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Elevated working capital days
View Risks →Flair Writing Industries Limited — Q3 FY26
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.
bullish
high
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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.
फ्लेयर राइटिंग इंडस्ट्रीज ने तीसरी तिमाही में शानदार प्रदर्शन किया। कंपनी की कमाई ₹317.7 करोड़ रही, जो पिछले साल से 20.1% ज्यादा है। मुनाफा (EBITDA) ₹56.9 करोड़ रहा, जो 25.7% बढ़ा। यह वृद्धि क्रिएटिव सेगमेंट (68.7% बढ़ोतरी) और स्टील बोतल व घरेलू सामान (116.2% बढ़ोतरी) की वजह से हुई। पेन सेगमेंट में 7.3% बढ़ोतरी हुई और अपने ब्रांड की बिक्री 18% बढ़ी। कंपनी का मुनाफा मार्जिन 17.9% हो गया। प्रबंधन को उम्मीद है कि वे इस साल 15% से ज्यादा कमाई बढ़ोतरी का लक्ष्य पार कर लेंगे। अगले साल पेन की बिक्री अच्छी रहेगी और नए सेगमेंट में तेजी जारी रहेगी। वलसाड की नई फैक्ट्री अगली तिमाही में शुरू होगी। जोखिम: कंपनी के पास ज्यादा माल और बकाया राशि है, लेकिन वे इसे साल के अंत तक 10 दिन कम करने की कोशिश कर रहे हैं।
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Creative segment revenue (Q3)
₹77 crore
+68.7% YoY
Creative division grew 71.8% YoY in 9M FY26 to ₹211 crore, driven by new product launches and distribution expansion.
Steel bottles & houseware revenue (Q3)
₹25 crore
+116.2% YoY
Segment grew 102.2% YoY in 9M FY26 to ₹64 crore, aided by new product development and channel expansion.
Own brand pen volume growth (Q3)
18%
+18% YoY
Own brand pen volume grew 18% in Q3 and 11% in 9M FY26, indicating market share gains despite flat realizations.
In-house manufacturing share
75%
+5pp YoY
In-house manufacturing share rose to 75%, enhancing operating efficiency and quality control; target to reach 80%+.
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Guidance and risk preview
Management is confident of exceeding the stated 15% revenue growth guidance for FY26, backed by strong 9M performance of 18.6% YoY.
Receivable days have increased over the last three years and inventory days remain high due to new product launches, impacting return on capital em...
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