Stationery stock receives stock target with 30% upside; Do you hold it?

Synopsis: Antique, a well-known Indian broking and research house, has given a target as well as guidance on this stationery company. Let’s see what Antique has to say about the company. 

This company, which is a stationery and art product company primarily engaged in designing, developing, manufacturing, and selling a wide range of these products under the flagship brand, DOMS, had received a target along with the company’s guidance, which will be explained in this article. 

With a market cap of Rs 15,657 crore, the shares of DOMS Industries Ltd gained 6% in today’s intraday session and reached a high at Rs 2666.95, when compared to its previous day’s closing price at Rs 2504.90. The shares are trading at a PE of 72.6, whereas the industry PE is 39.3, and have given a return of almost 100% since their listing. 

Antique on DOMS industries. 

Antique Broking has kicked off its coverage on Doms Industries with a strong vote of confidence, giving the stock a Buy rating and setting a target price of Rs 3,250. That leaves almost 30% upside from Tuesday’s close, a clear signal that the broker sees meaningful room for growth. Their view is simple: Doms is not just another consumer company; it’s shaping up to be one of the faster-growing names in the broader consumption space thanks to aggressive capacity expansion, wider distribution, and a steady pipeline of new and innovative products.

A big part of this optimism comes from what’s happening on the manufacturing side. Doms is in the middle of commissioning its new facility at Umbergaon, which will start ramping up in phases. This plant is crucial because it helps remove the capacity constraints the company has been struggling with. At the same time, Doms is doubling down on some of its fastest-growing categories—pens, paper products, school kits, and combo packs—where it’s already seeing strong traction.

The company isn’t stopping there. It’s expanding into adjacent categories like bags and toys, giving it access to newer customer segments. Strategic acquisitions such as Uniclan (baby hygiene) and Super Treads (paper) strengthen that diversification further. On top of this, Doms’ innovation engine is running at full speed — the company has rolled out over 500 new SKUs since FY24, helping build a richer, more profitable product portfolio.

Management is equally upbeat. MD Santosh Raveshia has reiterated confidence in achieving 18–20% annual growth, backed by new capacity coming online, fresh product launches, and deeper market reach. Analysts seem to agree with this view: out of 11 who cover the stock, nine recommend a Buy, while only one has a Hold and one a Sell, showing broad market conviction in Doms’ growth story.

Financials and more. 

The revenue from operations stands at Rs 458 crore in Q2 FY25 and Rs 568 crore in Q2 FY26, showcasing a YoY growth of about 24%. Along with the sales, the profits also grew from Rs 54 crore in Q2 FY25 to Rs 61 crore in Q2 FY26, which is a growth rate of about 14%. 

Doms has built a distribution system with an efficient consumer-goods setup. The company works with more than 130 super stockists for its core brand and another 100 for Uniclan, giving it deep roots across the country. This is supported by an enormous network of 5,700-plus distributors and 1.45 lakh retail outlets, all backed by a strong on-ground sales team that reaches even smaller towns and schools. What makes the system even stronger is its multi-channel presence—Doms sells through general trade, modern retail, e-commerce and exports—so it isn’t over-reliant on any one route to market. 

The brand’s regional mix is also well spread across North, South, East, and West, which keeps demand stable throughout the year. And while its India footprint is huge, Doms has quietly built an international presence too, now selling in 55-plus countries across six continents, with exports contributing meaningfully to the business. Altogether, it shows a company whose growth is backed by reach, consistency, and real execution strength.

Doms comes across as far more than just a pencil or stationery brand—it’s built itself into a complete creative and writing solutions company. Its product range touches almost every corner of the stationery world: pencils and accessories for students, colouring and drawing tools for young learners, mathematical instrument sets for school use, and a full line-up of pens and writing instruments for everyday work. On top of that, Doms has expanded into paper stationery, marker pens, hobby and craft tools, fine art materials, and even gifting products.

What this really means is that the brand stays relevant at every stage of a consumer’s life—whether someone is buying their first colouring kit, a geometry box for school, or professional art supplies later on. This wide portfolio also gives Doms a strong edge in distribution and shelf presence, because retailers can stock almost everything a student or artist needs from a single brand. It’s this combination of breadth, quality, and creativity that has helped Doms grow into one of the most recognisable names in India’s stationery space.

Written by Leon Mendonca. 

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