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Revenue
₹317.7 Cr
verified against source
Revenue YoY
20.1%
reported change
EBITDA
₹56.9 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Flair Writing Industries delivered a strong Q3 FY26 with revenue of ₹317.7 crore (+20.1% YoY) and EBITDA of ₹56.9 crore (+25.7% YoY), driven by exceptional growth in the creative (+68.7% YoY) and steel bottles & houseware (+116.2% YoY) segments. The pen segment grew 7.3% YoY, with own-brand volume up 18%. EBITDA margin expanded 80 bps to 17.9% as operating leverage kicked in. Management is confident of surpassing the 15% revenue growth guidance for FY26 and expects high single-digit pen growth and continued strong momentum in new segments for FY27. The new Valsad facility will be partially operational in Q4, and the FlowMax JV is contributing. Key risk: working capital days remain elevated due to higher inventory and receivables, though management targets a 10-day reduction by year-end.
Colored figures show movement against the previous available record.
Guidance to track
- Management is confident of exceeding the stated 15% revenue growth guidance for FY26, backed by strong 9M performance of 18.6% YoY.
- Management targets high single-digit growth in the pen segment for FY27 and FY28, driven by own-brand momentum and distribution strength.
- Management expects to reduce the working capital cycle by at least 10 days by the end of FY26 through improved receivables and inventory management.
- After the Valsad facility is fully commissioned (Q1 FY27), capex will be limited to maintenance and mold investments, with no major new manufacturing facilities planned.
Risks flagged
- Receivable days have increased over the last three years and inventory days remain high due to new product launches, impacting return on capital employed.
- Pen segment grew only 5% in 9M FY26, below the high single-digit target, due to OEM decline and mass segment mix affecting realizations.
- Gross profit margin declined 95 bps YoY to 50.9% due to a change in product mix, which could persist as lower-margin segments grow faster.
- Creative and steel bottles are high-growth but still small; any slowdown in these segments could impact overall revenue momentum.
Key quotes
- We are confident in surpassing our guidance of 15% for FY26.
- The volume growth in creative is as big as 141%.
- We have high growth visibility over the next two years and thus are confident in delivering higher growth trajectory than our current guidance.
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