PL Capital Coverage: DOMS Industries Q2 Results – Solid Growth Momentum in Stationery and Hygiene

Mumbai | November 12 – Stationery and art supplies maker DOMS Industries Ltd delivered a resilient performance in the September 2025 quarter, supported by consistent demand in its stationery business and the ramp-up of its hygiene and export segments.

Net sales rose 17.9% year-on-year (YoY) to ₹498.91 crore, while net profit climbed 16.1% YoY to ₹55.77 crore. EBITDA increased 13.1% YoY to ₹92.65 crore, reflecting a healthy operating profile. Margins held firm at 18.6%, aided by volume growth and disciplined pricing despite higher employee costs.

The company’s core stationery division, which contributes more than 90% of its total revenue, grew 17.4% YoY, supported by higher penetration and premium product demand.
Sub-segments such as Kits & Combos grew 41%, while Office Supplies surged 84%, signalling a strong consumer shift towards branded, value-added products.

The Uniclan hygiene business scaled up rapidly, reporting 3.3x YoY growth, while exports rose 18% YoY, driven by stable international demand. Gross margins improved by 39 basis points to 43.8%, though rising operating costs tempered overall expansion.

Commenting on the results, Jinesh Joshi of PL Capital noted that DOMS continues to demonstrate strength across categories. “DOMS has delivered another consistent quarter, showcasing its ability to balance growth with profitability,” Joshi said. “Category diversification and export traction reinforce its position in India’s branded stationery and art materials space.”

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Capacity Expansion and Brand-Led Scale

Incremental capacity expansion at the Umbergaon facility is expected to ease manufacturing constraints and support growth in the scholastic segment, where demand remains strong.
The company’s distribution network now spans 1.45 lakh outlets across India, backed by a portfolio of over 4,500 SKUs across stationery, art, hobby, and hygiene products.

“DOMS’ is focused investments in capacity and product mix are strategically timed to capture long-term growth” Added Joshi. “The company’s manufacturing investments align well with rising demand in domestic and export markets. As capacity builds up, margin leverage should improve steadily,” he said.

Financial Snapshot (Standalone)

PL Capital View

PL Capital believes DOMS’ continued investment in brand-led growth, efficient supply chain management, and product diversification positions it well to sustain its growth trajectory.
The brokerage expects the company’s margin stability, expanding export mix, and consumer-driven innovation to drive long-term value creation.

“We remain constructive on DOMS’ business fundamentals,” Joshi stated. “The company’s clear growth visibility, backed by prudent capital allocation and brand strength, positions it as one of the most scalable consumer manufacturing stories in India.”

Stock Performance

Shares of DOMS Industries traded close to at ₹2,531.70 on the NSE on November 12, 2025.
While the stock has declined 10.3% in the past six months, Joshi notes that “consistent earnings performance and category expansion could help improve sentiment over the next few quarters.”

With a strong domestic presence, rising export contribution, and a disciplined growth strategy, DOMS Industries appears well-positioned to maintain double-digit revenue growth and strengthen its market leadership in India’s stationery segment.

Read the full report on Doms Industries here

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