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1 BUY CMP Target Price STYLAM INDUSTRIES LIMITED Result Update (PARENT BASIS): Q2 FY16 DECEMBER 16 th ISIN: INE239C th h, 2013 Index Details Stock Data Sector Plastic Products BSE Code Face Value wk. High / Low (Rs.) /60.10 Volume (2wk. Avg. Q.) Market Cap (Rs. in mn.) Annual Estimated Results (A*: Actual / E*: Estimated) YEARS FY15A FY16E FY17E Net Sales EBITDA Net Profit EPS P/E Shareholding Pattern (%) (QUARTERLY) As on Sep-15 As on Jun-15 PROMOTER FIIs 0 0 DIIs 0 0 OTHERS Year Comparative Graph SYNOPSIS Stylam Industries Limited Incepted in the year 1991 as a private limited concern. The company deals in industrial as well as advanced laminates i.e. Post forming and Antistatic laminates under the brand name STYLAM. In Q2 FY16, Net sales rose by 17.27% y-o-y of Rs million against Rs million in the corresponding quarter of the previous year. Net profit grown by 13.50% y-o-y of Rs million for the 2 nd quarter of the FY16 as against Rs million for the 2 nd quarter of FY15. Operating profit or EBITDA stood at Rs million, an increase of % y-o-y in Q2 FY16 compared to Rs million in Q2 FY15. Profit before tax (PBT) at Rs million in Q2 FY16 compared to Rs million in Q2 FY15, registered a growth of 32.55% y-o-y. Net sales for the half year ended of FY16 stood at Rs million, growth of 20.87% against Rs million for the half year ended of FY15. STYLAM INDUSTRIES LTD BSE SENSEX In H1 FY16, the company s net profit grew by 19.83% of Rs million as compared to Rs million in H1 FY15. Net Sales and PAT of the company are expected to grow at a CAGR of 18% and 34% over 2014 to 2017E respectively. PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%) STYLAM INDUSTRIES LTD ARCHIDPLY INDUSTRIES LTD CENTURY PLYBOARDS (I) LTD UNIPLY INDUSTRIES LTD

2 QUARTERLY HIGHLIGHTS (PARENT BASIS) Results updates- Q2 FY16, Stylam Industries Limited is in the business of laminates i.e., Decorative Laminates, Metallic Laminates, Compact Laminates, Exterior Laminate etc. has reported its financial results for the quarter ended 30 th September, Rs. In million Sep-15 Sep-14 % Change Net Sales PAT EPS EBITDA The company has achieved a net profit of Rs million for the 2 nd quarter of the FY16 as against Rs million for the 2 nd quarter of FY15. In Q2 FY16, Net sales rose by 17.27% y-o-y of Rs million against Rs million in the corresponding quarter of the previous year. Operating profit or EBITDA stood at Rs million, an increase of 16.73% y-o-y in Q2 FY16 compared to Rs million in Q2 FY15. The company has reported an EPS of Rs for the 2 nd quarter as against an EPS of Rs in the corresponding quarter of the previous year. Break up of Expenditure During the quarter, total Expenditure rose by 18 per cent mainly on account of consumption of Raw materials by 36%, Employee Benefit Expenses by 29%, other expenditure by 13% and Purchases of Stock in trade are the primary attribute for the growth of expenditure when compared to corresponding quarter of previous year. Total expenditure in Q2 FY16 stood to Rs million as against Rs million in Q2 FY15. Break up of Expenditure (Values in Millions) Q2 FY16 Q2 FY15 Consumption of Raw Materials Depreciation Employees Benefit Expenses Other Expenditure Purchase of Stock-in-Trade

3 COMPANY PROFILE Stylam Industries Limited Incepted in the year 1991 as a private limited concern. The foundation stone of the company was laid down by the name of Golden Laminates Ltd. The company started its journey to success from the manufacturing of Luxury decorative laminated sheets for both residential as well as industrial applications. Combining industrious efforts and wide experience, the company deals in industrial as well as advanced laminates i.e. Post forming and Antistatic laminates under the brand name STYLAM. Stylam Industries Limited is an ISO 9001:2008 certified Company that itself shows the integrity, quality and reliability of the company. The design and efficiency of the laminates have assisted the company is winning the award of CE Marking. The company is in the business of laminates i.e. Decorative Laminates, Metallic Laminates, Compact Laminates, Exterior Laminate etc. Over the past 23 years, the company has created multiple drivers of growth by developing a portfolio of world class products. Manufacturing Plant With a state of the art infrastructural plant at Panchkula near the Beautiful City, Chandigarh, in North India, the company has been developing high quality laminates that exceed the expectations of the clients. The plant is loaded with advanced technology machines and equipments to assure maximum production of laminates in minimum time. Latest sophisticated moulds of various finishes from France & Germany are implemented in the production to make sure the development of the best laminates to fulfill the requirements of the clients.

4 FINANCIAL HIGHLIGHTS (PARENT BASIS) (A*- Actual, E* -Estimations & Rs. In Millions) Balance Sheet as at March31, E FY14A FY15A FY16E FY17E I. EQUITY AND LIABILITIES: A. Shareholders Funds a) Share Capital b) Reserves and Surplus Sub-Total-Net worth B. Non-Current Liabilities: a) Long-term borrowings b) Deferred Tax Liabilities [Net] Sub-Total-Long term liabilities C. Current Liabilities: a) Short-term borrowings b) Trade Payables c) Other Current Liabilities d) Short Term Provisions Sub-Total-Current Liabilities TOTAL-EQUITY AND LIABILITIES (A+B+C) II. ASSETS: D. Non-Current Assets: Fixed Assets i. Tangible Assets ii. Capital work-in-progress a) Total-Fixed Assets b) Long Term Loans and Advances Sub-Total-Non-Current Assets E. Current Assets: a) Inventories b) Trade Receivables c) Cash and Bank Balances d) Short Term Loans and Advances e) Other Current Assets Sub-Total-Current Assets TOTAL-ASSETS (D+E)

5 Annual Profit & Loss Statement for the period of 2014 to 2017E Value(Rs.in.mn) FY14A FY15A FY16E FY17E Description 12m 12m 12m 12m Net Sales Other Income Total Income Expenditure Operating Profit Interest Gross profit Depreciation Profit Before Tax Tax Net Profit Equity capital Reserves Face value EPS Quarterly Profit & Loss Statement for the period of 31 st Mar, 2015 to 31 st Dec, 2015E Value(Rs.in.mn) 31-Mar Jun Sep Dec-15E Description 3m 3m 3m 3m Net sales Other income Total Income Expenditure Operating profit Interest Gross profit Depreciation Profit Before Tax Tax Net Profit Equity capital Face value EPS

6 Ratio Analysis Particulars FY14A FY15A FY16E FY17E EPS (Rs.) EBITDA Margin (%) PBT Margin (%) PAT Margin (%) P/E Ratio (x) ROE (%) ROCE (%) Debt Equity Ratio EV/EBITDA (x) Book Value (Rs.) P/BV Charts

7 OUTLOOK AND CONCLUSION At the current market price of Rs , the stock P/E ratio is at x FY16E and x FY17E respectively. Earning per share (EPS) of the company for the earnings for FY1 6E and FY17E is seen at Rs and Rs respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 18% and 34% over 2014 to 2017E respectively. On the basis of EV/EBITDA, the stock trades at 8.77 x for FY16E and 8.24 x for FY17E. Price to Book Value of the stock is expected to be at 2.59 x and 2.09 x respectively for FY16E and FY17E. We expect that the company surplus scenario is likely to continue for the next three years, will keep its growth story in the coming quarters also. We recommend BUY in this particular scrip with a target price of Rs for Medium to Long term investment.

8 INDUSTRY OVERVIEW The major end use segments constitute are New Residential Construction, Residential Replacement, and Commercial Sector i.e. Furniture and interior infrastructure. With tremendous growth in real estate sector and rise in the disposable income of the country's middle class, there is an anticipated exponential growth in the demand for interior infrastructure products. The projected growth of the company is based on the push and pull effects of supply and demand determinants like the economic trends in India, growth of infrastructure and housing. The domestic laminates industry is highly fragmented with majority of sector comprising unorganized players though there has been increasing shift in consumer preference from unbranded to branded goods. Competition from both organised as well as unorganised players leads to pricing pressure for the players in the industry. In the Export segment however, demand has been stable on account of shift from the wood based panel products to engineered panels like MDF and particle board. India is one of the largest exporters of the laminates in the world. Players with established track record of delivering quality products in the export markets, including STYLAM have been consistently able to register growth in turnover over the years despite the global slowdown though the prospects of the company will be primarily driver by the demand from the real estate sector and its ability to manage currency fluctuations. Demand for decorative laminates in the US is increasing day by day; historical demand data reveals it will rise 4.1 percent per year to 11.9 billion square feet in Opportunities and Threats Opportunities High potential and growing demand from both domestic as well as international market Future expected growth in the Real Estate market Increase in Per Capita Income of a common person Threats Fragmented Industry Competitive Industry: transitioning from highly unorganized to organized sector Price Sensitive Market Competition from China

9 Outlook The Indian real estate sector plays a significant role in the Country's economy. The real estate is second only to agriculture in terms of employment generation and contributes considerably towards GDP. According to a study, the real estate is expected to grow rapidly due to improvement in affordability and availability of housing finance. Since cement, plywood, laminate and steel related products are essential part of construction right from initial brick to final stage of furnishing; the demand for these products is directly related to the growth of infrastructure and real estate sector, the demand for company's products is expected to remain buoyant. The Indian furniture industry is estimated at around Rs 350 billion and is highly fragmented. Around Eighty five per cent of national production comes from regionally small size firms falls into the unorganized sector and remaining comes from the organized sector comprising of leading manufacturer, importers and dealer/distributors. According to a study by the World Bank, the organized furniture industry is expected to grow by 20 per cent a year and India, Brazil and Russia will witness a boom. India Furniture Market Outlook to 2018 Online Furniture Sales Gaining Traction provides a comprehensive analysis of the various aspects of the industry such as the market size of India furniture industry, market segments and future outlook of the industry. The furniture market in India has historically witnessed a prolific boom in the country. There were a number of factors which have led to a growth in furniture demand in the Indian households in the last few years. The growing economy of the country has encouraged the spending capacity of the people, which in turn has impelled the sales of branded furniture items in the market. The growing phase of infrastructure and real estate market has also augmented the demand for furniture products in the country. Disclaimer: This document is prepared by our research analysts and it does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable but we do not represent that it is accurate or complete and it should not be relied on as such. Firstcall Research or any of its affiliates shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Firstcall Research and/ or its affiliates and/or employees will not be liable for the recipients investment decision based on this document.

10 Firstcall India Equity Research: C.V.S.L.Kameswari Pharma & Diversified U. Janaki Rao Capital Goods B. Anil Kumar Auto, IT & FMCG M. Vinayak Rao Diversified G. Amarender Diversified Firstcall Research Provides Industry Research on all the Sectors and Equity Research on Major Companies forming part of Listed and Unlisted Segments For Further Details Contact: Tel.: / / Telefax: /

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