Stock in Focus After Promoter Offloads 27.12% Stake to Japanese Firm Aica Kogyo

Synopsis: Aica Kogyo acquired a 27.12% stake in Stylam via two February 2026 deals, cutting promoter holding to 26.98% and moving closer to majority control.

This Small-cap Consumer Durable stock, engaged in manufacturing and selling decorative laminates, specialty surfaces, compact laminates, PU lacquer-coated boards, and solid acrylic sheets for furniture, interiors, and construction, is in focus after the promoter offloads a 27.12 percent stake to a Japanese Firm Aica Kogyo.

With a market capitalization of Rs. 3,783.48 crores, the share of Stylam Industries Limited has reached an intraday high of Rs. 2,242.95 per equity share, rising nearly 0.95 percent from its previous day’s close price of Rs. 2,221.80. Since then, the stock has retreated and is currently trading at Rs. 2,232.40 per equity share. 

News

Aica Kogyo Company had proposed to acquire a controlling stake in Stylam Industries through a two-step transaction in October 2025. The Japanese company planned to first buy promoter shares and then launch an open offer to reach a majority ownership of 51 percent or more stake in the company. The first step of this proposed acquisition was executed on February 13, 2026, when Aica Kogyo purchased 16,94,806 equity shares, representing a 10 percent stake in Stylam Industries Limited. These shares were sold by promoter Pushpa Gupta as part of the strategic transaction.

The second major transaction took place on February 17, 2026, through a bulk deal on the stock exchange. Aica Kogyo acquired 29.01 lakh shares, equal to a 17.12 percent stake, at a transaction price of Rs. 2,250 per share, worth about Rs. 652.94 crore.

Promoters Manav Gupta, Pushpa Gupta, and Dipti Gupta were the sellers in the February 17 deal. Dipti Gupta sold 3,41,400 shares (2.01 percent) and Manav Gupta sold 3,24,384 shares (1.91 percent), with both exiting their entire holdings in the company. Pushpa Gupta sold 22,36,178 shares, representing 13.19 percent of Stylam Industries Limited’s equity. Her stake reduced sharply from 24.08 percent in December 2025 to about 0.89 percent after the February 13 & 17 transactions, marking a significant dilution of promoter ownership.

Following these two transactions, Aica Kogyo’s total holding in Stylam Industries has risen to about 27.1 percent (10 percent + 17.12 percent). This positions the company as a major strategic shareholder and moves it closer to its proposed controlling stake target.

As a result, the total promoter shareholding dropped from 52.19 percent earlier to around 26.98 percent after the deals. The change reflects a major ownership shift and signals a transition toward foreign strategic control.

The acquisition highlights Aica Kogyo’s long-term expansion strategy in India’s laminate and surface materials market. Investors are closely watching the next step, which could include an open offer to reach majority ownership.

Stylam Industries Limited was established on October 28, 1991, as Golden Laminates Private Limited in Panchkula, Haryana, India. The company manufactures premium decorative laminates, industrial boards, and allied products like PU-lacquer coated thin laminates and solid acrylic surfaces using advanced hot coating processes. 

Stylam Industries Limited’s operating Asia’s largest single-location plant with 14.3 million sheets annual capacity, and serves furniture, real estate, and interior sectors domestically and exports to over 65 countries .

Global Presence

Stylam Industries Limited has a strong global presence across Europe, Asia, the Middle East, North and South America, exporting to countries such as Germany, France, Italy, USA, Canada, the UAE, Saudi Arabia, Singapore, Thailand, and South Korea, strengthening its international laminate market reach.

Recent Quarter Results

Coming into financial highlights, Stylam Industries Limited’s revenue has increased from Rs. 255 crore in Q3 FY25 to Rs. 271 crore in Q3 FY26, which has grown by 6.27 percent. The net profit has also grown by 53.33 percent from Rs. 30 crore in Q3 FY25 to Rs. 46 crore in Q3 FY26.

Stylam Industries Limited’s revenue and net profit have grown at a CAGR of 17.38 percent and 45.05 percent, respectively, over the last five years.

In terms of return ratios, the company’s ROCE and ROE stand at 27.4 percent and 20.4 percent, respectively. Stylam Industries Limited has an earnings per share (EPS) of Rs. 83.3, and it’s a debt-free company.

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