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Swing Capital

Flair Writing Industries Ltd

NSE: FLAIR BSE: 544030

Incorporated in 1976, Flair Writing Industries (Flair) is engaged in developing and manufacturing writing instruments and is among the Top 3 players in the overall writing instruments industry [1]

₹332
52W: ₹243 — ₹357
PE 30 · Book ₹100 · +232% vs book
Market Cap₹3,500 Cr
Stock P/E30Price to Earnings
ROCE15.6%Return on Capital
ROE11.9%Return on Equity
Div. Yield0.29%Face Value ₹5

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 24.1% CAGR over last 5 years

Shareholding Pattern

Promoters78.59%
FIIs0.3%
DIIs10.34%
Public10.78%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters78.59%78.59%78.59%78.59%78.59%78.59%78.59%78.59%
FIIs0.14%0.02%▼0.10.09%▲0.10.06%▼0.00.05%▼0.00.44%▲0.40.3%▼0.10.3%
DIIs11.34%11.37%▲0.010.51%▼0.99.55%▼1.010.23%▲0.710.58%▲0.310.12%▼0.510.34%▲0.2
Public9.92%10.02%▲0.110.82%▲0.811.8%▲1.011.14%▼0.710.39%▼0.810.99%▲0.610.78%▼0.2

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales244215229222242229257242263256
Expenses194182185187199194218204220220
Operating Profit51334435433539384336
OPM %21%15%19%16%18%15%15%16%16%14%
Net Profit33213226322728273625
EPS ₹3.572.033.082.443.032.562.612.573.462.4

AI Insights

Revenue Trend

TTM revenue at ₹1,018Cr, up 7.3% YoY. OPM at 15%.

Debt Position

Borrowings at ₹32Cr. Debt-to-equity ratio: 0.03x. Healthy balance sheet.

Capex Cycle

CWIP at ₹33Cr (11% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 10.34% (+0.77pp change). FIIs: 0.3% (-1.08pp change). Promoters hold 78.59%.

Margin & Efficiency

ROCE improving from 0% (Mar 2018) to 16% (Mar 2025). Working capital days: 138.

Valuation

PE 30x with 15.6% ROCE. Price is 232% above book value of ₹100. Dividend yield: 0.29%.

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