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Equity Bottom-Up

<ul><li>In Q2FY25, revenue grew 12% YoY owing to a higher export mix and improvement in realisation</li><li>Volume remained flat YoY as a 17% growth in export volume was offset by a 17% decline in domestic volume</li><li>Gross margin expanded by 220/450 bps YoY/QoQ to 49% owing to better product mix. So, EBITDA grew by 15/30% YoY/ QoQ</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q2FY25, revenue grew 12% YoY owing to a higher export mix and improvement in realisationVolume remained flat YoY as a 17% growth in export volume was offset by a 17% decline in domestic volumeGross margin expanded by 220/450 bps YoY/QoQ to 49% owing to better product mix. So, EBITDA grew by 15/30% YoY/ QoQContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stylam Industries (Q2FY25): Superior Product Mix – Strong Margin Delivery. Maintain BUY

<ul><li>We interacted with the Stylam Industries (Stylam) promoter</li><li>Management is confident of doubling its revenue in the next 3-4 years</li><li>It has major plans to ramp up sales in the US market, which will accelerate the company’s growth rates</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We interacted with the Stylam Industries (Stylam) promoterManagement is confident of doubling its revenue in the next 3-4 yearsIt has major plans to ramp up sales in the US market, which will accelerate the company’s growth ratesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stylam Industries: Growth to Pick up from FY26. Maintain BUY

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/stylam-industries-ltd" target="_blank" data-smartkarma-citation="entities:13492:1" rel="noopener">Stylam Industries (SYIL IN)</a> is a play on the Indian laminate space with a 25% CAGR growth predicated on growth in both international and domestic markets.</li>
<li>The stock trades at 23.6x/19x FY24e/25e. While this is not cheap by any stretch of the imagination, the company is a high grower/best in class amongst its competitors. </li>
<li>
<a href="https://www.smartkarma.com/entities/stylam-industries-ltd" target="_blank" data-smartkarma-citation="entities:13492:1" rel="noopener">Stylam Industries (SYIL IN)</a>  is completing an expansion to increase capacity by 40% in FY24 and expanding in a new segment that can double its revenue over FY23-25e. </li>
</ul>



Stylam Industries (SYIL IN) is a play on the Indian laminate space with a 25% CAGR growth predicated on growth in both international and domestic markets.
The stock trades at 23.6x/19x FY24e/25e. While this is not cheap by any stretch of the imagination, the company is a high grower/best in class amongst its competitors. 

Stylam Industries (SYIL IN)  is completing an expansion to increase capacity by 40% in FY24 and expanding in a new segment that can double its revenue over FY23-25e. 


Stylam (SYIL IN): Laminate Growth Play In India with 25% CAGR Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/stylam-industries-ltd" target="_blank" data-smartkarma-citation="entities:13492:1" rel="noopener">Stylam Industries (SYIL IN)</a> reported its best-ever EBITDA margin of 22.3% Vs 16.8% due to a raw material price decline. Revenues continued to remain soft, with growth of -8% YoY.</li>
<li>The company completed its brownfield expansion to increase the plant capacity by 40% and is now embarking on a capacity expansion of 200 crores in FY25, effectively doubling its revenues. </li>
<li>
<a href="https://www.smartkarma.com/entities/stylam-industries-ltd" target="_blank" data-smartkarma-citation="entities:13492:1" rel="noopener">Stylam Industries (SYIL IN)</a> trades at 22x/19x FY24e/25e, with a potential for doubling of revenues over the next 3-5 years.</li>
</ul>



Stylam Industries (SYIL IN) reported its best-ever EBITDA margin of 22.3% Vs 16.8% due to a raw material price decline. Revenues continued to remain soft, with growth of -8% YoY.
The company completed its brownfield expansion to increase the plant capacity by 40% and is now embarking on a capacity expansion of 200 crores in FY25, effectively doubling its revenues. 

Stylam Industries (SYIL IN) trades at 22x/19x FY24e/25e, with a potential for doubling of revenues over the next 3-5 years.


Stylam Industries (SYIL IN) 3QFY24: Concall Highlights, Margin Expansion

Thematic (Sector/Industry)

<ul><li>In Q2FY25, our coverage universe’s revenue is expected to grow by 4% YoY (volume-driven)</li><li>Pipes demand has weakened in Q2. Pipes channel inventory is low owing to decreasing resin prices</li><li>The tiles and wood panel sectors continue to deliver sub-par volume performance</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q2FY25, our coverage universe’s revenue is expected to grow by 4% YoY (volume-driven)Pipes demand has weakened in Q2. Pipes channel inventory is low owing to decreasing resin pricesThe tiles and wood panel sectors continue to deliver sub-par volume performanceContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Building Materials (Q2FY25 Results Preview): Muted Demand Compresses Margins

India

Stylam Industries Ltd. manufactures high-pressure laminates.  The Company produces laminates in many colors and that simulate wood grain and metals.

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Stylam Industries (SYIL IN)

Stylam Industries (Q2FY25): Superior Product Mix – Strong Margin Delivery. Maintain BUY

We maintain a BUY rating on Stylam with a higher target price of INR 3,525/sh (30x its Sep’26E consolidated EPS). Stylam remains our top pick in...

HDFC Securities

Stylam Industries: Growth to Pick up from FY26. Maintain BUY

We interacted with the Stylam Industries (Stylam) promoter. Management is confident of doubling its revenue in the next 3-4 years

HDFC Securities

Stylam (SYIL IN): Laminate Growth Play In India with 25% CAGR Growth

Stylam is a high-growth (25% CAGR) player in the laminate industry. This piece highlights its competitive edge and why it's a good long-term...

Sameer Taneja