GLOBAL ECONOMY
The global economy grew by 3.30% in 2024, showing moderate strength amid ongoing global headwinds. Recovery was uneven, yet several economies held firm, aided by robust domestic demand, falling inflation, and adaptive policy responses. Advanced economies expanded by 1.80% in 2024, driven by improving labor markets and a slow transition towards easier monetary policies. The US exceeded expectations with strong consumer spending and investment. In contrast, growth in Europe remained subdued due to weak industrial output and tighter credit conditions. Japan and the UK recorded marginal gains as fragile external demand and cautious consumption slowed progress.
Emerging markets and developing economies led global expansion with a 4.20% rise in 2024. India stood out, recording substantial 6.80% growth on the back of strong consumption, public investment, and a growing digital and green economy. Chinas recovery continued, though at a slower pace, as it shifted focus towards high-tech manufacturing and clean energy. On the trade front, the global volume of goods and services grew by 2.30%, showing a gradual yet incomplete recovery. Additionally, supply chains continued to evolve, influenced by shifting trade policies.
One of these shifts is the imposition of new tariffs by the US on select strategic imports, prompting swift and forceful retaliatory responses by major trading partners. This culminated in the implementation of near-universal tariffs on 2nd April, 2025. As a result, effective tari_ rates have surged to levels unseen in over a century, delivering a sharp and damaging shock to global economic momentum.
Monetary authorities continued to focus on stabilizing inflation, even as softer price pressures allowed room for more balanced policy moves. Governments worldwide are channeling funds into productivity drivers like infrastructure, digital ecosystems, and human capital. These investments are strengthening the base for long-term growth. Despite external uncertainties, the global economy is showing signs of structural adaptation and endurance.
OUTLOOK
Global growth is anticipated to moderate to 2.80% in 2025, as the lingering effects of previous monetary tightening, geopolitical tensions, and uneven external demand continue to unfold. Advanced economies are projected to expand at 1.40%, while emerging and developing markets are likely to grow by 3.70%. India is set to remain a key growth driver, with expected growth at 6.50%, underpinned by ongoing reforms and domestic consumption. Chinas growth is anticipated to be 4.00%, driven by its ongoing economic rebalancing. Global trade is facing significant structural shifts. However, a renewed emphasis on innovation, sustainability, and regional cooperation is expected to support medium-term stability. The year ahead will present a crucial test of the worlds capacity to navigate structural transitions, from digitalization and decarbonization to new trade dynamics. Nevertheless, growing policy flexibility, investments in future-ready sectors, and the emergence of new growth engines point to a more balanced and adaptive global economic path ahead.
INDIAN ECONOMY
India remains among the fastest-growing major economies in 2024-25, with real GDP projected to rise by 6.50% in 2024-25. This expansion is powered by solid domestic demand, a thriving services sector, and a broad-based manufacturing revival. Additionally, government measures like the Production-Linked Incentive (PLI) scheme and Atmanirbhar Bharat have provided a strong policy push for domestic value addition, particularly across sectors such as pharmaceuticals, engineering, and select high-tech industries. Agriculture has offered steady support to the economy, aided by favorable monsoons, wider irrigation coverage, and improved procurement policies. The services sector continues to lead growth, driven by transportation, communication, finance, and hospitality segments. At the same time, rural demand has picked up again, supported by stable inflation, higher agricultural incomes, and targeted welfare spending. Industrial activity remains strong, with the manufacturing index rising 5.60% and core sectors like steel, cement, and electricity growing by 7.30% in 2023-24. Exports climbed 4.80% to USD 458 billion. However, the trade deficit widened to USD 195 billion due to sustained energy imports and global headwinds, including selective tariffs from the US.
Even against this backdrop, India remains well-positioned in the evolving global supply chain. Competitive tariff structures and improving logistics continue to enhance its appeal as an alternative production base. Also, the nations proactive participation in the China+1 diversification strategy has encouraged steady foreign direct investment, particularly in value-oriented manufacturing. As of March 2025, the Indian Rupee had depreciated 3.70% against the US Dollar, shaped by global monetary dynamics and capital flow shifts. Still, foreign institutional investments turned net positive, with inflows of USD 6.1 billion in March 2025. This development reflects renewed investor confidence. Moreover, digital infrastructure continues to transform the financial ecosystem, with record UPI volumes marking an improvement in financial inclusion and transaction efficiency.
OUTLOOK
India continues to progress on a strong economic path, propelled by domestic demand and infrastructure expansion. Industrial revival, a stable agricultural base, and a growing manufacturing ecosystem support this momentum. Export-led services further strengthen the countrys position in global value chains. Rapid urbanization, a young workforce, and rising incomes provide additional thrust. Furthermore, automation, green tech, fiscal discipline, and investments continue to reinforce the economys underlying strength. While US tariffs pose headwinds, India remains well-placed to capitalize on global shifts. Strategic alliances, combined with a more favorable tariff structure than competitors like China, are expected to attract greater foreign investment. These factors will also boost domestic manufacturing. Indias ongoing structural reforms and modernization continue to lay the groundwork for long-term progress. Fiscal discipline, an expanding domestic market, and rising competitiveness further strengthen this foundation. In parallel, a focus on creating a business-friendly environment and strategic policy responses to global challenges position the country to take on a leading role in the world economy. Additionally, its supply chain advantage and evolving consumer ecosystem provide momentum for sustainable and inclusive growth in the years ahead.
GLOBAL STATIONERY INDUSTRY OVERVIEW
The global stationery products market was valued at USD 158.39 billion in 2024 and is projected to reach USD 238.46 billion by 2032, recording a compound annual growth rate (CAGR) of 5.32% over the forecast period. This growth reflects the consistent demand for stationery items across residential and commercial applications, supported by macroeconomic trends such as rising literacy levels, expanding office infrastructure, and urbanization.
Stationery products like notebooks, pens, tapes, notepads, scissors, and drawing materials remain essential across households, schools, and offices. In 2024, the residential segment led the global market, driven by a growing number of households and frequent use of essential stationery. Commercial demand also remains strong, supported by offices and educational institutions with sustained demand for paper products, writing instruments, and related supplies. From 2025 to 2032, the commercial segment is expected to clock in a CAGR of 5.17%.
Regionally, Asia Pacific held the largest share of the global market in 2024 at 37.0%. It is likely to retain this lead through 2032, driven by a rising working population and expanding educational infrastructure in India, China, and Japan.
North America and Europe also remain key markets, buoyed by steady institutional demand and a growing preference for creative and sustainable stationery options. Notably, Europe is witnessing rising interest in eco-friendly stationery, especially in Germany and France.
INDIAN STATIONERY INDUSTRY OVERVIEW
Indias stationery market, valued at around Rs. 30,000 crores in 2024-25, remains dynamic and fast-evolving. It is expected to register a CAGR of 8-10% over the next five years. The sector plays a vital role in supporting Indias vast educational network, growing corporate ecosystem, and expanding creative community. With over 330 million students and a rapidly formalizing workforce, demand continues to rise for both traditional and modern stationery.
The industry spans a wide range of categories, including paper-based products, writing instruments, office supplies, art-and-craft materials, and digital stationery. This diversity enables it to cater to the varied needs of schools, colleges, coaching institutes, corporate offices, artists, and individual consumers. Moreover, the rise of online retail, changing work and learning models, and shifting consumer preferences have added new dimensions to the industrys growth path.
INDIAN PAPER STATIONERY MARKET
Paper-based stationery forms the industrys largest segment, holding an estimated value of Rs. 10,000 crores in 2024-25, accounting for around 35% of the total market. This category includes products such as notebooks, registers, diaries, and copier paper, which are essential for both educational institutions and workplaces.
Demand is largely fueled by Indias vast student population and the continued relevance of printed materials in everyday academic activities. Office use also remains steady, particularly in administrative and documentation-heavy roles. Despite increasing digitization, the tactile reliability and a_ordability of paper-based products keep them essential across sectors.
INDIAN STATIONERY NON PAPER MARKET
Besides paper-based products, the Indian stationery market comprises a wide range of essential non-paper items used in education, corporates, and creative spaces. These include writing instruments, office supplies, art materials, and emerging digital tools. The segment continues to grow, with evolving consumer preferences, new workplace models, and rising interest in hobbies and design-driven tools.
Writing Instruments
Writing instruments remain a core component of the stationery ecosystem, widely used by students and professionals. The segment, valued at Rs. 8,000 crores, representing 28% of the market, includes pens, pencils, markers, and highlighters. Increased preference for quality, ergonomic design, and varied price points keep this category relevant for both everyday users and premium buyers.
Office Supplies
Office supplies make up about 17% of the stationery market, amounting to Rs. 5,100 crores. This segment includes functional items such as staplers, adhesive tapes, files, folders, and desk organizers. Additionally, the increasing emphasis on workspace organization, especially in hybrid work settings, is boosting demand for these products.
Art and Craft Materials
Art and craft supplies are gaining popularity, particularly among students, hobbyists, and creative professionals. Valued at Rs. 4,000 crores and comprising 13% of the market, this category includes paints, brushes, sketchbooks, and DIY supplies. Its projected CAGR of 12% reflects rising interest in artistic hobbies, school-level art education, and digital content creation.
Digital Stationery
Digital stationery is the fastest-growing segment, with a current value of Rs. 3,000 crores and a 7% market share. Tools such as e-writing tablets, styluses, and smart notebooks are becoming more mainstream, particularly among students and professionals embracing remote learning or hybrid work environments. With a CAGR of 1520%, this segment represents a key future opportunity.
OUTLOOK
The Indian stationery industry is well-positioned for sustained growth, supported by educational reforms, digital transformation, and evolving consumer needs. With increasing awareness around sustainability, there is notable interest in eco-friendly and recyclable products. Additionally, demand for personalised and premium stationery is rising, especially among younger consumers and urban professionals.
Export potential is also expanding, as Indian manufacturers tap global markets through online platforms and distribution partnerships. Moving forward, targeted product innovation, strategic collaborations with institutions, and a stronger e-commerce footprint will be key to achieving market leadership.
Government Initiatives Supporting the Industry
Government policies and reforms are playing an increasingly supportive role in shaping the future of the stationery sector. Some of these initiatives are listed below:
Union Budget 2025-26: Raised allocation to the Ministry of Education by 6.22%, boosting educational infrastructure and student enrollment. This directly increases demand for stationery.
Make in India: Promotes local manufacturing and drives self-reliance among stationery producers.
National Education Policy (NEP) 2020: Promotes holistic education, higher enrollment, and learning infrastructure, all of which raise stationery demand.
Digital India Mission: Supports adoption of digital tools in education and administration, thereby fostering growth of digital stationery.
MSME Support Schemes: Offers financial and operational support to small and mid-sized stationery manufacturers under various government schemes.
EMERGING INDUSTRY TRENDS
Trends |
Description |
Sustainability | Eco-friendly, recycled, and biodegradable products gaining strong consumer demand |
Personalization and Premiumization | Customised and premium stationery items becoming increasingly desirable |
E-commerce and D2C Shift | Online platforms enabling broader reach and better consumer engagement |
Rise of the Creative Economy | Artistic and creative tools witnessing higher spend among hobbyists and professionals |
Institutional Collaborations | Strategic partnerships with schools, colleges, and corporates for bulk stationery |
COMPANY OVERVIEW
Kokuyo Camlin Limited (also referred to as Kokuyo Camlin or the Company) specializes in the manufacturing, production, and marketing of high-quality stationery instruments and art supplies. With a strong foundation in India and a growing presence in global markets, the Company serves the evolving needs of students, professionals, and creative communities. A significant transformation took place in 2011 when Kokuyo S&T partnered with Camlin. This strategic alliance brought together Camlins iconic Indian legacy with Kokuyos global scale and capabilities, enabling the Company to enhance design, accelerate innovation, and strengthen distribution across multiple channels.
Kokuyo Camlin offers a wide range of SKUs, spanning from everyday writing essentials to premium art materials. Its flagship brands, Camlin and Camel, form the core of this diverse portfolio. A robust network of around 2600 distributors supports its presence across India, with operations extending to over 20 countries.
Supported by advanced manufacturing facilities located in Patalganga, Tarapur, and Jammu, the Company ensures agile and efficient production to meet dynamic market demands. Through continuous investment in product development, operational excellence, and digital engagement, Kokuyo Camlin remains committed to delivering greater value to customers while reinforcing its leadership in the stationery and art materials industry.
Range of Products and Brands
Kokuyo Camlin Limited offers a diverse range of products under its flagship brands, Camel and Camlin, designed to support creativity, learning, and everyday tasks:
Camel: This brand features a comprehensive portfolio of art supplies, including watercolors, oil colors, acrylic colors, brushes, drawing materials, mediums, canvases, and painting kits. These products are crafted to inspire creativity across various age groups.
Camlin: Under this brand, the Company provides an array of stationery items such as writing instruments, geometry boxes, and office supplies. These offerings cater to students, hobbyists, and professionals, ensuring reliability and quality for daily use.
Through these brands, Kokuyo Camlin remains committed to delivering high-quality, dependable products that add value across every stage of life.
Highlights of 2024-25
In 2024-25, Kokuyo Camlin launched a series of new products tailored for both student and adult users in the fine art and hobby segments. Notable additions included the Camel Art Studio, Camel Colorpad, Grip Pro mechanical pencil, cartridge whiteboard marker, and a range of specialized art supplies such as acrylic markers, premium sketchbooks, and Gouache colors.
To enhance brand visibility among younger audiences, the Company ran an eight-week multimedia campaign titled Camel ki Colourful Duniya, which aired across childrens television channels and YouTube, receiving a strong positive response.
Demonstrating its ongoing commitment to arts and creative development, Kokuyo Camlin organized the Camel Art Foundation workshop at Hampi. This three-day immersive event brought together shortlisted fine art students from southern India and featured masterclasses conducted by renowned art instructors. The initiative culminated in a week-long exhibition at Jehangir Art Gallery in January 2025.
The annual Camel Art Contest continued to garner enthusiastic participation, with over 1600 schools taking part nationwide. Students from multiple levels competed, with top entries recognised at national-level selections.
These initiatives reflect the Companys sustained focus on product innovation and community engagement, strengthening its connection with consumers and promoting creativity and self-expression across age groups.
FINANCIAL PERFORMANCE
(Rs. in lakhs)
Particulars |
2024-25 | 2023-24 | Y-o-Y |
Revenue from Operations | 76,252.88 | 81,589.33 | (6.54%) |
Other Income | 74.86 | 567.59 | (86.81%) |
Cost of Material | 30,679.58 | 32,270.68 | (4.93%) |
Employee Benefit Expenses | 9,846.89 | 9,448.10 | 4.22% |
Other Expenses | 13,916.18 | 15,127.99 | (8.01%) |
EBITDA | 3,165.19 | 6,671.45 | (52.56%) |
Finance Cost | 461.08 | 422.03 | 9.25% |
Depreciation and Amortization Expenses | 2,120.81 | 1,866.22 | 13.64% |
Tax Expense | |||
(a) Current Tax | 348.27 | 1,500.60 | (76.79%) |
(b) Deferred Tax | (56.75) | 54.43 | (204.26%) |
PAT | 583.30 | 4,383.20 | (86.69%) |
Particulars |
2024-25 | 2023-24 |
Debtors Turnover Ratio | 9.58 | 10.42 |
Inventory Turnover Ratio | 2.88 | 2.82 |
Current Ratio | 1.97 | 1.77 |
Debt-to-Equity Ratio | 0.14 | 0.22 |
Operating Profit Margin (%) | 4.15 | 8.18 |
Revenue Growth (%) | (6.54) | 5.28 |
Return on Net Worth | 1.95 | 15.68 |
RISK MANAGEMENT
Key Risk |
Description |
Mitigation Measures |
Severity |
Shift in Consumer Preferences | The growing adoption of digital tools and changing lifestyle patterns may reduce the usage of traditional stationery and art materials. | Diversifying portfolio with digital and hybrid stationery offerings | Medium |
Enhancing engagement with younger audiences through targeted campaigns | |||
Raw Material Cost Fluctuation | Volatility in global supply chains and inflationary pressures may lead to cost escalation of key raw materials, impacting profitability. | Ensuring strategic sourcing and inventory planning | High |
Focusing more on localization and import substitution to help manage input cost variations | |||
Demand Seasonality | The Companys sales cycles are significantly influenced by the academic calendar and festival periods, which leads to seasonal business volatility. | Expanding into hobby and fine art segments | Medium |
Targeting broader user groups beyond students to balance season-dependent sales trends | |||
Brand Relevance | In a competitive market, maintaining relevance among younger and digital-native consumers is critical to sustaining long-term brand loyalty. | Investing continuously in brand-building | Medium |
Reinforcing brand positioning through campaigns like Camel Ki Colourful Duniya | |||
Launching new products to strengthen brand positioning | |||
Regulatory and Policy | Changes in education policies, import and export regulations, and environmental norms may affect product standards and business operations. | Remaining aligned with regulatory shifts through proactive compliance | Low |
Aligning with government schemes promoting domestic manufacturing and education outreach |
INTERNAL CONTROL SYSTEM AND ADEQUACY
The Company had laid down internal control system to be followed by the Company and that such internal controls were intended to be adequate and operating effectively.
During the year under review, certain instances of deviation from these controls, with apparent mala fide intent by certain employees, were observed. The Company has taken due cognizance of the observations made by the Auditors in this regard. Corrective actions have already been initiated. further measures, including targeted personnel training and process enhancements, are underway to reinforce the internal control framework. The Company is committed to ensuring the establishment of robust and effective internal control systems.
HUMAN RESOURCES
During 2024-25, the Company focused on enhancing workforce capabilities through strategic training, employee engagement, and inclusive practices. Structured learning modules were implemented across the organization to strengthen functional expertise and leadership skills, targeting both emerging talent and senior management.
The Company remained committed to fostering a safe and respectful workplace. To reinforce ethical standards, awareness programs were conducted on the Code of Conduct and the Prevention of Sexual Harassment at the Workplace (POSH). E_orts to advance diversity, equity, and inclusion continued through sensitization sessions and dialogue-based initiatives.
A variety of employee engagement activities and recognition platforms contributed to building a culture of appreciation and collaboration. Additionally, health and safety awareness remained a key priority, with targeted initiatives aimed at reinforcing safety leadership in alignment with the Companys ESG objectives. As of March 31, 2025, the Company employed approximately 1,165 individuals across its operations.
CAUTIONARY STATEMENT
Statements in this Management Discussion and Analysis describing the Companys objectives, projections, estimates, and expectations may constitute forward-looking statements within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed or implied due to a variety of factors. These include, but are not limited to, changes in the economic environment, fluctuations in market demand and pricing, raw material availability, regulatory changes, tax policies, and other unforeseen variables that could affect the Companys performance. The Company assumes no obligation to publicly revise any such statements to reflect subsequent events or circumstances.
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248, DP SEBI Reg. No. IN-DP-185-2016
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.