1. CARE rating upgrade to CARE A+; Stable Partial - At the March 2024 announcement, CARE upgraded the long-term rating to CARE A+; Stable from CARE A; Stable. By the FY26 annual report, the rating was revised to CARE A+ (RWD) and short-term to CARE A1 (RWD), continuing on Rating Watch with Developing Implications as of 7 January 2026.
2. FY26 annual report: no projects overdue or over cost vs original plan Missed - At the FY26 annual report, the company stated no projects were overdue or over cost versus original plan. The new plant capex rose from ₹150 crore to ₹334 crore, and completion slipped from Q3 FY25 to end August/September 2026.
3. Entering plywood business via greenfield project under Stylam Panels Limited Missed - At the FY21 annual report, the company stated it was entering plywood via a greenfield project under wholly-owned Stylam Panels Limited, expected to complete over the next year with an estimated outlay of ₹60 crore. After deferral to start of 2024, a hold from Q1 FY23 and Q3 FY26 confirmation of no plywood plant, no plywood plant was established.
4. On course to be net debt-free by end of FY22 Missed - At the FY21 annual report, the company stated it was on course to be net debt-free by the end of FY22. Net debt stood at ₹76 crore on 31 Dec 2021 and ₹47 crore on 31 Dec 2022, turning negative (−₹27 crore) only in Q1 FY24 and reaching ₹0 by 31 March 2024.
5. Vision 2025: increase capacity utilisation Partial - At the FY21 annual report, the company's Vision 2025 stated capacity utilisation would increase as capacity expansion is in place. Utilisation reached 80% in laminates in FY23, then declined to \~74% in FY24, FY25 and FY26.
6. Vision 2025: double revenues from FY21 base Delivered - At the FY21 annual report, the company's Vision 2025 stated revenues would double from the FY21 base. FY21 revenue was ₹480 crore, implying a ₹960 crore target by FY25; FY25 revenue came in at ₹1,025 crore.
7. New manufacturing plant for laminates with ₹150 crore cost Missed - At the FY23 annual report, the company stated a new laminates manufacturing plant was in the pipeline at a total cost of ₹150 crore. Revisions took the estimate to ₹200-225 crore, ₹250 crore, then \~₹320 crore including GST, with total capex done of ₹334 crore by Q4 FY26; the plant was not yet operational as of Q1 FY27.
8. Vision 2025-27: expand coverage across newer export regions Delivered - At the Q4 FY24 PPT, the company's Vision 2025-27 stated coverage would expand across newer export regions along with more business from existing partners. Exports grew from ₹611 crore in FY24 to ₹731 crore in FY25 and ₹831 crore in FY26, with coverage into new regions reiterated through the Q1 FY27 PPT.
9. Vision 2025-27: strengthen domestic presence Partial - At the Q4 FY24 PPT, Vision 2025-27 stated the domestic presence would be strengthened with deeper reach, penetration and a strong brand. PPTs through Q1 FY27 affirm deeper reach and brand building, but domestic revenue declined from ₹303 crore in FY24 to ₹294 crore in FY25 and ₹298 crore in FY26.
10. Vision 2025-27: improve share of value-add products Delivered - At the Q4 FY24 PPT, Vision 2025-27 stated the share of value-add products in the mix would improve and the product range expand. PPTs through Q1 FY27 report the value-added share enhanced, range expanded and net gross margins improved over the past two years.
11. Domestic revenue share to increase slowly with no negative effect on EBITDA margins On track - At the Q1 FY27 call, Manit Gupta guided that domestic revenue share (currently \~25%) might increase slowly, with no export contraction and no negative effect on EBITDA margins. Q1 FY27 domestic share was 24% (₹79 crore of ₹326 crore) with EBITDA margin at 21.09%.
12. Domestic market revamp results visible from Q3 FY27 On track - At the Q1 FY27 call, Manit Gupta reiterated the domestic revamp would take two to three quarters, with results visible from Q3 onwards, not Q2. In Q1 FY27, domestic losses had stopped/reduced while domestic laminate sales remained at a ₹300 crore run-rate.
13. AICA deal to be completed within 1 month Delivered - At the Q4 FY26 call, management said the AICA deal would "hopefully in the next 1 month it would be over". Aica took its 40% shareholding and officially joined in July 2026, holding its first Board meeting on 22 July.
14. Export/domestic mix of 75:25 in FY27 On track - At the Q4 FY26 call, management hoped the FY27 mix would stay at FY26's 75% exports / 25% domestic. Q1 FY27 exports were ₹247 crore against domestic ₹79 crore, a 76:24 mix.
15. Total revenue growth of 20-25% in FY27 On track - At the Q4 FY26 call, management guided FY27 total revenue growth of "definitely 20%, 25% increase than the previous". Q1 FY27 revenue was ₹326 crore, up 15.37% YoY, annualizing to \~₹1,304 crore versus the ₹1,355-1,411 crore the target requires, with new plant ramp-up expected.
16. Aica's patented HPL technology in India within 2-3 months Pending - At the Q4 FY26 call, management said Aica's patented HPL technology would be started in India at Stylam "within 2, 3 months". Aica took its 40% shareholding in July 2026, with the technology transfer possibility to be known in the next three-four months.
17. Acrylics segment revenue of ₹50-70 crore in FY27 On track - At the Q4 FY26 call, management guided acrylics segment revenue of approximately ₹50-70 crore for FY27. In Q1 FY27 the acrylic line was "completely empty right now" against FY26 acrylic revenue of ₹15 crore.
18. Europe growth of 20-25% expected in next two years Pending - At the Q3 FY26 call, management expected Europe growth of maybe 20-25% in the next two years. In Q1 FY27, Europe was doing good, with APAC and Middle East ahead; no specific Europe growth figure was disclosed.
19. Separate domestic-vs-export margin disclosure from Q3 FY26 onwards Missed - At the Q3 FY26 call, management said separate domestic-vs-export margin disclosure would begin from that quarter onwards. By Q4 FY26 no separate domestic EBITDA was tracked, and in Q1 FY27 management noted they do not calculate domestic and export margins separately.
20. Domestic business to be among top three in India in 2-3 years On track - At the Q3 FY26 call, management targeted being among the top three in India in the domestic market within two to three years. In Q1 FY27, domestic laminate sales were stuck at a ₹300 crore run-rate for the last four years, losses had stopped/reduced, and the revamp was to take 2-3 quarters.
21. FY27 revenue target of ₹1,500-1,600 crore plus On track - At the Q3 FY26 call, management guided a FY27 revenue target of ₹1,500-1,600 crore plus, later reframed at Q4 FY26 as "definitely 20%, 25% increase than the previous". Q1 FY27 revenue was ₹326 crore, annualizing to \~₹1,304 crore, with new plant ramp-up expected.
22. EBITDA margin recovery to 18% from Q1 FY26 Delivered - At the Q4 FY25 call, management said on EBITDA margin recovery, "18% will come". Q1 FY26 EBITDA margin came in at 18.70%, rising to 20.51% in Q3 FY26 and 21.09% in Q1 FY27.
23. Internal revenue target of minimum ₹1,200 crore in 2 years On track - At the Q4 FY25 call, management's internal revenue target was "Minimum 1,200. Minimum" (₹1,200 crore) in 2 years, later lifted to a FY27 target of ₹1,500-1,600 crore plus. FY26 revenue was ₹1,129 crore and Q1 FY27 was ₹326 crore, annualizing to \~₹1,300 crore, with the two-year window open into FY27.
24. Export growth of more than 20% every year Missed - At the Q4 FY25 call, management guided "20% came last year. We are expecting every year more than that" in exports. FY26 exports were ₹831 crore versus ₹731 crore in FY25, growth of 13.7%, with Q1 FY27 export growth at \~15%.
25. Anti-dumping duty on acrylic implemented within one year Partial - At the Q3 FY24 call, Kishan Nagpal said the anti-dumping duty was initiated and published, to be implemented "more or less in the next one year". By Q4 FY25 the duty covered only 2-3 Chinese companies, leaving out one big dumper and prompting fresh representation; by Q3 FY26 no solid surface sheets were sold domestically.
26. No further capex needed after new plant Missed - At the Q3 FY24 call, management stated there was no need for any capex after the new plant. By Q4 FY26 more expansion was being planned "which we might announce in coming quarters", with the major announcement in adjacent products (plywood, MDF, particle board) possibly delayed to the next quarter as of Q1 FY27.
27. Export growth of 15-25% in FY24 Missed - At the Q1 FY24 call, management reset expectations: if 25% export growth didn't happen, 20% would be tried, then 15% - but exports "will not be down as compared to last year". FY24 exports were ₹611 crore versus ₹638 crore in FY23, a decline of \~4%.
28. Domestic:export mix to move from 65:35 to 60:40 Missed - At the Q4 FY23 call, management guided the domestic:export mix would move from 65:35 to 60:40 in future. The mix moved the other way: FY24 33:67, FY25 29:71 and FY26 26:74.
29. 100-150 bps margin increase in FY24 Delivered - At the Q4 FY23 call, management agreed to a 100-150 bps margin increase in the full year, saying "Yes, yes surely". FY24 OPM was 20.06% versus FY23's 16.26%, an increase of 380 bps.
30. 20-30% revenue growth in FY24 Missed - At the Q4 FY23 call, management guided 20-30% revenue growth "this coming year" (FY24). FY24 revenue was ₹914 crore versus ₹952 crore in FY23, a decline of 4%.
31. Acrylic revenue of ₹50 crore in FY24 Missed - At the Q4 FY23 call, management affirmed ₹50 crore of acrylic revenue in FY24, saying "If we cannot get ₹50 crores then there is no use. We will close down the plant", later guided at ₹70-80 crore then ₹50-60 crore. 9M FY24 acrylic revenue was \~₹20 crore, with Q1 FY24 at ₹9.52 crore and Q3 FY24 at ₹5.37 crore.
32. ₹150 crore capex funded from internal accruals, no debt Delivered - At the Q4 FY23 call, management said the ₹150 crore capex would mostly be funded from internal accruals with no need for debt, reiterated through Q3 FY24 from own fixed deposits. The company stayed net debt-free through FY26 and Q1 FY27, with short-term borrowings of ₹29.09 crore and D/E 0.04.
33. New ₹150 crore plant to start before March 2024 Missed - At the Q4 FY23 call, management targeted starting the new ₹150 crore plant "before March" within FY24, later revised to Q3 FY25, September 2025, end of March 2026, and finally "1st of September" 2026. The plant was not operational as of Q1 FY27, with trial production ongoing - over two years past the original deadline.
34. New ₹150 crore capex to generate minimum ₹500 crore turnover in 2-3 years On track - At the Q4 FY23 call, management promised the ₹150 crore capex would generate a minimum ₹500 crore turnover, "easily" achieved in 2-3 years, with revenue potential later revised to ₹750-800 crore then ₹700-1,000 crore. Capex done was ₹334 crore; the plant was not yet operational as of Q1 FY27 with commissioning imminent at end August/September 2026, so no revenue has been generated yet.
35. Laminate peak revenue capacity of ₹1,200-1,400 crore; ₹1,800-2,000 crore with automation Pending - At the Q3 FY23 call, management guided laminate peak revenue capacity of ₹1,200-1,400 crore, or ₹1,800-2,000 crore with \~₹40 crore automation. FY26 revenue was ₹1,129 crore at \~74% capacity utilization, so the peak capacity remains untested.
36. Domestic working capital credit days to reduce to 45 or 30 days Partial - At the Q2 FY23 call, management said domestic credit days would come down to 45 or 30 days as brand value increases. Receivable days improved to 48 by Q4 FY23, the lowest in 10-12 years, but working capital days then rose to 120 in FY25 from 107.
37. Gross margin gap of 300-400 bps recovered in coming quarters Delivered - At the Q1 FY23 call, management expected the \~300-400 bps gross-margin gap to be recovered in coming quarters as softened raw material flowed through. Contribution margin moved from 44.4% in Q2 FY23 to 45.1% in Q4 FY23 and 52.08% in Q4 FY24.
38. Solid surface EBITDA margin of 15-20% in FY23 Missed - At the Q1 FY23 call, management confirmed 15-20% EBITDA margin for the surface business that year. The acrylic business was EBITDA breakeven by Q4 FY23 and stayed at breakeven through FY25 despite 10% utilization at one point.
39. Domestic growth 5-10% higher than exports in FY23 Missed - At the Q4 FY22 call, management guided domestic growth of 5-10% higher than exports for FY23. FY23 exports grew 52% by volume while domestic revenue grew from \~₹240 crore to \~₹303 crore (\~26%) - domestic growth was lower than exports.
40. No major capex in FY23 Partial - At the Q4 FY22 call, management indicated no major capex for FY23 beyond small maintenance, but within a quarter guided a 40% capacity expansion (\~₹40 crore) on stream within FY23. FY23 CWIP was ₹12.83 crore, and the ₹40 crore modular expansion was initiated during FY23.
41. No laminate price cuts despite falling raw-material costs Delivered - At the Q4 FY22 call, management committed not to cut laminate prices despite falling raw-material costs, reaffirming no cuts in either market through Q2 FY23. Domestic realization later fell on mix (down \~12-13% YoY in Q3 FY24), and price increases of 3-5% were taken by Q4 FY26, but no price cuts were implemented.
42. FY23 volume growth of \~30% Delivered - At the Q4 FY22 call, management guided to replicate the prior year's \~30% volume growth in FY23. FY23 sheets sold were 11.19 million versus \~8.3 million implied in FY22, with FY23 export volume up 52%, exceeding 30% growth.
43. EBITDA margin recovery to 15-20% in FY23 Delivered - At the Q4 FY22 call, management said the company would achieve 15-20% EBITDA margin in FY23, "Surely it will happen". FY23 OPM was 16.26%, within the guided range, with Q4 FY23 at \~17%.
44. Debt-free status - guided at Q1 FY23 Delivered - At the Q1 FY23 call, management said the company "may get debt free this year", reiterated in the FY23 annual report. The company was totally debt-free by Q1 FY24 with net debt ₹0 on 31 March 2024, maintained through FY26 and Q1 FY27.
45. 40% capacity expansion via balancing - completed by end of FY23 Partial - At the Q1 FY23 call, management guided 40% capacity expansion (\~₹40 crore) to come on stream by end of FY23. The modular expansion was completed only per the Q4 FY24 PPT at a total investment of ₹30 crore, with \~74% utilization achieved thereafter.
46. Second acrylic line operational within 2 months (by \~August 2022) Partial - At the Q1 FY23 call, management said the second acrylic machine would be operational within 2 months, later revised to end-October/early-November 2022. At the Q2 FY23 call the line was still not commissioned, with Korean technicians on site; a new acrylic machine was installed by Q4 FY23.
47. Acrylic/solid surface long-term capacity of ₹400-500 crore Missed - At the Q1 FY23 call, management stated a solid surface long-term capacity/target of ₹400-500 crore top line, later reworked to ₹300-400 crore in 2-3 years and "200-300 crores" soon. FY25 acrylic revenue was ₹19.5 crore and FY26 ₹15 crore, with the line "completely empty right now" in Q1 FY27.
48. Acrylic/solid surface revenue of ₹100 crore in FY23 Missed - At the Q1 FY23 call, management guided acrylic/solid surface revenue "up to 100" crores in FY23, later revised to ₹15-20 crore quarterly from Q3 FY23 and then a ₹50 crore FY24 target. FY23 acrylic total sales were ₹21 crore.