Key Metrics of Stylam Industries Limited
About Stylam Industries Limited
Sectors
Company details
- Website
- stylam.com
- Registered office
- Sco 14 Sector 7 C Madhya Marg, Chandigarh, In-ch, 160019
- Listed
- NSE: STYLAMIND · ₹2,931.30
Operational Areas of Stylam Industries Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
NoteRating watch (CARE, 09 Mar 2026)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 09 Mar 2026 | CARE | Watch | A+ | A1 | Developing | ₹101 Cr | View |
| 07 Jan 2026 | CARE | Watch | A+ | A1 | Developing | ₹101 Cr | View |
| 25 Mar 2025 | CARE | Reaffirmed | A+ | A1 | Stable | ₹101 Cr | View |
| 12 Mar 2024 | CARE | Revised (from A) | A+ | A1 | Stable | ₹103 Cr | View |
| 06 Mar 2023 | CARE | Reaffirmed | A | A2+ | Stable | ₹127 Cr | View |
| 23 Mar 2022 | CARE | Revised (from A-) | A | A2+ | Stable | ₹256 Cr | View |
| 05 Apr 2021 | CARE | Reaffirmed | A- | A2 | Positive | ₹274 Cr | View |
| 06 Apr 2020 | CARE | Reaffirmed | A- | A2 | Stable | ₹161 Cr | View |
| 11 Mar 2019 | CARE | Reaffirmed | A- | A2 | Stable | ₹439 Cr | View |
Credit strengths (CARE, Mar 2026)
+ Growth in scale of operations with sustained healthy profitability
In FY25, SIL reported a growth in scale of operations with income from operations increasing to ₹1,025 crore (FY24: ₹914 crore), driven by strong export demand and healthy domestic sales traction. Export sales continued to contribute a significant portion of overall revenues. Though moderating from FY24 levels, profitability margins remained healthy. PBILDT margin stood at 18.07% in FY25 (FY24: 20.07%), while profit after taxation (PAT) margin moderated to 11.88% (FY24: 14.05%), mainly due to re
+ Comfortable financial risk profile supported by strong net worth
SIL’s financial risk profile continues to remain comfortable. Net worth improved to ₹655 crore as on March 31, 2025 (FY24: ₹533 crore), supported by healthy internal accruals. The company remained largely net debt-free in FY25, with only working capital borrowings of ₹36 crore outstanding as on March 31, 2025. Debt coverage indicators continued to remain comfortable, with PBILDT interest coverage of 47.28x in FY25 (FY24: 73.47x) and
Credit challenges
− Elongated operating cycle
SIL’s operating cycle continued to remain elongated at 128 days in FY25 (FY24: 125 days). The company’s wide product portfolio, comprising over 1,200 laminate designs, necessitates maintaining high inventory levels, resulting in an average inventory holding period of 82 days in FY25. Competitive industry dynamics require offering extended credit periods to customers, leading to an average collection period of 64 days in FY25 (FY24: 57 days). Although supplier credit remains limited, the elongate
− Fragmented and competitive nature of the laminates industry
The domestic laminates industry remains highly fragmented, with the presence of numerous unorganised players exerting pricing pressure. However, the export segment continues to offer relatively better demand prospects, supported by a structural shift towards engineered wood products globally. SIL’s established brand presence and track record in export markets partially mitigate competitive intensity. 2 CARE Ratings Ltd.
Could lead to an upgrade
• Sustained growth in scale of operations, as marked by total operating income (TOI) above ₹1,500 crore, while sustaining return on capital employed (ROCE) above 17%. • Steady cash flows from operations (CFO) leading to further improvement in
Could lead to a downgrade
• Decline in scale of operations,marked by TOI below ₹600 crore and/or profit before interest, lease rentals, depreciation, and taxation (PBILDT) margin falling below 13% on a sustained basis. • Major un-foreseen debt-funded capex undertaken, resulting in deterioration of capital structure, as marked by overall gearing above 0.50x on a sustained basis.
Agency-reported financials (CARE, 09 Mar 2026)
| Metric | March 31, 2024 | March 31, 2025 | 9MFY26 |
|---|---|---|---|
| Total operating income | ₹914 Cr | ₹1,025 Cr | ₹846 Cr |
| PBILDT* | ₹183 Cr | ₹185 Cr | ₹165 Cr |
| Profit after tax (PAT) | ₹128 Cr | ₹122 Cr | ₹112 Cr |
| Overall gearing (x) | 0.00× | 0.06× | — |
| Interest coverage (x) | 73.47× | 47.28× | 80.54× |
| Revenue growth (YoY) | — | 12.1% | — |
| PAT margin | 14.0% | 11.9% | 13.2% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| crore) Continues to be on Long-term bank facilities (RWD) | Working capital & bank lines | — | ₹90.5 Cr | — | A+ | Watch | CARE |
| Continues to be on Short-term bank facilities (RWD) | Working capital & bank lines | — | ₹10.1 Cr | — | A1 | Watch | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹5.10 Cr | CARE A1 (Rating Watch with Developing Implications) |
| Cash Credit | ₹6.00 Cr | CARE A+ (Rating Watch with Developing Implications) |
| Foreign Currency Non Resident Bank Loan | — | Withdrawn |
| Forward Contract | ₹5.00 Cr | CARE A1 (Rating Watch with Developing Implications) |
| Line Of Credit | — | Withdrawn |
| Line Of Credit | ₹50.0 L | CARE A+ (Rating Watch with Developing Implications) |
| Term Loan | — | Withdrawn |
| Working Capital Limits | ₹84.0 Cr | CARE A+ (Rating Watch with Developing Implications) |
Lenders
| Fund-based - LT | Cash Credit | State Bank of India |
| Fund-based - LT | Line Of Credit | Proposed |
| Fund-based - LT | Working Capital Limits | Standard Chartered Bank |
| Fund-based - LT | Working Capital Limits | State Bank of India |
| Non-fund-based - ST | BG/LC | State Bank of India |
| Non-fund-based - ST | Forward Contract | State Bank of India |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 83% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 78% chance the next rating action is stable or better
- Current rating A+ (investment grade)
- Interest coverage 80.54×
- Working-capital limits 13% utilised on average
Rated limits by facility
Timeline
From the report
The company remained largely net debt-free in FY25, with only working capital borrowings of ₹36 crore outstanding as on March 31, 2025.
From the report
Liquidity also remained strong, supported by healthy cash accruals of ~₹145 crore in FY25 and cash and liquid investments of ~₹50 crore, resulting in low reliance on external borrowings.
From the report
Average utilisation of its working-capital limits stood at ~13% for 12 months ended January 2026, indicating adequate liquidity buffer.
From the report
The company is expected to generate gross cash accruals (GCA) of ~₹170 crore in FY26 and maintained free cash and bank balances of ~₹27 crore as on September 30, 2025.
From the report
The company remained largely debt-free in FY25, with only working capital borrowings of ₹36 crore outstanding as on March 31, 2025.
From the report
Liquidity also remained strong, supported by healthy cash accruals of ~₹145 crore in FY25 and cash and liquid investments of ~₹50 crore, resulting in low reliance on external borrowings.
From the report
Average utilisation of workingcapital borrowings stood between 50% and 60% for the trailing 12 months ending December 2025.
From the report
SIL is expected to generate gross cash accruals (GCA) of ~₹150 crore in FY25 and had free cash and bank balance of ~₹49 crore as on March 31, 2025.
From the report
Further, Company has availed some portion of its working capital borrowings in foreign currency and entered forward contracts to hedge its forex exposure.
From the report
Average utilisation of working capital borrowings stood low at ~10% for 12 months ended February 28, 2025.
From the report
SIL is expected to generate gross cash accruals (GCA) of ~₹140 crore in FY25 and had free cash and bank balance of ~ ₹71 crore as on March 31, 2024.
From the report
Further, the company has availed some portion of its working capital borrowings in foreign currency and also enters into forward contracts to hedge its forex exposure.
From the report
Liquidity: Strong: The liquidity profile of the company is strong as reflected by projected gross cash accruals to the tune of Rs.149.60 crore in FY24 against scheduled repayment of Rs.10.20 crore.
From the report
Further, average utilization of maximum outstanding stood low at ~23% for the trailing 12 months ended January 31, 2024.
From the report
SIL had free cash and bank balance of Rs.82.66 crore as on December 31, 2023.
From the report
Press Release Liquidity: Adequate: The liquidity profile of the company is adequate as reflected by projected gross cash accruals to the tune of Rs.115.67 crore in FY23 against scheduled repayment of Rs.14.34 crore.
From the report
Further, the company has availed some portion of its working capital borrowings in foreign currency and also enters into forward contracts to hedge its forex exposure.
From the report
Improvement in financial risk profile: The overall gearing of the company improved further and stood comfortable at 0.24 times as on March 31, 2021 (PY: 0.60 times) on account of repayment of term loan, lower working capital borrowings outstanding as on balance sheet date and accretion of profits to net-worth.
From the report
Further, the company has availed some portion of its working capital borrowings in foreign currency and also enters into forward contracts to hedge its forex exposure.
From the report
Liquidity: Adequate – The liquidity profile of the company is adequate as reflected by projected gross cash accruals to the tune of Rs.80.44 crore in FY22 against scheduled repayment of Rs.16.55 crore (SIL has already repaid Rs.11.30 crore during 9MFY22).
From the report
Further, average utilization of working capital limits during the trailing 12 months ended January, 2022 stood low at 49%.
From the report
The company had free cash and bank balance of Rs.15.01 crore as on March 31, 2021.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Stylam Industries Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Wood, Plywood & Furniture · Manufacturing (Wood Products) | centuryply.com | — | West Bengal, India | |
| Wood, Plywood & Furniture · Manufacturing (Paper and Paper products, Publishing, printingand reproduction of r... | greenlam.com | — | New Delhi, Delhi, India | |
 Greenply Industries |
Wood, Plywood & Furniture · Cement, Building Materials & Polymers | greenply.com | — | Kolkata, India |
 Greenpanel Industries Limited |
Wood, Plywood & Furniture · Cement, Building Materials & Polymers | greenpanel.com | — | Gurgaon, Haryana, India |
| Outlets operated by Aero Club. | woodlandworldwide.com | — | India | |
 Archidply Industries Limited |
Wood, Plywood & Furniture · Community, personal and Social Services | archidply.com | — | Rudrapur, Uttarakhand, India |
| Sumit Woods Limited | · Manufacturing (Others) | — | — | Mumbai, Maharashtra, India |
 Kitply Industries Limited |
Wood, Plywood & Furniture · Manufacturing (Wood Products) | kitply.com | — | Assam, India |
| Greenpanel Industries |
Paints, Panels & Construction Chemicals · Cement, Building Materials & Polymers | greenpanel.com | — | Gurgaon, India |
 Pepperfry.com |
Wood, Plywood & Furniture · Cement, Building Materials & Polymers | pepperfry.com | 2011 | India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Laminates and acrylic surfaces
Filings
No filings on record yet.