were the principal source of revenue growth between FY22 and FY26. Export sales increased by Rs 410 crore, compared with a Rs 60 crore rise in domestic sales, while net revenue increased by Rs 470 crore from Rs 659 crore to Rs 1,129 crore over the same period.

The next disclosed item to watch is execution of the third laminate plant, for which groundwork is under way but capacity and commissioning timing have not been provided. The reported FY27 quarterly figures also show Rs 519 crore of exports and Rs 148 crore of domestic sales across Q1FY27 and Q2FY27, with no full-year FY27 target disclosed.