Overview

Detailed Summary

Flair Writing Industries Limited is a leading manufacturer of writing instruments and related stationery products under well-known brands like Flair, Hauser, and Pierre Cardin. The company also produces creative stationery and durable steel housewares.
The company showcased remarkable financial performance with a 20.1% Y-o-Y growth in revenue from operations, sustained by strong segments in Creative and Houseware, achieving 68.7% and 116.2% growth respectively.
Flair has demonstrated strong expansion capabilities with a focus on in-house manufacturing which rose to 75%, asserting control over quality and scalability across various segments.
Strategic partnerships and product innovation have been pivotal in elevating Flair’s brand value, with collaborations like Disney and Maped propelling creative product lines in domestic and international markets.
Flair's transformation initiatives, including adopting sustainable practices and technological upgrades like ERP replacements, underscore its commitment to sustainable growth and enhancement of operational efficiency.

Sector: Printing & Stationery
Industry: Printing & Stationery
Market Cap: 3,219 Cr
Volatility: Low Risk
P/E Ratio: 23.8
Industry P/E: 33.7
PEG Ratio: 1.4
P/B Ratio: 3.0
52W High: 356.95
52W Low: 195.00

Sales CAGR

1Y: 10.33%
3Y: 19.68%
5Y: —
10Y: —

Profit CAGR

1Y: 0.51%
3Y: 27.67%
5Y: —
10Y: —

ROE

TTM: 12.19%
3Y: 15.12%
5Y: 14.05%
10Y: —

ROCE

TTM: 15.69%
3Y: 19.67%
5Y: 17.85%
10Y: —

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
FLAIR	304.85	3,219 Cr	23.82	2.99	0.33	12.19	15.69	10.35
NAVNETEDUL	137.65	3,055 Cr	8.41	1.57	2.17	10.50	14.31	15.59
KOKUYOCMLN	78.22	788 Cr	51.46	2.45	0.00	5.64	8.57	5.89
LINC	101.50	605 Cr	17.53	2.51	1.47	15.10	20.41	10.70
REPRO	405.00	559 Cr	-27.73	1.55	0.00	-0.68	1.37	-3.60
SCHAND	154.45	539 Cr	11.37	0.59	2.62	5.63	8.20	3.91
MAE	63.00	94 Cr	9.18	1.39	0.00	15.19	14.34	9.54

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	257	225	250	247	270	265	298	289	321	318
Expenses	203	190	200	205	220	219	251	239	261	261
Operating Profit	54	35	51	42	51	45	47	50	60	57
OPM %	20.95	15.36	20.20	17.01	18.74	17.12	15.71	17.17	18.81	17.91
Other Income	2.70	3.94	6.08	4.95	5.10	6.52	8.03	3.28	8.53	3.12
Interest	3.34	2.89	1.14	1.46	1.37	1.29	1.14	1.25	1.48	1.18
Depreciation	8.95	9.48	9.97	10	11	12	12	13	13	13
Profit Before Tax	44	26	46	35	44	39	41	39	54	45
Tax %	25.06	27.26	24.86	25.96	25.06	24.57	25.54	25.43	21.24	26.99
Net Profit	33	19	34	26	33	29	31	29	43	33
EPS in Rs	3.57	1.96	3.52	2.51	3.12	2.78	2.93	2.72	4.04	3.11

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	298	577	943	979	1,080	1,121
Expenses	275	480	759	787	895	929
Operating Profit	23	98	184	191	185	192
OPM %	7.80	16.90	19.47	19.54	17.11	17.15
Other Income	13	10	12	15	25	23
Interest	12	10.00	9.99	10	5.26	5.05
Depreciation	22	24	27	37	45	47
Profit Before Tax	2.17	73	158	159	159	163
Tax %	55.32	24.91	25.84	25.39	25.27	25.15
Net Profit	0.97	55	117	118	119	122
EPS in Rs	—	—	—	12.49	11.34	12.80
Dividend Payout %	0.00	0.00	0.00	0.00	8.81	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	23	23	47	53	53
Reserves	238	294	388	846	966
Borrowings	130	131	123	69	62
Other Liabilities	89	110	126	140	138
Total Liabilities	481	557	684	1,108	1,218
Fixed Assets	186	196	250	327	427
CWIP	0.00	1.78	1.60	20	23
Investments	16	0.00	0.00	0.00	31
Other Assets	279	360	433	760	737
Total Assets	481	557	684	1,108	1,218

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	67	35	—	—	54
Cash from Investing Activity	-16	-19	0.00	0.00	-24
Cash from Financing Activity	-55	-16	—	—	-25
Net Cash Flow	-2.92	-0.34	0.00	0.00	4.63

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2023	Nov 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	78.59%	78.59%	78.59%	78.59%	78.59%	78.59%	78.59%	78.59%	78.59%	78.59%	78.59%
FIIs	2.34%	2.34%	1.38%	0.25%	0.14%	0.02%	0.09%	0.06%	0.05%	0.44%	0.30%
DIIs	9.82%	9.82%	9.58%	10.86%	11.35%	11.37%	10.51%	9.55%	10.23%	10.58%	10.12%
Public	9.25%	9.25%	10.45%	10.30%	9.92%	10.02%	10.82%	11.80%	11.14%	10.39%	10.99%
Total Shareholders	1,43,691	1,43,691	84,160	81,500	74,074	67,556	65,526	66,661	63,571	56,560	55,545

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