Stylam Industries is a manufacturer of decorative surfaces that began in 1991 as a small laminates operation in Chandigarh and grew into one of Asia’s largest single-location laminate plants, exporting to more than 80 countries. The company was built on a recurring approach: be the first in India to introduce a new surface technology-exterior cladding, acrylic solid surfaces, hot-coating on thin laminates-and then use that head start to win specification-driven business from architects and global furniture brands. That pattern of innovation-first, export-led manufacturing now operates under a new ownership structure, after Japan’s Aica Kogyo acquired a 40% stake and joint control in 2025-26. # Business segments Two engines at different stages-a core laminates and surface-solutions business that generates nearly all revenue, and a small pre-laminated board line that extends the same manufacturing platform into ready-to-use panels. ## 1. Decorative laminates and surface solutions: the factory that makes surfaces for the world **A single 58-acre plant in Panchkula produces over 20 million laminate sheets a year, with roughly two-thirds of output shipped to more than 80 countries-making Stylam one of the top three laminate brands in India and a supplier to some of the world’s largest furniture OEMs.** - **First-to-market innovations** - Stylam was the first Indian manufacturer to introduce HPL exterior cladding (branded Fascia) in 2012, the first to launch 100% acrylic solid surfaces (Granex) in 2018, and the first to deploy a hot-coating press for PU+lacquer on sheets as thin as 1 mm in 2019, using patented technology from Kleiberit Germany and Barberan Spain. Being first lets the company set specifications with architects before competitors arrive. - **Widest size range in India** - the plant’s presses can produce sheets from 1,220 × 2,440 mm up to 1,860 × 4,320 mm, with the largest press area and the widest laminate (2,160 mm) available in the country, so the company can serve applications that smaller rivals cannot cut for. - **Sold through 6,000 dealers, but the customer is often an architect** - 90% of sales flow through a network of roughly 6,000 dealers and distributors across 28 states and over 2,000 cities, supported by seven regional distribution centres. The company pulls demand through specification by running architect plant visits, exhibitions in Dubai and Germany, and digital tools like a design visualizer and laminate-finder app. - **Export reach built on certifications** - Stylam holds the highest number of certifications among Indian laminate manufacturers, including Greenguard Gold, CE, FSC, and fire ratings up to Euroclass B-s1,d0, which are prerequisites for supplying European and North American OEMs. The company is accredited as an Authorized Economic Operator by Indian Customs, speeding cross-border shipments. - **Raw materials are half domestic, half imported** - key inputs include paper, resin, phenol, and melamine, with roughly 50% sourced internationally, so the company hedges USD/INR exposure to protect margins on its export-heavy order book. ## 2. Pre-laminated boards: turning laminate into a ready-to-use panel **A short-cycle press line applies decorative laminate surfaces directly onto MDF (medium-density fibreboard) panels, creating a finished board that furniture makers can cut and assemble immediately.** - **Bought, not just built** - the company added short-cycle press capacity to laminate impregnated paper onto MDF panels, producing what it calls PreLam Boards, with anti-fingerprint and high-gloss variants introduced in 2021. This turns a raw material (laminate sheet) into a semi-finished component, capturing an extra processing step that the customer would otherwise do. - **Same plant, same chemistry** - the pre-lam line runs at the Panchkula complex and uses the same Kleiberit PUR adhesive technology that underpins the hot-coating process, so the company leverages existing chemical know-how rather than starting from scratch. # Group structure and partners **Stylam is now jointly controlled by its Indian founders and Japan’s Aica Kogyo, a listed chemical-products and building-materials manufacturer that bought a 40% stake in phases during 2025-26.** - **Aica Kogyo agreed to acquire up to 40% for joint control** - on 26 December 2025, Aica Kogyo entered into share purchase agreements to acquire up to 67,79,224 equity shares at ₹2,250 per share from the promoter group and through a mandatory open offer, with the acquisition structured in phases and consolidation to at least 40% of voting capital contingent on the open offer and subsequent purchases. The transaction gave Aica joint control and promoter status, with the right to nominate up to eight directors and recommend the independent chairperson. - **Founder family retains management, with guardrails** - Jagdish Gupta continues as Managing Director and his son Manit Gupta as Whole-Time Director, while other promoter-group members sold a portion of their holdings. A shareholders’ agreement gives Aica a call option to cross 50% after five years or upon a deadlock, and binds the selling promoters to a three-year non-compete. - **No subsidiaries remain** - the company previously incorporated a Singapore entity to explore Asia-Pacific markets and an Indian subsidiary for a plywood project, but both were struck off or wound down without commencing operations, so Stylam today is a standalone operating company with no subsidiaries, joint ventures, or associates.