NSE: AIROLAM
AIRO LAM LIMITED
Manufactures and sells decorative laminates and plywood products, with laminates and allied products accounting for 92.6% of segment revenue in FY26 and plywood and allied products at 7.4%. The laminates segment generated Rs. 300.536 crore in segment revenue at an EBIT of Rs. 14.9071 crore, while the plywood segment contributed Rs. 24.1325 crore at an EBIT of Rs. 1.0016 crore. Standalone revenue for FY26 was Rs. 243.22 crore, up 13.5% from the previous year, with net profit at Rs. 5.25 crore. The cost structure is dominated by raw materials at 66.8% of revenue, followed by other operating expenses at 19.5% and employee costs at 5.8%. The company is divesting a 40% equity stake in its Thailand-based associate Airolam Asia Pacific Co Ltd, which trades laminate products and reported FY26 turnover of about 64 lakh Baht, reducing its holding from 49% to 9%. Capital expenditure was 1.1% of revenue in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Laminates & Allied Products (93%), Plywood & Allied Products (7%). Materials-heavy decorative surface and plywood manufacturing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 169 | 199 | 206 | 214 | 243 |
| EBITDA (ex other income) | — | 17 | 19 | 14 | 19 |
| margin % | — | 8.3 | 9.3 | 6.3 | 8.0 |
| Owners' profit | — | 7 | 0 | 3 | 6 |
| EPS, as reported (₹) | 4.37 | 4.93 | 5.23 | 1.80 | 3.50 |
| ROE % · ROCE % | — · — | 11.6 · 16.9 | 11.2 · 18.7 | 3.7 · 11.5 | 6.8 · 15.8 |
| Debt / equity (x) | — | 0.79 | 1.13 | 1.24 | 1.06 |
| Cash from operations | (7) | 9 | (1) | 14 | 19 |
| Capex | — | (2) | (13) | (18) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 52 | 54 | 56 | 54 | 116 | 70 | 58 | 66 |
| Profit before tax | (4) | 1 | 3 | 2 | 5 | 2 | 1 | 2 |
| Net profit | (3) | 1 | 3 | 1 | 4 | 1 | 0 | 1 |
| EPS (₹) | (2.16) | 0.73 | 1.85 | 0.82 | 2.40 | 0.93 | 0.17 | 0.85 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Laminates & Allied Products | 340 | 93.4 |
| Plywood & Allied Products | 24 | 6.6 |
| Total, before eliminations | 365 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CENTURY PLYBOARDS (I) LTD | 15,633 | 53.7 | 5.94 | 26.4 | 10.2 | 11.0 | 20.4 | 12.8 |
| GREENLAM INDUSTRIES LTD. | 5,803 | 62.3 | 4.92 | 20.8 | 4.8 | 4.5 | 20.5 | 10.8 |
| STYLAM INDUSTRIES LIMITED | 5,403 | 31.9 | 6.70 | 23.6 | 18.6 | 24.6 | 18.9 | 21.5 |
| GREENPLY INDUSTRIES LTD | 3,622 | 36.6 | 4.04 | 14.9 | 10.0 | 12.0 | 18.6 | 11.1 |
| GREENPANEL INDUSTRIES LTD | 2,031 | 14.2 | 1.54 | 8.4 | 10.8 | 10.9 | — | 14.8 |
| RUSHIL DECOR LIMITED | 479 | 20.7 | 0.74 | 9.8 | 1.0 | 1.2 | — | 8.4 |
| ARCHIDPLY IND. LTD | 208 | 15.9 | 1.86 | 9.1 | 7.1 | 6.2 | — | 7.5 |
| ECOBOARD INDUSTRIES LTD. | 166 | 15.2 | 7.36 | — | (44.7) | (43.3) | — | (31.2) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.3 | 20.5 | 6 of 12 | 55% |
| P/B | 1.7 | 3.2 | 5 of 13 | 67% |
| ROCE | 7.1 | 4.5 | 5 of 13 | 67% |
| ROE | 6.8 | 4.8 | 6 of 13 | 58% |
| Debt / Equity | 1.1 | 0.4 | 12 of 13 | 8% |
| EBITDA margin | 7.4 | 7.5 | 8 of 13 | 42% |
| Revenue growth | 22.8 | 18.2 | 5 of 13 | 67% |
| Profit growth | 3.8 | 32.2 | 8 of 13 | 42% |
| Market cap | 132 | 208 | 10 of 13 | 25% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 3 Sept 2026 · Newspaper publication of AGM notice submitted to NSE | compliance | minimal | — | — |
| 2 Sept 2026 · Airo Lam shares web link for FY26 Annual Report and 19th AGM notice | compliance | minimal | — | — |
| 2 Sept 2026 · Notice of 19th Annual General Meeting on September 28, 2026 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Book closure for 19th AGM from Sep 22 to Sep 28, 2026 | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Airo Lam submits Q1 FY27 unaudited results to NSE | results | high | — | — |
| 12 Aug 2026 · Airo Lam sets up two wholly owned subsidiaries in USA and Poland | strategic transactions | medium | — | — |
| 23 Jul 2026 · Airo Lam clarifies XBRL filing discrepancy with NSE | regulatory legal | medium | — | — |
| 21 Jul 2026 · Airo Lam board approves sale of 40 percent stake in Thailand associate | strategic transactions | high | — | — |
| 21 Jul 2026 · Airo Lam appoints new statutory auditor after predecessor resigns | management changes | medium | — | — |
| 4 Jul 2026 · RTA certificate for Q1 FY27 filed with NSE | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.