Flair Writing Industries Limited has filed its quarterly monitoring agency report for Q3 FY26 with BSE and NSE, demonstrating compliant utilization of Initial Public Offer proceeds. The report, prepared by ICRA Limited as the appointed monitoring agency, confirms adherence to disclosed investment objectives without any material deviations.

IPO Proceeds Utilization Progress

The company's ₹273.037 crore net IPO proceeds continue to be deployed according to the original plan outlined in the offer document. During Q3 FY26, Flair Writing Industries utilized ₹8.171 crore, bringing the cumulative utilization to ₹253.885 crore.

Object-wise Implementation Status

The monitoring report reveals significant progress across multiple investment categories. Four of the five stated objects have achieved complete utilization, while the Valsad unit setup remains the primary ongoing initiative.

The ₹8.171 crore quarterly utilization was directed entirely toward the Valsad unit establishment, which remains on schedule for completion within the FY25-FY26 timeframe as originally planned.

Deployment of Unutilized Funds

The remaining ₹19.152 crore is strategically invested in fixed deposits with Axis Bank, generating steady returns while maintaining liquidity for ongoing project requirements.

The deployment strategy has generated ₹0.051 crore in interest income during the quarter, with returns ranging from 4.00% to 5.00% across different maturity periods.

Regulatory Compliance and Monitoring

ICRA Limited's comprehensive assessment confirms full regulatory compliance under SEBI regulations. The monitoring agency verified that all utilization aligns with offer document disclosures, with no requirement for shareholder approval due to absence of material deviations. The report confirms that means of finance for disclosed objects remain unchanged, and no unfavorable events have affected project viability.

The General Corporate Purpose allocation of ₹10.296 crore has been fully utilized across strategic initiatives including acquisitions (₹8.588 crore) and brand building exercises (₹1.708 crore) spanning from Q4 FY24 to Q4 FY25.

Flair Writing Industries Limited has announced its unaudited financial results for the quarter and nine months ended December 31, 2025, showcasing robust performance across key financial metrics. The Board of Directors, in their meeting held on January 29, 2026, approved the quarterly results and declared an interim dividend for shareholders. Following the results announcement, the company conducted an investor call on January 30, 2026, providing detailed insights into its performance and strategic initiatives.

Consolidated Financial Performance

The company delivered strong consolidated financial results for Q3FY26, demonstrating significant year-over-year growth across revenue and profitability metrics.

The consolidated revenue from operations increased substantially to ₹31,769.85 lakhs in Q3FY26 from ₹26,454.77 lakhs in the corresponding quarter of the previous year. For the nine-month period, consolidated revenue reached ₹92,715.63 lakhs compared to ₹78,181.52 lakhs in the previous year, reflecting strong business momentum.

Management Commentary on Performance

During the investor call, Managing Director Vimalchand Rathod highlighted the company's exceptional performance, stating that Q3FY26 was marked by robust 20.1% year-on-year revenue growth, 25.7% increase in EBITDA, and 13.2% increase in PAT. The management emphasized that their revenue growth has consistently surpassed the stated guidance of delivering a 15% CAGR, reflecting sustained momentum across business segments.

CFO Alpesh Porwal noted that EBITDA for the quarter was ₹56.9 crores, with margins improving due to operating leverage benefits from various business transformation initiatives, including increased automation and deeper distribution relationships.

Segment-wise Business Performance

The company's diversified portfolio showed strong performance across all segments, with Creative and Steel Bottle segments leading growth.

Pens Segment

Creative Segment

Steel Bottles & Houseware

Interim Dividend Declaration

The Board of Directors declared an interim dividend of ₹0.50 per equity share of face value ₹5 each for the financial year 2025-26, representing 10% of the face value.

Strategic Initiatives and Expansion Plans

During the investor call, management outlined several strategic initiatives driving growth. The company's in-house manufacturing share has risen to 75%, enhancing operating efficiency and quality control. The new Valsad facility is slated to become partially operational in Q4, further strengthening manufacturing capacity.

The company also highlighted strategic partnerships, including licensing agreements with Disney for character-based products and distribution alliance with Maped France for premium Creative products.

Export Performance and Market Recognition

The company demonstrated strong export performance with overall export growth of 26.5% in Q3FY26. Export own brand sales grew by 29.9%, while OEM exports increased by 22.4%. The company was honored with the "Export Excellence Award '23-'25" at the PLEXCONCIL Platinum Jubilee Celebration, reinforcing its leadership as a key exporter of writing instruments and stationery from India.

Future Outlook

Management expressed confidence in surpassing their 15% CAGR guidance for FY26 and maintaining higher growth trajectory over the next two years. The company expects to benefit from new facility commissioning, expanded product portfolio, and strategic partnerships. With high growth visibility and strong fundamentals across diversified segments, Flair Writing Industries is well-positioned to deliver sustained long-term growth and maintain industry leadership.