# Flair Writing Industries share price today (Flair Writing Industries Ltd, NSE: FLAIR)

> Flair Writing Industries share price today: ₹235.52 at the NSE close on 3 November 2026, down 24.3% in a year. Flair Writing Industries (NSE: FLAIR) is worth ₹2,478 crore, trades at a P/E of 17.7 and has closed between ₹220.52 and ₹337.55 over the past 52 weeks. > Flair Writing Industries Ltd's earnings have grown faster than its share price. Earnings per share grew +16.8% in a year while the price moved −24.3%. FLAIR · Printing & Stationery · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/flair-writing-industries-ltd

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## Key numbers

- Business trend: Getting better, from the last 12 quarters
- Price: ₹235.52 (−24.3% in a year)
- P/E: 17.7× (lower than 97% of the last 2.9 years)
- Revenue (Jun 2026): ₹319 Cr (+10.4% on a year ago)
- Profit (Jun 2026): ₹29.0 Cr (+0.0% on a year ago)
- Operating margin: 17.0% (flat on a year ago)
- ROCE: 17%, FY26
- ROIC: 12.2%, against a 12.0% cost of capital: +0.2 points

The main question: yearly earnings per share moved +16.8% while the share price moved −24.3%. ## What is the Flair Writing Industries share price today? Flair Writing Industries Ltd's share price was ₹235.52 at the close on 3 November 2026. It has been falling for 18 weeks. That is 12.0% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹221 and ₹338, and at that close it sat 13% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 1 week in a row. Over the last 2.9 years the share price moved −48% while the NIFTY 500 moved +17%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Flair Writing Industries this quarter? One change stood out: revenue up on a year earlier for 8 quarters in a row. 1. Revenue up on a year earlier for 8 quarters in a row In the June 2026 quarter revenue was ₹319 crore, +10.4% on a year earlier. Why: Domestic demand for the company's own brands held up and drove the sales increase. Next results: check whether sales growth picks up as domestic demand and exports improve. From the earnings call on 12 Aug 2026. ## What are Flair Writing Industries' latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Flair Writing Industries reported revenue of ₹319 crore, up 10.4% from ₹289 crore a year earlier, and a profit of ₹29.0 crore, up 0.0% from ₹29.0 crore. ### Flair Writing Industries results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹319 crore | ₹289 crore | +10.4% |
| Profit | ₹29.0 crore | ₹29.0 crore | 0.0% |
| Earnings per share | ₹2.71 | ₹2.72 | −0.4% |
| Operating margin | 17.0% | 17.0% | 0.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Flair Writing Industries' management discussed these results on a call held on 12 August 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Flair Writing Industries share price history? Flair Writing Industries closed at ₹235.52 on 3 November 2026, down 24.3% from ₹311.05 a year earlier (31 October 2025) and down 47.8% over three years. Its highest weekly close since December 2023 was ₹450.90 on 1 December 2023. ### Flair Writing Industries share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹223.20 | +5.5% |
| 1 month ago · 1 Oct 2026 | ₹226.57 | +4.0% |
| 6 months ago · 30 Apr 2026 | ₹318.75 | −26.1% |
| 1 year ago · 31 Oct 2025 | ₹311.05 | −24.3% |
| 3 years ago · 1 Dec 2023 | ₹450.90 | −47.8% |
| Earliest and highest weekly close in our records · 1 Dec 2023 | ₹450.90 | −47.8% |
| Lowest weekly close since December 2023 · 13 Mar 2025 | ₹204.19 | +15.3% |
| 52-week high (weekly close) · 8 May 2026 | ₹337.55 | −30.2% |
| 52-week low (weekly close) · 9 Oct 2026 | ₹220.52 | +6.8% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (159 weekly closes from 1 December 2023 to 3 November 2026.)

## What is the latest news on Flair Writing Industries? 6 Nov 2026: Coming up: ex-date for an interim dividend of ₹0.50 a share. 3 Nov 2026: Flair Writing Industries closed at ₹235.52, up 5.5% on the week and up 4.0% on the month. ### Earlier

- 19 Aug 2026: ex-date for a dividend of ₹0.50 a share. - 12 Aug 2026: Flair Writing Industries held its results call for April to June 2026. Management guided: FY27 revenue growth at 15% on a year earlier. - Results for April to June 2026: Revenue up 10.4% and profit up 0.0% on a year earlier. - Our read, 17 May 2026: A confirmed mix-shift compounder on a capital spending-to-payoff inflection, Creative and Steel Bottles doubling while core pens lasts; management credibility is the gating variable. - 4 Feb 2026: ex-date for an interim dividend of ₹0.50 a share. ### Our read of the business

Creative Stationery + Steel Bottles grew from 15% to 30% of revenue in one year, collectively +78.5% in 9M FY26, while core pens sustains mid-single-digit base.,Valsad greenfield facility commissioning (January to March 2026/April to June 2026) ends the heavy-capital spending cycle, operating profit already growing faster than revenue (25.7% vs 20.1% in October to December 2025), profit drag from +42% depreciation resolves as new capacity ramps.,Three documented management consistency failures (contradictory pen volume data, margin guidance walk-back, manufacturing integration delay) are the primary thesis risk, execution credibility is VERIFY, not TRUST. Latest quarter: Creative Avalanche, 9M beats 15% guide, but management consistency failures emerge. (Our read after the latest results, written 17 May 2026.)

## What dividend does Flair Writing Industries pay? Flair Writing Industries paid ₹1 a share in regular dividends in the 12 months to 4 November 2026 (2 payments), a yield of 0.42% at the ₹235.52 close on 3 November 2026. The last was a dividend of ₹0.50 a share, ex-date 19 August 2026. Next: ₹0.50 a share, ex-date 6 November 2026. ### Flair Writing Industries dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 6 Nov 2026 (upcoming) | ₹0.50 | Interim |
| 19 Aug 2026 | ₹0.50 | Dividend |
| 4 Feb 2026 | ₹0.50 | Interim |
| 8 Aug 2025 | ₹1 | Dividend |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here. 1 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Flair Writing Industries Ltd paid out 4% of its profit as dividends in FY26, and it paid a dividend in 2 of its last 8 reported years. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Flair Writing Industries management say on the latest results call? On the call for April to June 2026, held on 12 August 2026, Flair Writing Industries' management guided: FY27 revenue growth at 15% on a year earlier. > “We expect to target an EBITDA margin of 17-18% for the year.”
> Mohit Rathod, on the call for April to June 2026

### What management guided

- FY27 operating margin goal 17.5-18%. - FY27 writing-instruments growth in the high single digits; Creative and steel bottles and houseware near 40%, lifting combined contribution to 35-38% of FY27 revenue. - Three-year revenue yearly growth of 15% described as achievable. - Valsad commissioning to start by quarter-end, capacity in place by the following quarter and optimum utilization over the next two quarters; unit supports 1.5 years of growth and a roughly 3.0x capital spending-to-revenue ratio. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/35091/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 12 August 2026.)

## What is the future of Flair Writing Industries? What is changing in the business? What is changing at Flair Writing Industries, from the latest results and calls: value-added product mix shift (creative + steel bottles 15%→30% revenue share), geographical expansion (export own-brand 29.9% on a year earlier, 115 countries) and operating leverage inflection (operating profit growing faster than revenue). - Value-Added Product Mix Shift (Creative + Steel Bottles 15%→30% revenue share). Creative Stationery +71.8% and Steel Bottles +102.2% in 9M FY26, these segments collectively went from 15% to 30% of revenue in one year, growing at 5-7x the rate of core pens. ⚠ estimate
- Geographical Expansion (export own-brand 29.9% on a year earlier, 115 countries). India's largest pen exporter pivoting from private-label OEM to own-brand (Flair/Hauser/Pierre Cardin), export own-brand +29.9% on a year earlier in October to December 2025, structurally higher ASP and margin. ⚠ estimate
- Operating Leverage Inflection (operating profit growing faster than revenue). October to December 2025: operating profit +25.7% on revenue +20.1%, operating leverage is activating; profit drag from +42% depreciation resolves post-Valsad full commissioning (April to June 2026). ⚠ estimate
- In-house Manufacturing Integration (margin enhancement lever). Creative in-house manufacturing at 75% (Q3) vs 80-85% commitment, each point of in-house vs job-work improves gross margin and reduces supply risk; goal 80%+ in coming quarters. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the latest results, written 17 May 2026.)

## What could change the Flair Writing Industries story? What are the risks? Contradictory pen volume data (mathematically impossible), margin walk-back, and manufacturing integration delay documented across Jan 2026 and Nov 2025 calls, raises question of data reliability or selective disclosure. ### The main risks

- Management consistency failures, three documented in back-to-back concalls: Contradictory pen volume data (mathematically impossible), margin walk-back, and manufacturing integration delay documented across Jan 2026 and Nov 2025 calls, raises question of data reliability or selective disclosure. ✓ fact
- Profit-growth structural lag from capital spending-driven depreciation: Depreciation +42% on a year earlier in October to December 2025 (₹13.46 vs ₹9.48 crore) is causing profit to grow at 11-13% vs operating profit at 25.7%, this resolves only when Valsad/Surat facilities ramp to full utilization (FY27-28). ✓ fact
- Working capital intensity limiting free cash flow generation: Working capital cycle at 137 days (Nov 2025 call) vs goal of 10-day reduction; inventory elevated for new Creative and Steel Bottle launches; heavy cash conversion cycle limits free cash flow yield. ✓ fact
- Pen segment volume growth stagnation: Core pens at only 4.7% revenue growth in 9M FY26 vs high-single-digit guidance, the moat segment is growing below guided rate; industry volume challenges and domestic OEM exit suppressing headline numbers. ✓ fact

(Our read after the latest results, written 17 May 2026.)

## What to watch in Flair Writing Industries' next results? When Flair Writing Industries reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Revenue growth to reaccelerate as domestic demand and exports broaden; check own-brand international traction and progress toward the annual framework. - What to check (from the call)
- Revenue growth to reaccelerate as domestic demand and exports broaden; check own-brand international traction and progress toward the annual framework. - Gross and operating margin to stabilize as pricing, scheme rationalization and premiumization offset raw-material pressure; check sequential recovery. - Valsad machinery and molds commissioning to begin, followed by utilization ramp; check facility readiness and early creative output. - Working-capital improvement to resume as raw-material stocks and newer-category inventory normalize; check inventory and receivable days. ## Which stock lists is Flair Writing Industries on? Flair Writing Industries is not on any of our India lists this week. ## Is Flair Writing Industries profitable? Flair Writing Industries Ltd earned ₹29.0 Cr of net profit in the Jun 2026 quarter, +0.0% on the same quarter a year earlier. Full-year FY26 profit was ₹141 Cr. Over 9 years profit has grown 12.2% a year on average. That is 9.1% of the quarter's revenue. The same quarter a year earlier earned ₹29.0 Cr. For the full year, FY26 profit was ₹141 Cr (+18.5% on the year before). Why profit moved: revenue changed +10.4% on a year earlier and the margin moved +0.0 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +15.9% and revenue +14.4%. Profit and revenue are moving at about the same pace. ## How much revenue does Flair Writing Industries make, and is it growing? Flair Writing Industries Ltd reported ₹319 Cr of revenue in the Jun 2026 quarter, +10.4% on the same quarter a year earlier. That is the 8th quarter in a row with growth on the year before. Over 9 years it has grown 12.9% a year on average. The last full year, FY26, came in at ₹1,250 Cr. Why this happened. Export own-brand (Rs 88 crores, 9M FY26, +28.8% YoY) is being driven by South America and Middle East recovery. Export OEM also growing at 22.6% in 9M. EU FTA expected to boost future expansion (Creative segment export demand exists but supply-constrained). Pierre Cardin brand licensing provides premium positioning. The mix shift from OEM to own-brand at higher ASP is a durable margin-accretive lever. The last four reported quarters add to ₹1,281 Cr. FY26 revenue was ₹1,250 Cr, +15.7% on the year before. Recent pace: the last four quarters grew +14.4% on average, against 12.9% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +14.2%, against +14.4% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +16.4%, against +12.6% a year (accelerating). ## How much of every ₹100 of sales does Flair Writing Industries keep? Flair Writing Industries Ltd's operating margin was 17.0% in the Jun 2026 quarter, about the same as the same quarter a year ago. Across 8 years it has been between 8.0% and 20.0%. The latest quarter is within that range. Why this happened. The structural engine of the thesis. Creative Stationery (Rs 211 crores, 9M FY26) now includes 240 SKUs across 18 categories with Disney licensing and Maped distribution partnerships. Steel Bottles (Rs 64 crores, 9M FY26) reached Rs 25 crores quarterly run-rate by Q3 FY26, from a Rs 12 crore baseline. The critical insight: these segments are EBITDA-positive at higher margins than legacy pens. As they scale to 35-40% of revenue, blended EBITDA margins move from the current 18% toward 20%+. Valsad facility operationalization (Q1 FY27 full commissioning) removes the capacity constraint that has been limiting further acceleration. In the latest quarter it moved +0.0 percentage points on the same quarter a year ago. Why the margin moved: operating margin changed −0.5 percentage points on the year while gross margin changed −0.3 points. So the drop came mostly from the gross margin, which means input costs and prices charged. ## Is Flair Writing Industries' profit turning into cash? Over the last 3 years, 71% of Flair Writing Industries Ltd's reported profit came in as cash from its operations, so most of the profit is real cash. In FY26 it brought in ₹137 Cr of operating cash against ₹141 Cr of profit. After ₹145 Cr of spending on assets, free cash was −₹8.0 Cr: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 71% of profit came in as cash: the cash cycle got 89 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. What to look at next: the bigger use of cash is spending on new assets, at 3.1× depreciation over three years. The next section checks what that spending is building. ## Where does Flair Writing Industries' cash go? Flair Writing Industries Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 251 days in FY26, down from 340 days in FY21. It spent ₹425 Cr on assets over the last 3 years. Customers take 80 days to pay, and stock sits for 211 days on average. At FY26 sales of ₹1,250 Cr, each day of that cycle ties up about ₹3.4 Cr, so roughly ₹860 Cr is tied up in the business at any time. FY26: customers took 80 days to pay and stock sat for 211 days, about 6.9 months of sales sitting as stock, for a full cycle of 251 days, shorter than FY21's 340. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 211 days. Customers pay about 80 days after that. Suppliers are paid at 40 days. Together that makes the 251-day cycle. Spending on assets: ₹425 Cr over the last 3 years, against ₹135 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹60.0 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Flair Writing Industries' P/E ratio, and how does it compare with its own history? Flair Writing Industries Ltd's P/E is 17.7×, near the low end of its own history: it has been lower only 3% of the time. Its usual P/E (the middle reading) is 24.8×, over 2.9 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved +16.8% while the price moved −24.3%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 3 years the price moved −19.5% a year; about +5.7% a year came from earnings growth and about −25.2 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Flair Writing Industries business getting better or worse? Flair Writing Industries Ltd's business is getting better. Profit growth hit its low 7 quarters ago at −14.5% and has recovered to +16.4%, with ROCE steady at 16.6%. This is based on 12 quarters of 4 measures. Why it matters: a lasting rise from a low is what this page is built to show. ## What is the Flair Writing Industries story, and has it been checked? Flair Writing Industries Ltd's story is not scored yet against the checks our research set on 17 May 2026. Where it sits in its own cycle: RIDING WAVE TO POTENTIAL INFLECTION. Our read, 17 May 2026. A confirmed mix-shift compounder on a capex-to-payoff inflection, Creative and Steel Bottles doubling while core pens lasts; management credibility is the gating variable. From the numbers. Cycle position is COMPRESSED with GOLDEN SETUP (EPS acceleration signal). FII stake dropped from 1.38% (Dec…

From the price. Price stage 4, week 18, below its 200-day line, relative strength rising. From the research. A confirmed mix-shift compounder on a capex-to-payoff inflection, Creative and Steel Bottles doubling while core pens lasts; management credibility is the gating variable. Where they disagree. Cycle position is COMPRESSED with GOLDEN SETUP (EPS acceleration signal). FII stake dropped from 1.38% (Dec 2023) to 0.06% (Mar 2025) before recovering slightly to 0.3% (Dec 2025), ongoing FII exit trend is a negative institutional signal. DII stake stable at 9-11%. 78.59% promoter stake immovable across all periods. What is proven. A confirmed mix-shift compounder on a capex-to-payoff inflection, Creative and Steel Bottles doubling while core pens lasts; management credibility is the gating variable. What is not proven yet. Contradictory pen volume data (mathematically impossible), margin walk-back, and manufacturing integration delay documented across Jan 2026 and Nov 2025 calls, raises question of data reliability or selective disclosure. The test written in advance. Management consistency failures, three documented in back-to-back concalls. Measured by: Management consistency failures, three documented in back-to-back concalls FY27 concall: Does pen volume data become internally consistent? Are margin goals stated with explicit conditions? by the next result. The test written in advance. DOMS Industries competitive pressure in Creative Stationery. Measured by: DOMS Industries competitive pressure in Creative Stationery Creative segment quarterly revenue, is it sustaining 40-50%+ growth rate vs DOMS Creative segment growth? by the next result. The test written in advance. PAT-growth structural lag from capex-driven depreciation. Measured by: PAT-growth structural lag from capex-driven depreciation Q4 FY26 and Q1 FY27 depreciation run-rate vs revenue from Valsad facility by the next result. What the company does. Creative Stationery + Steel Bottles grew from 15% to 30% of revenue in one year, collectively +78.5% in 9M FY26, while core pens sustains mid-single-digit base. Valsad greenfield facility commissioning (Q4 FY26/Q1 FY27) ends the heavy-capex cycle, EBITDA already growing faster than revenue (25.7% vs 20.1% in Q3 FY26), PAT drag from +42% depreciation resolves as new capacity ramps. Three documented management consistency failures (contradictory pen volume data, margin guidance walk-back, manufacturing integration delay) are the primary thesis risk, execution credibility is VERIFY, not TRUST. Lever 1 · Operating leverage: building. Creative Stationery +71.8% and Steel Bottles +102.2% in 9M FY26, these segments collectively went from 15% to 30% of revenue in one year, growing at 5-7x the rate of core pens. What proves it keeps working: Value-Added Product Mix Shift (Creative + Steel Bottles 15%→30% revenue share). It stops working if FY27 concall: Does pen volume data become internally consistent? Are margin goals stated with explicit conditions? Lever 10 · New geographies: building. India's largest pen exporter pivoting from private-label OEM to own-brand (Flair/Hauser/Pierre Cardin), export own-brand +29.9% YoY in Q3 FY26, structurally higher ASP and margin. What proves it keeps working: Geographical Expansion (export own-brand 29.9% YoY, 115 countries). It stops working if FY27 concall: Does pen volume data become internally consistent? Are margin goals stated with explicit conditions? Lever 5 · Regulatory approval: building. Q3 FY26: EBITDA +25.7% on revenue +20.1%, operating leverage is activating; PAT drag from +42% depreciation resolves post-Valsad full commissioning (Q1 FY27). What proves it keeps working: Operating Leverage Inflection (EBITDA growing faster than revenue). It stops working if FY27 concall: Does pen volume data become internally consistent? Are margin goals stated with explicit conditions? Lever 7 · Consolidation: building. Creative in-house manufacturing at 75% (Q3) vs 80-85% commitment, each point of in-house vs job-work improves gross margin and reduces supply risk; goal 80%+ in coming quarters. What proves it keeps working: In-house Manufacturing Integration (margin enhancement lever). It stops working if FY27 concall: Does pen volume data become internally consistent? Are margin goals stated with explicit conditions? Sources: our stock research file (17 May 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Flair Writing Industries management deliver what it promised? What Flair Writing Industries Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Pen Growth Guidance Raised Without Reconciliation · 12 August 2026. In May 2026, management stated a 5% annual growth goal for Pens. In Aug 2026, management described the expected trajectory as high single-digit growth and called it the same guidance, without explaining the change from the explicit 5% goal; this could materially affect segment and consolidated revenue assumptions. Steel Bottle Capacity Expansion Conflicts With Prior Capex Discipline · 12 August 2026. In May 2026, management said no major manufacturing facility would be added until existing facilities were fully utilized. By Aug 2026, management announced an order for a fourth steel bottle line that would increase capacity by approximately 35%, while current utilization was about 65%; This changes the near-term capex and capacity assumptions. Pen Segment Growth Goals Reconsidered · 22 May 2026. In the November 2025 and January 2026 calls, management repeatedly committed to maintaining a high single-digit growth goal for the core pen division. In the May 2026 call, they revised this outlook downward to a 5% annual growth goal for writing instruments. Strategic Shift in Capex Intensity and Return Profile · 22 May 2026. During the January 2026 call, management indicated that once the Valsad facility was commissioned, capital outlays would transition exclusively towards maintenance capex and molds. However, in the May 2026 call, they announced a substantial capital outlay of 80 to 90 crores for the upcoming year and stated they are not pursuing an asset-light model. Every quote above is taken word for word from the company’s own earnings calls. ## What is Flair Writing Industries management's track record? Flair Writing has consistently met or exceeded its 15-16% revenue yearly growth guidance, reporting 18.6% growth for 9M FY26. While the core pen segment grew only 4.8% due to the total phase-out of domestic OEM business, the 'Creative' and 'Steel Bottles' segments surged by 78.5% on a year earlier, now contributing significantly to the top line. Operating margin have stabilized around 18%, though October to December 2025 saw a 95 basis points gross margin compression due to product mix. Management's focus remains on premiumization and capacity expansion at Valsad to drive FY27 growth. ### Regulatory and governance record

Flair Writing Industries Ltd (FLAIR) is classified as MINOR due to recent administrative and tax-related penalties, with no evidence of promoter fraud or SEBI enforcement actions. In October 2024, the company was ordered by the EPFO to pay ₹1.18 crore in damages and interest under the EPF Act, 1952. Additionally, in March 2026, the company received a GST demand of ₹73.14 lakh (plus an equivalent penalty) regarding Input Tax Credit for FY 2019-20. The company has stated it will challenge both orders and expects no material impact on operations. Promoters were verified as having no disciplinary actions from SEBI as of their 2023 listing addendum. No links to the 'Retro Green' or 'Debock' scams were found. (Checked 20 April 2026.)

## How much does Flair Writing Industries earn on its capital? Flair Writing Industries Ltd earned a ROCE of 17% in FY26. That is up from a low of 16% in FY25. Its return on capital used (ROIC) is 0.2 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 11.3% net margin and 0.91× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 11.3% net margin × 0.91× asset turnover × 1.20× leverage (assets divided by equity) ≈ 12.3% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 12.2% − 12.0% = +0.2 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error. ## Does Flair Writing Industries have too much debt? Flair Writing Industries Ltd has total debt of ₹66.0 Cr against shareholder equity of ₹1,143 Cr as of Jun 2026, so its debt is 0.06× its equity, which is very little. Year by year, that ratio went from 0.28 in FY23 to 0.06 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Flair Writing Industries shareholding pattern? Domestic institutions cut their stake in Flair Writing Industries Ltd by 1.0 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 10.4% of the company. Foreign institutions moved +0.9 points over the same period, to 0.9%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: −1.0 points over 8 quarters, to 10.4%; Foreign institutions: +0.9 points over 8 quarters, to 0.9%; Promoters: +0.0 points over 8 quarters, to 78.6%. Why the owners changed: domestic institutions drove it (−1.0 points), with the other side taken by foreign institutions (+0.9 points). They reduced their stake. ## How far is Flair Writing Industries from balance-sheet trouble? For Flair Writing Industries Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. Why this happened. EBITDA margins oscillating 17-19% with a gradual upward bias. The key constraint on PAT leverage is depreciation: Rs 13 crores/quarter in Q3 FY26 vs Rs 9.48 crores in Q3 FY25 (+42% YoY), directly suppressing PAT growth to 11-13% vs EBITDA growth of 25.7%. Post-Valsad full commissioning (Q1 FY27), management guided 'capex shifts to maintenance and product molds only; no new major manufacturing facilities until full utilization achieved; EBITDA margins expected to gradually improve as economies of scale activate.' This resolves the PAT-lag structural issue if the commissioning is on schedule. ## How does Flair Writing Industries rank in its industry? 61.8 out of 100, rank 1 of 5 in Printing & Stationery, with 100% of the evidence available. Flair Writing Industries Ltd scores 61.8 out of 100 against the 5 companies it is compared with in Printing & Stationery, ranking 1. Earnings are strong; relative strength in its sector is -3.8% and the one-year return is -25.9%. The four parts add up to the total exactly: 23.7 + 14.9 + 16.9 + 6.3 = 61.8. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Flair Writing Industries compared with? Flair Writing Industries ranks 1 of 5 Printing & Stationery companies on the 4-Factor Sector Score, with 61.8 out of 100. 1. Flair Writing Industries Ltd this page FLAIR · basing · Evidence leans up · 100% evidence 61.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.7/35 · Revenue 14.2% · Profit 16.4% · Operating margin change 0 points · 100% evidence Capital efficiency 14.9/25 · ROCE 16.8% · Operating margin 17% · 100% evidence Valuation 16.9/20 · P/E 17.4× · PEG 1.18 · 100% evidence Relative strength 6.3/20 · Lead over its industry -3.8% · Lead over NIFTY 500 -14.7% · 1 year -25.9% · 100% evidence · 0 of 12 weeks ahead Exact sum: 23.7 + 14.9 + 16.9 + 6.3 = 61.8 · What this means: Earnings are strong; relative strength in its sector is -3.8% and the one-year return is -25.9%. 2. [DOMS Industries Ltd](https://www.sectoralpha.in/stocks/doms-industries-ltd) DOMS · quiet · Evidence leans up · 67% evidence 53.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.8/35 · Revenue 19.9% · Profit 3.2% · Operating margin change -6 points · 95% evidence Capital efficiency 19.4/25 · ROCE 24.3% · Operating margin 12% · 76% evidence Valuation 12.0/20 · P/E 50.9× · PEG n/a · 50% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -16.7% · 1 year -29.1% · 25% evidence · 0 of 12 weeks ahead Exact sum: 14.8 + 19.4 + 12 + 7.5 = 53.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Kokuyo Camlin Ltd](https://www.sectoralpha.in/stocks/kokuyo-camlin-ltd) KOKUYOCMLN · basing · Evidence leans up · 85% evidence 53.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.7/35 · Revenue 6.2% · Profit 100% · Operating margin change -1.8 points · 100% evidence Capital efficiency 7.6/25 · ROCE 10.2% · Operating margin 6.8% · 100% evidence Valuation 13.3/20 · P/E 34× · PEG 1.5 · 100% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -8% · 1 year -28.5% · 25% evidence · 0 of 12 weeks ahead Exact sum: 24.7 + 7.6 + 13.3 + 7.5 = 53.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Navneet Education Ltd](https://www.sectoralpha.in/stocks/navneet-education-ltd) NAVNETEDUL · turning · Evidence leans down · 82% evidence 43.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 9.7/35 · Revenue -3.8% · Profit 64.2% · Operating margin change -4 points · 95% evidence Capital efficiency 9.2/25 · ROCE 10.2% · Operating margin 25% · 76% evidence Valuation 9.7/20 · P/E 22.3× · PEG n/a · 50% evidence Relative strength 15.0/20 · Lead over its industry 6.7% · Lead over NIFTY 500 -5.1% · 1 year -21.9% · 100% evidence · 0 of 12 weeks ahead Exact sum: 9.7 + 9.2 + 9.7 + 15 = 43.6 · What this means: Relative strength against the index is -5.1%, and revenue and profit growth are weak. 5. [Linc Ltd](https://www.sectoralpha.in/stocks/linc-ltd) LINC · Evidence leans down · 73% evidence 41.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 11.5/43.75 · Revenue -1% · Profit -12.5% · Operating margin change -0.9 points · 100% evidence Capital efficiency 19.4/31.25 · ROCE 19.1% · Operating margin 8.7% · 100% evidence Valuation 10.7/25 · P/E 15.4× · PEG 2.41 · 65% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 11.5 + 19.4 + 10.7 = 41.6 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Jun 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Printing & Stationery](https://www.sectoralpha.in/sectors/printing-stationery), all 5 compared on one page. ## Which companies are close to Flair Writing Industries in size? Flair Writing Industries is the 3rd largest of 5 Printing & Stationery companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: DOMS Industries and Navneet Education. Just below it: Kokuyo Camlin and Linc. ### Printing & Stationery companies close in size

1. [DOMS Industries Ltd](https://www.sectoralpha.in/stocks/doms-industries-ltd) ₹11,067 crore
2. [Navneet Education Ltd](https://www.sectoralpha.in/stocks/navneet-education-ltd) ₹2,794 crore
3. Flair Writing Industries Ltd ₹2,430 crore
4. [Kokuyo Camlin Ltd](https://www.sectoralpha.in/stocks/kokuyo-camlin-ltd) ₹748 crore
5. [Linc Ltd](https://www.sectoralpha.in/stocks/linc-ltd) ₹485 crore

[All 5 Printing & Stationery companies, largest first](https://www.sectoralpha.in/sectors/printing-stationery#all-companies)

### Companies close in size in other industries

1. [Dolphin Offshore Enterprises (India) Ltd](https://www.sectoralpha.in/stocks/dolphin-offshore-enterprises-indialtd) ₹2,435 crore · Oil Drilling & Exploration
2. [Kabra Extrusion Technik Ltd](https://www.sectoralpha.in/stocks/kabra-extrusion-technik-ltd) ₹2,431 crore · Capital Goods - Engineering Heavy
3. Flair Writing Industries Ltd ₹2,430 crore
4. [Crizac Ltd](https://www.sectoralpha.in/stocks/crizac-ltd) ₹2,425 crore · Platform - Education
5. [Rishabh Instruments Ltd](https://www.sectoralpha.in/stocks/rishabh-instruments-ltd) ₹2,424 crore · Capital Goods - Electric General

## What else do people ask about Flair Writing Industries? ### What is Flair Writing Industries's share price today? Flair Writing Industries Ltd's share price is ₹235.52, −24.3% over the past year. The whole company is worth ₹2,478 Cr on the market. In the last 52 weeks it traded between ₹221 to ₹338; today it is 13% of the way up from the low, 12.0% below its 200-day average (as of 3 November 2026). ### What were Flair Writing Industries's latest quarterly results? Flair Writing Industries Ltd reported revenue of ₹319 Cr and net profit of ₹29.0 Cr for the Jun 2026 quarter. Revenue rose 10.4% and profit rose 0.0% compared with a year earlier. Earnings per share were ₹2.71. The operating margin was 17.0%, 0.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Flair Writing Industries's market cap? Flair Writing Industries Ltd's market capitalisation is ₹2,478 Cr at a share price of ₹235.52. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Flair Writing Industries performing? Flair Writing Industries Ltd's share price has been falling for 18 weeks. In its latest quarter, revenue rose 10.4% and profit rose 0.0% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 1 week running (as of 3 November 2026). ### Will Flair Writing Industries's share price go up? This page does not forecast Flair Writing Industries Ltd's share price. What it shows instead: the share price is ₹235.52, and it has been falling for 18 weeks. Its P/E of 17.7× is higher than 3% of its own last 3 years (as of 3 November 2026). ### Who owns Flair Writing Industries? Promoters own 78.6% of Flair Writing Industries Ltd, foreign institutions 0.9%, domestic institutions 10.4% and the public 10.1% (latest quarter). The biggest change over the last two years: Domestic institutions cut their stake by 1.0 percentage points over 8 quarters (as of 3 November 2026). ### Does Flair Writing Industries have too much debt? No, Flair Writing Industries Ltd has little debt: its debt is 0.06× its equity, and its operating profit is 38 times its interest bill. FY26 borrowings were ₹66.0 Cr against equity of ₹1,142 Cr. So the returns on this page come from the business, not borrowed money (as of 3 November 2026). ### Where is Flair Writing Industries in its business cycle? Flair Writing Industries Ltd's FY26 operating margin was 18.0%, against a 8-year range of 8.0% to 20.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 17.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Flair Writing Industries story? The main question: yearly earnings per share moved +16.8% while the share price moved −24.3%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Flair Writing Industries a stock worth studying right now? What the numbers show: Flair Writing Industries Ltd's earnings have grown faster than its share price. Earnings per share grew +16.8% in a year while the price moved −24.3%. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Flair Writing Industries share price forecast for 2026? What management itself guided: FY27 revenue growth at 15% on a year earlier. What is changing at Flair Writing Industries, from the latest results and calls: value-added product mix shift (creative + steel bottles 15%→30% revenue share), geographical expansion (export own-brand 29.9% on a year earlier, 115 countries) and operating leverage inflection (operating profit growing faster than revenue). What would change the story: Contradictory pen volume data (mathematically impossible), margin walk-back, and manufacturing integration delay documented across Jan 2026 and Nov 2025 calls, raises question of data reliability or selective disclosure. ### Where does this page get Flair Writing Industries' management information? From Flair Writing Industries' results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. This is research, not advice. We’re not SEBI-registered.