Flair Writing Industries Ltd. (FWIL) ranks among India's top three in writing instruments, holding a 9% market share. CRISIL notes FWIL as one of the top two organized players with revenue growth outpacing the industry average, boasting a 14% CAGR from FY17 to FY23 compared to the industry's 5.5%. Financially, FY21-23 saw consistent growth, with FY23 reporting Rs. 954.29 cr. in total income and Rs. 118.10 cr. in net profit. Q1 FY24 earned Rs. 32.14 cr. net profit on Rs. 248.50 cr. total income. The IPO, priced at P/BV 6.04 (pre-IPO NAV Rs. 50.34) and 3.84 (post-IPO NAV Rs. 79.24), had a pre-IPO placement of Rs. 73 cr. Diversification into housewares, steel bottles, and appliances shows promise. With a strong market position and growth potential, FWIL's IPO offers medium to long-term rewards, though fully priced based on FY24 earnings.