Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,871.70 last close on 30 Oct 2026 +0.90%
Research updated
Doms Industries Ltd.
NSE: DOMSIndustrialsBusiness Equipment & Supplies
- Last close
- ₹1,823.50
- Day change
- −₹8.70 (−0.47%)vs
- Market cap
- ₹11,374 crIndian rupees
- Research updated
- 2 reports
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About Doms Industries
Doms Industries Ltd. is a prominent player in the production and distribution sector, particularly known for its range of stationery products. The company specializes in a variety of writing and art supplies, which cater not only to the educational sector but also to corporate and professional artists. Doms Industries operates within a market driven by innovation and quality assurance, striving to enhance the creativity and learning experience of its consumers. Notable for its commitment to sustainability and eco-friendliness, the company frequently integrates environmentally responsible practices in its manufacturing processes. This strategic focus has solidified its reputation in the stationery market, appealing to a broad audience sensitive to both quality and environmental concerns. As a key entity in the manufacturing landscape, Doms Industries Ltd.'s products are distributed widely, ensuring accessibility across varied demographics and geographical regions. Through continuous product development and expansion, Doms Industries maintains a significant role in promoting education and artistry, contributing to its standing as a trusted brand for quality stationery.
- Sector
- Industrials
- Industry
- Business Equipment & Supplies
- Listing
- NSE: DOMS
- Next results
- Employees
- 13,500
- Headquarters
- Valsad, India
- ISIN
- INE321T01012
- Website
- domsindia.com
Public research · Report of
Business model & financial foundation
DOMS Industries (NSE: DOMS), Stationery/art-materials: revenue of ₹2,326 crore in FY26 (+21.6% on FY25), an EBITDA margin of 17.3%, net profit of ₹230.2 crore and net debt of ₹84.3 crore.
- Revenue, FY26 (₹ crore)
- 2,326
- consolidated
- Revenue growth, FY26
- +21.6%
- on FY25
- EBITDA margin, FY26
- 17.3%
- EBITDA excluding other income / revenue
- Net profit, FY26 (₹ crore)
- 230.2
- to owners
- Return on equity, FY26
- 19.3%
- on average equity
- Net debt, FY26 (₹ crore)
- 84.3
- Net debt including leases and unrestricted bank deposits
- Market capitalisation (₹ crore)
- 12,772
- at the close of 23 Oct 2026
Company profile
DOMS designs, manufactures and distributes branded stationery and art materials for school, office and creative use, supported by an integrated manufacturing network and broad retail distribution. Controlled subsidiaries extend its portfolio into notebooks, packaging, bags and hygiene products. Consumer is deliberately selected as the model profile because branded end-consumer demand, product mix and distribution drive the business, notwithstanding substantial manufacturing assets.
| Item | Value |
|---|---|
| Legal name | DOMS Industries Limited |
| Exchange and ticker | NSE: DOMS; BSE: 544045 |
| ISIN | INE321T01012 |
| CIN | L36991GJ2006PLC049275 |
| Sector | Consumer discretionary |
| Industry | Stationery/art-materials |
| Headquarters | Valsad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse Chartered Accountants LLP (since 2024-09-23) |
| Market capitalisation | ₹12,772 crore (23 Oct 2026) |
| Shares outstanding | 6.07 crore shares (FY26) |
| Price | ₹1,874 (close, 23 Oct 2026) |
| 52-week range | ₹1,860 - ₹2,755 (to 23 Oct 2026) |
| Website | https://domsindia.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Pioneer Stationery Private Limited | 64% | Notebook and paper stationery manufacturing |
| Micro Wood Private Limited | 75% | Tin and paper packaging products |
| Skido Industries Private Limited | 51% | Bags and pouches |
| Uniclan Healthcare Private Limited | 51.77% | Baby diapers, wet wipes and hygiene products |
| Super Treads Private Limited | 51% | Notebook and paper stationery; subsidiary from 1 June 2025 |
| DOMS Foundation | n.d. | CSR Section 8 company limited by guarantee, without share capital; incorporated 19 March 2026 |
| DOMS Seven Private Limited | 100% | Backpacks and bags: manufacturing, design, assembly, trading, distribution, import and export; incorporated 22 Oct 2026 with INR0.01 crore initial subscription. |
No single controlling parent. FILA holds 19.01% at June 2026 (S6), versus 26.01% in FY26 AR. Clapjoy Innovations Private Limited is a 30% associate (S2:p54), not a subsidiary. Proposed 50:50 Seven SpA backpack JV is not an operating subsidiary as of 17 October 2026; incorporation deadline extended to January 2027 (S48).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 70.39% | 70.39% | 63.39% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 8.38% | 7.61% | 7.50% | |
| Domestic institutions | 18.27% | 19.14% | 25.91% | |
| of which mutual funds | 15.97% | 16.63% | 21.94% | |
| Retail | 2.96% | 2.86% | 3.20% | |
| Other | 0.00% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
DOMS sells branded stationery and art materials through general trade, modern trade and exports, with backward integration in wood processing, leads, polymers and packaging. Its consolidated footprint includes paper stationery, bags and hygiene. DOMS Seven Private Limited was incorporated on 22 October 2026 as a 100%-owned backpack-and-bags vehicle, but disclosed only INR0.01 crore initial subscribed capital and no launch, capex, revenue or profitability plan; it does not yet alter the operating model.
| Segment | revenue, FY26 (₹ crore) | Share | operating profit, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Stationery Products | 2,124 | 91.3% | 403.6 | 95.8% | 326.0 | 97.9% |
| Hygiene Products | 203.1 | 8.7% | 17.6 | 4.2% | 7.07 | 2.1% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Flair Writing Industries (FLAIR) | Branded writing instruments and stationery; manufacturing, distribution and product-mix comparator. |
| Cello World (CELLO) | Writing instruments and stationery exposure within a broader branded consumer-products portfolio; diversification limits comparability. |
| Kokuyo Camlin (KOKUYOCMLN) | Branded scholastic stationery and art materials; closest category and channel comparator. |
| Linc (LINC) | Branded pens and writing instruments; manufacturing and channel economics comparator. |
| Navneet Education (NAVNETEDUL) | Paper stationery and education products; relevant school-demand exposure, with publishing differences. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 683.6 | 1,212 | 1,537 | 1,913 | 2,326 |
| Cost of revenue (vendor classification) * | 442.8 | 782.1 | 918.1 | 1,112 | 1,347 |
| Other operating costs (vendor classification) * | 67.5 | 100.5 | 131.7 | 177.5 | 237.9 |
| EBITDA (vendor classification) * | 71.5 | 190.0 | 282.1 | 370.5 | 419.3 |
| Operating EBIT excluding other income | 31.8 | 146.0 | 221.5 | 279.3 | 314.5 |
| Finance costs | 10.3 | 11.9 | 17.1 | 15.0 | 10.8 |
| Profit before tax, including associate share | 24.0 | 138.8 | 214.5 | 286.8 | 322.3 |
| Current plus deferred income tax expense | 6.90 | 35.9 | 54.8 | 73.3 | 82.7 |
| Total profit after tax including NCI | 17.1 | 102.9 | 159.7 | 213.5 | 239.6 |
| Reported diluted EPS (₹) | n.r. | 18.29 | 26.62 | 33.31 | 37.79 |
| Consumption expenses | 432.0 | 763.4 | 892.8 | 1,081 | 1,311 |
| Employee benefits expense | 101.4 | 141.8 | 213.1 | 265.2 | 328.9 |
| Other operating expenses | 80.4 | 120.1 | 158.6 | 218.3 | 283.6 |
| EBITDA excluding other income | 69.8 | 186.7 | 272.7 | 348.4 | 402.6 |
| Other income | 2.60 | 4.63 | 10.1 | 22.6 | 18.6 |
| Depreciation and amortisation | 38.0 | 40.7 | 51.2 | 69.2 | 88.1 |
| Exceptional items, signed | n.r. | n.r. | 0.00 | 0.00 | 0.00 |
| Share of associate profit/(loss), signed | n.r. | n.r. | -0.02 | 0.00 | 0.01 |
| Profit attributable to non-controlling interests | n.r. | 7.06 | 6.52 | 11.2 | 9.38 |
| Profit attributable to owners of parent | n.r. | 95.8 | 153.1 | 202.3 | 230.2 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total consolidated equity including NCI | 258.1 | 355.4 | 842.2 | 1,083 | 1,302 |
| Interest-bearing borrowings excluding leases | 122.9 | 139.8 | 115.9 | 153.1 | 89.6 |
| Cash and cash equivalents | 9.30 | 34.3 | 56.4 | 60.5 | 53.5 |
| Trade receivables | 49.2 | 35.6 | 64.6 | 134.3 | 163.7 |
| Inventories | 159.2 | 184.6 | 225.1 | 294.0 | 377.0 |
| Trade payables | 81.1 | 87.0 | 89.2 | 109.1 | 125.2 |
| Net PPE excluding ROU and CWIP | 8.07 | 8.89 | 374.6 | 498.4 | 594.4 |
| Capital work in progress | 4.01 | 20.6 | 25.4 | 60.3 | 162.1 |
| Total assets | 497.5 | 639.8 | 1,190 | 1,520 | 1,712 |
| Right-of-use assets | 61.1 | 76.5 | 86.1 | ||
| Current plus noncurrent lease liabilities | 56.0 | 58.7 | 51.7 | ||
| Unrestricted bank deposits outside cash equivalents | 247.7 | 162.8 | 3.46 | ||
| Net debt including leases and unrestricted bank deposits | -132.2 | -11.5 | 84.3 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities POST TAX | -10.0 | 155.9 | 182.5 | 183.3 | 254.3 |
| Free cash flow (vendor definition) * | 16.1 | 37.0 | 29.1 | -30.0 | -38.5 |
| Dividends paid, positive cash outflow | 5.59 | 9.31 | 15.2 | 19.1 | |
| Cash capital expenditure, positive outflow incl leasehold land | 34.7 | 135.5 | 153.5 | 213.3 | 292.8 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Closing issued ordinary shares | 6.07 | 5.63 | 6.07 | 6.07 | 6.07 |
| Weighted-average diluted shares for EPS | 5.63 | 5.75 | 6.07 | 6.09 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 457.8 | 501.1 | 508.7 | 562.3 | 567.9 | 592.2 | 604.0 | 670.5 |
| Cost of revenue (vendor classification) * | 259.1 | 283.0 | 316.8 | 325.4 | 319.2 | 330.4 | 336.3 | 414.7 |
| Other operating costs (vendor classification) * | 51.2 | 60.1 | -65.6 | 61.8 | 67.6 | 73.6 | 80.6 | 78.9 |
| EBITDA (vendor classification) * | 92.0 | 94.1 | 92.2 | 103.2 | 105.9 | 106.9 | 105.1 | 86.5 |
| Operating EBIT excluding other income | 69.8 | 70.3 | 67.5 | 78.3 | 77.5 | 80.9 | 77.7 | 59.2 |
| Finance costs | 3.84 | 3.58 | 3.63 | 3.48 | 2.10 | 2.24 | 2.99 | 2.02 |
| Profit before tax including associate share | 72.1 | 73.0 | 68.6 | 79.3 | 81.8 | 82.2 | 78.9 | 61.1 |
| Current plus deferred income tax expense | 18.4 | 18.7 | 17.4 | 20.2 | 21.0 | 20.8 | 20.7 | 15.9 |
| Total profit after tax including NCI | 53.7 | 54.3 | 51.3 | 59.1 | 60.9 | 61.4 | 58.2 | 45.3 |
| Reported diluted EPS (₹) | 8.84 | 8.34 | 7.97 | 9.42 | 9.58 | 9.52 | 9.31 | 7.30 |
| Consumption expenses | 259.1 | 282.9 | 285.3 | 325.4 | 319.2 | 330.4 | 336.3 | 414.7 |
| Employee benefits expense | 61.5 | 70.2 | 72.4 | 76.4 | 81.6 | 84.8 | 86.2 | 94.3 |
| Other operating expenses | 51.2 | 60.1 | 62.8 | 61.8 | 67.6 | 73.6 | 80.6 | 78.9 |
| EBITDA excluding other income | 85.9 | 87.9 | 88.3 | 98.7 | 99.5 | 103.4 | 100.9 | 82.6 |
| Other income | 6.07 | 6.21 | 4.76 | 4.49 | 6.43 | 3.51 | 4.13 | 3.99 |
| Depreciation and amortisation | 16.1 | 17.5 | 20.8 | 20.4 | 22.0 | 22.5 | 23.2 | 23.4 |
| Share of associate profit/(loss), signed | -0.00 | 0.00 | 0.00 | -0.01 | -0.01 | 0.01 | 0.02 | -0.01 |
| Exceptional items, signed; none separately disclosed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to non-controlling interests | 2.35 | 3.55 | 2.84 | 1.82 | 2.59 | 3.51 | 1.46 | 0.79 |
| Profit attributable to owners of parent | 51.3 | 50.7 | 48.4 | 57.3 | 58.3 | 57.9 | 56.7 | 44.5 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 70.7% | 77.3% | 26.8% | 24.4% | 21.6% |
| EBITDA margin | 10.2% | 15.4% | 17.7% | 18.2% | 17.3% |
| Net margin | 7.9% | 10.0% | 10.6% | 9.9% | |
| Return on equity | 31.2% | 25.6% | 21.0% | 19.3% | |
| Return on capital employed | 8.4% | 33.3% | 30.5% | 25.5% | 23.9% |
| Return on assets | 16.8% | 16.7% | 14.9% | 14.2% | |
| Net debt (₹ crore) | -132.2 | -11.5 | 84.3 | ||
| Net debt / EBITDA | -0.48x | -0.03x | 0.21x | ||
| Interest cover | 3.09x | 12.3x | 12.9x | 18.6x | 29.1x |
| Asset turnover | 1.43x | 2.13x | 1.68x | 1.41x | 1.44x |
| Receivable days | 26 | 11 | 15 | 26 | 26 |
| Inventory days (on revenue) | 85 | 56 | 53 | 56 | 59 |
| Payable days (on revenue) | 43 | 26 | 21 | 21 | 20 |
| Cash conversion | 1.63x | 1.19x | 0.91x | 1.10x | |
| Capex intensity | 5.1% | 11.2% | 10.0% | 11.2% | 12.6% |
| Free cash flow (₹ crore) | -44.7 | 20.4 | 29.0 | -29.9 | -38.5 |
| Dividend payout | 5.8% | 6.1% | 7.5% | 8.3% | |
| EPS, diluted (₹) | 18.29 | 26.62 | 33.31 | 37.79 | |
| Book value per share (₹) | 42.53 | 63.17 | 138.8 | 178.4 | 214.6 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases and unrestricted bank deposits; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Reported diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 23 Oct 2026); market data at the close of 23 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Doms Industries includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Doms Industries
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