New plant revenue guidance FY27
300 Cr
+100% YoY (vs FY26 new plant contribution)
Management expects 300 crore revenue from the new plant in the first three quarters of FY27.
STYLAM
Other
15 May 2026
Stylam Industries Ltd — Q4 FY26
Stylam Industries reported a strong Q4 FY26 with record monthly sales in April and gross margins of 49%.
✓ Verified against BSE filing
2-Min Summary
Stylam Industries reported a strong Q4 FY26 with record monthly sales in April and gross margins of 49%. The new greenfield laminate plant in Manaktra is set to commence commercial production by end-June/early July, delayed due to environmental clearance issues. Management guided 300 crore revenue from the new plant in FY27, ramping to 600-700 crore in FY28 at 80% utilization. The company expects 20-25% overall revenue growth in FY27, driven by new capacity and acrylic segment scaling to 50-70 crore. Gross margins are expected to remain stable with minor fluctuations, supported by cost pass-through and operating leverage. Key risk: sustained raw material inflation from Middle East tensions could compress margins if price hikes are not fully absorbed by customers.
Key Numbers
Acrylic segment revenue target FY27
50-70 Cr
+233% YoY (vs FY26 acrylic revenue of 15 Cr)
Acrylic segment is expected to grow significantly with potential orders from Japanese partner IA.
Export share of revenue
75%
Flat YoY
Export revenue remained at 75% of total revenue in FY26, expected to continue in FY27.
New plant capacity utilization target FY28
80%
+80pp vs FY27 start
Management targets 80% utilization of the new plant by FY28, implying revenue of 600-700 crore.
Management Guidance
New plant commercial production by end-June/early July 2026
The third greenfield laminate plant in Manaktra will start commercial production by end of June or early July 2026, after delays due to environmental clearance.
expansionNew plant revenue of 300 crore in FY27
Management expects the new plant to contribute approximately 300 crore revenue in the first three quarters of FY27.
revenueOverall revenue growth of 20-25% in FY27
Management guided for 20-25% revenue growth in FY27 over FY26, driven by new capacity and acrylic segment ramp-up.
revenueAcrylic segment revenue target of 50-70 crore in FY27
Acrylic segment is expected to achieve revenue of 50-70 crore in FY27, up from 15 crore in FY26, aided by Japanese partner IA.
revenueKey Risks
Raw material cost inflation from Middle East tensions
Elevated crude oil prices due to geopolitical tensions could increase costs of phenol and other commodities, pressuring margins if price hikes are not fully passed on.
medium · management_commentaryFurther delays in new plant commissioning
The new plant has faced multiple delays; any further regulatory or operational issues could push commercial production beyond July 2026.
medium · analyst_questionDemand slowdown due to global recession
Management acknowledged a potential recession impacting demand, though they believe price increases will not significantly affect construction activity.
low · management_commentaryDilution risk from IA put option
IA has a put option to acquire additional 12% stake from promoters, which could dilute promoter holding if exercised, though management stated no current intention to sell.
low · analyst_questionNotable Quotes
We have a three figure sales from the old plant, no much sale of acrylic, only 12% increase already from the existing plant without acrylic, so things are moving in a very very good direction.
If this continues going on this war maybe two, three, four month more then it will be impacted... but every our customer understand there are some restriction they are asking us just wait just wait maybe finish we increase 3 to 5% to our customers almost everyone accepted.
We are not doing any major changes we are just running it in a very systematic way how we are doing in the export market. So there won't be any difference or any special thing we would be doing for the domestic market.