Archive · 30 Aug 2026
India’s Stationery Market Set to Reach Rs 71,600 Crore
India’s stationery market includes products such as pencils, pens, notebooks, colors, and school supplies.
It is expected to become much larger by FY28.
More shoppers are choosing branded products because they want better quality and more variety.
DOMS makes many stationery products and is growing quickly, but higher material costs reduced its profits.
Navneet combines publishing with stationery and plans to expand into more school curricula.
Its recent sales and profits fell slightly because of delays and supply problems.
Flair is best known for pens but is adding products such as crayons, colors, bottles, and houseware.
The three companies are also building new factories to make more products.
The article presents them as different investment stories rather than making a direct recommendation.
India’s stationery and art materials market is projected to grow from ₹38,500 crore in FY23 to ₹71,600 crore by FY28.
Branded players’ market share is expected to rise from 36% in FY23 to 43% by FY28.
DOMS reported Q1FY27 revenue growth of 19.2%, but net profit fell 23.4% because of higher input costs.
Navneet’s Q1FY27 revenue and net profit declined amid academic schedule delays and export supply-chain issues.
Flair grew Q1FY27 revenue 10.6% as creative products and houseware helped offset slower profit growth.
- Who
- DOMS Industries, Navneet Education, and Flair Writing Industries are the three listed stationery companies discussed.
- What
- The article examines their growth prospects as India’s stationery market shifts from unorganized sellers toward branded and organized companies.
- When
- The market forecast covers FY23 to FY28, while the company results cited are for Q1FY27 and valuation data is dated August 28, 2026.
- Where
- India, with DOMS reporting domestic and export sales and Navneet focusing particularly on Maharashtra and Gujarat.
- Why
- Consumers are becoming more conscious of quality, variety, and branding, while modern retail and e-commerce are expanding the reach of organized players.
Growth Case
Risk Case
Market expansion
Growth Case
The overall market is projected to grow strongly, while branded players’ share is expected to rise to 43% by FY28.
Risk Case
The forecast depends on consumers continuing to shift from unorganized sellers to branded products and on organized companies expanding distribution.
Company momentum
Growth Case
DOMS has broad product coverage and reported the strongest Q1FY27 revenue growth; Flair is diversifying into creative products and houseware; Navneet has opportunities from CBSE expansion and stationery redesign.
Risk Case
DOMS and Navneet both reported falling Q1FY27 net profit, while Flair’s profit grew only 0.5% as input costs and lower other income affected results.
Valuation and returns
Growth Case
DOMS showed higher reported ROCE and ROE than Navneet and Flair, while Flair traded below both its industry and historical median P/E in the cited comparison.
Risk Case
DOMS traded at a premium to the industry median P/E, and Navneet traded at a premium to its historical median, creating valuation considerations for investors.
- Market size
- The Indian stationery and art materials market was estimated at ₹38,500 crore in FY23 and is projected to reach ₹71,600 crore by FY28.
- Market growth
- The market is expected to grow at approximately 13% CAGR through FY28.
- Branded share
- Branded players’ share is projected to increase from 36% in FY23 to 43% in FY28.
- DOMS Q1FY27
- Revenue was ₹670.5 crore, EBITDA was ₹82.6 crore, and net profit was ₹45.3 crore.
- Navneet Q1FY27
- Revenue was ₹788 crore, EBITDA was ₹198 crore, and net profit was ₹141 crore.
- Flair Q1FY27
- Revenue was ₹319.2 crore, EBITDA was ₹53.3 crore, and net profit was ₹29 crore.
- Key expansion plans
- DOMS plans more than 300,000 square feet of operational space, Navneet is expanding its CBSE-related offering, and Flair is adding manufacturing capacity.