# Printing & Stationery — company-by-company sector analysis

> Printing & Stationery: DOMS Industries Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Printing & Stationery has underperformed NIFTY 500 by 10.4% over 52 weeks and 6.3% over 13 weeks. 0 of 5 covered companies beat NIFTY on Mansfield relative strength, while 2 of 5 beat the sector itself. DOMS Industries Ltd leads with revenue of ₹2,326 crore, based on 5 of 5 comparable companies through Mar 2026.

### Is the Printing & Stationery sector outperforming NIFTY 500?

Printing & Stationery has underperformed NIFTY 500 by 10.4% over 52 weeks and 6.3% over 13 weeks. 0 of 5 covered companies beat NIFTY on Mansfield relative strength, while 2 of 5 beat the sector itself.

### Which Printing & Stationery company is largest by revenue?

DOMS Industries Ltd leads with revenue of ₹2,326 crore, based on 5 of 5 comparable companies through Mar 2026.

### Which Printing & Stationery company is growing fastest?

DOMS Industries Ltd has the fastest current revenue growth at 21.6%, across 5 of 5 comparable companies.

### Which Printing & Stationery company has the strongest 4-Factor Sector Score?

DOMS Industries Ltd ranks first at 62.3/100 with 77.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Printing & Stationery company reports the most CAPEX?

Flair Writing Industries Ltd reports the largest latest CAPEX at ₹39 crore, with 1 of 5 companies comparable.

### Which Printing & Stationery company has the least gross debt?

Linc Ltd has the lowest comparable gross debt at ₹27 crore. DOMS Industries Ltd has the highest at ₹141 crore.

### Which Printing & Stationery company has the lowest comparable PEG?

Flair Writing Industries Ltd has the lowest comparable Guarded PEG at 2.35, among 1 of 5 companies that pass the metric’s comparability rules.

### How much history does this Printing & Stationery comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Printing & Stationery has underperformed NIFTY 500 by 10.4% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 6.3%. 0 of 5 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. DOMS Industries Ltd is the strongest against the sector itself at +6.1%.

13-week sector return versus NIFTY 500: -6.3%
52-week sector return versus NIFTY 500: -10%
Stocks leading NIFTY: 0/5
Stocks leading sector: 2/5

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 5
Combined market value: ₹20.8K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. DOMS Industries Ltd (DOMS): 62/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 20.2/35 | Capital efficiency 18.0/25 | Valuation 9.7/20 | Relative strength 14.4/20
   - Exact sum: 20.2 + 18 + 9.7 + 14.4 = 62.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Flair Writing Industries Ltd (FLAIR): 57/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 27.1/35 | Capital efficiency 16.9/25 | Valuation 11.5/20 | Relative strength 1.5/20
   - Exact sum: 27.1 + 16.9 + 11.5 + 1.5 = 57
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -13% and the one-year return is -21%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. Linc Ltd (LINC): 48/100 — Mixed-negative evidence; evidence 74%
   - Growth & earnings 11.8/35 | Capital efficiency 17.1/25 | Valuation 11.5/20 | Relative strength 7.6/20
   - Exact sum: 11.8 + 17.1 + 11.5 + 7.6 = 48
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Kokuyo Camlin Ltd (KOKUYOCMLN): 45/100 — Mixed-negative evidence; evidence 74%
   - Growth & earnings 23.2/35 | Capital efficiency 8.3/25 | Valuation 9.3/20 | Relative strength 3.8/20
   - Exact sum: 23.2 + 8.3 + 9.3 + 3.8 = 44.6
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -15.9% and the one-year return is -29.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
5. Navneet Education Ltd (NAVNETEDUL): 38/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 1.4/35 | Capital efficiency 10.8/25 | Valuation 9.6/20 | Relative strength 16.4/20
   - Exact sum: 1.4 + 10.8 + 9.6 + 16.4 = 38.2
   - Decision use: Price leads the evidence: RS versus the benchmark is -1.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

## Revenue Scale & Growth Durability

What the numbers say: DOMS Industries Ltd is the scale leader at ₹2,326 crore, 35.2% ahead of Navneet Education Ltd. DOMS Industries Ltd's growth is 21.6% from a ₹2,326 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: DOMS Industries Ltd is the scale benchmark; DOMS Industries Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: DOMS Industries Ltd's growth falls below DOMS Industries Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: DOMS Industries Ltd · ₹2,326 crore | 35.2% versus #2 · Navneet Education Ltd | 8/8 recent comparable periods | 5/5 companies · 66 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. DOMS Industries Ltd (DOMS): ₹2.3K Cr
2. Navneet Education Ltd (NAVNETEDUL): ₹1.7K Cr
3. Flair Writing Industries Ltd (FLAIR): ₹1.3K Cr
4. Kokuyo Camlin Ltd (KOKUYOCMLN): ₹806 Cr
5. Linc Ltd (LINC): ₹543 Cr

### Revenue growth — fastest growers
1. DOMS Industries Ltd (DOMS): 22%
2. Flair Writing Industries Ltd (FLAIR): 16%
3. Kokuyo Camlin Ltd (KOKUYOCMLN): 5.7%
4. Linc Ltd (LINC): 0.0%
5. Navneet Education Ltd (NAVNETEDUL): -3.6%

### 20-quarter Revenue history
- DOMS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹304 Cr | Mar 2023 ₹336 Cr | Jun 2023 ₹379 Cr | Sep 2023 ₹382 Cr | Dec 2023 ₹372 Cr | Mar 2024 ₹404 Cr | Jun 2024 ₹445 Cr | Sep 2024 ₹458 Cr | Dec 2024 ₹501 Cr | Mar 2025 ₹509 Cr | Jun 2025 ₹562 Cr | Sep 2025 ₹568 Cr | Dec 2025 ₹592 Cr | Mar 2026 ₹604 Cr
- NAVNETEDUL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹264 Cr | Mar 2023 ₹409 Cr | Jun 2023 ₹791 Cr | Sep 2023 ₹266 Cr | Dec 2023 ₹259 Cr | Mar 2024 ₹435 Cr | Jun 2024 ₹798 Cr | Sep 2024 ₹272 Cr | Dec 2024 ₹282 Cr | Mar 2025 ₹434 Cr | Jun 2025 ₹794 Cr | Sep 2025 ₹247 Cr | Dec 2025 ₹250 Cr | Mar 2026 ₹430 Cr
- FLAIR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹232 Cr | Mar 2023 ₹260 Cr | Jun 2023 ₹247 Cr | Sep 2023 ₹257 Cr | Dec 2023 ₹225 Cr | Mar 2024 ₹250 Cr | Jun 2024 ₹247 Cr | Sep 2024 ₹270 Cr | Dec 2024 ₹265 Cr | Mar 2025 ₹298 Cr | Jun 2025 ₹289 Cr | Sep 2025 ₹321 Cr | Dec 2025 ₹318 Cr | Mar 2026 ₹323 Cr
- KOKUYOCMLN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹173 Cr | Mar 2023 ₹216 Cr | Jun 2023 ₹236 Cr | Sep 2023 ₹195 Cr | Dec 2023 ₹168 Cr | Mar 2024 ₹217 Cr | Jun 2024 ₹229 Cr | Sep 2024 ₹173 Cr | Dec 2024 ₹161 Cr | Mar 2025 ₹200 Cr | Jun 2025 ₹227 Cr | Sep 2025 ₹174 Cr | Dec 2025 ₹178 Cr | Mar 2026 ₹226 Cr
- LINC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹124 Cr | Mar 2024 ₹141 Cr | Jun 2024 ₹130 Cr | Sep 2024 ₹137 Cr | Dec 2024 ₹122 Cr | Mar 2025 ₹154 Cr | Jun 2025 ₹137 Cr | Sep 2025 ₹139 Cr | Dec 2025 ₹129 Cr | Mar 2026 ₹138 Cr

### 20-quarter Revenue growth history
- DOMS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 22% | Mar 2024 20% | Jun 2024 17% | Sep 2024 20% | Dec 2024 35% | Mar 2025 26% | Jun 2025 26% | Sep 2025 24% | Dec 2025 18% | Mar 2026 19%
- NAVNETEDUL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1.9% | Mar 2024 6.4% | Jun 2024 0.9% | Sep 2024 2.3% | Dec 2024 8.9% | Mar 2025 -0.2% | Jun 2025 -0.5% | Sep 2025 -9.2% | Dec 2025 -11% | Mar 2026 -0.9%
- FLAIR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -3.0% | Mar 2024 -3.9% | Jun 2024 0.0% | Sep 2024 5.1% | Dec 2024 18% | Mar 2025 19% | Jun 2025 17% | Sep 2025 19% | Dec 2025 20% | Mar 2026 8.4%
- KOKUYOCMLN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -2.7% | Mar 2024 0.5% | Jun 2024 -2.7% | Sep 2024 -11% | Dec 2024 -4.5% | Mar 2025 -7.9% | Jun 2025 -0.9% | Sep 2025 1.1% | Dec 2025 11% | Mar 2026 13%
- LINC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -1.6% | Mar 2025 9.2% | Jun 2025 5.4% | Sep 2025 1.5% | Dec 2025 5.7% | Mar 2026 -10%

## Operating Economics & Margin Trend

What the numbers say: Flair Writing Industries Ltd leads both opm at 18% and margin change at +2 percentage points.

Investor read: Flair Writing Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Flair Writing Industries Ltd · 18% | 5.9% versus #2 · DOMS Industries Ltd | 3/8 recent comparable periods | 5/5 companies · 88 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Flair Writing Industries Ltd (FLAIR): 18%
2. DOMS Industries Ltd (DOMS): 17%
3. Linc Ltd (LINC): 13%
4. Navneet Education Ltd (NAVNETEDUL): 12%
5. Kokuyo Camlin Ltd (KOKUYOCMLN): 4.8%

### Margin change — fastest expanders
1. Flair Writing Industries Ltd (FLAIR): +2.0 pp
2. Linc Ltd (LINC): +1.0 pp
3. DOMS Industries Ltd (DOMS): 0.0 pp
4. Kokuyo Camlin Ltd (KOKUYOCMLN): −1.8 pp
5. Navneet Education Ltd (NAVNETEDUL): −6.0 pp

### 20-quarter OPM history
- DOMS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 16% | Mar 2023 18% | Jun 2023 16% | Sep 2023 17% | Dec 2023 19% | Mar 2024 19% | Jun 2024 19% | Sep 2024 19% | Dec 2024 18% | Mar 2025 17% | Jun 2025 18% | Sep 2025 18% | Dec 2025 17% | Mar 2026 17%
- NAVNETEDUL: Jun 2021 17% | Sep 2021 7.5% | Dec 2021 4.3% | Mar 2022 17% | Jun 2022 28% | Sep 2022 6.8% | Dec 2022 0.0% | Mar 2023 13% | Jun 2023 26% | Sep 2023 -2.0% | Dec 2023 -1.0% | Mar 2024 18% | Jun 2024 28% | Sep 2024 1.0% | Dec 2024 6.0% | Mar 2025 18% | Jun 2025 29% | Sep 2025 0.0% | Dec 2025 -3.0% | Mar 2026 12%
- FLAIR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 23% | Mar 2023 21% | Jun 2023 21% | Sep 2023 21% | Dec 2023 15% | Mar 2024 20% | Jun 2024 17% | Sep 2024 19% | Dec 2024 17% | Mar 2025 16% | Jun 2025 17% | Sep 2025 19% | Dec 2025 18% | Mar 2026 18%
- KOKUYOCMLN: Jun 2021 -13% | Sep 2021 7.8% | Dec 2021 5.3% | Mar 2022 4.7% | Jun 2022 6.9% | Sep 2022 7.7% | Dec 2022 5.2% | Mar 2023 7.9% | Jun 2023 10% | Sep 2023 8.9% | Dec 2023 7.5% | Mar 2024 10% | Jun 2024 12% | Sep 2024 -4.4% | Dec 2024 0.3% | Mar 2025 6.6% | Jun 2025 8.6% | Sep 2025 9.3% | Dec 2025 6.5% | Mar 2026 4.8%
- LINC: Jun 2021 2.5% | Sep 2021 8.1% | Dec 2021 7.1% | Mar 2022 5.3% | Jun 2022 8.2% | Sep 2022 12% | Dec 2022 15% | Mar 2023 14% | Jun 2023 12% | Sep 2023 9.6% | Dec 2023 11% | Mar 2024 12% | Jun 2024 11% | Sep 2024 12% | Dec 2024 12% | Mar 2025 12% | Jun 2025 10% | Sep 2025 11% | Dec 2025 10% | Mar 2026 13%

### 20-quarter Margin change history
- DOMS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +3.0 pp | Mar 2024 +1.0 pp | Jun 2024 +3.0 pp | Sep 2024 +2.0 pp | Dec 2024 −1.0 pp | Mar 2025 −2.0 pp | Jun 2025 −1.0 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 0.0 pp
- NAVNETEDUL: Jun 2021 −4.1 pp | Sep 2021 +8.0 pp | Dec 2021 +21.1 pp | Mar 2022 −0.2 pp | Jun 2022 +11.6 pp | Sep 2022 −0.7 pp | Dec 2022 −4.3 pp | Mar 2023 −4.1 pp | Jun 2023 −2.2 pp | Sep 2023 −8.8 pp | Dec 2023 −1.0 pp | Mar 2024 +5.0 pp | Jun 2024 +2.0 pp | Sep 2024 +3.0 pp | Dec 2024 +7.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 −1.0 pp | Dec 2025 −9.0 pp | Mar 2026 −6.0 pp
- FLAIR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −8.0 pp | Mar 2024 −1.0 pp | Jun 2024 −4.0 pp | Sep 2024 −2.0 pp | Dec 2024 +2.0 pp | Mar 2025 −4.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 +2.0 pp
- KOKUYOCMLN: Jun 2021 +3.8 pp | Sep 2021 +6.0 pp | Dec 2021 −2.4 pp | Mar 2022 −3.8 pp | Jun 2022 +19.6 pp | Sep 2022 −0.1 pp | Dec 2022 −0.1 pp | Mar 2023 +3.3 pp | Jun 2023 +3.4 pp | Sep 2023 +1.2 pp | Dec 2023 +2.3 pp | Mar 2024 +2.4 pp | Jun 2024 +1.8 pp | Sep 2024 −13.3 pp | Dec 2024 −7.2 pp | Mar 2025 −3.8 pp | Jun 2025 −3.5 pp | Sep 2025 +13.7 pp | Dec 2025 +6.2 pp | Mar 2026 −1.8 pp
- LINC: Jun 2021 +7.5 pp | Sep 2021 +3.4 pp | Dec 2021 +4.4 pp | Mar 2022 −1.7 pp | Jun 2022 +5.7 pp | Sep 2022 +4.2 pp | Dec 2022 +7.6 pp | Mar 2023 +9.0 pp | Jun 2023 +3.6 pp | Sep 2023 −2.7 pp | Dec 2023 −3.6 pp | Mar 2024 −2.3 pp | Jun 2024 −0.8 pp | Sep 2024 +2.4 pp | Dec 2024 +1.0 pp | Mar 2025 0.0 pp | Jun 2025 −1.0 pp | Sep 2025 −1.0 pp | Dec 2025 −2.0 pp | Mar 2026 +1.0 pp

## Profit Scale & Acceleration

What the numbers say: Navneet Education Ltd leads with ₹369 crore of TTM profit, 54.4% above DOMS Industries Ltd. Kokuyo Camlin Ltd shows ≥100% on the scoring scale (324.3% uncapped) growth from a ₹25 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Navneet Education Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Navneet Education Ltd · ₹369 crore | 54.4% versus #2 · DOMS Industries Ltd | 3/8 recent comparable periods | 5/5 companies · 66 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Navneet Education Ltd (NAVNETEDUL): ₹369 Cr
2. DOMS Industries Ltd (DOMS): ₹239 Cr
3. Flair Writing Industries Ltd (FLAIR): ₹142 Cr
4. Linc Ltd (LINC): ₹32 Cr
5. Kokuyo Camlin Ltd (KOKUYOCMLN): ₹25 Cr

### Profit growth — fastest growers
1. Kokuyo Camlin Ltd (KOKUYOCMLN): 100%
2. Flair Writing Industries Ltd (FLAIR): 19%
3. DOMS Industries Ltd (DOMS): 12%
4. Linc Ltd (LINC): -16%
5. Navneet Education Ltd (NAVNETEDUL): -54%

### 20-quarter Net profit history
- DOMS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹27 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹54 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹54 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹59 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹61 Cr | Mar 2026 ₹58 Cr
- NAVNETEDUL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹31 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹145 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹-13 Cr | Mar 2024 ₹48 Cr | Jun 2024 ₹747 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹48 Cr | Jun 2025 ₹157 Cr | Sep 2025 ₹-15 Cr | Dec 2025 ₹188 Cr | Mar 2026 ₹39 Cr
- FLAIR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹33 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹37 Cr
- KOKUYOCMLN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹-11 Cr | Dec 2024 ₹-4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹3 Cr
- LINC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹8 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹10 Cr

### 20-quarter Profit growth history
- DOMS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 44% | Mar 2024 31% | Jun 2024 50% | Sep 2024 42% | Dec 2024 38% | Mar 2025 8.5% | Jun 2025 9.3% | Sep 2025 13% | Dec 2025 13% | Mar 2026 14%
- NAVNETEDUL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -142% | Mar 2024 109% | Jun 2024 415% | Sep 2024 -114% | Dec 2024 — | Mar 2025 0.0% | Jun 2025 -79% | Sep 2025 — | Dec 2025 1,153% | Mar 2026 -19%
- FLAIR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -42% | Mar 2024 3.0% | Jun 2024 -19% | Sep 2024 0.0% | Dec 2024 53% | Mar 2025 -8.8% | Jun 2025 12% | Sep 2025 30% | Dec 2025 14% | Mar 2026 19%
- KOKUYOCMLN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 59% | Mar 2024 19% | Jun 2024 -12% | Sep 2024 -212% | Dec 2024 -175% | Mar 2025 -58% | Jun 2025 -38% | Sep 2025 — | Dec 2025 — | Mar 2026 -34%
- LINC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 13% | Mar 2025 0.0% | Jun 2025 -13% | Sep 2025 -11% | Dec 2025 -22% | Mar 2026 -17%

## Capacity Spending & Returns On It

What the numbers say: Flair Writing Industries Ltd reports ₹39 crore of CAPEX; Flair Writing Industries Ltd has the highest covered intensity at 15.2%. Coverage is only 1 of 5 companies and 2 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Flair Writing Industries Ltd · ₹39 crore | Not enough peers | 2/2 recent comparable periods | 1/5 companies · 2 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Flair Writing Industries Ltd (FLAIR): ₹39 Cr

### CAPEX intensity — highest reinvestment intensity
1. Flair Writing Industries Ltd (FLAIR): 15%

### 20-quarter CAPEX history
- FLAIR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹10 Cr | Sep 2023 ₹39 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter CAPEX intensity history
- FLAIR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 4.0% | Sep 2023 15% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Flair Writing Industries Ltd has the clearest covered balance-sheet capacity with ₹65 crore net cash and gross debt of ₹66 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Linc Ltd · ₹27 crore | 27% versus #2 · Kokuyo Camlin Ltd | 2/8 recent comparable periods | 5/5 companies · 66 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Linc Ltd (LINC): ₹27 Cr
2. Kokuyo Camlin Ltd (KOKUYOCMLN): ₹37 Cr
3. Flair Writing Industries Ltd (FLAIR): ₹66 Cr
4. Navneet Education Ltd (NAVNETEDUL): ₹108 Cr
5. DOMS Industries Ltd (DOMS): ₹141 Cr

### Net debt — lowest net debt
1. Flair Writing Industries Ltd (FLAIR): ₹-65 Cr
2. Linc Ltd (LINC): ₹7 Cr
3. Kokuyo Camlin Ltd (KOKUYOCMLN): ₹26 Cr

### 20-quarter Gross debt history
- DOMS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹123 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹140 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹172 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹212 Cr | Jun 2025 — | Sep 2025 ₹161 Cr | Dec 2025 — | Mar 2026 ₹141 Cr
- NAVNETEDUL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹135 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹288 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹258 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹200 Cr | Jun 2025 — | Sep 2025 ₹102 Cr | Dec 2025 — | Mar 2026 ₹108 Cr
- FLAIR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹126 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹123 Cr | Jun 2023 ₹155 Cr | Sep 2023 ₹163 Cr | Dec 2023 ₹163 Cr | Mar 2024 ₹69 Cr | Jun 2024 ₹69 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹62 Cr | Jun 2025 ₹62 Cr | Sep 2025 ₹59 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹66 Cr
- KOKUYOCMLN: Jun 2021 ₹79 Cr | Sep 2021 ₹46 Cr | Dec 2021 ₹46 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹71 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹56 Cr | Jun 2023 ₹56 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹80 Cr | Jun 2024 ₹80 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹54 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹37 Cr
- LINC: Jun 2021 ₹9 Cr | Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹27 Cr

### 20-quarter Net debt history
- FLAIR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹122 Cr | Jun 2023 ₹155 Cr | Sep 2023 ₹163 Cr | Dec 2023 ₹163 Cr | Mar 2024 ₹-165 Cr | Jun 2024 ₹-165 Cr | Sep 2024 ₹-128 Cr | Dec 2024 ₹-128 Cr | Mar 2025 ₹-83 Cr | Jun 2025 ₹-83 Cr | Sep 2025 ₹-64 Cr | Dec 2025 ₹-64 Cr | Mar 2026 ₹-65 Cr
- KOKUYOCMLN: Jun 2021 ₹64 Cr | Sep 2021 ₹39 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹53 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹71 Cr | Jun 2024 ₹71 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹-11 Cr | Dec 2025 ₹-11 Cr | Mar 2026 ₹26 Cr
- LINC: Jun 2021 ₹9 Cr | Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹-12 Cr | Dec 2022 ₹-12 Cr | Mar 2023 ₹-11 Cr | Jun 2023 ₹-11 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹7 Cr

## Return On Capital Employed

What the numbers say: DOMS Industries Ltd leads ROCE at 24.3%, 5.1 percentage points above Linc Ltd. Kokuyo Camlin Ltd has the strongest latest improvement at +6.7 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: DOMS Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: DOMS Industries Ltd · 24.3% | 26.6% versus #2 · Linc Ltd | Not enough history | 5/5 companies · 41 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. DOMS Industries Ltd (DOMS): 24%
2. Linc Ltd (LINC): 19%
3. Flair Writing Industries Ltd (FLAIR): 17%
4. Kokuyo Camlin Ltd (KOKUYOCMLN): 10%
5. Navneet Education Ltd (NAVNETEDUL): 10%

### ROCE change — fastest improvers
1. Kokuyo Camlin Ltd (KOKUYOCMLN): +6.7 pp
2. Flair Writing Industries Ltd (FLAIR): +1.2 pp
3. DOMS Industries Ltd (DOMS): −2.0 pp
4. Linc Ltd (LINC): −3.2 pp
5. Navneet Education Ltd (NAVNETEDUL): −5.0 pp

### 20-quarter ROCE history
- FLAIR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 19% | Jun 2023 24% | Sep 2023 32% | Dec 2023 30% | Mar 2024 16% | Jun 2024 21% | Sep 2024 14% | Dec 2024 21% | Mar 2025 13% | Jun 2025 16% | Sep 2025 13% | Dec 2025 17% | Mar 2026 14%
- KOKUYOCMLN: Jun 2021 — | Sep 2021 1.3% | Dec 2021 — | Mar 2022 0.2% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 17% | Dec 2023 21% | Mar 2024 18% | Jun 2024 21% | Sep 2024 11% | Dec 2024 7.5% | Mar 2025 4.1% | Jun 2025 1.4% | Sep 2025 8.5% | Dec 2025 12% | Mar 2026 11%
- LINC: Jun 2021 — | Sep 2021 3.4% | Dec 2021 — | Mar 2022 6.0% | Jun 2022 — | Sep 2022 14% | Dec 2022 — | Mar 2023 26% | Jun 2023 — | Sep 2023 24% | Dec 2023 — | Mar 2024 18% | Jun 2024 — | Sep 2024 19% | Dec 2024 24% | Mar 2025 19% | Jun 2025 22% | Sep 2025 18% | Dec 2025 21% | Mar 2026 16%

### 20-quarter ROCE change history
- FLAIR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −2.5 pp | Jun 2024 −3.0 pp | Sep 2024 −18.2 pp | Dec 2024 −8.7 pp | Mar 2025 −3.1 pp | Jun 2025 −4.2 pp | Sep 2025 −0.3 pp | Dec 2025 −4.1 pp | Mar 2026 +1.2 pp
- KOKUYOCMLN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.5 pp | Dec 2022 — | Mar 2023 +13.7 pp | Jun 2023 — | Sep 2023 +6.3 pp | Dec 2023 — | Mar 2024 +4.3 pp | Jun 2024 — | Sep 2024 −6.1 pp | Dec 2024 −13.8 pp | Mar 2025 −14.1 pp | Jun 2025 −19.6 pp | Sep 2025 −2.5 pp | Dec 2025 +4.6 pp | Mar 2026 +6.7 pp
- LINC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +10.9 pp | Dec 2022 — | Mar 2023 +20.0 pp | Jun 2023 — | Sep 2023 +9.2 pp | Dec 2023 — | Mar 2024 −8.1 pp | Jun 2024 — | Sep 2024 −4.3 pp | Dec 2024 — | Mar 2025 +0.9 pp | Jun 2025 — | Sep 2025 −1.5 pp | Dec 2025 −2.8 pp | Mar 2026 −3.2 pp

## Valuation Against Growth & Quality

What the numbers say: Flair Writing Industries Ltd has the lowest comparable Guarded PEG at 2.35×. Only 1 of 5 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Flair Writing Industries Ltd · 2.35× | Not enough peers | 0/8 recent comparable periods | 1/5 companies · 3 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Flair Writing Industries Ltd (FLAIR): 2.4

### P/E — lowest P/E
1. Linc Ltd (LINC): 18.7
2. Flair Writing Industries Ltd (FLAIR): 19.0
3. Navneet Education Ltd (NAVNETEDUL): 20.5
4. Kokuyo Camlin Ltd (KOKUYOCMLN): 33.9
5. DOMS Industries Ltd (DOMS): 58.6

### 20-quarter Guarded PEG history
- FLAIR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.0 | Mar 2026 2.4

### 20-quarter P/E history
- DOMS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.5 | Mar 2024 0.6 | Jun 2024 0.8 | Sep 2024 94.2 | Dec 2024 85.0 | Mar 2025 87.7 | Jun 2025 74.7 | Sep 2025 72.4 | Dec 2025 72.7 | Mar 2026 61.4
- NAVNETEDUL: Jun 2021 84.0 | Sep 2021 84.3 | Dec 2021 60.8 | Mar 2022 36.2 | Jun 2022 30.9 | Sep 2022 15.9 | Dec 2022 15.5 | Mar 2023 12.8 | Jun 2023 17.2 | Sep 2023 22.9 | Dec 2023 24.7 | Mar 2024 22.6 | Jun 2024 21.7 | Sep 2024 17.6 | Dec 2024 16.3 | Mar 2025 15.1 | Jun 2025 15.2 | Sep 2025 17.2 | Dec 2025 16.6 | Mar 2026 15.9
- FLAIR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 27.5 | Mar 2024 19.8 | Jun 2024 24.8 | Sep 2024 27.7 | Dec 2024 28.3 | Mar 2025 19.3 | Jun 2025 22.5 | Sep 2025 25.6 | Dec 2025 24.2 | Mar 2026 22.3
- KOKUYOCMLN: Jun 2021 — | Sep 2021 -182.0 | Dec 2021 -236.9 | Mar 2022 -125.4 | Jun 2022 31.1 | Sep 2022 38.6 | Dec 2022 49.0 | Mar 2023 36.8 | Jun 2023 49.1 | Sep 2023 40.2 | Dec 2023 36.4 | Mar 2024 26.4 | Jun 2024 34.8 | Sep 2024 48.7 | Dec 2024 59.3 | Mar 2025 87.2 | Jun 2025 226.6 | Sep 2025 198.1 | Dec 2025 49.0 | Mar 2026 27.8
- LINC: Jun 2021 — | Sep 2021 45.5 | Dec 2021 31.2 | Mar 2022 51.7 | Jun 2022 26.3 | Sep 2022 21.6 | Dec 2022 21.8 | Mar 2023 21.2 | Jun 2023 26.3 | Sep 2023 29.6 | Dec 2023 28.5 | Mar 2024 22.3 | Jun 2024 25.1 | Sep 2024 31.9 | Dec 2024 26.4 | Mar 2025 16.2 | Jun 2025 22.8 | Sep 2025 19.4 | Dec 2025 18.3 | Mar 2026 16.3

## Enterprise Value & Book Value

What the numbers say: Navneet Education Ltd leads both ev/ebitda at 7.9× and p/bv at 1.56×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Navneet Education Ltd · 7.9× | 3.7% versus #2 · Linc Ltd | 0/8 recent comparable periods | 5/5 companies · 80 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Navneet Education Ltd (NAVNETEDUL): 7.9
2. Linc Ltd (LINC): 8.2
3. Kokuyo Camlin Ltd (KOKUYOCMLN): 11.8
4. Flair Writing Industries Ltd (FLAIR): 12.8
5. DOMS Industries Ltd (DOMS): 33.3

### P/BV — lowest P/BV
1. Navneet Education Ltd (NAVNETEDUL): 1.6
2. Flair Writing Industries Ltd (FLAIR): 2.3
3. Linc Ltd (LINC): 2.4
4. Kokuyo Camlin Ltd (KOKUYOCMLN): 2.6
5. DOMS Industries Ltd (DOMS): 11.1

### 20-quarter EV/EBITDA history
- DOMS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 40.6 | Mar 2024 50.2 | Jun 2024 65.3 | Sep 2024 52.0 | Dec 2024 46.6 | Mar 2025 48.3 | Jun 2025 40.4 | Sep 2025 39.3 | Dec 2025 39.4 | Mar 2026 33.3
- NAVNETEDUL: Jun 2021 23.7 | Sep 2021 25.8 | Dec 2021 17.5 | Mar 2022 14.6 | Jun 2022 13.7 | Sep 2022 9.5 | Dec 2022 8.9 | Mar 2023 7.5 | Jun 2023 9.5 | Sep 2023 12.3 | Dec 2023 12.1 | Mar 2024 11.0 | Jun 2024 12.3 | Sep 2024 10.8 | Dec 2024 9.3 | Mar 2025 8.6 | Jun 2025 9.9 | Sep 2025 10.3 | Dec 2025 8.6 | Mar 2026 7.9
- FLAIR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 19.6 | Mar 2024 14.4 | Jun 2024 16.0 | Sep 2024 15.5 | Dec 2024 15.5 | Mar 2025 10.6 | Jun 2025 12.0 | Sep 2025 14.3 | Dec 2025 14.0 | Mar 2026 12.8
- KOKUYOCMLN: Jun 2021 86.2 | Sep 2021 63.2 | Dec 2021 32.5 | Mar 2022 32.4 | Jun 2022 34.4 | Sep 2022 18.6 | Dec 2022 20.1 | Mar 2023 15.8 | Jun 2023 22.4 | Sep 2023 19.9 | Dec 2023 19.7 | Mar 2024 14.6 | Jun 2024 19.1 | Sep 2024 25.7 | Dec 2024 23.2 | Mar 2025 23.9 | Jun 2025 40.2 | Sep 2025 44.8 | Dec 2025 17.6 | Mar 2026 11.8
- LINC: Jun 2021 24.0 | Sep 2021 19.8 | Dec 2021 16.5 | Mar 2022 19.9 | Jun 2022 13.2 | Sep 2022 12.1 | Dec 2022 12.8 | Mar 2023 12.9 | Jun 2023 16.0 | Sep 2023 18.0 | Dec 2023 17.1 | Mar 2024 13.9 | Jun 2024 13.7 | Sep 2024 17.3 | Dec 2024 14.6 | Mar 2025 9.1 | Jun 2025 12.7 | Sep 2025 10.4 | Dec 2025 9.6 | Mar 2026 8.2

### 20-quarter P/BV history
- DOMS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 15.2 | Sep 2024 20.0 | Dec 2024 17.5 | Mar 2025 19.4 | Jun 2025 18.6 | Sep 2025 15.0 | Dec 2025 14.2 | Mar 2026 12.4
- NAVNETEDUL: Jun 2021 2.5 | Sep 2021 2.5 | Dec 2021 2.2 | Mar 2022 2.2 | Jun 2022 2.3 | Sep 2022 2.8 | Dec 2022 2.6 | Mar 2023 2.3 | Jun 2023 2.9 | Sep 2023 3.0 | Dec 2023 2.7 | Mar 2024 2.5 | Jun 2024 3.1 | Sep 2024 2.5 | Dec 2024 1.7 | Mar 2025 1.7 | Jun 2025 2.5 | Sep 2025 1.9 | Dec 2025 1.6 | Mar 2026 1.4
- FLAIR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.4 | Mar 2024 5.3 | Jun 2024 3.5 | Sep 2024 3.6 | Dec 2024 3.3 | Mar 2025 2.5 | Jun 2025 3.0 | Sep 2025 3.1 | Dec 2025 3.0 | Mar 2026 2.8
- KOKUYOCMLN: Jun 2021 2.7 | Sep 2021 2.8 | Dec 2021 2.6 | Mar 2022 2.6 | Jun 2022 2.2 | Sep 2022 2.8 | Dec 2022 3.4 | Mar 2023 2.9 | Jun 2023 5.0 | Sep 2023 5.3 | Dec 2023 5.1 | Mar 2024 3.9 | Jun 2024 5.8 | Sep 2024 6.8 | Dec 2024 4.3 | Mar 2025 3.5 | Jun 2025 4.5 | Sep 2025 3.6 | Dec 2025 2.8 | Mar 2026 2.3
- LINC: Jun 2021 2.2 | Sep 2021 2.4 | Dec 2021 2.6 | Mar 2022 2.9 | Jun 2022 2.5 | Sep 2022 2.8 | Dec 2022 4.0 | Mar 2023 4.5 | Jun 2023 6.0 | Sep 2023 6.2 | Dec 2023 5.4 | Mar 2024 3.7 | Jun 2024 4.2 | Sep 2024 5.3 | Dec 2024 4.5 | Mar 2025 2.9 | Jun 2025 4.0 | Sep 2025 3.0 | Dec 2025 2.8 | Mar 2026 2.3

## Market action

Navneet Education Ltd has the strongest one-year price move in Printing & Stationery at -1.1%. It also leads on Mansfield relative strength against NIFTY at -1.3%. 0 of 5 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Navneet Education Ltd (NAVNETEDUL): -1.1%
2. DOMS Industries Ltd (DOMS): -6.6%
3. Flair Writing Industries Ltd (FLAIR): -21%
4. Kokuyo Camlin Ltd (KOKUYOCMLN): -30%
5. Linc Ltd (LINC): -30%

### Strongest relative strength versus NIFTY 500
1. Navneet Education Ltd (NAVNETEDUL): -1.3%
2. DOMS Industries Ltd (DOMS): -6.7%
3. Linc Ltd (LINC): -8.5%
4. Kokuyo Camlin Ltd (KOKUYOCMLN): -9.6%
5. Flair Writing Industries Ltd (FLAIR): -16%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 2 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 2 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- DOMS Industries Ltd (DOMS) — market value ₹13.5K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Navneet Education Ltd (NAVNETEDUL) — market value ₹3.2K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Flair Writing Industries Ltd (FLAIR) — market value ₹2.7K Cr; latest fundamentals Mar 2026
- Kokuyo Camlin Ltd (KOKUYOCMLN) — market value ₹841 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Linc Ltd (LINC) — market value ₹611 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 1. Unverified: 2. Withheld: 2. Graded companies: 5.

2 of 5 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

2 of 5 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: DOMS Industries Ltd (DOMS) — its two data sources disagree by up to 5.1% on reported income across 14 comparable periods, so its derived ratios are withheld; Navneet Education Ltd (NAVNETEDUL) — its two data sources disagree by up to 94% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | DOMS | DOMS Industries Ltd | diff_gt_2pct | disagreement up to 5.13% over 14 comparable periods
- WITHHELD | NAVNETEDUL | Navneet Education Ltd | diff_gt_2pct | disagreement up to 93.94% over 14 comparable periods

- UNVERIFIED | KOKUYOCMLN | Kokuyo Camlin Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | LINC | Linc Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Printing & Stationery index?

The Nifty Printing & Stationery index tracks India's listed Printing & Stationery companies as a single basket. This page follows the same 5 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Printing & Stationery sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Printing & Stationery stocks in India?

Ranked by this page's four-factor score, DOMS Industries Ltd places first among 5 listed Printing & Stationery companies, followed by Flair Writing Industries Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Printing & Stationery stocks are listed in India?

This comparison covers 5 listed Printing & Stationery companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Printing & Stationery company is the biggest?

DOMS Industries Ltd is the largest, with trailing-twelve-month revenue of ₹2,326 crore, ahead of Navneet Education Ltd at ₹1,721 crore. That covers 5 of 5 companies with comparable reporting through Mar 2026.

### Which Printing & Stationery company is growing fastest?

DOMS Industries Ltd has the fastest revenue growth at 21.6% year on year, across 5 of 5 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Printing & Stationery company has the best profit margins?

Flair Writing Industries Ltd has the highest operating margin at 18%, from 5 of 5 comparable companies. Flair Writing Industries Ltd shows the biggest recent improvement, at +2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Printing & Stationery company makes the most profit?

Navneet Education Ltd earns the most, at ₹369 crore of trailing-twelve-month net profit, from 5 of 5 comparable companies. Kokuyo Camlin Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Printing & Stationery company earns the highest return on capital?

DOMS Industries Ltd leads on return on capital employed at 24.3%, across 5 of 5 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Printing & Stationery stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Flair Writing Industries Ltd screens cheapest at 2.35×. Only 1 of 5 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Printing & Stationery company has the strongest balance sheet?

Linc Ltd carries the lowest comparable gross debt at ₹27 crore, from 5 of 5 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Printing & Stationery sector beating the market?

Printing & Stationery has underperformed NIFTY 500 by 10.4% over the last 52 weeks and 6.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 0 of 5 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Printing & Stationery stock has the strongest price momentum?

Navneet Education Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Printing & Stationery company scores highest for research priority?

DOMS Industries Ltd scores 62.3 out of 100 with 77.2% evidence confidence, from 20.2 points on growth and earnings, 18 on capital efficiency, 9.7 on valuation and 14.4 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Printing & Stationery companies does this comparison cover, and over what period?

It compares 5 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Printing & Stationery sector?

The 5 Printing & Stationery companies on this page carry ₹20,777 crore of combined market value. DOMS Industries Ltd is the largest at ₹13,479 crore, about 65% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Printing & Stationery sector's P/E ratio?

The median price-to-earnings ratio across the 5 Printing & Stationery companies on this page is 20.5×, measured on the 5 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Printing & Stationery sector performing?

0 of the 5 covered Printing & Stationery companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 10.4% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/printing-stationery