FLAIR

Flair Writing Industries share price & financials

Price
₹279.4
Market cap
₹2.7k Cr
Sector
Fast Moving Consumer Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 12 Aug 2026

Flair Writing Industries Limited Q1 FY27

Revenue ₹319.2 cr +11%EBITDA ₹53.3 cr +8%EBITDA Margin 16.7% PAT ₹29.1 cr +1%

What went well

  • Revenue grew 10.6% YoY to ₹319.2 crores, demonstrating resilience despite external challenges.
  • EBITDA increased 7.7% YoY to ₹53.3 crores, with management targeting 17.5-18% EBITDA margin for FY27.
  • Strong segmental performance with Pen segment growing 9% YoY, Creative Products 23% YoY, and Steel Bottles & Houseware 54.3% YoY.

What to watch

  • Gross margin declined by 31 bps YoY to 50% and 151 bps QoQ, primarily due to elevated raw material costs and geopolitical uncertainties.
  • EBITDA margin saw a 46 bps YoY decline to 16.7% and 116 bps QoQ decline.
Read the full call →

What Flair Writing Industries Limited does

Flair Writing Industries Limited, established in 1976 and institutionalised in 1986 (formally consolidated as Flair Writing Industries in 2016), is one of India's most recognised writing instruments and stationery makers. It designs, manufactures and markets pens (own brands Flair, Hauser, Pierre Cardin, ZOOX), creative stationery (Flair Creative — watercolors, crayons, sketch pens, geometry boxes, sharpeners), and steel bottles and designer houseware, sold across mass, mid-premium and premium price points. The company earns through a mix of domestic own-brand sales, export own-brand sales, and OEM (contract) manufacturing for both domestic and export customers, going to market via a super-stockist, distributor, wholesaler and retailer network across India and exporting to over 115 countries.

Segments

  • Pens
  • Creative
  • Steel Bottles and Houseware
  • Others
Manufacturing facilities
11
Countries exported to
115+
Distributors
8,000+
Wholesalers and retailers
3,30,000+
Super-stockists
166
Pincodes present in
6,500+
Founded 1976 Company website

Guidance record · Q1 FY27

what the last two calls moved 19 tracked 2 delivered 3 missed 14 open
  • Inventory Days went quiet said Q4 FY26 Promised: 5 to 7 days of improvement in inventory in the coming 2 quarters (H1 FY27) Q1 FY27: No specific update provided on inventory days. Management gave a new target for a 10-day reduction in the entire working capital cycle by year-end.
  • EBITDA Margin delayed said Q3 FY25 Promised: In the next 2, 3 quarters, we see the numbers going back to 19%-19.5% Q1 FY27: Q1 margin was 16.7%. Management revised FY27 target to 17.5-18%. The original 19-19.5% target remains distant and unachieved.
  • Overall Revenue Growth delivered said Q4 FY25 Promised: 15% to 16% growth in the coming year Q4 FY26: Achieved 15.8% YoY growth for FY26, meeting the 15-16% guidance.

All 19 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 6.6%, net profit down 7.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue242 229 257 242 263 +9%256 +12%251 −2%258 +7%
EBITDA43 35 39 38 43 +0%36 +3%38 −3%36 −5%
Net profit32 27 28 27 36 +13%25 −7%29 +4%25 −7%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −28.7% 1Y

₹240₹260₹280₹300₹320₹340Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 7 Nov 2025Q3 FY26 — 30 Jan 2026Q4 FY26 — 22 May 2026Q1 FY27 — 12 Aug 2026

1Y: ₹330.95 on 10 Sept 2025 → ₹236.08. High ₹339.45 (15 Sept 2025), low ₹236.08 (11 Sept 2026).

How the price took the results

close before → close after

Q1 FY27
+0.5%
12 Aug
Q4 FY26
−7.3%
22 May
Q3 FY26
−2.2%
30 Jan
Q2 FY26
−5.0%
7 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 5.0% a year over 2 years, FY24 to FY26. Operating margin narrowed to 15.3%.

Year endingFY24FY25FY26
Revenue₹918 Cr₹950 Cr₹1.0k Cr
Operating profit₹176 Cr₹152 Cr₹155 Cr
Operating margin19.2%16.0%15.3%
Interest₹7 Cr₹4 Cr₹4 Cr
Depreciation₹30 Cr₹34 Cr₹36 Cr
Net profit₹117 Cr₹113 Cr₹117 Cr
Net margin12.7%11.9%11.6%
Cash from operations₹106 Cr₹58 Cr₹136 Cr
Free cash flow₹30 Cr₹-3 Cr₹72 Cr
ROCE23.0%16.0%15.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹23 Cr₹23 Cr₹47 Cr₹53 Cr₹53 Cr₹53 Cr
Reserves₹236 Cr₹290 Cr₹379 Cr₹836 Cr₹1.0k Cr₹1.1k Cr
Borrowings₹122 Cr₹118 Cr₹99 Cr₹56 Cr₹32 Cr₹33 Cr
Other liabilities₹85 Cr₹107 Cr₹109 Cr₹128 Cr₹149 Cr₹130 Cr
Total liabilities₹467 Cr₹539 Cr₹634 Cr₹1.1k Cr₹1.2k Cr₹1.3k Cr
Fixed assets₹178 Cr₹181 Cr₹200 Cr₹251 Cr₹291 Cr₹304 Cr
Capital work in progress₹0 Cr₹0 Cr₹2 Cr₹20 Cr₹33 Cr₹34 Cr
Investments₹16 Cr₹0 Cr₹4 Cr₹4 Cr₹88 Cr₹123 Cr
Other assets₹273 Cr₹358 Cr₹429 Cr₹799 Cr₹823 Cr₹804 Cr
Total assets₹467 Cr₹539 Cr₹634 Cr₹1.1k Cr₹1.2k Cr₹1.3k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −0.74 pp while FIIs added +0.72 pp. The shareholder count shrank 21% to 50,418.

Promoters
78.6%
FIIs
0.8%
DIIs
10.3%
Public
10.4%

Since Jun 2025

  • Public −0.74 pp
  • FIIs +0.72 pp
  • DIIs +0.02 pp

How it drifted, 11 quarters

Dec '23Mar '25Jun '26

Ownership split by quarter, oldest first. Dec '23: Promoters 78.6%, FIIs 1.4%, DIIs 9.6%, Public 10.5%.Mar '24: Promoters 78.6%, FIIs 0.3%, DIIs 10.8%, Public 10.3%.Jun '24: Promoters 78.6%, FIIs 0.1%, DIIs 11.3%, Public 9.9%.Sep '24: Promoters 78.6%, FIIs 0.0%, DIIs 11.4%, Public 10.0%.Dec '24: Promoters 78.6%, FIIs 0.1%, DIIs 10.5%, Public 10.8%.Mar '25: Promoters 78.6%, FIIs 0.1%, DIIs 9.6%, Public 11.8%.Jun '25: Promoters 78.6%, FIIs 0.1%, DIIs 10.2%, Public 11.1%.Sep '25: Promoters 78.6%, FIIs 0.4%, DIIs 10.6%, Public 10.4%.Dec '25: Promoters 78.6%, FIIs 0.3%, DIIs 10.1%, Public 11.0%.Mar '26: Promoters 78.6%, FIIs 0.3%, DIIs 10.3%, Public 10.8%.Jun '26: Promoters 78.6%, FIIs 0.8%, DIIs 10.3%, Public 10.4%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Flair Writing Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Khubilal Jugraj Rathod 15.74%unchanged
Vimalchand Jugraj Rathod 11.80%unchanged
Rajesh Khubilal Rathod 7.85%unchanged
Mohit Khubilal Rathod 7.85%unchanged
Sumit Rathod 7.85%unchanged
Manjula Vimalchand Rathod 7.85%unchanged
Niramala Khubilal Rathod 7.85%unchanged
Sangita Rajesh Rathod 3.93%unchanged
Shalini Mohit Rathod 3.93%unchanged
Sonal Sumit Rathod 3.93%unchanged
Volrado Venture Partner Fund Iii VC / PE2.28%unchanged
New Mark Capital AIF LLP AIF2.15%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in FLAIR

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹39 Cr
1 schemes
Biggest holder
SBI Consumption Opportunities Fund
₹39 Cr · 1.4% of that fund
SchemeHoldingLast month
SBI Consumption Opportunities Fund SBI Mutual Fund₹39 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
-5%
vs est. average cost
Held by funds
₹39 Cr
1 schemes · ≈ 1.6% of the company

Shares held by these funds −2%

Nov '23 15.50 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹236, this stock must grow earnings at 17% every year for 7 years. Our analysis caps realistic growth at ~-3%. At that growth it is worth ₹77 — downside of 67%.

Growth the price implies
17.3% a year
for 7 years, fading to 4%
It has actually compounded at
0.0% a year
net profit, FY24–FY26 · EPS -3.5%
The gap
0.2 pp
-67% downside if it only repeats history
Price today ₹236.08 Value at the reference growth ₹76.89

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Flair Writing Industries Limited

Guides on how to read this kind of business and the numbers that matter.