Stylam Industries Limited starts groundwork for third plant

Stylam Industries Limited is preparing a third laminate plant beside Manak Tabra after reporting 90% utilisation in laminates; the presentation says groundwork is underway, not that the plant was commissioned in September. It cites approximately 22 million sheets of annual laminate capacity and says the facility is intended to meet rising global demand.

What is Stylam planning at Manak Tabra?

Stylam is setting up a new green-field laminate manufacturing facility adjoining its existing plant at Manak Tabra in Panchkula, Haryana, and identifies it as its third laminate plant. The company describes the site as strategically located next to the current facility, rather than disclosing a separate location, land area or new state for the expansion.

The presentation's specific construction update is that groundwork is underway. Stylam says the project will increase its ability to meet rising global demand with greater speed and scale, but it does not disclose a commissioning date, capital expenditure, annual sheet capacity, construction phases or commercial-production target for the third unit.

The supplied material therefore supports an expansion under development rather than a September commissioning event. Although one capacity slide refers to the commissioning of the green-field facility, the same slide says groundwork is underway, and no September date or completed operational start is provided.

Why is Stylam adding a third laminate plant?

Stylam links the expansion to 90% utilisation in its laminates division, a figure it presents under capacity expansion. The presentation does not identify the period used to calculate this rate, but places it alongside FY26 profit after tax growth of 13.21% against FY25 and a workforce of more than 1,400 employees.

The company gives two annual laminate-capacity figures across the presentation. Its legacy page describes an 80-acre single-location laminate plant in Asia with 20 million sheets of annual capacity, while the capacity and expansion page cites approximately 22 million sheets annually. The presentation does not explain the 2 million-sheet difference.

The later expansion-page disclosure is 2 million sheets higher than the legacy description. Neither figure splits capacity between plants, identifies hot-coated output within total sheets, or states whether the difference reflects debottlenecking, a prior addition or a changed measurement basis.

What manufacturing capacity does Stylam already have?

Stylam says it operates one of Asia's largest single-location laminate manufacturing plants across 80 acres and has a press with 28 daylights. A daylight is an opening in a multi-opening press, so the 28-daylight specification describes the press arrangement rather than annual laminate output.

The company lists a maximum laminate press area of 1,860 by 4,320 millimetres and a maximum laminate width of 2,160 millimetres. Its stated size range begins at 2,440 by 1,220 millimetres and includes panels up to 4,320 by 1,860 millimetres, as well as 2,920 by 2,160 millimetres.

Stylam says it is equipped with the largest laminate sizes in India, linking those dimensions to its technology positioning. However, it does not state that the third plant will contain a 28-daylight press, use the 1,860 by 4,320 millimetre press area, or make 2,160 millimetre-wide laminates, so these are existing capabilities rather than commitments for the new site.

Which product technologies are relevant to the expansion?

Stylam reports annual capacity of 1 million laminates using its latest Hot Coating technology. It describes the process as polyurethane-plus lacquer coating and says its thin-laminate lacquer coating line uses patented technology provided by KLEIBERIT Germany and BARBERAN Spain, without stating what share of the approximately 22 million sheets receives this treatment.

Its laminate portfolio includes TouchMe anti-fingerprint laminates and GlossPro+ high-gloss laminates. Stylam describes TouchMe as an ultra-matt, soft-touch product, while GlossPro+ uses HotCoating technology and is presented as resistant to scratching, moisture and ultraviolet exposure; the presentation gives no separate revenue, capacity or utilisation data for either range.

Outside the laminate business, Stylam reports capacity of 300,000 panels a year for 100% acrylic solid surface products. Granex is its 100% acrylic solid-surface range and Marvella is a modified solid-surface range, but the planned Manak Tabra green-field facility is specifically described as a laminate plant rather than a 300,000-panel solid-surface expansion.

How did Stylam's financial performance change before the project?

Stylam reported FY26 consolidated net revenue of Rs 1,129 crore, up Rs 104 crore from Rs 1,025 crore in FY25. Revenue had declined from Rs 952 crore in FY23 to Rs 914 crore in FY24 before increasing in FY25 and FY26, according to the five-year consolidated financial data.

EBITDA rose by Rs 36 crore from FY25 to FY26, while PAT increased by Rs 29 crore to Rs 150 crore. The FY26 PAT figure follows Rs 128 crore in FY24 and Rs 121 crore in FY25, consistent with Stylam's stated 13.21% PAT growth in FY26 versus FY25.

The presentation calls Stylam a zero-debt company and shows a Care rating of A+ (RWD), but provides no project budget or funding structure for the third plant. The financial data therefore show higher FY26 revenue and earnings before the expansion, while the project's cost, financing and expected output remain undisclosed.

Conclusion

Stylam's stated case for a third laminate plant combines 90% laminates utilisation with approximately 22 million sheets of annual laminate capacity and FY26 consolidated revenue of Rs 1,129 crore. The project is planned beside the Manak Tabra facility, while the company's current operating base includes 28-daylight pressing, Hot Coating capacity of 1 million laminates a year and a range of large panel sizes.

The next disclosures to watch are a construction or commissioning timetable, the new plant's sheet capacity, capital expenditure and funding arrangements, none of which the presentation provides. It will also be relevant to see whether Stylam reconciles the 20 million-sheet legacy capacity figure with the approximately 22 million-sheet expansion-page figure as groundwork advances.