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Flair Writing Industries Ltd (FLAIR)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544030 NSE: FLAIR Printing & Stationery | Small Cap | Flair Writing Ind. Share Price

₹251 2.50 (1.01%)

As on 24-Aug'26 16:59

Flair Writing Industries Ltd (FLAIR)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544030 NSE: FLAIR Printing & Stationery | Small Cap | Flair Writing Ind. Share Price

₹251 2.50 (1.01%)

As on 24-Aug'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹2,645 Cr.
Current Price
₹251
52-Week Low / High
₹243 / 348
TTM EPS
₹11
TTM Sales
₹1,029 Cr.
Book Value per Share
₹107
P/E Ratio
22.90
In line with its 5-year historical median
Industry PE
45.2
Price to Book (P/B)
2.35
Lower than its 5-year historical median
Price to Sales (P/S)
2.57
Lower than its 5-year historical median
EV/EBITDA
13.72
In line with its 5-year historical median
Dividend Yield
0.4%
Profitability Efficiency
Return on Equity (ROE)
11.21%
Outperforms industry median
Return on Capital Employed (ROCE)
15.13%
Outperforms industry median
Return on Assets (ROA)
9.74%
Operating Profit Margin
15.3%
Net Profit Margin
11.64%
Gross Profit Margin
18.5%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
6.71%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
1.76%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
5.18%
Asset Quality
Promoter Holding
78.59%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,075 Cr.
Equity
₹52.7 Cr.
Face Value
₹5
All Time Low / High
₹195.00 / 514.00

Flair Writing Industries stock performance

Key Ratios
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Check Before You Invest

Valuation

Somewhat Overvalued

Price Trend

Semi Strong
Q.1 Is Flair Writing Industries Ltd a good quality company?
Flair Writing Industries Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Flair Writing Industries Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Flair Writing Industries Ltd vs industry peers?
Flair Writing Industries Ltd revenue CAGR is 28.49%, compared to the industry median CAGR of 5.61%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Flair Writing Industries Ltd?
Promoters hold 78.59% of the Flair Writing Industries Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Flair Writing Industries Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of -19.2% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Flair Writing Industries Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 23.2%36.9%27.9%17.8%3.2%19.8%33.6%23%15.9%15.1%-
Value Creation
Index
0.71.61.00.3-0.80.41.40.60.10.1-

Growth Parameters

Sales 1485056135812895549049199491,0131,029
Sales YoY Gr.-240.7%21.5%-5.2%-50.2%91.5%63.2%1.6%3.3%6.7%-
Adj EPS 154.4285.627.916.30.223.111.410.810.310.511
YoY Gr.-84.9%-90.3%-41.4%-98.7%10890.5%-50.6%-5.4%-4.8%2.6%-
BVPS (₹) 124.3866.195110.9111.2134.445.684.495104.6107
Adj Net
Profit
24.749.96538.10.553.9107114108111116
Cash Flow from Ops. 17.845.335.777.170.42378.810658.2136-
Debt/CF from Ops. 6.73.95.72.21.75.11.20.30.30.1-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 23.8%28.5%3.9%6.7%
Adj EPS -25.8%118.8%-2.6%2.6%
BVPS-1.9%-1.2%31.9%10.1%
Share Price - - - -19.6%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
34.757.534.615.90.218.828.817.311.510.610.4
Op. Profit
Mgn %
17.218.819.316.17.816.81919.216.115.314.9
Net Profit
Mgn %
16.79.910.66.60.29.711.812.411.41111.2
Debt to
Equity
61.20.90.70.50.40.2000-
Working Cap
Days
350132180213386208157193240263106
Cash Conv.
Cycle
1596110414528215110811513113485

Valuation of Flair Writing Ind. - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales1485056135812895549049199491,013
Operating Expenses + 123410495487267461733743797858
Manufacturing Costs10394346254363667676
Material Costs75261320303163296495466488525
Employee Cost 257487955785112136153173
Other Costs 12354444223662758083
Operating Profit 2595118942393171176153155
Operating Profit Margin (%) 17.2%18.8%19.3%16.1%7.8%16.8%18.9%19.2%16.1%15.3%
Other Income + 23755121114203541
Exceptional Items 0000000000
Interest 61719161199843
Depreciation 5151823222324293335
Profit Before Tax 38698660272151158151158
Tax 1319212211840403940
Profit After Tax 25506538054112118112118
PAT Margin (%) 16.7%9.9%10.6%6.6%0.2%9.7%12.4%12.9%11.8%11.6%
Adjusted EPS (₹)154.4286.127.916.30.223.112.011.210.611.2
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%9.40%8.90%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 201512222592603144268891,0011,103
Share Capital 002323232347535353
Reserves 201511992362362903798369491,050
Debt +11817319615911511193351615
Long Term Debt4981221141047035291615
Short Term Debt114757445114159600
Minority Interest0000000000
Trade Payables28556359384753584658
Others Liabilities 29404562556762919390
Total Liabilities 1944195255394675396341,0731,1561,266

Fixed Assets

Net Fixed Assets +86144182195178181200251294304
Gross Block91166226264266288329408484517
Accumulated Depreciation523446988107129157190213
CWIP 2830002201234
Investments 00001604435123
Inventories3888129149128179186187221244
Trade Receivables30115161164110141162194216205
Cash Equivalents 612310123411011
Others Assets 32634828343880184269344
Total Assets 1944195255394675396341,0731,1561,266
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 1845367770237910658136
PBT 38698660272151158151158
Adjustment -123236392730322375
Changes in Working Capital -2-31-69-842-69-62-30-6412
Tax Paid -6-24-17-13-0-10-42-46-36-40
Cash Flow From Investing Activity + -21-51-52-22-16-8-46-328-29-153
Capex -21-51-52-22-3-26-45-75-61-64
Net Investments 0000-16170-26695-30
Others -000031-113-63-59
Cash Flow From Financing Activity + 8017-54-57-15-32274-28-26
Net Proceeds from Shares 0400000036500
Net Proceeds from Borrowing 1-14000000-13-1
Interest Paid -6-17-18-14-10-8-9-6-2-1
Dividend Paid 000000000-16
Others 14-835-40-47-7-24-86-13-8
Net Cash Flow 5-611-3-00512-43
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)34.7158.3934.8615.860.1918.830.1817.9711.8611.21
ROCE (%)23.2136.8727.917.753.1619.7733.5523.0215.9415.13
Asset Turnover Ratio0.611.651.31.090.571.11.561.10.870.86
PAT to CFO Conversion(x)0.720.90.552.03N/A0.430.710.90.521.15
Working Capital Days
Receivable Days132.5052.5082.20101.90172.7082.9060.5069.2077.4073.80
Inventory Days121.7045.4064.7087.30175101.2072.8072.507781.50
Payable Days155.1057.8067.2073.30108.4052.703743.5038.8035.90

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Flair Writing Industries Ltd FAQs

The current trading price of Flair Writing Ind. on 24-Aug-2026 16:59 is ₹251.0.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 23-Aug-2026 the market cap of Flair Writing Ind. stood at ₹2,645.4 Cr

The latest P/E ratio of Flair Writing Ind. as of 23-Aug-2026 is 22.90.

The latest P/B ratio of Flair Writing Ind. as of 23-Aug-2026 is 2.35.

The 52-week high of Flair Writing Ind. is ₹347.9 and the 52-week low is ₹243.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Flair Writing Ind. is ₹1,029 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Flair Writing Industries Ltd is a good quality company.

The key valuation ratios of Flair Writing Industries Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Flair Writing Industries Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Flair Writing Industries Ltd

Flair Writing Industries is among the top three players in the overall writing instruments industry and occupy a decent market share in the overall writing and creative instruments industry in India. The company is also among the top two organized players which have seen faster growth in revenue as compared to overall writing and creative instrument industry growth rate. The company’s flagship brand “Flair” has enjoyed a market presence of many years. It has an extensive range of products across various price points and cater to a broad range of consumers, including students, professionals and offices. It manufactures and distributes writing instruments including pens, stationery products and calculators. Leveraging on its manufacturing capabilities, and its existing customer base in the writing and creative instruments business, it has also diversified into manufacturing houseware products and steel bottles.

Business area of the company

The company manufactures and distributes several brands in India and due to its ability to manufacture quality products and its distribution and retail capabilities, it is able to partner with various international brands in the writing instruments industry. The company’s products are sold under its “Flair” brand, its principal brands “Hauser” and “Pierre Cardin” and it has also introduced “ZOOX” in India. Its brands “Flair” and “Hauser” offer mass-market and premium pen and stationery products, its brand “ZOOX” focusses on mid-premium and premium writing instruments, and its “Pierre Cardin” brand offers premium pen and stationery products. It also contracts manufacture writing instruments as an OEM for export and for sale in India. It also provides customized corporate gifting products to its corporate customers.

The company’s product range includes a variety of pens (ball pens, fountain pens, gel pens, roller pens and metal pens), which is its largest category in terms of number of products offered, stationery products (mechanical pencils, highlighters, correction pens, markers, gel crayons and kids’ stationery kits) and calculators. It has also forayed into manufacturing a wide range of houseware products including casseroles, bottles, storage containers, serving solutions, cleaning solutions and basket and paper bins, through one of its Subsidiaries, FWEPL (Flair Writing Equipments Private Limited). It intends to utilize a portion of the proceeds from the Offer for funding capital expenditure of FWEPL for purchase of machinery and moulds to expand its manufacturing capacity for writing instruments.

Key Awards, Accreditations and Recognitions

  • 1985-1986: Export Award to NPPI in the category for fountain pens, ball point pens, sign pens, fibre tip pens etc. from the PLEX Council
  • 1986-1987: Export Award to NPPI in the category for fountain pens, ball point pens, sign pens, fibre tip pens etc. from the PLEX Council
  • 1987-1988: Export Award to NPPI in the category for fountain pens, ball point pens and refills from the PLEX Council
  • 1988-1989: Export Award to NPPI in the category for fountain pens, ball point pens and refills from the PLEX Council
  • 1989-1990: Export Award to NPPI in the category for fountain pens, ball point pens and refills from the PLEX Council
  • 1990-1991: Export Award to NPPI in the category for fountain pens, ball point pens and refills from the Plastics and Linoleum Export Promotion Council (“PLEX Council”)
  • 1997-1998: Best Exporter Award to NPPI from the WIMO
  • 1998-1999: Award for the No. 3 Exporter to NPPI from the WIMO
  • 2000-2001: Award for the Best Export Performance to NPPI in the category for plastic and linoleum products (SSI) from the Industries, Energy and Labour Department, Government of Maharashtra
  • 2001-2002: Award for the Third Top Exporter to NPPI from the WIMO
  • 2002-2003: Award for No. 2 Exporter to NPPI from the WIMO
  • 2004-2005: Award for Second Best Exporter to NPPI in the category for all kinds of parts/components for writing instruments from the PEPC 
  • 2004-2005: Award for Second Best Exporter to NPPI in the category for writing instruments from the PEPC 
  • 2004-2005: Award for No. 2 Exporter to NPPI from the BFPMTA
  • 2005-2006: Award for Second Best Exporter to NPPI in the category for writing instruments from the PEPC
  • 2005-2006: Award for No. 2 Exporter to NPPI from the BFPMTA
  • 2005-2006: Award for No. 3 Exporter to NPPI from the WIMO
  • 2006-2007: First Award for the Best Export Performance to NPPI in the category for plastic and linoleum products (SSI) from the Industries Department, Directorate of Industries, Government of Maharashtra
  • 2006-2007: Award for No. 2 Exporter to NPPI from the BFPMTA
  • 2007-2008: Award for No. 3 Exporter to NPPI from the BFPMTA
  • 2007-2008: Appreciation Memento for Admirable Export to Flair Impex Corporation from the BFPMTA 
  • 2007-2008: Award for No. 1 Exporter to the Flair Group of Companies from the WIMO
  • 2008-2009 Award for No. 1 Exporter to the Flair Group of Companies from the BFPMTA
  • 2009-2010 Award for No. 1 Exporter to the Flair Group of Companies from the BFPMTA
  • 2010-2011 Award for No. 1 Exporter to the Flair Group of Companies from the BFPMTA
  • 2011-2012 Award for No. 2 Exporter to the Flair Group of Companies from the BFPMTA
  • 2012-2013 Award for No. 2 Exporter to the Flair Group of Companies from the BFPMTA
  • 2013-2014: Award for No. 1 Exporter to the Flair Group of Companies from the WIMO
  • 2013-2014: Award for No. 2 Exporter to the Flair Group of Companies from the BFPMTA
  • 2014-2015: Award for No. 1 Exporter to the Flair Group of Companies from the WIMO
  • 2014-2015: Export Excellence Award for No. 1 Exporter to the Flair Group of Companies from the BFPMTA
  • 2014-2015: Most Valuable Brand 2014 award in the category of Gems, Jewellery and accessories from WCRC
  • 2015-2016: Export Excellence Award for No. 1 Exporter to FPPIPL from the BFPMTA
  • 2015-2016: Export Award (First) to FPPIPL from the PEPC in the category for writing instruments
  • 2015-2016: Award for No. 1 Exporter to the Flair Group of Companies from the WIMO
  • 2016-2017: Export Award (First) to FPPIPL from the PEPC in the category for writing instruments
  • 2016-2017: Award for No. 1 Exporter to the Flair Group of Companies from WIMO
  • 2016-2017: Export Excellence Award to the Flair Group of Companies for being No. 1 Exporter from the PSAI
  • 2017-2018: Award for participation at the 25th India Big7 International Trade Fair
  • 2017-2018: Award for Second Best Exporter to the Company from the PEPC in the category for writing instruments (excluding parts)
  • 2017-2018: Export Excellence Award to the Company for being No. 1 Exporter from the PSAI
  • 2018-2019: Export Award to the Company from the PEPC in the category for writing instruments (excluding parts)
  • 2018-2019: Top Exporters Award to the Company for Outstanding Export from the PSAI
  • 2019-20: Top Exporters Award to the Company for being No. 2 Exporter from the PSAI
  • 2019-20: Award for Top Exporter to the Company from the PEPC in the category for writing instruments (excluding parts)
  • 2020-21: Award for Top Exporter to the Company from the PEPC in the category for writing instruments (excluding parts) 
  • 2021-22: Top Exporters Award to the Company for being No. 3 Exporter from the PSAI
Major Events

  • 1976: “Flair” brand was registered as a trademark (word)
  • 1998: The company commenced production at one of its manufacturing units in Daman
  • 2005: The company’s manufacturing unit, Daman Unit-II, was set up in Daman
  • 2008: Introduced “Flair Calculators”
  • 2009: The company’s manufacturing plant, Dehradun Unit-I, was set up in Dehradun, Uttarakhand
  • 2011: The company’s manufacturing plant, Dehradun Unit-II, was set up in Dehradun, Uttarakhand
  • 2012: The company started offering “Pierre Cardin” writing products
  • 2014: NPPI acquired certain trademarks of the “Hauser” brand
  • 2015: The company’s manufacturing unit, Naigaon Unit-I, was set up in Naigaon, Maharashtra
  • 2016: The company was incorporated upon conversion of M/s. Flair Writing Instruments 
  • 2016: The company’s manufacturing unit, Daman Unit-IV, was set up in Daman
  • 2018: A scheme of arrangement under Section 230 to 232 of the Companies Act, 2013 was approved by the NCLT, Mumbai Bench, pursuant to which the Transferor Companies merged with and into the company
  • 2018: The company was converted into a public limited company
  • 2018: The company entered into a deed of assignment with Flair Pens Limited (a member of the Promoter Group and a Group Company) for the assignment of certain trademarks relating to the “Pierre Cardin” brand
  • 2018: The company’s manufacturing plant, Valsad Building-II, was set up in Valsad, Gujara
  • 2019: “FLAIR CREATIVE” brand was registered as a trademark (word)
  • 2019: “Flair Writing Equipments Private Limited” was incorporated as a subsidiary of the company
  • 2019: The company’s manufacturing plant, Valsad Building-III, was set up in Valsad, Gujarat
  • 2020: “HAUSER ARTZ” brand was registered as a trademark (word)
  • 2021: “Flair Creative” range of products was launched
  • 2022: “ZOOX” brand was registered as a trademark (word)
  • 2022: Acquired shares of “Flair Cyrosil Industries Private Limited” and it became one of its subsidiaries
  • 2022: The company’s manufacturing plant, Valsad Building-IV, was set up in Valsad, Gujarat
  • 2023: The overall installed capacity of writing instruments reached 2.02 billion pieces per annum which increased from 1.29 billion pieces in 2018
  • 2023: The company’s manufacturing plant, Daman Agarwal Unit, was set up in Daman, Dadra and Nagar Haveli and Daman and Diu
  • 2023: A scheme of arrangement under Section 230 to 232 of the Companies Act, 2013 was approved by the NCLT, Mumbai Bench, pursuant to which FDPL merged with the company 

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