Stylam Industries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Stylam Industries Ltd filed with BSE on 16 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Management discussed the ramp-up of the new greenfield laminate plant at Manak Tabra, expected to begin commercial production between end-June and mid-July FY27 after a delay caused by environmental clearance requirements following a Supreme Court observation. The company reported a gross margin of 49% in Q4 FY26 and a capex spend of INR334 crores on the new plant so far. Management also discussed the AICA Kogyo strategic partnership, tariff and freight impacts on exports, and raw material cost pressures from the ongoing geopolitical conflict.
Numbers mentioned
Gross margin: 49% (Q4 FY26)
p. 13
“I think it was 49% in the fourth quarter.”
Manit Gupta, page 13 of the filed PDF · View the filing
Capex on new plant: INR334 crores
p. 13
“We have at this moment done the capex of INR334 crores.”
Manit Gupta, page 13 of the filed PDF · View the filing
Export vs domestic revenue split: 75%, 25% (FY26)
p. 12
“FY26 is 75%, 25%, and we hope that it will remain the same.”
Manit Gupta, page 12 of the filed PDF · View the filing
US tariff rate: 10%
p. 11
“The tariff right now, US is 10%.”
Manit Gupta, page 11 of the filed PDF · View the filing
Existing plant sales growth in April: 12% increase (April FY27)
p. 12
“Only 12% increase already from the existing plant without acrylic even.”
Jagdish Gupta, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
New plant commercial production start — end of June to early July · FY27
stated firmly by Manit Gupta
p. 13
“the trials have already started, but the commencement of the commercial production will be end June, maximum early July.”
Manit Gupta, page 13 of the filed PDF · View the filing
Revenue from new plant — INR250 crores to INR300 crores · FY27
stated conditionally by Manit Gupta
p. 7
“For this financial year, I think we will target INR250 crores to INR300 crores from that particular plant.”
Manit Gupta, page 7 of the filed PDF · View the filing
Revenue from new plant at higher utilization — INR600 crores to INR700 crores · FY28
stated as an aspiration by Manit Gupta
p. 7
“For this financial year, I think we will target INR250 crores to INR300 crores from that particular plant. And next year, we would be targeting around 80% utilization.”
Manit Gupta, page 7 of the filed PDF · View the filing
Peak revenue potential from new plant — INR900 crores to INR1,000 crores
stated as an aspiration by Manit Gupta
p. 13
“I think we complete -- we can do around INR900 crores to INR1,000 crores from the new plant.”
Manit Gupta, page 13 of the filed PDF · View the filing
Overall revenue growth — 20% to 25% · FY27
stated conditionally by Jagdish Gupta
p. 10
“We cannot, it will be definitely 20%, 25% increase than the previous. Again, depends on the situation.”
Jagdish Gupta, page 10 of the filed PDF · View the filing
EBITDA margin — 22% · FY28
stated conditionally by Jagdish Gupta
p. 10
“Hopefully, yes. If there is any, no drastic bar or anything, then we cannot say anything that looks like that.”
Jagdish Gupta, page 10 of the filed PDF · View the filing
New plant capacity utilization — 80% plus · next 2 years
stated as an aspiration by Jagdish Gupta
p. 5
“we will be able to achieve 80% plus capacity utilization of the new plant”
Jagdish Gupta, page 5 of the filed PDF · View the filing
New plant utilization in first year — 30% to 40% · Q2 FY27
stated conditionally by Jagdish Gupta
p. 5
“we know that 30% to 40% utilization can easily be done in starting from the second quarter.”
Jagdish Gupta, page 5 of the filed PDF · View the filing
Acrylics revenue — INR50 crores to INR70 crores · FY27
stated as an aspiration by Manit Gupta
p. 8
“We would be doing approximately between INR50 crores to INR70 crores.”
Manit Gupta, page 8 of the filed PDF · View the filing
EBITDA margin impact from elevated oil price — plus or minus 1-2% · 2026
stated conditionally by Jagdish Gupta
p. 14
“we are quite hopeful that it will remain -- it should remain the same, maybe plus or minus 1%, 2%.”
Jagdish Gupta, page 14 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management expects commercial production to start by end June/mid July and targets INR300-400 crores turnover over the next 3 quarters.
Answered by Jagdish Gupta
Asked by Chetan Sharma: When will the new greenfield plant start commercial production and what revenue can it contribute in year one?
p. 3
“Hopefully it will be maximum middle of July, minimum end of June, it will start commercial production.”
Jagdish Gupta, page 3 of the filed PDF · View the filing
Management said a Supreme Court observation required them to obtain environmental clearance which delayed the plant.
Answered by Jagdish Gupta
Asked by Dhruv Bajaj: What caused the repeated delays in the new plant timeline?
p. 4
“there was some Supreme Court observation in this area -- clarification, we need to have to meet EC, environment clearance.”
Jagdish Gupta, page 4 of the filed PDF · View the filing
Management said commodity costs rose due to Middle East supply disruptions and they raised prices 3-5% to customers.
Answered by Jagdish Gupta
Asked by Pritesh Chheda: What raw material cost increases have occurred and how much price increase has been passed on?
p. 6
“We already increased 3% to 5% to our customers, almost every manufacturer.”
Jagdish Gupta, page 6 of the filed PDF · View the filing
Management said there could be some fluctuation but did not guarantee it would remain exactly the same.
Answered by Manit Gupta
Asked by Rudraksh Raheja: Is the 49% gross margin achieved in Q4 sustainable for the full year?
p. 9
“See maybe there will be some up and down in this. We cannot say that it will be the same exactly, but it could be some up and down, which would be for the entire industry.”
Manit Gupta, page 9 of the filed PDF · View the filing
Management said the tariff is currently 10% and there has been no shipping delay, with transit times of 45-60 days.
Answered by Manit Gupta
Asked by Chirag Shah: What is the applicable US tariff and has there been any shipping delay to the US?
p. 11
“The tariff right now, US is 10%.”
Manit Gupta, page 11 of the filed PDF · View the filing
Management indicated the new plant could generate INR900-1000 crores at peak utilization.
Answered by Manit Gupta
Asked by Nishita: What is the peak revenue potential from the new plant at full utilization?
p. 13
“I think we complete -- we can do around INR900 crores to INR1,000 crores from the new plant.”
Manit Gupta, page 13 of the filed PDF · View the filing
Management said they expect only a marginal 1-3% impact due to offsetting factors like favorable exchange rates and reduced ocean freight.
Answered by Jagdish Gupta
Asked by Prasenjit Paul: If elevated oil prices persist through 2026, what would be the impact on EBITDA margin?
p. 14
“So, 2%, 3% EBITDA, we will cover from there also, which can be shared with the loss resulting from the increase that can be shared there.”
Jagdish Gupta, page 14 of the filed PDF · View the filing
Risks flagged
War situation affecting demand and raw material availability
p. 4
“But due to this war situation we are giving the conservative figures.”
Jagdish Gupta, page 4 of the filed PDF · View the filing
Rising commodity and raw material prices from Middle East supply disruption
p. 6
“the raw material commodity prices have increased for each and every company, not only laminates, we talk about any company, any product due to this, all the supply are coming from Middle East market.”
Manit Gupta, page 6 of the filed PDF · View the filing
Potential future diesel and petrol price increases in India
p. 6
“Indian diesel and petrol prices definitely will increase in few days.”
Jagdish Gupta, page 6 of the filed PDF · View the filing
US tariff review that could change rates
p. 11
“I think this might go under review on 1st of July, which is again 150 days, rule of supreme court.”
Manit Gupta, page 11 of the filed PDF · View the filing
Elevated ocean freight and oil prices from the war
p. 14
“there was a very high increase in the ocean freight.”
Jagdish Gupta, page 14 of the filed PDF · View the filing
Domestic brand confidence issues due to prior company policies
p. 11
“It was just that the confidence was not much on the company due to policies.”
Manit Gupta, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.